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For release at 4:30 PM EST March 28, 1996 H.3 (502) SPECIAL NOTICE data for reserves and the monetary base have been Aggrega~e revised to incorporate adjustments for breaks in series resulting from indexations of the low reserve ~x2mpticn ~ranche and the reserve requirement levels. and to reflect the annual re-estimates of seasonal factors for required reserves and the surplus vault cash component of the monetary base. 1 The break adjustments employ the procedure that has been used since 1989. 2 The actual 1996 low reserve tranche was slightly smaller than that estimated in early 1995. while the actual 1996 exemption level was slightly higher. On net, the 1995 data for break- adjusted reserves and the monetary base were revised upward by less than $20 million. In order to make 1996 data co~parable with historical data, the 1996 data have been adjusted using estimates of the low reserve tranche 1. The Monetary Control Act of 1980 established a reserve ratio of 3 percent against the first $25 million in transaction deposits (the low reserve tranche) at each depository institution. Since 1982. the low reserve tranche has been indexed annually by 80 percent of the previous year's (June 30 ·co June 30) growth rate of net transaction deposits at all depository institutions. At present, the low reserve tranche is $52.0 million. Under the Garn-St Germain Depository Institutions Act of 1982. the first $2 million of reservable liabilities of each depository institution were exempted from reserve requirements. Since 1983, this exemption amount has been indexed annually by 80 percent of the previous year's (June 30 to June 30) growth rate of total reservable liabilities at all depository institutions. At present. the reserve exemption level is $4.3 million. Both of these indexations take effect in the reserve computation periods containing January 1. 2. For details. see the H.3 released on May 4. 1989. - 2- and reserve requirement exemption that will These estimates were revised to reflect~~n ~ake effect in January 1997. extrapolation of the ac~ual monthly growth from June 1995 ·to 'Februarv .:. 996 of seasonally ad -iusted j .. , ....:-·<. v,-~ net transaction deposi-rs and reservabTe"J:iaD.fli-r-ies. respecTively. ':'he new estimates of S48.3 million for -rhe :ow reserve tranche and of S4.3 million for the ~xemption level resulted in small downward revisions to 1996 data for break-adjus-red reserves and -rhe monetary base. Revised historical data will soon be available from the Money and Reserves Projection Section. Division of Mone-rary Affairs. mail stop 72, Board of Governors of the Federal Reserve System. Washington. DC 20551. (202) 452-3062. The histor1cal data will also be available on floppy diskeTte for a fee of 825 per diskette from the Federal Reserve Board's Publications Section. mail stop 127. Board of Governors of the Federal Reserve System, Washington. DC 20551, (202) 452-3245. Rev:..::;ed historical data ::or reserves measures and components will also be available shortlY on Department. r~he 202) 482-1986 for 1nforma1:ion on how 1:0 access the Commerce bulletin board. Economic Bulletin Board of the U.S. Commerce ........... 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 Tune Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars MARCH 28, 1996 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 nonborrowed 3 nonborrowed plus extended credi~ required excess NSA' Monetary base8 total seasonal extended credi~ 58857 58500 58798 58431 58798 58431 57911 57706 946 794 422421 425165 59 69 33 51 0 0 JUNE 57988 57801 57383 57877 57651 57110 57877 57651 57110 57235 56921 56418 753 880 964 427551 430112 429308 111 150 272 82 137 172 0 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. 56839 56333 56364 56593 56129 56106 56593 56129 56106 55758 55390 55086 1081 943 1278 432737 433206 435008 245 204 257 199 73 40 0 0 0 55606 54848 55568 54813 55568 54813 54121 53997 1485 851 435151 433619 38 35 7 7 0 0 1996-JAN. 31 55253 55238 55238 53928 1326 434595 16 5 0 FBB. 14 :18 54697 54945 54673 54898 54673 54898 53984 53975 713 970 432974 434146 24 47 7 8 0 0 MAR. 13p 55595 55968 55580 55949 55580 55949 54488 54840 1107 1129 435265 438151 15 20 8 12 0 0 1995-FBB. MAR. APR. MAY NOV. DBC. 1996-JAN. FBB. p Two weeks ending :17pe 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, 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~ 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 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, bi'eak-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 cash 5 Reserves of depository institutions Date totaF 1995-FEB. nonborrowed required Monetary base3 Reserve balances with F.R. Banks 4 total used to satisfy required reserves• surplus7 Net carryover of reserve balances 8 MAR. 57699 57583 57639 57514 56752 56789 423570 427556 21758 22649 39804 38536 35941 34934 3863 3602 APR. MAY JUNE 58874 56757 57044 58763 56607 56771 58120 55877 56079 432789 433468 434568 24217 21476 21058 38118 39036 39821 34657 35281 35986 3461 3755 3835 JULY AUG. SEP. 57390 56819 57159 57019 56537 56882 56300 55832 56209 435563 435589 436203 20840 20565 20519 405:'10 40186 40652 36550 36255 36640 3980 3932 4012 OCT. 56400 56397 57900 56154 56193 57643 55319 55454 56622 436338 438191 444452 20055 20066 20440 40564 40576 42117 36345 36332 37460 4219 4244 4657 56934 53749 56896 53715 55449 52898 441938 436213 17763 16792 44790 42205 39170 36957 5620 5248 54681 54666 53356 437411 15055 460~.2 39626 6416 238 54001 53406 53977 53359 53288 52436 436507 435681 15546 17938 44132 40n6 38455 35468 5677 4858 485 125 55032 54525 55017 54506 53925 53397 439532 441111 18189 18522 41536 404::.8 36844 36004 4692 4434 22 115 NOV. DEC. 1996-JAN. FEB. p ~eeke ending 1996-JAN. 31 FEB. 14 28 MAR. 1. 2. 3. 4. 5. 6. 7. 8. p pe 13p 27pe 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 lransaction 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 sat1stv 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 compulation 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 ( +) Jr 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 requirements' Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 nonborrowed required 3 Monetary base• 1995-FBB. MAR. 57725 57627 57666 57 558 56779 56832 419253 423273 APR. MAY JUNB 58935 56831 57136 58824 56681 56863 58182 55951 56172 428744 429294 430271 JULY AUG. SBP. 57498 56944 57304 57127 56662 57026 56409 55956 56354 431306 431092 431635 OCT. 56558 56572 58021 56313 56366 57763 55477 55629 56743 431595 433220 439027 56950 53804 56912 53769 55465 52953 435990 430239 54712 54697 53386 431065 FBB. 14 28 54048 53467 54024 53420 53334 52497 430205 430040 MAR. 13p 27pe 55111 54619 55096 54600 54004 53491 433496 435293 NOV. DBC. 1996-JAN. FBB. p Two weeks ending 1996-JAN. 31 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 estimata 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 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 vaul\ cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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