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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 26, 1997
Borrowings of depository Institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
nonborrowed3
nonborrowed plus
extended credit4
required
excess
NSA5
1996-May
J'une
54168
54038
54040
53652
56040
53652
53308
52888
860
1150
437881
439686
127
386
105
192
0
0
J'uly
Aug.
Sep.
53221
52181
51280
52854
51847
50912
52854
51847
50912
52156
51221
50242
1065
961
1038
U2262
443999
U5812
368
334
368
284
309
306
0
0
0
Oct.
Dec.
50076
49811
50063
49789
49597
49908
49789
49597
49908
49082
48776
48639
994
1035
1424
447077
U9365
452669
287
..;14
155
212
109
68
0
0
0
1997-Jan.
Peb.
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
Apr.
May
47430
47049
47170
46805
47170
46805
46420
45808
1010
1241
458236
459746
261
243
88
173
0
0
46619
46391
46391
45954
665
457185
228
86
0
Nov.
Two
1.
2.
3.
4.
5.
6.
p
pe
Monetary
base8
total 2
total
seasonal
extended credlt4
n•ka
eD4inq
1997-Apr. 23
May
7
21
47471
46400
47252
46211
47252
46211
46047
45354
1424
1046
459795
458876
219
189
127
169
0
0
J'une
4
18p
47661
46527
47325
46305
47325
46305
46277
45261
1384
1267
460930
460881
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-adlusted required reserves plus unadjusled 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 credft 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 cred:t, 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 vauH 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)
Table2
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
Vaultcash 5
Reserves of depository Institutions
Date
total2
nonborrowed
required
Monetary
base 3
Reserve
balances with
F.R. Banks4
total
used to satisfy
required
reserves6
surplus7
Net carryover
of reserve
balances•
1996-May
JUne
53135
53686
53007
53299
52275
52535
442170
4459U
16753
16590
41153
42030
36382
37095
4771
4934
JUly
521'3
51U2
50997
52C75
51308
50630
51778
50681
49959
449292
450765
451717
15392
14761
13688
42774
42511
43652
3"51
36880
37309
5323
5631
6343
Dec:.
49550
U756
51243
49263
49542
51088
48556
48721
U819
451911
455902
463491
12800
12895
13395
42925
42745
44426
36"9
36862
37848
6175
5883
6578
1997-Jan.
Feb.
Mar.
50U2
48043
47543
50597
48001
47387
49419
47012
46383
462712
459638
462216
11710
11455
11515
C717:Z
43375
42116
38932
36588
36029
8240
6788
6087
Apr.
May
C7879
45998
47618
45755
46869
44757
465062
465371
12308
10916
41381
41111
35571
35082
5810
6029
47874
47646
47209
465312
12516
40986
35359
5627
185
Aug.
Sep.
Oct.
Nov.
:~Y-2 Dt~k.a t~n41Dg
1997-Apr. 23
1.
2.
3.
4.
5.
6.
7.
8.
p
pe
May
7
21
47043
45326
46824
45137
45619
44280
464890
464635
11493
10547
41838
40879
35551
34780
6288
6099
-145
167
.:rune
4
18p
46207
46683
45871
46461
44822
45416
466737
469470
11030
9772
40929
43447
3·5177
36911
5751
6536
142
173
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 rerorters on the "Report of fransaction Accounts, Other DepositS and Vault Cash" and for all those weekly reporters whose
vault cash exceeds ~their required reserves, the difference between current vaul 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 adiustments 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 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
total2
nonborrowed
53252
53828
53125
53U2
52392
52678
63UOO
639851
53005
51826
51205
52637
51'92
50837
51UO
50865
50166
U3178
6U533
64SUO
U777
50006
51522
69'90
49792
51368
48783
48971
50098
U5377
U9201
656721
50665
48122
67687
50620
48079
67531
496U
67091
66527
655551
652560
655259
48089
66260
67828
66017
67079
65019
658168
658639
Tw9 week• eDC!iDCl
1997-Apr. 23
48088
67860
67623
658601
7
21
67278
65586
67059
65395
65856
U537
657937
457687
6
66496
67000
66158
66778
65110
65733
659843
662554
1996-May
.:rune
JUly
Aug.
Sep.
Oct.
Nov.
Dec.
1997-Jan.
J'eb.
liar.
Apr.
llay
llay
.:rune
18p
required3
Monetary base4
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 wHh 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 (1l break-a~usted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), tor all quarte!IY reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash and for ail 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