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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 July3,1997 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date Monetary base6 total 2 nonborrowed3 nonborrowed plus extended credft4 required excess NSA5 1996-J'Une 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 456283 457623 45 42 156 19 21 37 0 0 0 47430 47048 47021 47170 46805 46654 47170 46805 46654 46420 45808 45776 1010 1240 1244 458236 459611 462267 261 243 367 88 173 243 0 0 0 7 21 47471 46400 47252 46211 47252 46211 46047 45354 1424 1046 459795 458876 219 189 127 169 0 0 4 18p 47659 46489 47323 46267 47323 46267 46276 45260 1384 1229 460510 460841 336 222 210 205 0 0 47428 46882 46882 46213 1216 464517 547 300 0 Nov. Apr. May June pe total seasonal extended credit4 Two neka en4ing 1997-May June July 1. 2. 3. 4. 5. 6. p pe 2pe 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·adl'usted 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-ad usted 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, 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' Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcash 5 Reserves of depository institutions Date total 2 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. 50642 48043 47543 50597 48001 47387 49419 47012 46383 462712 459638 462216 11710 11455 11515 47172 43375 42116 38932 36588 36029 8240 6788 6087 May June pe 47879 45997 46522 47618 45754 46155 46869 44757 45277 465062 465228 469689 12308 10916 10261 41381 41111 42396 35571 35081 36261 5810 6030 6135 D!llkli! !llnding: 1997-May 7 21 47043 45326 46824 45137 45619 44280 464890 464635 11493 10547 41838 40879 35551 34780 6288 6099 -145 167 46205 46644 45869 46422 44821 45415 466294 469428 11030 9734 40929 43447 35176 36910 5753 6537 142 170 46485 45938 45269 471124 10620 41660 35865 5794 188 July 4. 6. 7. 8. p pe surplus7 53299 June 5. total Net carryover of reserve balances8 53686 Apr. 1. 2. 3. required used to satisfy required reserves6 1996-June Mar. ~ non borrowed Mone'tary base3 Reserve balances with F.R. Banks• 4 18p 2pe 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 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 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) 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 total 2 nonborrowed required 3 Monetary base4 1996-June 53828 53442 52678 439851 July 53005 51826 51205 52637 51492 50837 51940 50865 50166 443178 444533 445490 Dec. 49777 50006 51522 49490 49792 51368 48783 48971 50098 445377 449201 456721 1997-Jan. Peb. Mar. 50665 48122 47687 50620 48079 47531 49442 47091 46527 455551 452560 455259 APr. May June pe 48089 46259 46845 47828 46016 46478 47079 45019 45600 458168 458295 462679 'l'WO weeks endina 1997-May 7 21 47278 45584 47059 45395 45854 44537 457937 457687 46492 46961 46156 46739 45109 45732 459399 462512 46826 46280 45611 463968 Aug. Sep. Oct. Nov. June July 4 18p 2pe 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 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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