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FEDERAL RESERVE statistical release H .3 (5 0 2 ) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release at 4:30 p.m. Eastern Time Adjusted for changes in reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars M a y 14. 1 9 9 8 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date nonborrowed3 nonborrowed plus extended credit4 required excess NSA5 1 9 9 7 -A p r . May June 47336 46750 46871 47075 46507 46504 47075 46507 46504 46326 45510 45591 1010 1240 1280 458104 459474 461746 261 243 367 88 173 243 0 0 0 J u ly Aug. Sap. 46717 46939 46240 46308 46341 45802 46308 46341 45802 45516 45686 44944 1201 1253 1295 464427 46 6711 469406 409 598 438 330 385 368 0 0 0 Oct. Nov. Dac. 45958 46310 46669 45688 46157 46345 45688 46157 46345 44562 44693 44986 1396 1617 1683 471983 476187 480152 270 153 324 227 115 79 0 0 0 46501 45722 46047 46292 45664 46006 46292 45664 46006 44721 44198 44731 1780 1524 1316 482846 484243 485899 210 58 41 18 12 22 0 0 0 45907 45835 45835 44509 1399 486854 72 41 0 1 9 9 8 - Jan. Fab. Mar. A p r. p Two waaka 3. 4. 5. 6. p pe total seasonal extended credit4 andlnq 1 9 98 -M a r. 11 25 46275 45857 46256 45823 46256 45823 44718 44718 1556 1138 486153 485628 19 34 17 23 0 0 A p r. 8 22 46074 46105 45974 46054 45974 46054 44783 44600 1291 1505 486067 487182 101 51 30 37 0 0 45394 45314 45314 44075 1319 487065 81 61 0 May 1. 2. Monetary base6 total2 6p Reserves and monetary base figures incorporate adjustments for discontinuities, or “breaks0, 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 die 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 ca s h 0 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 (5 0 2 ) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjuster for changes In reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date nonborrowed required 1 9 9 7 -A p r. May Jun e 47879 45 9 97 46610 4 7 6 18 45 7 54 4 6 2 43 4 6 8 69 44 7 57 4 5 3 30 465062 465219 468778 1 2 308 1 0 916 10 2 91 41562 41310 42547 35571 35081 3 6 3 19 5 991 6228 6228 J u ly Aug. S ep. 46380 46645 46056 45971 46 0 47 45 6 18 45 1 79 4 5 3 92 44761 472582 4 7 4 00 5 4 7 5 31 6 9851 10489 9742 43313 4 2 5 87 4 3 2 64 3 6 5 29 36 1 56 3 6 3 14 6784 6432 6950 O ct. N ov. D ec. 45621 46451 47880 45351 46298 47555 4 4 2 25 4 4 8 34 46196 4 7 7 27 9 4 8 3 49 5 4 9 1 91 9 9990 1 0 559 1 0 673 42211 42851 44707 35631 35892 37206 65 8 1 6959 7500 1 9 9 8 -J a n . F eb. M ar. 47495 4 4 9 74 45509 47285 44916 45468 4 5 7 14 4 3 4 50 4 4 1 93 491615 488428 491000 9733 9394 10 1 40 47336 43167 41598 37762 35580 3 5 3 70 9574 75 8 7 6228 4 6 4 23 46351 4 5 0 25 493769 1 1 065 41216 35358 5858 45765 45031 45 7 47 4 4 9 97 4 4 2 09 43893 4 9 0 78 4 490615 1 0 210 9878 42202 41199 35555 3 5 1 54 6647 6046 226 172 46157 47176 46056 4 7 1 25 44 8 65 45671 4 9 2 29 7 495072 10 6 23 1 1 992 41420 40815 3 5 5 34 3 5 1 84 5886 56 3 1 167 80 4 5 3 73 45292 4 4 0 54 492963 9885 41715 3 5 4 88 6 227 428 A pr. May 6. 7. 8. p pe Net carryover of reserve balances8 total2 Two w e e k s e n d in g 1 9 9 8 -M a r . 11 25 4. 5. total used to satisfy required reserves6 Monetary base3 A pr. p 1. 2. 3. Vault cash5 Reserve balances with F.R. Banks4 8 22 6p surplus7 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 CRR, currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required clearing balances and adjustments to compensate for float ana includes other off-balance sheet *as-of" adjustments. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 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 monbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. Total vault cash eligible to satisfy reserve requirements, held by depository institutions not exempt from reserve requirements, minus the amount used 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 (5 0 2 ) Table 3 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 total1 2 nonborrowed required3 Monetary base4 1 9 9 7 -A p r • May June 47912 46037 46660 47652 45794 46293 46903 44796 45380 458053 458147 461636 J u ly Aug. Sap. 46437 46709 46127 46028 46111 45689 45236 45456 44832 465348 467004 468370 O ct. N ov. D ac. 45693 46530 47971 45424 46377 47647 44297 44913 46288 470406 476615 485113 1 9 9 8 -J a n . Fab. Mar. 47487 44993 45545 47277 44935 45504 45706 43469 44228 484416 481364 484038 46473 46401 45074 487021 A p t. p 1 9 9 8 -M a r . 11 25 45794 45067 45776 45033 44238 43929 483750 483655 A p r. 8 22 46202 47226 46101 47175 44910 45721 485459 488367 45426 45345 44107 486227 May 6p 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 adiust 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-adiusted 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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