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________________ — ----------------------------------------------------------- : M _____________________________________________________ _ FEDERAL RESERVE statistical release H.3 (502) Table 1 — AGGR EGATE RESERVES O F DEPOSITORY INSTITUTIONS AND TH E MONETARY BASE For release at 4:30 p.m. Eastern Time Adjusted for changes in reserve requirements1 November 20,1997 Averages of daiiy figures, seasonally adjusted unless noted otherwise Millions of dollars __________________ ____________________________________________________________ — ------------------ — --------------Borrowings of depository institutions Reserves of depository institutions from the Federal Reserve, NSA Monetary Date excess nonborrowed plus extended credit4 seasonal total base6 required nonborrowed3 extended credit4 total2 NSA5 500 76 1 9 9 6 -O c t. 49789 49597 497 89 49597 49908 499 08 6. p pe 287 212 0 44 9 3 6 5 45 2 6 6 9 214 155 109 68 0 0 1 9 9 7 -J a n . 495 17 49472 494 72 45 4 1 3 7 45 19 0 490 0 8 4 83 12 48966 48155 489 66 481 55 48293 47977 47151 1223 Feb. M ar. 1031 1160 456284 45 7 6 2 3 42 156 21 37 0 0 A p r. 47430 470 4 8 4 71 08 47170 4 71 70 46420 1010 88 0 46805 46741 468 05 467 4 1 45808 45828 1240 1280 458235 45 9 6 0 2 461401 261 M ay •June 243 367 173 243 0 0 J u ly Aug. 468 8 5 4 74 14 46476 46816 4 64 76 4 68 16 1201 1253 464212 466456 409 598 Sep. 4 66 66 46229 46229 45683 46161 453 71 1295 46 9 3 5 8 438 330 385 368 0 0 0 46454 46184 461 84 45055 1399 472036 270 227 0 427 377 0 p 1997-S e p . 24 457 9 5 45369 453 69 44526 1269 469016 O ct. 8 22 4 72 95 46939 1439 4 7 0 779 356 308 0 45177 469 39 451 77 458 56 45 4 1 8 44217 1201 47 1 2 5 3 2 41 220 0 5p 19pe 473 1 8 462 9 5 47080 46146 4 70 80 4 61 46 45648 1670 1546 474372 238 47 4 0 1 8 149 167 112 0 0 N ov. 5. 44 7 0 7 7 1035 1424 49811 50063 Two wpQfrg o n flla g 3. 4. 994 48776 48639 Nov. D ec. O ct. 1. 2. 49082 44748 Reserves and monetary base figures incorporate adjustments for discontinues, or “ breaks”associated with regulatory changes in reserve'^ ' re.mf^ (For r ^ e information see Ta£tef3.) Seasonally adjusted, break-adiusted total reserves equal seasonally adjusted, break-adiusted required reserves plus unadjusted excess reserves. (Also see footnote 21w T ^ e 2 ^ d fooh^e 2 onTabte 3.) Seasonally ad usted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository _£? FoderaJResorv®. Extended crecitconsists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository'institutionsi dealvwthsusta ned 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. 4, _1. A ox Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column 3i. nine The seasonallv adjusted break-adiusted 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 allquarterly reporters on the “ Report of Transaction Accounts, Other Deposits and Vault Cash1'and for allthose weekly reporters whose vault c ^h 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 AG G R EG ATE RESERVES O F DEPOSITORY INSTITUTIONS AND TH E MONETARY BASE Not adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date required Monetary base3 1 9 9 6 -O ct. N ov. 49550 49756 49263 49542 48556 48721 D ec. 451911 455902 12800 12895 42925 42745 36749 36862 51243 6175 5883 51088 49819 463491 13395 44426 37 8 4 8 6578 1 9 9 7 -J a n . Fob. 50642 48043 462712 459638 11710 11455 8240 6788 46383 462216 11515 47172 43375 42116 38932 36588 47543 50597 48001 47387 49419 47012 M a r. 36029 6087 47879 45997 47618 45754 46869 44757 465062 465219 12308 10916 41381 41111 35571 35081 46610 5810 6030 46243 45330 468778 10291 42398 36319 6079 J u ly Aug. 46380 46645 45971 46047 45179 45392 Sop. 472582 474006 9851 10489 43129 42363 36529 36156 46056 45618 6600 6208 44761 475319 97 4 2 43052 36314 6738 45621 45351 44222 477267 99 9 0 41730 35631 6100 45371 44944 44101 474581 9201 43588 36170 7418 108 O c t. p Tw o w e e k s e n d in a 1 9 9 7 - S e p . 24 O ct. N ov. 8 AooA 5p 1?po 4. 5. 46211 45855 44772 475211 98 83 42603 36329 44932 44692 6275 43731 203 477620 97 5 6 41098 35177 5921 116 46169 46052 45931 45903 44498 44506 478546 481572 10452 41940 42126 35 7 1 7 10328 35725 6223 6401 19 69 I lht? iw K tary base' not break_adiusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Rpspivp Ranke C i^ t(? iih e.^ L rfH^KC0mp0nenL0, the mon®y s‘?„ck P|us (?)• <or a" quarter|y reporters on the “Report o) transaction Accounts, Other Deposfeand Vault fo?2« t t S S wleklv reoorte^ whSsI cash figuredare m e a s u r e d ’ C3Sh a"d *he am° Un1 apphed t0 satisty current reserve rec’uiremen,s- After ,he introduction of CRR, currency and vault Excludes required clearing balances and adjustments to compensate forfloat and includes other off-balance sheet 'as-of“adjustments Pn^h£S!tet!KSf 7. p pe surplus7 Kot.^Lrfoq“ ii'Sdcre5e,v.eI’ wi,h n°adi,ustrVents 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. w ;!X 8. Net carryover of reserve balances8 nonborrowed June 1. total used to satisfy required reserves6 total2 A p r. M ay 2. 3. Vault cash5 Reserve balances with F.R. Banks4 per,0d Wus « ol v J c s h .pp«ed during m. ™ i„,„ano. Total vault cash held by depository institutions minus the amount applied to satisfy resen/e requirements to o " w llV r e 3 ^ preliminary preliminary estimate 00 'he b3SiS ° ' *W° - Week maintenance periods. Reflects excess (+) or deficit (-) reserves eligible to be carried forward into the H.3 (502) Table 3 A G G R EG ATE RESERVES O F DEPOSITORY INSTITUTIONS AND TH E MONETARY BASE Adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars __________________ Reserves of depository institutions Date Monetary base4 total2 nonborrowed required3 1 9 9 6 -O c t. N ov. 49777 50006 49490 49792 48783 48971 D ec. 51522 51368 50098 1 9 9 7 -J a n . F eb. 50665 48122 50620 48079 455551 452560 M a r. 47687 47531 49442 47091 46527 A p r. M ay June 48089 46259 47828 46016 47079 458168 458287 46931 J u ly A ug. Sep. O ct. N ov. 449201 456721 455259 46564 45019 45651 461805 46759 47085 46350 46487 45558 45832 465546 467238 46549 46111 45254 468634 46161 45891 44762 470684 45860 45433 44590 467878 8 22 46729 45467 46373 45289 468586 45226 44266 471041 5p 19pe 46736 46646 46498 46497 45065 45100 471993 475016 p Two w e e k s e n d in g 1 9 9 7 - S e p . 24 O ct. 445377 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. Figures reflect adjustments for discontinuities, or "breaks”, associated with reaulatory 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 Caslr and for all those weekly reporters whose vault cash exceeds their required reserves, tne break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. p preliminary pe preliminary estimate
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