The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE statistical release H.3 (502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND TH E MONETARY BASE For release at 4:30 p.m. Eastern Time Adjusted for changes in reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars JANUARY 4 ,1 9 9 6 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date 1168 418223 20 9 58988 58 99 2 57785 1339 421054 13 6 46 4 58860 58 4 8 3 58 8 6 0 58 48 3 57973 57757 946 794 422312 425350 59 69 33 51 0 0 1 9 9 5 -JAN. 59124 FEB. MAR. 58 91 9 58 55 2 total seasonal 100 extended credit4 0 APR. 579 57 57847 57 84 7 57204 75 3 428127 111 82 0 MAY JUNE 57761 57 35 2 57611 57080 57611 57080 56881 56388 880 964 430687 429755 15 0 272 137 172 0 0 J U LY AUG. 57655 57284 1090 429659 371 231 57233 57284 57233 56565 57515 57368 56527 988 430857 258 57091 57091 56418 950 431248 282 278 252 0 0 0 56821 56269 56575 56065 56575 56065 55739 55326 1081 943 432424 432673 56337 56079 56079 55064 1273 434553 245 204 258 199 73 40 0 0 0 56712 56030 56592 56592 55660 1052 432878 55794 55794 55233 79 7 432185 121 236 116 63 0 22 6 2 Op 56244 56241 56011 55942 56011 55942 55155 55142 1089 1099 433323 434059 23 3 300 51 41 0 0 56509 56291 56291 54914 1596 435853 218 34 0 pe Tw p weefcs... e a d i a g 1 9 9 5 -N O V . 8 DEC. 1 9 9 6 -JAN. p pe 58174 59 1 3 3 O C T. NOV. DEC. 5. 6. 59 13 3 59 34 2 SEP. 1. 2. 3. 4. Monetary base6 excess NSA5 nonborrowed3 1 9 9 4 -D E C . nonborrowed plus extended credit4 required total2 3pe 0 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-adjusted 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 similar 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 (1) 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, tne 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 Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND TH E MONETARY BASE Not adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars _ _ _ ______________________________________________________________________________ Vault cash5 Reserves of depository institutions Date total2 7. 8. p surplus7 61131 60 1 7 2 427247 24658 4 0 36 5 36682 36 83 19 9 5 - J A N . FE B . 60521 57 69 9 60385 57639 5 9 18 2 56 7 5 2 426311 423570 22291 21758 42291 39 7 9 5 38230 35941 4061 3855 MAR. 57 583 57514 56 7 8 9 427556 22 64 9 38518 34934 3584 APR. MAY JUNE 58874 56 75 7 58120 55 87 7 57 0 4 4 58 7 6 3 56 6 0 7 56771 56 07 9 432789 433468 434568 24 21 7 21476 21058 38 09 9 39038 39 83 9 34657 35281 35986 34 4 2 37 5 7 38 5 3 JULY AUG. 57390 56 8 1 9 57019 56537 3971 39 2 3 56882 20519 40 5 2 2 40 1 7 7 40648 36550 36255 5 7 15 9 435563 435589 436203 20840 20565 SEP. 56300 55832 56209 36640 40 0 8 OCT. NOV. 56400 5 6 39 7 56154 56193 55319 55454 436324 438159 20055 20066 40561 40575 D EC . p e 5 7 90 3 57645 56629 444561 20466 42 1 1 7 36345 36332 37436 4216 42 4 4 4681 56180 56060 55129 436131 36846 56105 55544 438259 19334 20270 41 1 2 3 56341 40218 36071 42 77 4148 62 56712 57 6 1 3 56479 57314 55623 56514 440013 443138 20438 19 5 6 2 40 65 3 42 94 3 36274 38052 43 79 4891 -38 9 58921 58703 57325 448855 21634 41866 37287 45 7 8 73 199 6 - J A N . 6. total Net carryover of reserve balances8 61340 DEC. 4. 5. required used to satisfy required reserves6 1994-DEC. Tw o w e e k s e n d i n c j 199 5 - N O V . 8 22 1. 2. 3. nonborrowed Monetary base3 Reserve balances with F.R. Banks4 6 2 Op 3pe 62 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 ot 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 satisfy reserve requirements. 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 held. Previously, each 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 vault cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their required 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 pe preliminary estimate H.3 (502) Table 3 AGGR EGATE RESERVES OF DEPOSITORY INSTITUTIONS AND TH E MONETARY BASE Adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars . __________________________________ _ Reserves of depository institutions Date total2 nonborrowed required3 Monetary base4 1 9 9 4 -D E C . 61 13 3 60924 59964 422514 1 9 9 5 -JAN. FEB. 60520 60384 57 6 6 2 59181 57 7 2 2 56775 421840 419250 MAR. 57621 57552 56827 423268 APR. HAY 58928 56824 58818 56675 58175 55945 JUNE 57 1 2 7 56 8 5 4 56163 428738 429288 430263 JU LY AUG. 57488 56933 56399 55946 431298 431083 SEP. 57291 57117 56652 57013 56341 431623 O C T. NOV. DEC. 56544 56558 58016 56299 56354 57758 55463 55615 431570 433176 56743 439128 56333 56213 55281 431264 56502 56266 55705 433271 56880 57792 56648 57 4 9 2 55791 56693 434923 437969 58920 58702 57325 442898 pe Tw o w e e k s e n d in a 1 9 9 5 -N O V . 8 22 DEC. 1 9 9 6 -JAN. 6 2 Op 3pe 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 reaulatory 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 adjust required reserves for 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 reserve requirements been in effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. The break-adiusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) 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 break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
@FedFRASER