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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' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars OCTOBER 17, 1996 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 nonborrowed 3 nonborrowed plus extended credit' required excess NSA5 Monetary base6 total seasonal extended credit' 1995-SBP. OCT. NOV. DBC. 57344 56839 56333 56364 57066 56593 56129 56106 57066 56593 56129 56106 56394 55758 55390 55086 950 1081 943 1278 431685 432737 433206 435006 278 245 204 257 252 199 73 40 0 0 0 0 1996-JAN. FBB. MAR. 55606 54848 55727 55568 54813 55706 55568 54813 55706 54121 53997 54590 1485 851 1137 435182 433667 436871 38 35 21 7 7 10 0 0 0 APR. 55182 54227 54112 55091 54100 53726 55091 54100 53726 54062 53368 52962 1120 860 1150 436644 437009 439079 91 127 386 34 105 192 0 0 0 53197 52269 51357 52829 51935 50989 52829 51935 50989 52132 51308 50311 1065 961 1046 441846 444141 445827 368 334 368 284 309 306 0 0 0 1996-AUG. 14 28 52610 52020 52304 51671 52304 51671 51580 51129 1029 891 443436 444639 306 349 290 328 0 0 SBP. 11 25 51839 51209 51445 50874 51445 50874 50875 50125 964 1083 445105 446110 394 335 308 317 0 0 50711 50309 50309 49591 1120 446623 402 274 0 MAY JUNB JULY AUG. SBP. p Two weeks ending OCT. 1. 2. 3. 4. 5. 6. p pe 9p 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 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, 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.) 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 Vault cash~ Reserves of depository institutions Date total 2 56209 55319 55454 56622 436203 436338 438191 444452 20519 20055 20066 20440 40652 40564 40576 42088 36640 36345 36332 37460 4012 4219 4244 4628 1996-JAN. FEB. 56934 53749 54884 56896 53715 54863 55449 52898 53747 441957 436259 440767 17763 16792 18426 44676 42115 40892 39170 36957 36458 5506 5158 4435 MAY JUNE 55869 53135 53685 55779 53007 53299 54750 52275 52535 442959 442170 445940 19181 16753 16590 40889 41146 41979 36688 36382 37095 4201 4764 4883 JULY AUG. SEP. p 52843 51642 51003 52475 51308 50636 51778 50681 49957 449256 450702 451664 15392 14761 13696 42773 42517 43639 37451 36880 37307 5322 5637 6332 52543 50726 52238 50377 51514 49835 451275 449697 14940 14612 43326 41604 37604 36114 5722 5490 187 250 51705 50824 51311 50489 50741 49741 452717 451152 14623 13325 43007 44028 37083 37499 5924 6529 193 103 49961 49559 48841 450781 12700 43941 37261 6680 156 SEP. 11 25 OCT. 6. 7. 8. p pe surplus7 56882 56154 56193 57643 l:wo W!i!ek.s e;g,ding 1996-AUG. 14 28 4. total Net carryover of reserve balances 8 57159 56400 56397 57900 APR. 5. required used to satisfy required reserves6 1995-SEP. OCT. NOV. DEC. MAR. 1. 2. 3. non borrowed Monetary base3 Reserve balances with F.R. Banks4 9p 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 oft-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 vauft 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) 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 non borrowed required3 Monetary base• 57304 56558 56572 58021 57026 56313 56368 57763 56354 55477 55629 56743 431635 431595 433220 439027 56950 53804 54974 56912 53769 54952 55465 52953 53837 436009 430286 434860 MAY JUNE 55995 53287 53870 55904 53160 53484 54875 52427 52720 437120 436132 439880 JULY AUG. SBP. p 53054 51881 51272 52686 51548 50905 51988 50921 50227 443186 444521 445493 52777 50967 52472 50618 51748 50076 445143 443448 SBP. 11 25 51966 51096 51572 50761 51002 50012 446630 444962 OCT. 50243 49841 49123 444481 1995-SBP. OCT. NOV. DBC. 1996-JAN. FBB. MAR. APR. Two weeks ending 1996-AUG. 14 28 9p 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 reftect adjustments for discontinuities, or ''breaks", associated with regulatory changes in reserve requirements. Break~adjuste~ total reserves eq~al br~a~-~djusted required reserves (T~ble 3, column~) plus excess r~s~rv~ NSA (Table .1, column 5).. . . To adJust requ1red reserves for discontinUities due to regulatory changes 1n reserve requirements, a multiplicative procedure IS used to est1mate what required reserves would have been 1n 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
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