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....... FEDERAL RESERVE statistical release .. H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BA::;t. For release at 4.30 p m Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars JUNE 27. 1996 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date totaF p pe required excess NSA 5 Monetary base 6 total seasonal extended credit' 57801 57383 57651 57110 57651 57110 56921 56418 880 964 430112 429308 150 272 137 172 0 0 JULY AUG. SBP. 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. DBC. 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 43 5169 433665 436862 38 35 21 7 7 10 0 0 0 APR. MAY 55182 54238 55091 54111 55091 54111 54062 53367 1120 871 43 6603 436952 91 127 34 105 0 0 55293 55171 55171 54173 1119 436397 122 30 0 Two weeks endinq 1996-APR. 24 5. 6. nonborrowed plus extended credit' 1995-MAY JUNB NOV. 1. 2. 3. 4. nonborrowed 3 MAY 8 22 54588 54311 54496 54182 54496 54182 53525 53474 1063 836 436545 436767 92 129 71 103 0 0 JUNB 5 19p 53814 53907 53658 53438 53658 53438 53060 52859 754 1048 437603 438288 156 469 138 173 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 tor 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 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 '.l<~ult cash~ Reserves of depository institutions Date totai2 1. 2. 4. 5. 6. 7. 8. p pe required total used to satisfy required reserves' surplus 7 Net carryover of reserve balances• 1995-MAY JUNE 56757 57044 56607 56771 55877 56079 433468 434568 21476 21058 39036 39821 35281 35986 3755 3835 JULY AUG. SBP. 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. DBC. 56400 56397 57900 56154 56193 57643 55319 55454 56622 436338 438191 444452 20055 20066 20440 40564 40,576 42117 36345 36332 37460 4219 4244 4657 1996-JAN. FBB. MAR. 56934 53749 54884 56896 53715 54863 55449 52898 53747 4419 57 436259 440754 17763 16792 18426 44790 42205 40968 39170 36957 36458 5620 5248 4510 APR. MAY 55869 53145 55779 53018 54750 52274 442913 442113 19181 16752 40967 41229 36688 36393 4278 4836 56748 56627 55629 443745 20331 40478 36417 4061 169 lKQ Keeks ~nging 1996-APR. 24 3. non borrowed Monetary base3 Res8rv;, balances wtth F.R. Banks' MAY 8 22 54065 53037 53973 52908 53002 52201 441020 441935 16876 16946 42089 40901 37190 36091 4900 4810 287 316 JUNE 5 Bp 52495 54294 52339 53825 51741 53246 443359 446648 16339 16561 40976 42910 36156 37734 4820 5177 164 -24 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 required reserves, the 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 vau[t cash is held. Previously. each maintenaAce period ended 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 vaull 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 defici~ (-) 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 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 56743 431595 433220 4390:'7 1996-JAN. FEB. MAR. 56950 53804 54974 56912 53769 54952 55465 52953 53837 436009 430286 434848 APR. MAY 55995 53298 55904 53171 54875 52427 437074 436075 56879 56757 55759 437920 8 22 54203 53190 54111 53061 53140 52353 435099 436031 5 52661 54480 52505 54011 51907 53431 437010 440665 1995-MAY Two weeks ending 1996-APR. 24 MAY JUNE 19p 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,·adjust~ total reserves eq!Jal 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 1n reserve requirements, a multiplicative procedure 1s used to est1mate what reqwed reserves would have been 1n past periods had current reserve requirements been in effect. Break-adjusted reqwed 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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