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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 4:30 p.m. Eastern Time Adjusted for changes in reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars June 18, 1998 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date nonborrowed3 nonborrowed plus extended credit4 required excess NSA5 1 9 9 7 -M a y June 4 6 7 50 46871 4 6 5 07 4 6 5 04 46 5 07 46 5 04 4 5 5 10 4 5 5 91 1240 1280 4 5 9 47 4 461746 243 367 173 243 0 0 J u ly A u g. Sep. 46717 46939 46240 46 3 08 46341 4 5 8 02 4 6 3 08 46341 4 5 8 02 4 5 516 4 5 686 4 4 944 1201 1253 1295 464427 466711 469406 409 598 438 330 385 368 0 0 0 O ct. Nov. D ec. 45958 46310 4 6 6 69 45 6 88 4 6 157 4 6 3 45 4 5 6 88 4 6 1 57 46345 44 5 62 44 6 93 4 4 9 86 1396 1617 1683 471983 4 7 6 18 7 480152 270 153 324 227 115 79 0 0 0 1 9 9 8 -Jan. Feb. Mar. 46501 45722 46048 46292 4 5 6 64 4 6 0 06 46292 4 5 6 64 46006 44721 44 1 98 4 4 7 31 1780 1524 1317 482846 484243 485899 210 58 41 18 12 22 0 0 0 45959 45592 45 8 87 4 5 4 40 4 5 8 87 45440 4 4 614 4 4 4 46 1345 1147 487267 489193 72 153 41 94 0 0 46104 46053 4 6 0 53 4 4 663 1441 487179 51 37 0 A pr. May p Two w e e k s e n d i n o 1 9 9 8 - A p r . 22 1. 2. 3. 4. 5. 6. p pe Monetary base6 total2 total seasonal extejided credit4 May 6 20 45589 45343 4 5 5 09 4 5 1 79 45509 4 5 1 79 4 4 3 60 44321 1230 1023 488620 488172 81 165 61 85 0 0 J une 3p 17pe 45911 45248 4 5 7 34 45012 45 7 34 45012 44 6 52 43696 1259 1553 490807 485442 178 236 123 145 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 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 vault cash exceeds tneir 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 requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars _____________ ___________ _______ Vault cash5 Reserves of depository institutions Date total2 nonborrowed required Monetary base3 1997-M ay June 4 5 9 97 46610 4 5 754 4 6 2 43 4 4 757 4 5 3 30 465219 4 6 8 77 8 J u ly A u g. Sep. 4 6 3 80 4 6 6 45 4 6 0 56 45971 46 0 47 4 5 6 18 45 1 79 4 5 3 92 44761 O ct. Nov. D ec. 45621 46451 47880 45351 4 6 298 47 5 55 1 9 9 8 -Jan. Feb. Mar. 47495 4 4 9 74 45510 Apr. May p Two w e e k s en dincr 1 9 9 8 - A p r . 22 1. 2. 3. 4. 5. 6. 7. 8. p pe Reserve balances with F.R. Banks4 Net carryover of reserve balances8 total used to satisfy required reserves6 10916 1 0 2 91 41310 4 2 5 47 3 5 0 81 3 6 319 6 228 6 228 472582 474005 4 7 5 31 6 9 851 10489 9742 43313 4 2 5 87 4 3 2 64 36 5 29 36 1 56 3 6 314 6784 64 3 2 6 950 44 2 25 4 4 834 4 6 1 96 4 7 7 27 9 483495 491919 9990 10559 10 6 73 42211 42851 4 4 7 07 35631 3 5 8 92 37206 6581 6 959 7500 4 7 2 85 4 4 9 16 45 4 69 4 5 7 14 43450 4 4 1 93 491615 488428 491000 9733 9394 1 0 140 47336 4 3 1 67 4 1 5 98 37762 35580 35370 9574 75 8 7 6227 46476 4 4 8 07 46 4 04 44 6 54 45131 4 3 6 60 494172 495045 11 0 53 9647 4 1 2 16 4 1 4 85 35423 35160 5 793 6325 47176 4 7 1 25 4 5 7 36 495071 1 1 9 91 40815 35185 5629 80 surplus7 May 6 20 45 5 68 44431 4 5 4 88 44 2 67 44339 4 3 4 09 494474 494410 9 841 9365 41715 41548 35727 35 0 67 5988 6481 428 217 J une 3p 1 7 pe 44870 4 5 2 75 4 4 6 93 4 5 039 43611 4 3 7 23 496165 492788 9900 9449 41280 4 3 5 94 34970 35826 6309 7767 145 7 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 ana includes other off-balance sheet as-of" adjustments. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 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 Tionbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. Total vault cash eligible to satisfy reserve requirements, held by depository institutions not exempt from reserve requirements, minus the amount used 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 (5 0 2 ) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total1 2 nonborrowed required3 Monetary base4 1 9 9 7 -M a y June 46037 46660 45794 46293 44796 45380 458147 461636 J u ly A u g. Sep. 46437 4 6 709 46127 46028 4 6 111 45689 45236 45456 44832 4 6 5 34 8 4 6 7 00 4 468370 O ct. Nov. D ec. 45693 4 6 530 47971 45424 46377 47647 4 4 2 97 4 4 9 13 46288 470406 4 7 6 61 5 485113 1 9 9 8 -Jan. Feb. Mar. 4 7 487 44 9 93 4 5 546 47277 4 4 935 45504 45706 43469 44228 484416 4 8 1 36 4 484038 4 6 525 4 4 867 46453 44714 45181 43720 487424 488369 4 7 2 26 47175 45786 488365 Apr. May p Two w e e k s e n d i n a 1 9 9 8 - A p r • 22 Note: 1. 2. 3. 4. p pe May 6 20 45621 4 4 4 89 4 5 5 41 44325 44392 43466 487740 487743 J une 3p 1 7 pe 4 4 9 36 4 5 349 4 4 759 4 5 113 43677 43797 489509 486171 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 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 required 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
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