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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 4:30p.m. Eastem Time Adjusted for changes in reserve requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars March 27, 1997 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 nonborrowed3 nonborrowed plus extended credit' required excess NSN Monetary base6 total seasonal extended credit' 1996-Peb. Mar. 54848 55727 54813 55706 54813 55706 53997 54590 851 1137 433557 436855 35 21 8 10 0 0 Apr. May June 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 Sep. 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 Oct. Nov. Dec. 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 49062 49358 49020 49358 49020 48179 48032 1223 1031 454047 456274 45 42 19 21 0 0 1997-Jan. 29 49587 49555 49555 48366 1221 454687 32 18 0 Peb. 12 26 49417 48839 49383 48789 49383 48789 48381 47842 1036 996 455131 457109 34 so 18 23 0 0 Mar. 12p 26pe 48500 48151 48465 47958 48465 47958 47266 47128 1234 1024 457283 462297 35 194 27 38 0 0 Aug. 1997-Jan. 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 information..t see Table 3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusled excess reserves. (Also, see footnote 2 on Table;::: 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 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 monecary 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 requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcash5 Reserves of depository institutions Date total2 nonborrowed required Monetary base3 Reserve balances with F.R. Banks4 total used to satisfy required reservese surplus7 Net carryover of reserve balances• 1996-Peb. Mar. 53749 54884 53715 54863 52898 53747 436259 440767 16792 18426 42109 40890 36957 36458 5152 4432 Apr. May J'une 55869 53135 53686 55779 53007 53299 54750 52275 52535 442959 442170 445949 19181 16753 16590 40895 41153 42030 36688 36382 37095 4207 4771 4934 July 52843 51642 50997 52475 51308 50630 51778 50681 49959 449292 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 44426 36749 36862 37848 6175 5883 6578 50642 48043 50597 48001 49419 47012 462714 459646 11710 11455 47172 43375 38932 36588 8240 6788 eDging 1997-Jan. 29 49363 49331 48142 459927 10285 48679 39078 9601 294 Peb. 12 26 48724 47489 48690 47439 47688 46493 458970 459939 11052 11817 45130 41948 37673 35672 7458 6276 396 300 Mar. 12p 26pe 47833 46922 47798 46728 46599 45898 461650 466178 11342 11300 42841 41617 36491 35622 6350 5995 264 139 Aug. Sep. Oct. Nov. Dec. 1997-Ja.n. Peb. p ~ ~@ets 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 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 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 deposito: ' institutions Date total 2 required3 Monetary base4 1996-Peb. Ma.r. 53804 54974 53769 54953 52953 53837 430286 434860 Apr. 55995 53287 53870 55904 53160 53484 54875 52427 52720 437120 436132 439890 53054 51881 51267 52686 51548 50899 51988 50921 50228 443222 444584 445546 49846 50082 51607 49559 49868 51452 48852 49047 50183 445439 449270 456798 1997-Ja.n. Peb. p 50672 48135 50627 48093 49449 47104 455559 452579 weeks ending 1997-Ja.n. 29 49398 49366 48177 452626 Peb. 12 26 48794 47593 48760 47543 47758 46596 451799 452954 Ma.r. 12p 26pe 47974 47096 47939 46902 46740 46072 454633 459257 Ma.y JUne July Aug. Sep. Oot. Nov. Deo. Two non borrowed 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 requ1red reserves are equal to break-adJUSted required reserves against transactions deposits. The break-adjusted monetary base equals (1 l 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
@FedFRASER