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FEDERAL RESERVE statistical release H .3 (5 0 2 ) 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 dally figures, seasonally adjusted unless noted otherwise Millions of dollars June 2 5 .1 9 9 8 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date 3. 4. 5. 6. p pe ~ nonborrowed3 nonborrowed plus extended credit4 required excess NSA5 1997-M ay June 46 7 50 46871 46507 46504 4 6 507 4 6 504 4 5 5 10 45591 1240 1280 4 5 9 47 4 4 6 1 74 6 243 367 17 3 243 0 0 J u ly A u g. Sep. 4 6 717 46 9 39 4 6 2 40 4 6 308 4 6 3 41 45 8 02 4 6 308 46341 4 5 8 02 4 5 516 45 6 86 44944 1201 1253 1295 4 6 4 42 7 466711 469406 409 598 438 330 385 368 0 0 0 O ct. Nov. D ec. 4 5 9 58 4 6 3 10 4 6 6 69 4 5 6 88 4 6 157 4 6 3 45 4 5 6 88 46157 4 6 3 45 4 4 5 62 44 6 93 44 9 86 1396 1617 1683 4 7 1 98 3 4 7 6 18 7 480152 270 153 324 227 115 79 0 0 0 1 9 9 8 -Jan. Feb. Mar. 46501 45722 4 6 0 47 4 6 2 92 4 5 6 64 4 6 0 06 4 6 2 92 45 6 64 4 6 0 06 44721 4 4 1 98 44731 1780 1524 1317 482846 484243 485899 210 58 41 18 12 22 0 0 0 A pr. May 4 5 9 59 4 5 5 95 45887 45 4 42 4 5 8 87 4 5 4 42 44 6 14 4 4 4 45 1345 1150 487267 489192 72 153 41 94 0 0 46 1 04 4 6 0 53 4 6 0 53 44 6 63 1441 487179 51 37 0 Two w e e k s en dincr 1 9 9 8 - A p r . 22 1. 2. Monetary base6 total2 total seasonal extended credit4 May 6 20 45 5 89 4 5 3 42 4 5 5 09 4 5 1 78 4 5 5 09 4 5 1 78 44 3 60 44321 1230 1022 488620 488171 81 165 61 85 0 0 J une 3 17p 45 9 19 45252 4 5 7 42 4 5 0 16 4 5 7 42 4 5 0 16 4 4 6 49 4 3 6 63 1270 1589 490803 491491 17 8 236 123 145 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 4. 5. 6. 7. 8. p pe total used to satisfy required reserves6 Net carryover of reserve balances8 total2 nonborrowed required Monetary base3 1 9 9 7 -M a y June 4 5 9 97 46610 4 5 754 4 6 2 43 4 4 7 57 45 3 30 4 6 5 21 9 4 6 8 77 8 1 0 916 1 0 2 91 41310 42547 35081 3 6 3 19 6 228 6 228 J u ly A u g. Sep. 46380 46645 46056 45971 46 0 47 4 5 6 18 4 5 1 79 45 3 92 44761 4 7 2 58 2 4 7 4 00 5 47 5 31 6 98 5 1 10489 9742 4 3 3 13 42587 4 3 2 64 3 6 5 29 36156 3 6 3 14 6 784 6 432 6950 O ct. Nov. D ec. 45621 46451 47880 45351 4 6 2 98 47 5 55 4 4 2 25 44 8 34 46196 4 7 7 27 9 4 8 3 49 5 4 9 1 91 9 9990 10559 1 0 673 42211 42851 44707 35631 35892 37206 6581 6 959 7500 1 9 9 8 -Jan. Feb. Ma r. 47495 4 4 9 74 45509 47 2 85 4 4 9 16 4 5 4 68 4 5 7 14 43450 44193 4 9 1 61 5 4 8 8 42 8 4 9 1 00 0 9733 9394 1 0 1 40 47336 43167 41598 37762 35580 35370 9574 7587 6228 Apr. May 46476 4 4 8 09 4 6 404 44 6 56 45131 4 3 6 59 494172 495042 1 1 053 9646 41216 41485 3 5 4 23 35163 5793 6 322 47176 4 7 1 25 4 5 7 36 495071 11991 40815 35185 5629 80 Two w e e k s e n d i n a 1 9 9 8 - A p r . 22 1. 2. 3. Reserve balances with F.R. Banks4 surplus7 May 6 20 45568 44430 45 4 88 4 4 2 66 4 4 3 39 4 3 4 09 4 9 4 47 4 4 9 4 40 9 9 841 9365 41715 41548 3 5 7 27 3 5 0 66 5 988 6 482 428 217 J une 3 17p 44878 45279 44701 4 5 0 43 4 3 6 08 4 3 6 90 496159 498350 9898 9417 41280 43594 34980 3 5 8 63 6 299 7731 145 10 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 cleanng 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 (502) 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 1997-M ay June 4 6 037 4 6 660 45 7 94 46 2 93 44796 45380 458147 461636 J u ly A u g. Sep. 46437 4 6 709 46127 4 6 0 28 46111 4 5 689 45236 45456 44832 465348 467004 468370 O ct. Nov. Dec • 4 5 693 46 5 30 47971 4 5 4 24 4 6 3 77 47 6 47 44297 44913 46288 470406 476615 485113 1998-Jan. Feb. Mar. 4 7 487 4 4 9 93 4 5 5 45 4 7 2 77 44935 4 5 5 04 45706 43469 44228 484416 481364 484038 Apr. May 46 5 25 4 4 8 69 4 6 4 53 4 4 7 16 45181 43719 487424 488367 4 7 2 26 47 1 75 45786 488365 Two w e e k s e n d i n g 1 9 9 8 - A p r • 22 Note: 1. 2. 3. 4. p pe May 6 20 45621 4 4 4 88 45541 4 4 3 24 44392 43466 487740 487742 J un e 3 17p 4 4 944 4 5 3 53 44 7 67 4 5 1 17 43674 43764 489505 491734 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-adiusted 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 C a s lr 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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