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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 3(1 p m
Adjusted for changes in reserve requirements'
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
JUNE 13. 1996
Borrowings of depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
totaJ2
p
pe
excess
NSA 5
Monetary
base 6
total
seasonal
extended credit'
57651
57110
56921
56418
880
964
430112
429308
150
272
137
172
0
0
JULY
AUG.
SEP.
57680
57499
57344
57309
57217
57066
57309
57217
57066
56590
56512
56394
1090
988
950
429822
430807
431685
371
282
278
231
258
252
0
0
0
OCT.
NOV.
DEC.
56839
56333
56364
56593
56129
56106
56593
56129
56106
55758
55390
55086
1081
943
1278
432737
433206
435008
245
204
257
199
73
40
0
0
0
1996-JAN.
FEB.
MAR.
55606
54848
55727
55568
54813
55706
55568
54813
55706
54121
53997
54590
1485
851
1137
435169
433665
436862
38
35
21
7
7
10
0
0
0
APR.
MAY p
55182
54299
55091
54171
55091
54171
54062
53374
1120
925
436603
436987
91
127
34
105
0
0
55383
55293
55336
55171
55336
55171
54229
54173
1154
1119
436926
436397
47
122
16
30
0
0
54588
54390
54496
54261
54496
54261
53525
53484
1063
905
43 6545
436751
92
129
71
103
0
0
53899
53743
53743
53068
831
437749
156
138
0
JUNE
6.
required
57651
57110
8
22
5
nonborrowed plus
extended credit'
57801
57383
MAY
1
nonborrowed 3
1995-·MAY
JUNE
Two weeks ending
1996-APR. 10
24
2
3.
4
Eastern Time
5p
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 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 credtt 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)
Table 2
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
totaF
55877
56079
433468
434568
21476
21058
39036
39821
35281
35986
3755
3835
JULY
AUG.
SEP.
57390
56819
57159
57019
56537
56882
56300
55832
56209
435563
435589
436203
20840
20565
20519
40530
40186
40652
36550
36255
36640
3980
3932
4012
OCT.
NOV.
DEC.
56400
56397
57900
56154
56193
57643
55319
55454
56622
436338
438191
444452
20055
20066
20440
40564
40576
42117
36345
36332
37460
4219
4244
4657
1996-J"AN
FEB.
MAR.
56934
53749
54884
56896
53715
54863
55449
52898
537 47
441957
436259
440754
17763
16792
18426
44790
42205
40968
39170
3 6957
36458
5620
5248
4510
55869
53206
55779
53078
54750
52281
442913
442153
19181
16757
40967
41244
36688
36448
4278
4796
55721
56748
55675
56627
54567
55629
442885
443745
18954
20331
40977
40478
36767
36417
4210
4061
336
169
54065
53116
53973
52987
53002
52211
441020
441920
16876
16946
42089
40901
37190
36170
4900
4731
287
316
52581
52425
51749
443523
16358
41027
36223
4804
175
JUNE
4
5
6
7
8
p
pe
surplus 7
56607
56771
MAY
3
total
Net carryover
of reserve
balances•
56757
57044
Two weeks eJ19-.iru1
1996-APR. 10
24
1
required
used to satisfy
required
reserves•
1995-MAY
JUNE
APR.
MAY p
2
nonborrowed
Monetary
base 3
Reserve
balances with
F.R. Banks•
8
22
Sp
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 lransaction Accounts, Other Deposits and Vault Cash': and for all those weekly reporters whose
vault cash exceeds their reqwed 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 reouired 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 vauft cash is held. Previously, each maintenance periodended.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 1nst1tUt1ons ma1nta1n1ng reserves on the bas1s of two-week mamtenance penods Reflects excess ( +) or defiCit (-) reserves eligible to be earned forward 1nto the
two-week reserve maintenance period ending on the date shown.
preliminary
preliminary est1mate
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
required 3
Monetary base•
JUNE
56831
57136
56681
56863
55951
56172
429294
430271
JULY
AUG.
SEP.
57498
56944
57304
57127
56662
57026
56409
55956
56354
431306
431092
431635
OCT.
NOV.
DEC.
56558
56572
58021
56313
56368
57763
55477
55629
567 43
431595
433220
439027
1996-JAN.
FEB.
56950
53804
54974
56912
53769
54952
55465
52953
53837
436009
430286
434848
55995
53358
55904
53231
54875
52434
437074
436113
55833
56879
55787
56757
54679
55759
437075
437920
54203
53269
54111
53140
53140
52363
435099
436017
52746
52590
51915
437164
1995-MAY
MAR.
APR.
MAY
p
Two weeks ending
1996-APR. 10
24
MAY
8
22
JUNE
5p
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 refl9ct 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 a(.!just required reserves for discontrnUJtres due to regulatory changes rn reserve requrrements, a multrplrcatrve procedure rs used to estrmate what requrred reserves would have been rn past penods
had cu~rent reserve requirements been rn effect. Break-adjusted requrred reserves are equal to break-adjusted requrred reserves agarnst transactrons deposrts.
The break-adjusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for !'111 quart~rly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash and for all those weekly reporters whose vault cash exceeds therr requrred reserves, the break-adjusted drfference between current vault cash
and the amount applied to satisfy current reserve requirements.
pre!iminary
preliminary estimate
@FedFRASER