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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETAFIY 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 5, 1996 Borrowings of depository institutions from the Federal Reserve, I'ISA Reserves of depository institutions Date total 2 nonborrowed3 nonborrowed plus extended credit! required excess NSN Monetary base6 total seasonal E•xtended credit! 1995-JUNE JULY AUG. SEP. 57363 57660 57499 57344 57110 57309 57217 57066 57110 57309 57217 57066 56416 56590 56512 56394 964 1090 966 950 429306 429622 430607 431665 272 371 262 276 172 231 256 252 0 0 0 0 OCT. NOV. DEC. 56639 56333 56364 56593 56129 56106 56593 56129 56106 55756 55390 55066 1061 943 1276 432737 433206 435006 245 204 257 199 73 40 0 0 0 1996-JAN. FEB. 55606 54646 55727 55566 54613 55706 55566 54613 55706 54121 53997 54590 1465 651 1137 435162 433666 436659 36 35 21 7 7 10 0 0 0 pe 55162 54227 54102 55091 54100 53715 55091 54100 53715 54062 53366 52966 1120 660 1134 436596 436937 436242 91 127 366 34 105 191 0 0 0 Two weeks ending 1996-MAY 6 22 54566 54311 54496 54162 54496 54162 53525 53474 1063 636 436543 436762 92 129 71 103 0 0 53777 53914 53621 53445 53621 53445 53062 52653 715 1061 437561 436256 156 469 136 173 0 0 54466 54102 54102 53071 1417 436530 366 240 0 MAR. APR. MAY JUNE JUNE JULY 1. 2. 3. 4. 5. 6. p pe 5 19p 3pe 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) seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the monE!y 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 INSTITUTIONS AND THE MONETARY BASE Not adjusted tor changes in reserve requirements' Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcash 5 Reserves of depository institutions Date total 2 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 pe 55869 53135 53674 55779 53007 53288 54750 52275 52540 442913 442099 445083 19181 16753 16592 40889 41146 41974 36688 36382 37083 4201 4764 4891 ~eeks ending 8 1996-MAY 22 54065 53037 53973 52908 53002 52201 441020 441935 16876 16946 42013 40823 37190 36091 4823 4732 287 316 52458 54301 52302 53832 51743 53240 443312 446620 16341 16560 40879 42824 36117 37742 4762 5083 164 -24 53429 53043 52012 443933 16746 41390 36683 4706 60 JUNE JULY 4. 5. 6. 7. 8. p pe surplus 7 56771 57019 56537 56882 APR. 1. total Net carryover of reserve balances8 57044 57390 56819 57159 MAY JUNE 2. 3. required used to satisfy required reserves6 1995-JUNB JULY AUG. SEP. MAR. Two non borrowed Monetary base3 Reserve balances with F.R. Banks• 5 19p 3pe 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, Cf'nsists of ( 1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency ~mpon~nt of the money st~ck plus (4), for all quarterly reporters on the "Report of Tr!insactiol") Accounts, Other Deposits and Vault Cash': and for !ill those weekly reporters whose vault cash exceeds their reqUired reserves, the difference between cur.€.1t vault cash and the amount applied to satisfy current reserve reqwements. After the mtroduct1on 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 vau[t 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 non borrowed required3 Monetary base4 1995-JUNE JULY AUG. SEP. 57136 57498 56944 57304 56863 57127 56662 57026 56172 56409 55956 56354 430271 431306 431092 431635 OCT. NOV. DEC. 56558 56572 58021 56313 56368 57763 55477 55629 56743 431595 433220 439027 1996-JAN. FEB. 56950 53804 54974 56912 53769 54952 55465 52953 53837 436009 430286 434848 pe 55995 53287 53860 55904 53160 53473 54875 52427 52726 437074 436061 439014 Two weeks ending 1996-MAY 8 22 54203 53190 54111 53061 53140 52353 435099 436031 52624 54487 52468 54018 51909 53425 436962 440636 53624 53238 52207 437883 MAR. APR. MAY JUNE JUNE 5 19p JULY 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 regulatory changes in reserve requirements. Break~adjuste~ total reserves eq~al br~a~-~djusted required reserves (T~ble 3, column~) plus excess rE!s~rv~s NSA (Table .1, column 5).. . To adjust required reserves for discontinUities due to regulatory changes 1n reserve requirements, a multiplicative procedure 1s used to est1mate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted requ1red 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 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