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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 r...,. Adjusted for changes in reserve requirements 1 Averages of dally figures, seasonally adjusted unless noted otherwise Millions of dollars MAY Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 nonborrowed3 nonborrowed plus extended credit" 2, 1996 required excess NSA5 Monetary base• total seasonal extended credit' 58500 57988 57801 57383 58431 57877 57651 57110 58431 57877 57651 57110 57706 57235 56921 56418 794 753 880 964 425165 427551 430112 429308 69 lll 150 272 51 82 137 172 0 0 0 0 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 DBC. 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 1996-JAN. FBB. MAR. 55606 54848 55706 55568 54813 55685 55568 54813 55685 54121 53997 54592 U85 851 1115 435150 433619 436784 38 35 21 7 7 10 0 0 0 1996-FBB. 28 54945 54898 54898 53975 970 434146 47 8 0 MAR. 13 27 55600 55943 55585 55924 55585 55924 54489 54787 llll 1156 435263 438218 15 20 8 12 0 APR. 10 24p 55224 55195 55178 55074 55178 55074 54242 54173 982 1022 436705 436261 47 122 16 30 0 0 1995-MAR. APR. MAY JtJNB JULY AUG. SBP. OCT. NOV. 0 0 Two week• epdina 1. 2. 3. 4. 5. 6. p pe 0 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 footnolle 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 boirowing 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, 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 dally figures, not seasonally adjusted Millions of dollars Vault cash& Reserves of depository institutions Date total2 1995-MAR. 427556 432789 433468 434568 22649 24217 21476 21058 38536 38118 39036 39821 34934 34657 35281 35986 3602 H61 3755 3835 SBP. 57390 56819 57159 57019 56537 56882 56300 55832 56:.109 435563 435589 436203 20840 20565 20519 40530 40186 4065:.1 36550 36255 36640 3980 3932 4012 OC'l'. NOV. DBC. 56400 56397 57900 56154 56193 57643 55319 55454 56622 436338 438191 444452 20055 20066 20440 40564 40576 42117 36345 36332 37460 U19 4244 4657 1996-JAN. l"BB • MAR. 56934 53749 54863 56896 53715 54842 55449 52898 53749 441938 436213 440677 17763 16792 18404 44790 42205 40968 39170 36957 36460 5620 5248 4508 1996-l"BB. :.18 53406 53359 52436 435681 17938 403:.16 35468 4858 125 MAR. 13 :.17 55037 54502 55022 54483 539:.16 53346 439528 441175 18192 18492 41536 40438 36845 36011 4691 4428 22 127 APR. 10 55563 56651 55516 56530 54580 55629 442665 443609 18783 20238 40977 40479 36780 36413 4197 4066 336 138 K••kl -~~~~ 24p 3. 4. 5. 6. 7. 8. p pe surplus7 56789 58120 55877 56079 JULY 1. total Netcanyowr of reserve balances' 57514 58763 56607 56771 AUG. 2. required used to satisfy required reserves• 57583 58874 56757 57044 APR. MAY JONB ~ nonborrowed Monetary base3 Reserve balances with F.R. Banks4 RefleciS actual required reserves, with no adjustments to eliminate the effeciS of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Reserve balanoes with Federal Reserve Bariks plus vault cash used to satisfy reserve requirements. The monetary base, not break·adjustec:l and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserw 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 repor19rs 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 CAR currency and vautt 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 ~ ~e us~ to satistv reserye requirem~nts. Starting wi~ the mainten.ance period ended November 25, 1992, each maintenance period for weekly reporters ends 16 days after the lagged computation penod 1n which the vauft cash IS held. Prev1ously, eacti maintenance period ended-30days-after the lagged computation period. All vault cash held during the lagged compulation period by "bound" institutions (i.e., those whose required reserves exceed theit vault.~h)piJI.S:.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 fOf'Warcl 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 1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 nonborrowed requirecf Monetary base' 57627 58935 56831 57136 57558 58824 56681 56863 56832 58182 55951 56172 U3273 428744 U9294 430271 57498 56944 57304 57127 56662 57026 56409 55956 56354 431306 431092 431635 DBC. 56558 56572 58021 56313 56368 57763 55477 55629 56743 431595 433220 439027 1996-JAN. FBB. MAR. 56950 53804 54953 56912 53769 54932 55465 52953 53838 435990 430239 434770 1996-FBB. 28 53467 53420 52497 430040 MAR. 13 27 55116 54596 55101 54576 54005 53440 433494 435359 APR. 10 24p 55675 56781 55628 56660 54692 55759 436855 437784 1995-MAlt. APR. MAY JtJNB JULY AOG. SBP. OCT. NOV. '1'w9 weeki endiDCl 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 t:liscontinuities1 or "breaks", associated with regulatory changes in reserve requirements. Br8ak-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 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 ail 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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