The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
.......
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
September 11, 1997
Borrowings of depository institutkms
from the Federal Reserve, NSA
Reserves of depository institutions
Date
totaF
nonborrowed 3
nonborrowed plus
extended credit'
required
excess
NSA5
Monetary
base 6
total
seasonal
extended credit4
1996-Aug.
Sep.
52181
51280
51847
50912
51847
50912
51221
50242
961
1038
443999
445812
334
368
309
306
0
0
Oct.
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-Jan.
Peb.
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. pe
46885
47405
46476
46807
46476
46807
45683
46184
1201
1221
464224
466431
409
598
330
385
0
0
46961
46682
46647
46198
46647
46198
45575
45680
1386
1001
464621
463947
314
484
299
363
0
0
Aug. 13
27p
47241
47521
46816
46737
46816
46737
45927
46350
1314
1171
465226
466926
426
785
371
396
0
0
Sep. lOpe
47532
47028
47028
46438
1094
468612
504
392
0
Two weeks ending
1997-Ju1y 16
30
1.
2.
3.
4.
5.
6.
p
pe
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
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 stor
(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 f
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'
Averages of daily figures, not seasonally adjusted
Millions of dollars
Vault cash 5
Reserves of depository institutions
Date
totaF
non borrowed
required
Monetary
base 3
Reserve
balances with
F.R. Banks 4
total
used to satisfy
required
reserves6
surplus7
Net carryover
of reserve
balances8
1996-Aug.
Sep.
51642
50997
51308
50630
50681
49959
450765
451717
14761
13688
42511
43652
36880
37309
5631
6343
Oct.
Nov.
Dec.
49550
49756
51243
49263
49542
51088
48556
48721
49819
451911
455902
463491
12800
12895
13395
42925
42745
44426
36749
36862
37848
6175
5883
6578
1997-Ja.n.
Feb.
Mar.
50642
48043
47543
50597
48001
47387
49419
47012
46383
462712
459638
462216
11710
11455
11515
47172
43375
42116
38932
36588
36029
8240
6788
6087
Apr.
May
June
47879
45997
46610
47618
45754
46243
46869
44757
45330
465062
465219
468778
12308
10916
10291
41381
41111
42398
35571
35081
36319
5810
6030
6079
July
Aug. pe
46380
46635
45971
46038
45179
45414
472594
473986
9851
10481
43129
42363
36529
36154
6600
6209
47125
45562
46811
45079
45739
44561
474608
470951
10560
9003
42756
43703
36565
36559
6191
7144
128
202
Aug. 13
27p
46876
46325
46451
45540
45562
45154
473803
473573
10226
10725
43250
41480
36650
35600
6600
5880
103
156
sep. lOpe
46941
46438
45848
476027
10461
42575
36481
6094
179
~ o~tkl! ~tndins;r
1997-July 16
30
1.
2...
3;"
4.
5.
6.
7.
a.
p
pe
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 Depos1ts and Vault Cash' and for all those weekly reporters whose
vault cash exceeds their required reserves, ttie 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 vauft 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
period by 'non bound' 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
required 3
Monetary base 4
1996-Aug.
Sep.
51826
51205
51492
50837
50865
50166
444533
445490
Oct.
49777
50006
51522
49490
49792
51368
48783
48971
50098
445377
449201
456721
50665
48122
47687
50620
48079
47531
49442
47091
46527
455551
452560
455259
May
JUne
48089
46259
46931
47828
46016
46564
47079
45019
45651
458168
458287
461805
JUly
Aug. pe
46759
47076
46350
46478
45558
45855
465558
467211
47495
45952
47181
45468
46109
44950
467594
463888
Aug. 13
27p
47299
46768
46873
45983
45984
45597
466983
466817
Sep. lOpe
47429
46926
46336
469331
Nov.
Dec.
1997-Jan.
Feb.
Mar.
Apr.
Two weeks ending
1997-JUly 16
30
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 chanQeS 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 requ1red 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