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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY For release at 4:30p.m. Eastern Time Adjusted for changes in reserve requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars JULY11,1996 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 p pe excess NSN Monetary base6 total seasonal extended credit4 57110 57309 57217 57066 57110 57309 57217 57066 56418 56590 56512 56394 964 1090 988 950 429308 429822 430807 431685 272 371 282 278 172 231 258 252 0 0 0 0 OCT. NOV. DBC. 56839 56333 56364 56593 56129 56106 56593 56129 56106 55758 55390 55086 1081 943 1278 432737 433206 435006 245 204 257 199 73 40 0 0 0 1996-JAN. FBB. MAR. 55606 54848 55727 55568 54813 55706 55568 54813 55706 54121 53997 54590 1485 851 1137 435182 433666 436859 38 35 21 7 7 10 0 0 0 APR. MAY JUNB 55182 54227 54112 55091 54100 53725 55091 54100 53725 54062 53368 52964 1120 860 1148 436598 436937 439006 91 127 386 34 105 192 0 0 0 54588 54311 54496 54182 54496 54182 53525 53474 1063 836 436543 436762 92 129 71 103 0 0 53777 53921 53621 53452 53621 53452 53062 52850 715 1071 437561 438128 156 469 138 173 0 0 54507 54121 54121 53065 1442 440780 386 241 0 JULY 5. 6. required 57383 57680 57499 57344 JUNB 4. nonborrowed plus extended credit4 1995-JUNB JULY AUG. SBP. p Two weeks en41ng 1996-MAY 8 22 1. 2. 3. nonborrowed3 5 19 3p 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~ 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 l 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) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITLITIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements' Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash5 Reserves of depository institutions Date total 2 nonborrowed required Monetary base3 Reserve balances with F.R. Banks4 total used to satisfy required reserves6 surplus7 Net carryover of reserve balances8 1995-JTJNE JULY AUG. SEP. 57044 57390 56819 57159 56771 57019 56537 56882 56079 56300 55832 56209 434568 435563 435589 436203 21058 20840 20565 20519 39821 40530 40186 40652 35986 36550 36255 36640 3835 3980 3932 4012 OCT. NOV. DEC. 56400 56397 57900 56154 56193 57643 55319 55454 56622 436338 438191 444452 20055 20066 20440 40564 40576 42088 36345 36332 37460 4219 4244 4628 1996-JAN. FEB. 56934 53749 54884 56896 53715 54863 55449 52898 53747 441957 436259 440754 17763 16792 18426 44676 42115 40892 39170 36957 36458 5506 5158 4435 55869 53135 53685 55779 53007 53299 54750 52275 52537 442913 442099 445872 19181 16753 16589 40889 41146 41979 36688 36382 37096 4201 4764 4883 8 22 54065 53037 53973 52908 53002 52201 441020 441935 16876 16946 42013 40823 37190 36091 4823 4732 287 316 5 19 52458 54307 52302 53838 51743 53237 443312 446488 16341 16561 40879 42824 36117 37747 4762 5078 164 -24 53451 53065 52008 446251 16738 41403 36713 4691 69 MAR. APR. MAY JUNE p ~:tlQ :w:eek!! !Uisli;ug 1996-MAY JUNE JULY 1. 2. 3. 4. 5. 6. 7. 8. p pe 3p 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 cl~aring balanc~ an~ adjl!stments to compensate for float and. includes other oft-balance she~t ·as~of" adjust!"T1ents. . . . . Dates refer to the maintenance penods 1n which the vault cash can be used to sat1stv reserve requirements. Starting w1th the maintenance penod ended November 25, 1992, each maintenance penod 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 vaull 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 preliminary estimate H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements' Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 non borrowed required3 Monetary base4 1995-JUNB JULY AUG. SBP. 57136 57498 56944 57304 56863 57127 56662 57026 56172 56409 55956 56354 430271 431306 431092 431635 OC'l'. 56558 56572 58021 56313 56368 57763 55477 55629 56743 431595 433220 439027 56950 53804 54974 56912 53769 54952 55465 52953 53837 436009 430286 434848 55995 53287 53870 55904 53160 53484 54875 52427 52722 437074 436061 439807 54203 53190 54111 53061 53140 52353 435099 436031 52624 54493 52468 54024 51909 53422 436962 440512 53643 53257 52201 440203 NOV. DBC. 1996-JAN. FEB. MAR. APR. MAY JUNB p Two weeks ending 1996-MAY 8 22 JUNB 5 19 JULY 3p 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 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-adjusted 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 whcse 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
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