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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 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars JULY 25, 1996 Borrowings of depository Institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 1995-JUNB JULY AUG. SBP. OCT. NOV. DBC. 1996-JAN. PBB. MAR. APR. MAY JUNB Two 1. 2. 3. 4. 5. 6. p pe weeks ending 1996-MAY 22 nonborrowed3 nonborrowed plus extended credit' required excess NSA~ Monetary base8 total seasonal extended credit' 57383 57680 57499 57344 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 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 55606 54848 55727 55568 54813 55706 55568 54813 55706 54121 53997 54590 1485 851 1137 435182 433667 436871 38 35 21 7 7 10 0 0 0 55182 54227 54115 55091 54100 53729 55091 54100 53729 54062 53368 52961 1120 860 1155 436644 437002 439070 91 127 386 34 105 192 0 0 0 54311 54182 54182 53474 836 436827 129 103 0 JUNB 5 19 53777 53925 53621 53456 53621 53456 53062 52847 715 1078 437626 438190 156 469 138 173 0 0 JULY 3 17p 54511 52644 54125 52354 54125 52354 53060 51741 1451 902 440847 440860 386 290 241 273 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.: 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 vaulf 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 1995-JUNB JULY AUG. SBP. · nonborrowed required Monetary base3 Reserve balances with F.R. Banks4 total used to satisfy required reserves' · surplus7 Net carryover of reserve balances• 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 56400 56397 57900 56154 56193 57643 55319 55454 56622 436338 438191 444452 20055 20066 20440 40564 40576 42088 36345 36332 37460 4219 4244 4628 56934 53749 54884 56896 53715 54863 55449 52898 53747 441957 436259 440767 17763 16792 18426 446176 42115 40892 39170 36957 36458 5506 5158 4435 55869 53135 53688 55779 53007 53302 54750 52275 52534 442959 442164 445931 19181 16753 16593 40889 41146 41979 36688 36382 37095 4201 4764 4883 22 53037 52908 52201 442001 16946 40823 36091 4732 316 JUNB 5 19 52458 54311 52302 53842 51743 53234 443377 446550 16341 16565 40879 42824 36117 37747 4762 5078 1U -24 JULY 3 17p 53455 53384 53069 53094 52003 52482 446303 450799 16743 16057 41403 42350 36712 37328 4692 5023 73 339 OCT. NOV. DBC. 1996-JAN. FBB. MAR. APR. MAY JUNB ~ li!!UI:tl G!UDSI 1996-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 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 CAR, 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-or 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 vau[t cash is held. Previously, each maintenance period ended 30 days after the lagged computation period. All vault cash held during the lagged compulation 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) Table3 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 total2 Monetary base4 56863 571.27 56662 57026 56172 56409 55956 56354 430271 431306 431092 431635 56558 5657.2 58021 56313 56368 57763 55477 556.29 56743 431595 433220 439027 56950 53804 54974 5691.2 53769 54952 55465 5.2953 53837 436009 430286 434860 55995 53.287 53873 55904 53160 53487 54875 5.24.27 52719 437120 436126 439871 53190 53061 52353 436097 5 19 52624 54497 52468 540.28 51909 53419 437027 440573 3 53647 53594 53261 53304 5.2196 5.2691 440271 444801 JULY AUG. SBP. OCT. NOV. DBC. 1996-JAN. PBB. MAR. APR. MAY JUNB Two neks end.ina 1996-MAY 22 JULY required3 57136 57498 56944 57304 1995-JUNB JUNB non borrowed 17p 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 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 l 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
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