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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 T1me Adjusted for changes in reserve requirements' Averages of daily figures. seasonally adjusted unless noted otherwise Millions of dollars JUNE 6, 1996 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 nonborrowed 3 nonborrowed plus extended credit' required excess NSA5 Monetary base 6 total seasonal extended credit' 1995-MAY JUNE 57801 57383 57651 57116 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. NOV. DEC. 56839 56333 56364 56593 56129 56106 56593 56129 56106 55758 55390 55086 1081 943 1278 432737 433206 435008 2"45 204 257 199 73 40 0 0 0 1996-JAN. PBB. MAR. 55606 54848 55727 55568 54813 55706 55568 54813 55706 54121 53997 54590 1485 851 1137 435169 433665 436862 38 35 21 7 7 10 0 0 0 APR. MAY pe 55182 54286 55091 54159 55091 54159 54062 53346 1120 940 436603 436172 91 127 34 105 0 0 Two weeks endinq 1996-APR. 10 24 55383 55293 55336 55171 55336 55171 54229 54173 1154 1119 436926 436397 47 122 16 30 0 0 8 22p 54588 54392 54496 54263 54496 54263 53525 53485 1063 907 436545 436940 92 129 71 103 0 0 53853 53697 53697 52971 882 434646 156 138 0 MAY JUNE 1. 2. 3. 4. 5. 6. p pe 5pe 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 Jess 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 ( 1l 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. bther 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 adjust~d Millions of dollars Vault cash5 Reserves of depository institutions Date totaF non borrowed required Monetary base3 Reserve balances with F.R. Banks4 total used to satisfy required reserves 6 surplus 7 Net carryover of reserve balances• 1995-MAY JUNE 56757 57044 56607 56771 55877 56079 433468 434568 21476 21058 39036 39821 3528.1 35986 3755 3835 JULY AUG. SEP. 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. DEC. 56400 56397 57900 56154 56193 57643 55319 55454 56622 436338 438191 444452 20055 20066 20440 40564 40576 42117 36345 36332 37460 4219 4244 4657 1996-JAN. FEB. MAR. 56934 53749 54884 56896 53715 54863 55449 52898 53747 441957 436259 440754 17763 16792 18426 44790 42205 40968 39170 36957 36458 5620 5248 4510 APR. MAY pe 55869 53194 55779 53067 54750 52254 442913 441283 19181 16764 40967 41245 36688 36430 4278 4815 §Dg1ng 1996-APR. 10 24 55721 56748 55675 56627 54567 55629 442885 443745 18954 20331 40977 40478 36767 36417 4210 4061 336 169 8 22p 54065 53119 53973 52990 53002 52212 441020 442104 16876 16950 42089 40901 37190 36169 4900 4732 287 316 52537 52381 51655 440241 16377 41029 36161 4868 172 ~wo ~§eks MAY JUNB 1. 2. 3. 4. 5. 6. 7. 8. p pe Spa 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 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 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 "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' Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 1995-MAY non borrowed required3 Monetary base4 JUNE 56831 57136 56681 56863 55951 56172 429294 430271 JULY AUG. SBP. 57498 56944 57304 57127 56662 57026 56409 55956 56354 431306 431092 431635 OCT. NOV. DBC. 56558 56572 58021 56313 56368 57763 55477 55629 56743 431595 433220 439027 1996-JAN. FBB. MAR. 56950 53804 54974 56912 53769 54952 55465 52953 53837 436009 430286 434848 APR. MAY pe 55995 53347 55904 53219 54875 52407 437074 435240 55833 56879 55787 56757 54679 55759 437075 437920 54203 53271 54111 53142 53140 52364 435099 436198 52702 52546 51820 433876 Two weeks ending 1996-APR. 10 24 MAY JUNB 8 22p 5pe 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
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