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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 rn [astern Time Adjusted for changes in reserve requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars NOVI:OIVIBER 14, 1936 Borrowings of depository instituiions from the Federal Reserve, NSA Reserves of depository institutions Date total2 p pe excess NSN Monetary base• total seasonal extended credit' 56593 56129 56106 56593 56129 56106 55758 55390 55086 1081 943 1278 432737 433206 435006 245 204 257 1.99 73 40 0 0 0 1996-JAN. PBB. MAR. 55606 54848 55727 55568 54813 55706 55568 54813 55706 54121 53997 54590 1485 851 1137 435182 433667 436871 38 35 21 7 8 10 0 0 0 APR. MAY JUNB 55182 54227 54112 55091 54100 53726 55091 54100 53726 54062 53368 52962 1120 860 1150 436644 437009 439088 91 127 386 34 105 192 0 0 0 JULY AUG. SBP. 53197 52269 51351 52829 51935 50983 52829 51935 50983 52132 51308 50313 1065 961 1038 441882 444203 445864 368 334 368 284 309 306 0 0 0 OCT. p 50131 49844 49844 49142 990 447169 287 212 0 51839 51214 51445 50879 51445 50879 50875 50129 964 1084 445177 446180 394 335 308 317 0 0 50661 49703 50259 49417 50259 49417 49589 48772 1072 931 446493 447303 402 286 274 205 0 0 50284 50123 50123 49284 999 447694 161 154 0 NOV. 6. required 56839 56333 56364 OCT. 5. nonborrowed plus extended credit' 1995-0CT. NOV. DBC. Two weeks endina 1996-SBP. 11 25 1. 2. 3. 4. nonborrowed 3 9 23 6p 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 credtt 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 money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, bther 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 sP;3 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 1 Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcash 5 Reserves of depository institutions Date totai2 non borrowed required Monetary base3 Reserve balances with F.R. Banks4 total used to satisfy required reserves6 surplus7 Net carryover of reserve balances 8 1995-0CT. NOV. DEC. 56400 56397 57900 56154 56193 57643 55319 55454 56622 436338 438191 444452 20055 20066 20440 40564 40576 42088 36345 36332 37460 4219 4244 4628 1996-JAN. 56934 53749 54884 56896 53715 54863 55449 52898 53747 441957 436259 440767 17763 16792 18426 44676 42115 40892 39170 36957 36458 5506 5158 4435 55869 53135 53686 55779 53007 53299 54750 52275 52535 442959 442170 445949 19181 16753 16590 40889 41146 41979 36688 36382 37095 4201 4764 4883 AUG. SEP. 52843 51642 50997 52475 51308 50630 51778 50681 49959 449292 450765 451701 15392 14761 13688 42773 42517 43639 37451 36880 37309 5322 5637 6330 OCT. p 49545 49258 48556 451893 12796 42913 36750 6164 51705 50829 51311 50495 50741 49745 452789 451222 14623 13324 43007 44028 37083 37505 5924 6523 193 103 49911 49411 49509 49126 48839 48480 450650 452536 12653 13144 43941 42196 37258 36267 6683 5929 156 176 49370 49209 48370 452166 12348 43013 37022 5991 41 P'EB. MAR. APR. MAY JUNE JULY ~wo ~~eks ~nging 1996-SEP. 11 25 OCT. NOV. 1. 2. 3. 4. 5. 6. 7. 8. p pe 9 23 6p 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 and includes other off-balance sheet "as-of" adjustments. Dates refer to the maintenance periods in which the vault cash can be used to satisfy 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, each maintenance period ended 30 days after the lagged computation period. 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 vaull 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) Table 3 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 total 2 nonborrowed required3 Monetary base4 56558 56572 58021 56313 56368 57763 55477 55629 56743 431595 433220 439027 56950 53804 54974 56912 53769 54953 55465 52953 53837 436009 430286 434860 55995 53287 53870 55904 53160 53484 54875 52427 52720 437120 436132 439890 SBP. 53054 51881 51267 52686 51548 50899 51988 50921 50228 443222 444584 445531 OCT. p 49841 49554 48852 445421 51966 51101 51572 50766 51002 50016 446703 445031 50193 49708 49791 49423 49121 48777 444352 446029 49679 49519 48680 445561 1995-0CT. NOV. DBC. 1996-JAN. PBB. MAR. APR. MAY JUNB JULY AUG. Two weeks endina 1996-SBP. 11 25 OCT. 9 23 NOV. 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 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 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