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FEDERAL RESERVE statistical release
H.3(502)
Table 1
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
For release at 4:30p.m. Eastern Time
Adjusted for changes in reserve requirements'
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
July 24, 1997
Borrowings of depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
nonborrowed'
nonborrowed plus
extended credit'
required
excess
NSA'
1996-June
54038
53652
53652
52888
1150
439686
386
192
0
July
Aug.
Sep.
53221
52181
51280
52854
51847
50912
52854
51847
50912
52156
51221
50242
1065
961
1038
442262
443999
445812
368
334
368
284
309
306
0
0
0
Oct.
Dec.
50076
49811
50063
49789
49597
49908
49789
49597
49908
49082
48776
48639
994
1035
1424
447077
449365
452669
287
214
155
212
109
68
0
0
0
1997-Jan.
Peb.
Mar.
49517
49008
48312
49472
48966
48155
49472
48966
48155
48293
47977
47151
1223
1031
1160
454137
456284
457623
45
42
156
19
21
37
0
0
0
Apr.
May
June
47430
47048
47124
47170
46805
46757
47170
46805
46757
46420
45808
45860
1010
1240
1264
458236
459610
461428
261
243
367
88
173
243
0
0
0
46400
46211
46211
45354
1046
458875
189
169
0
Nov.
'l'!lQ weeks endina
1997-May 21
1.
2.
3.
4.
5.
6.
p
pe
Monetary
base 6
totaF
total
seasonal
extended credit•
June
4
18
47659
46537
47323
46315
47323
46315
46276
45262
1384
1276
460511
460400
336
222
210
205
0
0
July
2
16p
47629
47004
47083
46690
47083
46690
46420
45575
1209
1428
462931
464694
547
314
300
299
0
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~! 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 cred1t 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. reporte!s on the "Report of Transaction Accounts, Other Deposits and Vault Cash' and for all those weekly reporters whose vault cash exceeds their required reserves, tho 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'
Averages of daily figures, not seasonally adjusted
Millions of dollars
Vault cash 5
Reserves of depository institutions
Date
total 2
nonborrowed
required
Monetary
base 3
Reserve
balances with
F.R. Banks•
total
used to satisfy
required
reserves6
surplus7
Net carryover
of reserve
balances'
1996-June
53686
53299
52535
445949
16590
42030
37095
4934
July
Aug.
Sep.
52843
51642
50997
52475
51308
50630
51778
50681
49959
449292
450765
451717
15392
14761
13688
42774
42511
43652
37451
36880
37309
5323
5631
6343
Oct.
Nov.
Dec.
49550
49756
51243
49263
49542
51088
48556
48721
49819
451911
455902
463491
12800
12895
13395
42925
42745
44426
36749
36862
37848
6175
5883
6578
1997-Jan.
Feb.
Mar.
50642
48043
47543
50597
48001
47387
49419
47012
46383
462712
459638
462216
11710
11455
11515
47172
43375
42116
38932
36588
36029
8240
6788
6087
Apr.
May
June
47879
45997
46625
47618
45754
46258
46869
44757
45361
465062
465228
468804
12308
10916
10297
41381
41111
42398
35571
35081
36328
5810
6030
6070
21
45326
45137
44280
464635
10547
40879
34780
6099
167
June
4
18
46205
46693
45869
46471
44821
45417
466294
468982
11030
9782
40929
43447
35176
36911
5753
6536
142
170
July
2
16p
46686
47167
46140
46853
45477
45739
469434
474705
10655
10603
41664
42756
36031
36564
5633
6192
189
109
~ ~ggkl gn~ing
1997-May
1.
2.
3.
4.
5.
6.
7.
8.
p
pe
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 ol "transaction Accounts, Other Depos1ts 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 satistv 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 vaurt 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
preliminary estimate
H.3 (502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements 1
Averages of daily figures, not seasonally adjusted
Millions of dollars
Reserves of depository institutions
Date
total 2
nonborrowed
required 3
Monetary base4
1996-June
53828
53442
52678
439851
July
53005
51826
51205
52637
51492
50837
519'0
50865
50166
443178
444533
445490
Dec.
49777
50006
51522
49490
49792
51368
U783
U971
50098
445377
449201
456721
1997-Jan.
Feb.
Mar.
50665
U122
47687
50620
48079
47531
49442
47091
46527
455551
452560
455259
Apr.
48089
46259
46947
47828
46016
46580
47079
45019
45683
458168
458295
461831
21
45584
45395
44537
457687
4
18
46492
47010
46156
46788
45109
45734
459399
462102
2
16p
47024
47538
46478
47224
45815
46109
462325
467668
Aug.
Sep.
Oct.
Nov.
May
June
Two weeks endina
1997-May
June
July
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 reqwred 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 Vau" 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