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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. Eastern Time Adjusted for changes in reserve requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars MARCH 7, 1996 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date totaP 1995-JAN. Monetary base6 total seasonal extended credit4 57785 57973 57757 1339 946 794 421054 422497 425207 136 59 69 46 33 51 4 0 0 57957 57761 57352 57847 57611 57080 57847 57611 57080 57204 56881 56388 753 880 964 427544 430090 429264 111 150 272 82 137 172 0 0 0 57655 57515 57368 57284 57233 57091 57284 57233 57091 56565 56527 56418 1090 988 950 429785 430782 431652 371 282 278 231 258 252 0 0 0 DBC. 56821 56269 56334 56575 56065 56077 56575 56065 56077 55739 55326 55056 1081 943 1278 432702 433152 435024 245 204 257 199 73 40 0 0 0 1996-JAN. 55594 55556 55556 54110 1485 435170 38 7 0 56499 55668 55327 56281 55646 55311 56281 55646 55311 54901 54049 54001 1597 1619 1326 435483 435570 434703 218 22 16 34 4 5 0 0 0 54747 55080 54723 55033 54723 55033 54026 54065 721 1015 433046 434278 24 47 7 8 0 0 JUNB JULY AUG. SBP. OCT. NOV. weeks andina 1996-JAN. 3 17 31 PBB. 14 28p p pe excess NSAS 58992 58860 58483 APR. MAY 5. 6. required 58988 58860 58483 MAR. 1. 2. 3. 4. nonborrowed plus extended credit4 59124 58919 58552 P'BB. Two nonborrowed3 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 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 l seasonally adJUSted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the mone~ 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, tt1e 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 cas~ Reserves of depository institutions Date total2 1995-JAN. PBB. 426311 423570 427556 22291 21758 22649 42315 39804 38536 38230 35941 34934 4084 3863 3602 58874 56757 57044 58763 56607 56771 58120 55877 56079 432789 433468 434568 24217 21476 21058 38118 39036 39821 34657 35281 35986 3461 3755 3835 57390 56819 57159 57019 56537 56882 56300 55832 56209 435563 435589 436203 20840 20565 20519 40530 40186 40652 36550 36255 36640 3980 3932 4012 DBC. 56400 56397 57900 56154 56193 57643 55319 55454 56622 436338 438191 444442 20055 20066 20440 40564 40576 42117 36345 36332 37460 4219 4244 4657 1996-JAN. 56934 56896 55449 441915 17763 44790 39170 5620 3 17 31 58910 58762 54681 58693 58740 54666 57313 57143 53356 448485 445034 437388 21558 19658 15055 41865 44166 46042 37353 39104 39626 4513 5062 6416 64 157 238 PBB. 14 53994 53436 53970 53390 53273 52421 436495 435711 15550 17968 44132 40326 38444 35468 5688 4858 485 126 JULY AUG. SBP. OCT. NOV. ll!l••t1 G!UD!l 1996-JAN. 28p 6. 7. 8. p pe surplus 7 59182 56752 56789 APR. 4. 5. total Net carryover of reserve balances• 60385 57639 57514 MAY JUNE 1. 2. 3. required used to satisfy required reserves6 60521 57699 57583 MAR. ~ nonborrowed Monetary base3 Reserve balances with F.R. Banks4 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, tlie 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-or adjustments. Dates refer to the maintenance periods in which the vault cash can be used to satistv 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, eacli maintenance period ended 30 days after the lagged computation !)eriod. 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 vauH cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their re<juired 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 requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total2 nonborrowed required3 Monetary base• 60520 57722 57621 60384 57662 57552 59181 56775 56827 421840 419250 423268 58928 56824 57127 58818 56675 56854 58175 55945 56163 428738 429288 430263 57488 56933 57291 57117 56652 57013 56399 55946 56341 431298 431083 431623 DBC. 56544 56558 58013 56299 56354 57756 55463 55615 56735 431583 433208 439011 1996-JAN. 56959 56921 55474 435975 3 17 31 58909 58782 54718 58692 58760 54703 57312 57162 53393 442531 439499 431047 FBB. 14 54050 53509 54026 53463 53329 52494 430200 430076 1995-JAN. FBB. MAR. APR. MAY JtJNB JULY AUG. SBP. OCT. NOV. Two yeeks endina 1996-JAN. 28p 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 adjusf 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 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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