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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 4:30 p.m. Eastern Time
Adjusted for changes in reserve requirements 1
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
November 13, 1997
Borrowings of depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
totai2
excess
NSA5
Monetary
base6
total
seasonal
extended credit4
49789
49597
49908
49789
49597
49908
49082
48776
48639
994
1035
1424
447077
449365
452669
287
214
155
212
109
68
0
0
0
1997-Jan.
Feb.
49517
49008
48312
49472
48966
48155
49472
48966
48155
48293
47977
47151
1223
1031
1160
454137
456284
457623
45
42
156
19
21
37
0
0
0
47430
47048
47108
47170
46805
46741
47170
46805
46741
46420
45808
45828
1010
1240
1280
458235
459602
461401
261
243
367
88
173
243
0
0
0
Sep.
46885
47414
46666
46476
46816
46229
46476
46816
46229
45683
46161
45371
1201
1253
1295
464212
466456
469358
409
598
438
330
385
368
0
0
0
Oct. p
46460
46191
46191
45052
1409
472044
270
227
0
47509
45795
47006
45369
47006
45369
46264
44526
1245
1269
468983
469016
503
427
392
377
0
0
47295
45430
46939
45189
46939
45189
45856
44214
1439
1216
470779
471265
356
241
308
220
0
0
47322
47084
47084
45640
1682
474381
238
167
0
.:rune
July
Aug.
Two weeks ending
1997-Sep. 10
24
Oct.
Nov.
p
pe
required
50076
49811
50063
Apr.
May
5.
6.
nonborrowed plus
extended credit"
1996-0ct.
Nov.
Dec.
Mar.
1.
2.
3.
4.
nonborrowed 3
8
22
5p
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
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.)
3l.
preliminary
preliminary estimate
H.3 (502)
Table2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements 1
Averages of daily figures, not seasonally adjusted
Millions of dollars
Vault cash 5
Reserves of depository institutions
Date
total 2
nonborrowed
required
Monetary
base 3
Reserve
balances with
F.R. Banks4
total
used to satisfy
required
reserves 6
surplus 7
Net carryover
of reserve
balances8
1996-0ct.
Nov.
Dec.
49550
49756
51243
49263
49542
51088
48556
48721
49819
451911
455902
463491
12800
12895
13395
42925
42745
44426
36749
36862
37848
6175
5883
6578
1997-Jan.
·Feb.
Mar.
50642
48043
47543
50597
48001
47387
49419
47012
46383
462712
459638
462216
11710
11455
11515
47172
43375
42116
38932
36588
36029
8240
6788
6087
Apr.
May
June
47879
45997
46610
47618
45754
46243
46869
44757
45330
465062
465219
468778
12308
10916
10291
41381
41111
42398
35571
35081
36319
5810
6030
6079
July
Aug.
Sep.
46380
46645
46056
45971
46047
45618
45179
45392
44761
472582
474006
475319
9851
10489
9742
43129
42363
43052
36529
36156
36314
6600
6208
6738
Oct. p
45628
45358
44219
477268
9999
41730
35629
6101
46924
45371
46421
44944
45679
44101
476418
474581
10417
9201
42573
43588
36507
36170
6066
7418
181
108
46211
44944
45855
44704
44772
43728
475211
477617
9883
9768
42603
41098
36329
35177
6275
5921
203
116
46173
45935
44491
478555
10462
41940
35712
6228
28
~ W!i!!lkl!
!:ln!Ung
1997-Sep. 10
24
Oct.
Nov.
1.
2.
3.
4.
5.
6.
7.
8.
p
pe
8
22
5p
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 Depos1ts 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 CAR, 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 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 vau[t cash is held. Previously, each maintenance period ended 30 days after the lagged computation period.
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 "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 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 requirements'
Averages of daily figures, not seasonally adjusted
Millions of dollars
Reserves of depository institutions
Date
totaJ2
non borrowed
required 3
Monetary base•
49777
50006
51522
49490
49792
51368
48783
48971
50098
445377
449201
456721
50665
48122
47687
50620
48079
47531
49442
47091
46527
455551
452560
455259
48089
46259
46931
47828
46016
46564
47079
45019
45651
458168
458287
461805
Sep.
46759
47085
46549
46350
46487
46111
45558
45832
45254
465546
467238
468634
Oct. p
46167
45898
44758
470692
47407
45860
46904
45433
46162
44590
469723
467878
46729
45479
46373
45238
45289
44263
468586
471052
46740
46502
45058
472003
1996-0ct.
Nov.
Dec.
1997-Jan.
Feb.
Mar.
Apr.
May
JUne
JUly
Aug.
Two weeks end,inq
1997-Sep. 10
24
Oct.
Nov.
8
22
5p
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 chan11es 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 requ1red 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
@FedFRASER