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FEDERAL RESERVE statistical release
..
H.3(502)
Table 1
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
For,_._ .. 4·30 p m. E•tem Time
Adjusted tor changes in reserve requirements 1
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
March 1 3, 1 997
Borrowings of depository lnstHutions
lrom the Federal Reserve, NSA
Reserves of depository institutions
Date
total2
3.
4.
5.
6.
p
pe
required
excess
NSA5
Monetary
base'
total
54848
55727
54813
55706
54813
55706
53997
54590
851
1137
433557
436855
ll
Apr.
May
June
55182
54227
54112
55091
54100
53726
55091
54100
53726
54062
53368
52962
1120
860
1150
436984
437885
439692
July
Sep.
53197
52269
51351
52829
51935
50983
52829
51935
50983
52132
51308
50313
1065
961
1038
Oct.
Nov.
Dec.
50135
49875
50167
49848
49661
50012
49848
49661
50012
49142
49402
49060
49358
49017
49127
49587
Feb. 1.2
26p
Mar. 12pe
1997-Jan.
Feb. pe
1.
2.
nonbooowed plus
eldended erect~
1996-Feb.
Mar.
Aug.
Two
nonborrowed3
seasonal
ext9nded credit"
8
10
0
0
127
386
34
105
192
0
0
0
U22U
4U160
U5988
368
334
368
284
309
306
0
0
0
48743
994
1035
1424
U7124
UU66
452920
287
214
155
212
109
68
0
0
0
49358
49017
48179
48041
1223
1019
454047
456223
45
42
19
21
0
0
49074
49555
49074
49555
47897
48366
1230
1221
453323
454687
53
32
18
18
0
0
49417
48843
49383
48793
49383
48793
48381
47847
1036
995
455131
457141
34
50
18
23
0
0
48431
48396
48396
47359
1072
456343
35
27
0
uuo
35
91
week•
endina
1997-Jan. 15
.29
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 tootlol9 2 on Table 2and to<*loe9 2 on Table 3.)
Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less Unadlusted total borrowings of deDoshDrY lnstHutions from the Federal Reserve.
Extended credit consists ot borrowing at the discount window under the terms arid conditions established for the extended credit program to help <~ePoS~tofY"institu6ons 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 mark8t impact of ex18nded credit is simlar 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)
Table2
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
Vault cash'
Reserves of depository institutions
Date
Monetary
total2
1996-Peb.
non borrowed
required
base'
Reserve
balances with
F.R. Banks•
total
used to satisfy
required
reserves•
Net canyovet
of reserve
surptusr
balances'
53749
54884
53715
54863
52898
537C7
U6259
440767
16792
1U26
42109
40890
36t57
36458
5152
6432
55869
53135
53686
55779
53007
53299
54750
52275
52535
442959
642170
445949
19181
16753
16590
40895
U153
42030
36688
36382
37095
4207
4771
4934
52843
51642
50997
52475
51308
50630
51778
50681
49959
449292
450765
451717
15392
14761
13688
427,.
42511
43652
37451
36880
37309
5323
5631
6343
49550
49756
51243
49263
49542
51088
48556
48721
49819
451911
455902
463491
12800
12895
13395
42925
42745
44426
36749
36862
37848
6175
5883
6578
50642
48040
50597
47998
49419
47021
462714
459597
11710
11458
47172
43375
38932
36581
8240
6794
52089
49363
52036
49331
50859
48142
465732
459927
13060
10285
46140
48679
39029
39078
7112
9601
233
294
Peb. 12
26p
48724
47493
48690
47443
47688
46498
458970
459974
11052
11817
45130
41948
37673
35676
7458
6272
396
Mar. 12pe
47761
47726
46690
460730
11390
42835
36371
""
265
Mar.
Apr.
May
J'une
July
Aug.
sep.
Oct.
Nov.
Dec.
1997-Jan.
Peb. pe
~ ~~~kl ~Ddi~
1997-Jan. 15
29
1.
2.
3.
4.
5.
6.
7.
8.
p
pe
300
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 pl.us (2) required clearing balances and adjUstments to oompensal9 for float at Federal Resemt BlOts
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~~ whose
vault cash exceeds their required reserves, ttie 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-or 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 lag!led computation period in which the vaurt cash is held. Previously, each maintenance period ended 30 days after lhe laaaed computation period.
All vault cash held during the lagged cornpulation period by "bound" institutions (i.e., lhose whose required reserves exceed their vault cash) plus the amount of vaulf cash applied during the mMltlenance
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 H reserves eligible to be carried torward into the
two-week reserve maintenance period ending on the date shoWn.
preliminary
preliminary estimate
H.3 (502)
Table3
AGGREGATE RESERVES OF DEPOSITORY INSTlTUTIONS 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
total2
nonborrowed
r&qUWed'
Monetary base"
1996-Feb.
Mar.
5380.
5UH
53769
SUS3
52953
531137
&302116
U&860
Apr.
May
June
55995
53287
53870
5590.
53160
SHU
SU75
52U7
52720
U7120
U6132
&39890
July
Aug.
Sep.
5305.
51881
51267
Sl686
s1s•8
50899
51988
50921
50228
UJ222
U«SU
ussu
Oct.
49846
50082
51607
US 59
U868
SUS2
U852
50183
US439
• . . 270
«56798
1997-Jan.
Feb. pe
5067::1
•813::1
50627
U090
UU9
U11'
•sssst
.52529
Two weeks ending
1997-Jan. 15
29
520U
49398
5::1031
49366
soes•
Ul77
458687
.52636
Feb. 1l
l6p
487ft
U597
nsn
.8760
U758
U601
«51799
«52986
Mar. 12pe
47903
t7868
U832
•s37U
Nov.
Dec.
uon
Note: Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Boatd of Governors of The Federal Reserve Syslam, Washington, D.C. 20551
1.
2.
3.
4.
p
pe
Figures reflect adjustments for discontinuities, or 'breaks", associated with regulatory changes In reserve requirements.
Br9ak-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5).
To adjust required reserves lor discontinuitieS due to regulatory changes In reserve requirements, a multiplicative procedure Is used to estimale 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 (11 break-adJusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3) tor a1 quaf1llrly reportars on the "Report of
Transaction Accounts, Other Deposits and Vault Cash and lor an those we8kly reporters whose vault cash exceeds their required reserves. the break-adjusted dilffirence between current vault cash
and the amount applied to satisfy current reserve requirements.
preliminary
preliminary estimate
@FedFRASER