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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 4:30 p.m. Eastern Time Adjusted for changes in reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars September 17,1998 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date nonborrowed plus extended credit4 required excess NSA5 1997-A ug. Sep. 46 9 39 4 6 2 40 4 6 3 41 4 5 802 46341 4 5 802 45686 44944 1253 1295 4 6 6 71 1 4 6 9 40 6 598 438 385 368 0 0 O ct. Nov. Dec. 4 5 9 58 4 6 310 46 6 69 45 6 88 46157 4 6 345 4 5 6 88 46157 4 6 345 4 4 562 44693 4 4 986 1396 1617 1683 471983 476187 4 8 0 15 2 270 153 324 227 115 79 0 0 0 1998-Jan. Feb. Mar. .46501 45 7 22 4 6 047 4 6 2 92 4 5 664 4 6 0 06 46 2 92 45664 46 0 06 4 4 7 21 4 4 198 44731 1780 1524 1316 4 8 2 83 8 4 8 4 22 6 4 8 5 86 2 210 58 41 18 12 22 0 0 0 Apr. May June 4 5 9 59 45591 45391 4 5 887 45 4 38 4 5 1 40 4 5 8 87 4 5 4 38 45 1 40 44 6 14 4*4441 43771 1345 1150 1620 487203 489102 4 9 1 63 4 72 153 251 41 94 159 0 0 0 J u ly Aug. p 4 4 8 14 44 9 98 44 5 56 44 7 27 44 5 56 4 4 727 4 3 449 43 4 79 1365 1518 493672 497314 258 271 215 242 0 0 44992 44523 4 4 7 94 4 4 2 09 4 4 794 44 2 09 4 3 6 65 43161 1328 1362 49 2 85 4 494181 198 314 196 233 0 0 45256 4 4 6 58 4 4 9 86 44 3 79 44 9 86 44 3 79 43 8 19 4 3 2 27 1437 1431 496559 497088 271 280 2 41 255 0 0 45 3 27 4 5 0 80 4 5 0 80 4 3 3 70 1957 499761 247 209 0 Aug. Sep. 3. 4. 5. 6. p pe “ nonborrowed3 Two w e e k e e n d i n g 1 9 9 8 - J u l y 15 29 1. 2. Monetary base6 total2 12 26 9p total seasonal extended credit4 Reserves and monetary base figures incorporate adjustments for discontinuities, or HbreaksN, 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 footnoted 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) 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 tneir 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 requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash6 Reserves of depository institutions Date total2 nonborrowed required Monetary base3 1 9 9 7 -A u g . Sap. 46645 46056 46047 45618 45392 44761 474005 475316 O ct. Nov. D ec. 45621 46451 47880 45351 46298 47555 44225 44834 46196 1 9 9 8 - Jan. Feb. Mar. 47495 44974 45509 47285 44916 45468 A pr. May June 46475 44805 45095 J u ly Aug. p Two weeks ending 1 9 9 8 -J u ly 15 29 Aug. S ep. 1. 2. 3. 4. 5. 6. 7. 8. p pe 12 26 9p Reserve balances with F.R. Banks4 Net carryover of reserve balances8 total used to satisfy required reserves6 10489 9742 42587 43264 36156 36314 6432 6950 477279 483495 491919 9990 10559 10673 42211 42 85 1 44707 35631 35892 37206 6581 6959 7500 45714 43450 44193 491608 48 8411 490964 9733 9394 10140 47336 43167 41598 37762 35580 35370 9574 7587 6228 46403 44652 44844 45131 43655 43475 494109 494953 497929 11053 9646 9668 41215 41 48 2 42635 35423 35159 35427 5792 6323 7208 44600 44708 44342 44437 43235 43189 502169 504394 9646 9684 42034 42120 34954 35023 7080 7096 45327 43703 45129 43389 43999 42341 503135 501143 10225 8933 42 10 1 41983 35102 34770 6999 7213 296 207 45585 43823 45314 43543 44147 42391 504608 503429 10428 8799 41983 42354 35157 35024 6826 7329 176 189 45082 44835 43125 506564 10381 41792 34701 7091 197 surplus7 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. Currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required clearingbalances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 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 Tionbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. Total vault cash eligible to satisfy reserve requirements, held by depository institutions not exempt from reserve requirements, minus the amount used 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 requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars ___ ___________________________________ ___ Reserves of depository institutions Date total1 2 nonborrowed required3 Monetary base4 1 9 9 7 -A u g . Sap. 46709 46127 46111 45689 45456 44832 467004 468370 O c t. Nov. Doc. 45693 46530 47971 45424 46377 47647 44297 44913 46288 470406 476615 48 5113 1 9 9 8 - Jan. Fab. Mar. 47487 44993 45545 47277 44935 45504 45706 43469 44228 4844 08 48 1347 4 8 40 01 A p r. May Juna 46525 44865 45171 46453 44712 44920 45 18 1 43715 43552 4 8 73 61 48 82 78 491178 J u ly Aug. p 44688 44809 44430 44538 43323 43290 49 5 3 2 1 4 9 74 95 45416 43789 45218 43475 44088 42427 4962 35 4 9 43 61 45681 43923 45411 43644 44244 42492 4 9 77 02 4 9 64 95 45193 44946 43236 4 9 97 98 TWO W t t f t f - t n d l M 1 9 9 8 - J u ly 15 29 Aug. Sap. Note: 1. 2. 3. 4. p pe 12 26 9p 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 Figures reflect adjustments for discontinuities, or "breaks”, associated with regulatory changes in reserve requirements. Break-adjusted total reserves equal break-adjusted required reserves (Tab les, 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-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 V au lt C a s h a n d 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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