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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 Septem ber2 4 ,1 9 9 8 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date nonborrowed plus extended credit4 required excess NSA5 1997-A u g . Sep. 4 6 9 39 4 6 2 40 4 6 3 41 45 8 02 46341 4 5 802 4 5 686 44944 1253 1295 466711 469406 598 438 385 368 0 0 O ct. 4 5 9 58 4 6 3 10 4 6 6 69 4 5 688 46157 4 6 345 4 5 6 88 46157 4 6 345 4 4 562 4 4 693 4 4 986 1396 1617 1683 4 7 1 98 3 47 6 18 7 480152 270 153 324 227 115 79 0 0 0 Mar. 46501 4 5 7 22 4 6 0 47 4 6 292 4 5 664 46 0 06 46 2 92 45664 4 6 0 06 4 4 7 21 4 4 198 44731 1780 1524 1316 482838 484226 485862 210 58 41 18 12 22 0 0 0 A pr. May June 45959 45591 45391 45 8 87 45 4 38 4 5 1 40 4 5 8 87 4 5 4 38 45140 44614 4 4 4 41 4 3 7 71 1345 1150 1620 487203 489102 4 9 1 63 4 72 153 251 41 94 159 0 0 0 J u ly A u g. p 4 4 814 44996 44 5 56 4 4 7 26 4 4 5 56 4 4 7 26 4 3 449 4 3 480 1365 1516 493672 497313 258 271 215 242 0 0 4 4 5 23 44 2 09 44 2 09 43161 1362 494181 314 233 0 Dec. 1 9 9 8 -Jan. Feb. Two w e e k s e n d i n a 1 9 9 8 - J u l y 29 3. 4. 5. 6. p pe ~ nonborrowed3 Nov. 1. 2. Monetary base6 total2 total seasonal extended credit4 A u g. 12 26 45256 4 4 6 59 4 4 9 86 4 4 3 80 4 4 9 86 4 4 3 80 43 8 19 43 2 28 1437 1431 496559 497088 271 280 241 255 0 0 Sep. 9p 23 pe 4 5 3 17 44000 45 0 70 4 3 8 10 4 5 0 70 4 3 8 10 43 3 72 4 2 647 1945 1353 499752 499318 247 190 209 171 0 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 (1) seasonally adjusted, break-adiusted 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 cash5 Reserves of depository institutions Date 4. 5. 6. 7. 8. p pe total used to satisfy required reserves6 Net carryover of reserve balances8 total2 nonborrowed required Monetary base3 1997-Aug. Sep. 46 6 45 4 6 0 56 46047 45618 4 5 3 92 44761 474005 475316 10489 9742 4 2 5 87 4 3 2 64 3 6 1 56 36 3 14 6432 6950 O ct. Nov. D ec. 45621 46451 4 7 880 45 3 51 46298 47555 4 4 225 4 4 834 4 6 1 96 477279 483495 491919 9990 10559 10673 42211 42851 44 7 07 35631 3 5 8 92 3 7 2 06 6581 6959 7500 1 9 9 8 -Jan. Feb. M a r. 4 7 495 4 4 9 74 45509 47285 44916 4 5 468 45714 4 3 4 50 44 1 93 491608 488411 4 9 0 96 4 9733 9394 10140 4 7 3 36 43 1 67 41598 37762 3 5 5 80 35370 9574 7 587 6228 Apr. May June 4 6 4 75 4 4 8 05 4 5 0 95 4 6 403 4 4 6 52 44844 45131 43 6 55 43 4 75 494109 494953 497929 11053 9646 9668 41215 41482 42635 3 5 4 23 35 1 59 35 4 27 5792 6323 72 0 8 J u ly Aug. p 44600 4 4 7 06 4 4 342 44 4 36 4 3 2 35 4 3 1 90 5 0 2 16 9 5 0 4 39 3 9646 9683 4 2 0 34 42120 34 9 54 3 5 0 24 70 8 0 70 9 6 43 7 03 4 3 389 42341 5 0 1 14 3 8933 4 1 9 83 34770 7 213 207 Two w e e k s e n d i n a 1 9 9 8 - J u l y 29 1. 2. 3. Reserve balances with F.R. Banks4 surplus7 A u g. 12 26 4 5 5 85 4 3 8 23 4 5 314 4 3 544 4 4 147 42392 5 0 4 60 8 5 0 3 43 0 1 0 428 8799 41983 4 2 3 54 3 5 1 57 3 5 024 6826 7 329 176 189 Sep. 9p 23pe 45072 4 3 4 58 4 4 825 4 3 2 68 4 3 127 42 1 05 50 6 57 5 5 0 4 94 3 1 0 370 8414 41792 42899 3 4 7 02 35 0 44 7090 78 5 6 197 97 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 befween 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 clearing Dalances 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 nonbound" 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 1997-A ug. Sep. 46709 46127 4 6 1 11 45689 4 5 4 56 4 4 8 32 467 00 4 4 6 8 37 0 O ct. N o v. D ec. 45693 4 6 530 4 7 9 71 45424 46377 47647 4 4 297 4 4 9 13 4 6 2 88 470406 476615 485113 1998-Jan . Feb. M a r. 47487 44993 4 5 545 47277 44935 45504 45 7 06 4 3 4 69 4 4 2 28 484408 481347 484001 Apr. May June 4 6 525 4 4 865 45171 4 6 453 4 4 712 4 4 920 45181 4 3 7 15 4 3 5 52 487361 488278 491178 J u ly A u g. p 4 4 6 88 44807 4 4 430 4 4 536 4 3 3 23 43291 495321 497494 43 7 89 43475 4 2 4 27 494361 Two w e e k s e n d i n o 1 9 9 8 - J u l y 29 Note: 1. 2. 3. 4. p pe A u g. 12 26 45681 43 9 24 4 5 4 11 43644 4 4 2 44 42493 497702 496495 Sep. 9p 23pe 4 5 1 83 4 3 5 74 4 4 936 43384 43238 42221 499789 498143 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 (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-adiusted 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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