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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 June 19, 1997 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 5. 6. p pe required excess NSA5 Monetary base6 total seasonal extended credit' 54168 54038 54040 53652 54040 53652 53308 52888 860 1150 437881 439686 127 386 105 192 0 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. Nov. 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. Feb. Mar. 49517 49008 48312 49472 48966 48155 49472 48966 48155 48293 47977 47151 1223 1031 1160 454137 456284 457623 45 42 156 19 21 37 0 0 0 47430 47009 47170 46766 47170 46766 46420 45794 1010 1214 458235 459525 261 243 88 173 0 0 46619 46391 46391 45954 665 457183 228 86 0 Two weeks ending 1997-Apr. 23 1. nonborrowed plus extended credit' 1996-May June Apr. May p 2. 3. 4. nonborrowed3 May 7 21 47471 46400 47252 46211 47252 46211 46047 45354 1424 1046 459793 458873 219 189 127 169 0 0 June 4p 18pe 47538 46475 47202 46253 47202 46253 46235 45189 1303 1285 460251 456808 336 222 210 205 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 cred1t 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 1 Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcashs Reserves of depository institutions Date total 2 4. 5. 6. 7. 8. p pe total surplus 7 Net carryover of reserve balances 8 53135 53686 53007 53299 52275 52535 442170 445949 16753 16590 41153 42030 36382 37095 4771 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. Mar. 50642 48043 47543 50597 48001 47387 49419 47012 46383 462712 459638 462216 11710 11455 11515 47172 43375 42116 38932 36588 36029 8240 6788 6087 47879 45959 47618 45715 46869 44744 465061 465172 12308 10899 41381 41111 35571 35059 5810 6052 47874 47646 47209 465311 12516 40986 35359 5627 185 Two weeks ending 1997-Apr. 23 1. required used to satisfy required reserves6 1996-May June Apr. May p 2. 3. non borrowed Monetary base3 Reserve balances with F.R. Banks4 May 7 21 47043 45326 46824 45137 45619 44280 464888 464632 11493 10547 41838 40879 35551 34780 6288 6099 -145 167 June 4p 18pe 46085 46628 45749 46406 44782 45342 466127 465649 10978 9798 40929 43446 35107 36830 5821 6616 142 159 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 fransaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, tlie 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-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 vault 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 total 2 non borrowed required3 Monetary base' 1996-May June 53252 53828 53125 53442 52392 52678 436100 439851 July Aug. Sep. 53005 51826 51205 52637 51492 50837 51940 50865 50166 443178 444533 445490 Oct. Nov. Dec. 49777 50006 51522 49490 49792 51368 48783 48971 50098 445377 449201 456721 1997-Jan. Feb. Mar. 50665 48122 47687 50620 48079 47531 49442 47091 46527 455551 452560 455259 48089 46220 47828 45977 47079 45006 458167 458208 48088 47860 47423 458400 Apr. May p Two lllee;ts end;!,ng 1997-Apr. 23 May 7 21 47278 45584 47059 45395 45854 44537 457935 457684 June 4p l8pe 46372 46946 46036 46724 45069 45661 459133 458724 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 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
@FedFRASER