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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 requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars SEPTEMBER 19. 1996 Borrowings of depository institutiom; from the Federal Reserve, NSA Reserves of depository institutions Date 57217 57066 56512 56394 988 950 430807 431685 282 278 258 252 0 0 56593 56129 56106 56593 56129 56106 55758 55390 55086 1081 943 1278 432737 433206 435006 245 204 257 199 73 40 0 0 0 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 MAY JUNE 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 JULY AUG. p 53197 52262 52829 51928 52829 51928 52132 51297 1065 965 441846 444133 368 334 284 309 0 0 52628 53486 52338 53044 52338 53044 51801 52262 826 1223 440855 443050 290 442 273 304 0 0 AUG. 14 28 52610 52014 52304 51665 52304 51665 51580 51118 1029 896 443436 444617 306 349 290 328 0 SEP. 11p 51796 51402 51402 50815 981 445132 394 308 0 1995-AUG. SEP. 57499 57344 57217 57066 OCT. NOV. DEC. 56839 56333 56364 1996-JAN. FEB. APR. Two weeks ending 1996-JULY 17 31 1. 3. 4. 5. 6. p pe Monetary base6 excess NSA5 nonborrowed 3 MAR. 2. nonborrowed plus extended credit" required total 2 total seasonal extended credit4 0 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 (1l 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, bther 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) Table2 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 Vaultcash5 Reserves of depository institutions Date total 2 1995-AUG. non borrowed required Monetary base3 Reserve balances with F.R. Banks4 total used to satisfy required reserves 6 surplus7 Net carryover of reserve balances8 SEP. 56819 57159 56537 56882 55832 56209 435589 436203 20565 20519 40186 40652 36255 36640 3932 4012 OCT. NOV. DEC. 56400 56397 57900 56154 56193 57643 55319 55454 56622 436338 438191 444452 20055 20066 20440 40564 40576 42088 36345 36332 37460 4219 4244 4628 1996-JAN. 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. p 52843 51635 52475 51301 51778 50671 449256 450696 15392 14760 42773 42517 37451 36876 5322 5641 1996-JULY 17 31 53369 52187 53079 51746 52543 50964 450774 448369 16049 14447 42347 43492 37320 37740 5027 5752 332 72 AUG. 14 28 52543 50721 52238 50372 51514 49825 451275 449675 14940 14611 43326 41604 37604 36110 5722 5494 187 250 SBP. 11p 51663 51269 50681 452759 14608 43007 37055 5953 200 FEB. MAR. APR. ~ ~§eks eng!~ 1. 2. 3. 4. 5. 6. 7. 8. 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 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 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 ~n ~e us~d to satistv reserye requirem~nts. Starting wi~h the mainten.ance period ended November 25, 1992, each maintenance period for weekly reporters ends.16 days after the lagge~ comp~tat1on penod 1~ w~1c~ the ~ault cash IS held. Pre~1ously, each ma1ntenanc.e penod ended 30 days after the lagged computation period. All vault cash held dunng the lagged computation penod by "bound" 1nst1tut1ons (I.e., those whose requ1red 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 required 3 Monetary base4 1995-AUG. SBP. 56944 57304 56662 57026 55956 56354 431092 431635 OCT. NOV. DBC. 56558 56572 58021 56313 56368 57763 55477 55629 56743 431595 433220 439027 1996-JAN. FBB. 56950 53804 54974 56912 53769 54952 55465 52953 53837 436009 430286 434860 JUNB 55995 53287 53870 55904 53160 53484 54875 52427 52720 437120 436132 439880 JULY AUG. p 53054 51875 52686 51541 51988 50910 443186 444514 53579 52403 53289 51961 52752 51179 444797 442200 AUG. 14 28 52777 50962 52472 50613 51748 50066 445143 443426 SBP. 11p 51923 51529 50941 446659 MAR. APR. MAY Two weeks ending 1996-JULY 17 31 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 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 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