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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release 814:30 p.m Eastern Time Adjusted for changes in reserve requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars March 20, 1997 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 nonborrowed3 nonborrowed plus extended credit" required excess NSN Monetary base8 total seasonal elctended credit-4 1996-Peb. Ma.r. 54848 55727 54813 55706 54813 55706 53997 54590 851 1137 433557 436855 35 21 8 10 0 0 Apr. Ma.y J\me 55182 54227 54112 55091 54100 53726 55091 54100 53726 54062 53368 52962 1120 860 1150 436984 437885 439692 91 127 386 34 105 192 0 0 0 July Aug. 53197 52269 51351 52829 51935 50983 52829 51935 50983 52132 51308 50313 1065 961 1038 442244 444160 445988 368 334 368 284 309 306 0 0 0 50135 49875 50167 49848 49661 50012 49848 49661 50012 49142 48840 48743 994 1035 1424 447124 449466 452920 287 214 155 212 109 68 0 0 0 49402 49068 49358 49026 49358 49026 48179 48035 1223 1033 454047 456278 45 42 19 21 0 0 1997-Ja.n. 15 29 49127 49587 49074 49555 49074 49555 47897 48366 1230 1221 453323 454687 53 32 18 18 0 0 Peb. 12 26 49417 48845 49383 48795 49383 48795 48381 47846 1036 999 455131 457113 34 50 18 23 0 0 Ma.r. 12p 48538 48503 48503 47285 1252 457314 35 27 0 Sep. Oct. Nov. Dec. 1997-Ja.n. Peb. p Two weeks endina 1. 2. 3. 4 5 6. p pe Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (For more informati0f1. see Table 3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, see rootno1B 2 on Table" and foo1nol9 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 credtt 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 (11 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 Vault cas!l5 Reserves of depository institutions Date total 2 nonborrowed required Monetary base3 Reserve balances with F.R. Banks• total used to satisfy required reserves' surplus7 Net carryover of reserve balances• 1996-Feb. Mar. 53749 54884 53715 54863 52898 53747 436259 U0767 16792 18426 42109 40890 36957 36458 5152 U32 Apr. May June 55869 53135 53686 55779 53007 53299 54750 52275 52535 U2959 U:U70 U5949 19181 16753 16590 40895 41153 42030 36688 36382 37095 4207 4771 4934 July 52843 51642 50997 52475 51308 50630 51778 50681 49959 U9292 450765 451717 15392 14761 13688 42774 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 4U26 36749 36862 37848 6175 5883 6578 50642 48049 50597 48007 49419 47016 462714 459650 11710 11459 47172 43375 38932 36590 8240 6785 1997-Jan. 15 29 52089 49363 52036 49331 50859 48142 465732 459927 13060 10285 46140 48679 39029 39078 7112 9601 233 294 Feb. 12 26 48724 47496 48690 47U6 47688 46497 458970 459943 11052 11820 45130 41948 37673 35676 7458 6272 396 300 Mar. 12p 47870 47835 46618 461681 11378 42836 36492 63U 264 Aug. Sap. Oct. Nov. Dec. 1997-Jan. Peb. p ~ ~••ks ~gi~ 1. 2. 3. 4. 5. 6. 7. 8. p pe 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 tor 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 ott-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 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 compu1ation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance Qeriod 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 total 2 nonborrowed required3 Monetary base4 1996-Peb. Mar. 53804 54974 53769 54953 52953 53837 430286 434860 Apr. 55995 53287 53870 55904 53160 53484 54875 52427 527:10 437120 436132 439890 53054 51881 51:167 5:1686 51548 50899 51988 50921 50:128 443:12:1 444584 445546 49846 50082 51607 49559 49868 51452 4885:1 49047 50183 445439 449:170 456798 50672 48141 506:17 48099 49449 n108 455559 45:1583 1997-Jan. 15 29 5:1084 49398 5:1031 49366 50854 U177 458687 45:1626 Peb. 1:1 :16 48794 47599 48760 47549 47758 46600 451799 452958 Mar. 12p 48012 47977 46759 454665 May June July Aug. Sep. Oct. Nov. Dec. 1997-Jan. Peb. p Two weeks endina 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. 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 for discontinuities due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimaiB 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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