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...... FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release al 4:30p.m. Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars September 25. 1997 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date totaF ~ 1. 2. 3. 4. 5. 6. p pe nonborrowed 3 nonborrowed plus extended credit' required excess NSA' Monetary base6 total seasonal extended credit• 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. Feb. 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. p 46885 47413 46476 46816 46476 46816 45683 46161 1201 1253 464224 466502 409 598 330 385 0 0 weeks endina 1997-Ju1y 30 46682 46198 46198 45680 1001 463947 484 363 0 Aug. 13 27 47241 47547 46816 46762 46816 46762 45927 46349 1314 1197 465226 466940 426 785 371 396 0 0 Sep. lOp 24pe 47508 45675 47005 45249 47005 45249 46264 44558 1244 1118 469111 467368 503 427 392 377 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 non borrowed 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 cred1t 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 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) 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 total 2 nonborrowed required Monetary base 3 Reserve balances with F.R. Banks 4 total used to satisfy required reserves6 surplus' Net carryover of reserve balances• 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-Jan. l"eb. 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. p 46380 46644 45971 46047 45179 45392 472594 474053 9851 10491 43129 42363 36529 36153 6600 6210 1997-July 30 45562 45079 44561 470951 9003 43703 36559 7144 202 Aug. 13 27 46876 46350 46451 45566 45562 45153 473803 473571 10226 10754 43250 41480 36650 35596 6600 5884 103 156 Sep. lOp 24pe 46923 45248 46420 44821 45679 44130 476551 472927 10435 9194 42573 43568 36488 36054 6085 7513 181 104 ~ ~~kl ~nd~ng 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 transaction Accounts, Other Depostts 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 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 "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 totaF non borrowed required 3 Monetary base• 1996-Aug. Sep. 51826 51205 51492 50837 50865 50166 444533 445490 Oct. Nov. Dec. 49777 50006 51522 49490 49792 51368 48783 48971 50098 445377 449201 456721 1997-Jan. 50665 48122 47687 50620 48079 47531 49442 47091 46527 455551 452560 455259 June 48089 46259 46931 47828 46016 46564 47079 45019 45651 458168 458287 461805 July Aug. p 46759 47084 46350 46487 45558 45832 465558 467285 1997-July 30 45952 45468 44950 463888 Aug. 13 27 47299 46793 46873 46009 45984 45596 466983 466831 Sep. lOp 24pe 47406 45740 46903 45313 46162 44622 469853 466190 Feb. Mar. Apr. May Two weeks endina 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 Vau!t 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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