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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release Adjusted for changes in reserve requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars January Date 1. 4. 5. 6. p pe excess NSA5 Monetary base8 total seasonal extended credit4 56106 56106 55086 1278 435006 257 40 0 1996-Jan. Peb. Mar. 55606 54848 55727 55568 54813 55706 55568 54813 55706 54121 53997 54590 1485 851 1137 435182 433667 436871 38 35 21 7 8 10 0 0 0 Apr. May June 55182 54017 54112 55091 53891 53726 55091 53891 53726 54062 53159 52962 1120 858 1150 436644 437684 439088 91 127 386 34 104 192 0 0 0 July Aug. Sep. 53197 52269 51351 52829 51935 50983 52829 51935 50983 52132 51308 50313 1065 961 1038 441881 444204 445880 368 334 368 284 309 306 0 0 0 Oct. 50135 49875 50167 49848 49661 50012 49848 49661 50012 49142 48840 48743 994 1035 1424 447187 449345 453508 287 214 155 212 109 68 0 0 0 50098 49742 49752 49630 49752 49630 49000 48330 1097 1411 452104 453230 346 112 86 67 0 0 50645 49130 49492 5050 49077 49460 50503 49077 49460 49108 47902 48303 1537 1228 1189 454239 454251 448600 143 53 32 64 18 17 0 0 0 weeks ending 1996-Dec. 4 18 1997-Jan. 2. required 56364 Dec. 3. nonborrowed plus extended credit" 1995-Dec. Nov. TwO nonborrowed3 30. 1997 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions total 2 al4:30 p.m. Eastern Time 1 15p 29pe Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (For more information, see Table 3.) Seasonally adjusted, break·adjusted total reserves equal seasonally adjusted, break·adjusted required reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3.) Seasonally adjusted, break·acljusted nonborrowed reserves equal seasonally adjusted, break·adjusted total reserves less unadjusted total borrowings of depository Institutions from the Federal Reserve. Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository Institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as there is with traditional short-term adjustment credit, the money market impact of extended credit is simirar to that of nonborrowed reserves. Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column 3}. The seasonally adjusted, break-adJUSted monetary base consists of (1l seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash and for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (Also see footnote 3 on Table 2 and footnote 4 on table 3.) preliminary preliminary estimate H.3(502) Table2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcashs Reserves of depository institutions Date total 2 non borrowed required Monetary base3 Reserve balances with F.R. Banks4 total used to satisfy required reserves8 surplus7 1995-Dec. 57900 57643 56622 444452 20440 42088 37460 4628 1996-Jan. Peb. Mar. 56934 53749 54884 56896 53715 54863 55449 52898 53747 441957 436259 440767 17763 16792 18426 44676 42115 40892 39170 36957 36458 5506 5158 4435 Apr. May June 55869 52935 53686 55779 52808 53299 54750 52077 52535 442959 442981 445949 19181 16581 16590 40889 39840 41979 36688 36354 37095 4201 5320 4883 July Aug. Sep. 52843 51642 50997 52475 51308 50630 51778 50681 49959 449292 450765 451717 15392 14761 13688 42773 42517 43639 37451 36880 37309 5322 5637 6330 Oct. 49550 49756 51243 49263 49542 51088 48556 48721 49819 451911 455899 463486 12800 12895 13395 42913 42737 44426 36749 36862 37848 6164 5875 6578 Nov. Dec. Net carryover of reserve balances• lE2 ll!!i!!i!k!l eD!Uiill 1. 2. 3. 4. 5. 6. 7. 8. p pe 1996-Dec. 4 18 50080 50750 49735 50638 48983 49338 458358 461707 13182 12837 42908 44684 36898 37913 6010 6771 6 -48 1997-Jan. 1 15p 29pe 52132 52092 49268 51990 52039 49236 50595 50864 48080 466980 465724 452751 14063 13072 10324 44615 46140 48677 38070 39020 38945 6545 7121 9732 215 233 314 Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. After the introduction of CRR, currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as·of" adjustments. Dates refer to the maintenance periods in which the vault cash can be used to satisfv reserve reauirements. Starting with the maintenance period ended November 25, 1992, each maintenance period for weekly reporters ends 16 days after the lagged computation period in which the vault cash is hela. Previously, eacli maintenance period ended 30 days after the lagged computation period. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vaull cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their requireo reserves) to satisfy current reserve requirements. Total vault cash held by depository institutions minus the amount applied to satisfy reserve requirements. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess(+) or deficit(·) reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown. preliminary preliminary estimate H.3(502) Table3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements' Averages of daily figures, not seasonally adjusted Millions of dcilars Reserves of depository institutions Date total 2 require<f Monetary base• 1995-Dec. 58021 57763 56743 439027 1996-Jan. Feb. 56950 53804 54974 56912 53769 54953 55465 52953 53837 436009 430286 434860 June 55995 53076 53870 55904 52950 53484 54875 50713 52720 437120 437109 439890 July Aug. Sep. 53054 51881 51267 52686 51548 50899 51988 50921 50228 443222 444584 445546 Oct. 49846 50082 51607 49559 49868 51452 48852 49047 50183 445439 449268 456793 50419 51107 50074 50995 49322 49695 451586 454971 52510 52087 49303 52368 52034 49271 50973 50859 48115 460357 458674 445445 Mar. Apr. May Nov. Dec. Two non borrowed weets ending 1996-Dec. 4 18 1997-Jan. 1 15p 29pe Note: Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551 1. 2. 3. 4. p pe Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). To adjusf required reserves tor discontinuities due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current r~erve requirements been in effect. Break-adjusted reqwred reserves are equal to break-adJUsted required reserves against transactions deposits. ThTe breS:k-adJusted monetary base ~uals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3)kfor all quarterly reporters on the "Report of randthsaction Accoun~. Other _Depostts and Vault Cas~ and for all those weekly reporters whose vault cash exceeds their required reserves, the brea -adjusted difference between current vault cash an e amount app ted to satisfy current reserve requtrements. 1 preliminary preliminary estimate
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