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FEDERAL RESERVE statistical release H.3 (502) ~ --------------------- ------ ““ Table 1 A G G R EG A TE RESERVES O F DEPOSITORY INSTITUTIONS AND TH E MONETARY BASE Adjusted for changes In reserve requirements1 Averages of dally figures, seasonally adjusted unless noted otherwise Millions of dollars For re,ease at 4:30 P-m- Eastern Time October 23,1997 Borrowings of depository institutions Reserves of depository institutions l/clie nonborrowed3 nonborrowed plus extended credit4 required 1 9 9 6 -S ep . 51280 50912 50912 50242 1038 445812 368 306 0 O ct. N ov. D ec. 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 1 9 9 7 -J a n . 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 46885 47414 46665 46476 46816 46228 46476 46816 46228 45683 46161 45364 1201 1253 1302 464212 466463 469379 409 598 438 330 385 368 0 0 0 47547 46762 46762 46349 1197 466912 785 396 0 47509 45795 47006 45369 47006 45369 46264 44526 1245 1269 469002 469035 503 427 392 377 0 0 47290 45426 46934 45186 46934 45186 45818 44209 1472 1217 470809 471163 356 241 308 220 0 0 Feb. M a r. A p r. Nay June J u ly Aug. S ep. Haa p en d in g 1997 - A u g . 27 Sep. 10 24 O ct. 8p 22pe 2. 3. 4. 5. 6. P pe Monetary base6 total2 excess N SA5 total seasonal extended credit4 o ___ 1i . v u T j z 1— ^ . — u-jw h iw.w iw. uiownuiiuiuoo, ui uicai« , aoouoiaicu wmi leuuicuuiy unanues in reserve requiremenis. tror more inTormaxion, see I aoie o ) I f f w 3 ! break-adjusted total reserves equal seasonally adjusted, break-adiusted required reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3 ) nonborrowed reserves equal seasonally adjusted, oreak-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve nratcnrle - b0n!0w,n9 at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained liquidity nonlforrow^ ,S Same ° r6pay S borrow,n9 PromP^y as there is with traditional short-term adjustment credit, the money market impact of extended credit is similar to that of Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column 3) ----------- _-------- — -------------^ves plus (2) the seasonally adjusted currency component of the money stock plus ^ »weekly reporters whose vault cash exceeds their required reserves, the seasonally t 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 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 total2 non borrowed required Monetary base3 1 9 9 6 -S ep . 50997 50630 49959 451717 O c t. Nov. 49550 49756 49263 49542 48556 48721 D ec. 51243 51088 1997-J a n . Feb. 50642 48043 50597 M a r. 8. p pe 37309 6343 451911 455902 12800 12895 42925 42745 36749 36862 49819 463491 13395 44426 37848 6175 5883 6578 49419 47012 462712 11710 11455 11515 47172 43375 42116 36588 36029 38932 47879 45997 47618 45754 46869 44757 465219 12308 10916 41381 41111 35571 35081 46610 46243 45330 468778 10291 42398 36319 J u ly 46380 46645 45971 46047 45179 45392 p 45618 44754 9851 10489 9742 43129 42363 43052 36529 36156 36313 6600 6208 46056 472582 474013 475341 27 46350 45566 45153 473543 10754 41480 35596 5884 465062 of reserve balances8 8240 6788 A p r. M ay June O c t. 7. 43652 46383 Sep. 6. 13688 surplus7 47543 1997-A u g . 4. 5. used to satisfy required reserves6 459638 462216 Sep. 3. total 48001 47387 Aug. 1. 2. Vault cash5 Reserve balances with F.R. Banks4 6087 5810 6030 6079 6739 1 56 10 46924 46421 45679 476435 10417 24 6066 181 44944 44101 474600 9201 42573 43588 36507 45371 36170 7418 108 8p 22pe 46208 45852 44699 44736 43722 475250 477540 9883 9731 42603 41100 36325 6279 44939 35209 5891 203 1 24 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 yault cash is hela. 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 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 eliqible to be carried forward into the two-week reserve maintenance period ending on the date shown. preliminary preliminary estimate H.3 (502) Table 3 A G G R EG A TE 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 total2 nonborrowed required3 1 9 9 6 -S e p . 51205 50837 50166 445490 O ct. Nov. 49 7 7 7 50006 49490 49792 48783 48971 445377 449201 D ec. 51 5 2 2 51 3 6 8 50098 456721 1997-J a n . 50 6 2 0 48079 49442 47531 47091 46527 455551 452560 M ar. 50 6 6 5 48122 47687 A p r. M ay 48089 46259 46931 47079 45019 45651 458168 458287 June 47828 46016 46564 J u ly Aug. 46759 47085 46350 46487 45558 45832 465546 467246 46548 46111 45247 468655 46 7 9 3 46 0 0 9 45596 466803 Feb. Sep. p Typ w eeh a e n d in g 1 9 9 7 - A u g . 27 Sep. O ct. 10 24 8p 22pe Monetary base4 455259 461805 47 4 0 7 46904 46162 469740 45860 45433 44590 467896 46724 45475 4 63 68 45235 45252 44258 468616 470959 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. Figures reflect adjustments for discontinuities, or “breaks”, associated with regulatory changes in reserve requirements. 2. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). 3. 4. 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 oast 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, tne break-adjusted difference between current vault cash ’ and the amount applied to satisfy current reserve requirements. p pe preliminary preliminary estimate
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