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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 Time Adjusted for changes in reserve requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars November 6, 1997 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total' nonborrowed 3 nonborrowed plus extended credit' required excess NSA' Monetary base 6 total seasonal extended credit• 1996-0ct. Nov. Dec. 50076 49811 50063 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-,Tan. Feb. Mar. 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 Apr. May June 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 July Aug. Sep. 46885 47414 46666 46476 46816 46229 46476 46816 46229 45683 46161 45371 1201 1253 1295 464212 466463 469376 409 598 438 330 385 368 0 0 0 Oct. pe 46472 46202 46202 45008 1463 471317 270 227 0 47509 45795 47006 45369 47006 45369 46264 44526 1245 1269 469001 469034 503 427 392 377 0 0 47295 45420 46939 45179 46939 45179 45856 44220 1439 1200 470797 471323 356 241 308 220 0 0 47375 47137 47137 45481 1894 471771 238 167 0 Two weeks ending 1997-Sep. 10 24 Oct. Nov. 1. 2. 3. 4. 5. 6. p pe 8 22p 5pe 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 The seasonally adjusted, break-adJusted monetary base consists of (1) seasonaily 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.) 3). preliminary preliminary estimate H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in :·eserve requirements' Averages of daily figures. not seasonally adjusted Millions of dollars Vault cash 5 Reserves of depository institutions ~)at~ nonborrowed required Monetary base3 Dec. 49550 49756 51243 49263 49542 51088 48556 48721 49819 451911 455902 463491 1997-Jan. Feo. Mar. 50642 48043 47543 50597 48001 47387 49419 47012 46383 Ap~·. May June 47879 45997 46610 47618 45754 46243 July Aug. Sep. 46380 46645 46056 Oct. pe Nov. Net carryover of reserve balances8 total used to satisfy required reserves 6 12800 12895 13395 42925 42745 U426 36749 36862 37848 6175 5883 6578 462712 459638 462216 11710 11455 11515 47172 43375 42116 38932 36588 36029 8240 6788 6087 46869 44757 45330 465062 465219 468778 12308 10916 10291 41381 41111 42398 35571 35081 36319 5810 6030 6079 45971 46047 45618 45179 45392 44761 472582 474013 475337 9851 10489 9742 43129 42363 43052 36529 36156 36314 6600 6208 6738 45641 45371 44177 476556 9992 41731 35649 6082 46924 45371 46421 44944 45679 44101 476435 474600 10417 9201 42573 43588 36507 36170 6066 7418 181 108 46211 44934 45855 44694 44772 43734 475229 477691 9883 9751 42603 41098 36329 35184 6275 5914 203 116 46233 45995 44338 475970 10465 41941 35768 6173 7 totaF 1996-0ct. Reserve balances with F.R. Banks4 surplus 7 Two weeks ..!i'rutinn 1997-Sep. 10 24 Oct. Nov. 1. 2. 3. 4. 5. 6. 7. 8. p pe 8 22p 5pe 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 lransaction 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 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 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 vaurt 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 vault cash applied during the maintenance ~eriod by "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. , otal 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 I.Je 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 totaF non borrowed required 3 Monetary base• 1996-0ct. Nov. Dec. 49777 50006 51522 49490 49792 51368 48783 48971 50098 445377 449201 456721 1997-Jan. Peb. Mar. 50665 48122 47687 50620 48079 47531 49442 47091 46527 455551 452560 455259 Apr. 48089 46259 46931 47828 46016 46564 47079 45019 45651 458168 458287 461805 Sep. 46759 47085 46549 46350 46487 46111 45558 45832 45254 465546 467246 468653 Oct. pe 46179 45909 44716 469966 Two weeks ~_g 1997-Sep. 10 24 47407 45860 46904 45433 46162 44590 469740 467896 46729 45469 46373 45229 45289 44269 468604 471109 46795 46557 44900 469400 May June July Aug. oct. Nov. 8 22p 5pe Note: Histoncal 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 requtred reserves are equal to break-adjusted required reserves against transactions deposits. The break-adjusted monetary base equals (1l 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 tor 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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