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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 ay 2 8 ,1 9 9 8 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date 3. 4. 5. 6. p pe “ nonborrowed3 nonborrowed plus extended credit4 required excess NSA5 1997- A p r • May June 47336 4 6 7 50 46871 4 7 0 75 46507 46 5 04 47 0 75 4 6 507 4 6 504 46 3 26 45 5 10 45591 1010 1240 1280 458104 4 5 9 47 4 461746 261 243 367 88 17 3 243 0 0 0 J u ly Aug. Sep. 4 6 7 17 4 6 9 39 4 6 2 40 4 6 3 08 46341 45 8 02 4 6 308 46341 45 8 02 4 5 5 16 4 5 6 86 4 4 944 1201 1253 1295 464427 466711 469406 409 598 438 330 385 368 0 0 0 O c t. Nov. D ec. 4 5 9 58 46310 46669 4 5 6 88 4 6 1 57 4 6 3 45 45 6 88 4 6 1 57 4 6 3 45 4 4 5 62 4 4 6 93 44986 1396 1617 1683 471983 476187 480152 270 153 324 227 115 79 0 0 0 1 9 9 8-Jan. Feb. Mar. 46501 45722 4 6 0 47 46292 4 5 6 64 46006 46292 45 6 64 4 6 0 06 44721 44198 44731 1780 1524 1316 482846 484243 4135899 210 58 41 18 12 22 0 0 0 A pr. 45898 45826 45826 4 4 5 10 1388 486744 72 41 0 4 5 8 57 45823 4 5 8 23 4 4 7 18 1138 485628 34 23 0 Two w e e k s e n d i n a 1 9 9 8 - M a r . 25 1. 2. Monetary base6 total2 total seasonal extended credit4 Apr. 8 22 4 6 0 74 4 6 1 04 4 5 9 74 4 6 0 53 45 9 74 46 0 53 4 4 7 83 4 4 6 03 1291 1501 486067 487180 101 51 30 37 0 0 May 6 20p 45360 44786 45280 44622 45280 44622 44073 43462 1287 1324 486656 488282 81 165 61 85 0 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 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) 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 tneir 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 requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash5 Reserves of depository institutions Date 4. 5. 6. 7. 8. p pe total used to satisfy required reserves6 Net carryover of reserve balances8 total2 nonborrowed required Monetary base3 1997-A p r . May J une 4 7 8 79 45 9 97 4 6 6 10 4 7 6 18 4 5 754 4 6 2 43 4 6 869 4 4 757 45 3 30 4 6 5 06 2 4 6 5 21 9 468778 1 2 308 1 0 916 1 0 2 91 4 1 5 62 4 1 3 10 4 2 5 47 35571 35081 3 6 3 19 5991 6228 6228 J u ly A u g. Sep. 46 3 80 46 6 45 46056 45971 46047 4 5 6 18 45 1 79 45 3 92 44761 4 7 2 58 2 4 7 4 00 5 475316 9 851 10489 9742 4 3 3 13 4 2 5 87 43264 3 6 5 29 36156 3 6 3 14 6784 6432 6950 O ct. Nov. D ec. 45621 46451 47880 45351 4 6 2 98 47 5 55 44 2 25 4 4 8 34 4 6 1 96 4 7 7 27 9 483495 491919 9990 1 0 559 1 0 673 42211 42851 4 4 7 07 35631 35892 37206 65 8 1 6959 7500 1 9 9 8 -Jan. Feb. Mar. 4 7 4 95 4 4 9 74 45509 47 2 85 44 9 16 4 5 4 68 4 5 7 14 4 3 4 50 4 4 1 93 4 9 1 61 5 488428 491000 9733 9394 1 0 140 47336 4 3 1 67 41598 3 7 7 62 3 5 5 80 35370 9574 75 8 7 6228 A pr. 4 6 4 14 4 6 3 42 4 5 0 25 493662 1 1 055 41216 3 5 3 59 5857 45031 4 4 997 4 3 8 93 4 9 0 61 5 9878 41199 3 5 1 54 6046 172 Two w e e k s e n d i n a 1 9 9 8 - M a r . 25 1. 2. 3. Reserve balances with F.R. Banks4 surplus7 Apr. 8 22 4 6 1 57 4 7 1 75 4 6 0 56 4 7 1 24 44 8 65 4 5 6 74 492297 495070 10623 1 1 9 91 41420 40815 35 5 34 35184 5886 56 3 1 167 80 May 6 2 Op 45339 43891 4 5 2 58 4 3 727 4 4 0 52 4 2 5 67 492563 4 9 4 48 4 9850 9396 41715 41548 35489 3 4 4 96 6226 7052 428 218 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 befween 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 (502) 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 1997-A p r . May June 4 7 9 12 46037 4 6 660 4 7 652 4 5 794 46 2 93 46903 44796 45380 458053 458147 461636 J u ly Aug. Sep. 46437 4 6 709 4 6 127 4 6 0 28 46111 4 5 689 45236 45456 44832 465348 467004 468370 O ct. Nov. D ec. 4 5 693 4 6 5 30 47971 4 5 424 4 6 377 4 7 6 47 4 4 2 97 44913 46288 470406 476615 485113 1 9 9 8 -Jan. Feb. Mar. 4 7 487 4 4 993 4 5 545 4 7 2 77 4 4 9 35 4 5 5 04 45706 43469 44228 484416 481364 484038 46 4 63 46391 45075 486914 4 5 0 67 4 5 0 33 43929 483655 Apr • Two w e e k s e n d i n o 1 9 9 8 - M a r . 25 Note: 1. 2. 3. 4. p pe Apr. 8 22 4 6 2 02 4 7 2 25 46101 4 7 174 44910 45724 485459 488365 May 6 20p 45392 4 3 9 49 45311 4 3 7 84 44105 42625 485829 487815 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 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 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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