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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 Time Adjusted for changes in reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars M arch 12, 1998 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date Monetary base6 total2 nonborrowed3 nonborrowed plus extended credt4 required excess NSA5 19 97-F a b . Mar. 49008 48312 48966 48155 48966 48155 47977 47151 1031 1160 455651 457011 42 156 21 37 0 0 Apr. 47430 47048 47108 47170 46805 46741 47170 46805 46741 46420 45808 45828 1010 1240 1280 458178 459575 461719 261 243 367 88 173 243 0 0 0 Sap. 46885 47414 46666 46476 46816 46229 46476 46816 46229 45683 46161 45371 1201 1253 1295 464460 467017 469676 409 598 438 330 385 368 0 0 0 O c t. Nov. Dec. 46454 46865 47196 46184 46712 46872 46184 46712 46872 45058 45248 45513 1396 1617 1683 472345 476640 480575 270 153 324 227 115 79 0 0 0 19 98 -J a n . Feb. pe 46364 45825 46154 45767 46154 45767 44584 44300 1780 1525 482912 484430 210 58 18 12 0 0 Two waafca ending 1 9 98 -J a n . 14 28 46959 45889 46750 45647 46750 45647 45142 44099 1817 1790 483085 482771 209 242 22 16 0 0 45806 45744 45739 45685 45739 45685 44243 44225 1563 1519 482765 485225 67 59 9 13 0 0 46272 46253 46253 44861 1410 486825 19 17 0 May Jana J u ly Aug. Feb. 11 2 5p Mar. l l p e 1. 2. 3. 4. 5. 6- p pe total seasonal extended credit4 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 non borrowed 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 non borrowed 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 aH quarterly reporters on the “Report of Transaction Accounts, Other Deposits and Vault Cash* and for aH those weekly reporters whose vault cash exceeds their required reserves, tne 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 total2 nonborrowed required Monetary base3 Reserve balances with F.R. Banks4 total used to satisfy required reserves6 surplus7 Net carryover of reserve balances8 1 9 9 7 -F e b . Mar. 48043 47543 4 8 001 47387 47012 46383 459638 462216 11455 11515 43562 4 2 226 36588 36029 6974 6197 A pr. May •June 47879 45997 46610 47618 45754 46243 46869 44757 45330 465062 465219 468778 12308 10916 10291 41479 41179 42416 3 5 571 3 5 081 36319 5908 6097 6097 J u ly A u g. Sep. 46380 46645 46056 45971 46047 45618 45179 45392 44761 472582 474005 475316 9851 10489 9742 43145 42379 43056 36529 36156 36314 6616 6224 6742 O ct. N ov. D ec. 45621 46451 47880 4 5 351 46298 47555 44225 44834 46196 477279 483495 491919 9990 10559 10673 4 1 730 42114 43970 3 5 631 35892 37206 6099 6222 6763 1 9 9 8 -J a n . F eb. pe 47495 4 4 981 47285 44923 45714 43456 491615 488542 9733 9411 46672 42 5 61 37762 35570 8910 6992 Two vroefrg g a flia g 1 9 9 8 -J a n . 14 28 4 9 476 46003 49267 45762 47659 44213 495568 488696 11500 8176 44958 4 8 839 37976 37827 6982 11012 147 275 1. 2. 3. 4. 5. 6. 7. 8. p pe F eb. 11 25p 45212 4 4 651 45145 44592 43648 43132 486797 489286 8750 9758 4 4 560 41199 36462 34893 8098 6306 281 185 Mar. llp e 45672 45653 44261 491469 10214 41596 35458 6138 236 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 12) 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 Casn" 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 dealing 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 25,19 9 2 , 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) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes In reserve requirements1 Averages of dally figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total1 2 nonborrowed required3 Monetary base4 1 9 9 7 -F e b . M ar. 48122 47687 48079 47531 47091 46527 452560 455259 A pr. Nay June 48089 46259 46931 47828 46016 46564 47079 45019 45651 458168 458287 461805 J u ly A u g. Sep. 46759 47085 46549 46350 46487 46111 45558 45832 45254 465 54 6 467238 468 63 1 O ct. N ov. D ec. 46161 47053 48555 45891 46901 48231 44765 45436 46872 4 7 0696 476939 4 8 5471 1 9 9 8 -J a n . F eb. pe 47495 45005 47285 44947 45715 43480 484423 481474 Two w t o k i g a flla g 1 9 9 8 -J a n . 14 28 49464 46012 49255 45770 47647 44222 488657 481221 Note: 1. 2. 3. 4. p pe Feb. 11 25p 45229 44678 45162 44619 43666 43159 479613 482306 M ar. llp e 45709 45690 44299 484417 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 ecktal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). To adjust required reserves for cfcscontinuities 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 Cash4 and for all those weekly reporters whose vault cash exceeds their required reserves, tne break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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