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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 4:30p.m Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars SEPTEMBER <E, 1995 Borrowings of depository institutions from the Federal Reserve, NS.A. Reserves of depository institutions Date total 2 excess NSA5 Monetary base' total seasonal extended credit' 57217 57066 57217 57066 56512 56394 988 950 430807 431685 282 278 258 252 0 0 OCT. NOV. DEC. 56839 56333 56364 56593 56129 56106 56593 56129 56106 55758 55390 55086 1081 943 1278 432737 433206 435006 245 204 257 199 73 40 0 0 0 1996-JAN. FEB. 55606 54848 55727 55568 54813 55706 55568 54813 55706 54121 53997 54590 1485 851 1137 435162 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 52268 52829 51934 52829 51934 52132 51307 1065 961 441846 444144 368 334 284 309 0 0 53486 53044 53044 52262 1223 443050 442 304 0 AUG. 14 28 52610 52020 52304 51671 52304 51671 51580 51129 1029 891 443436 444639 306 349 290 328 0 0 SEP. llp 25pe 51832 SlOBS 51438 50753 51438 50753 50866 49984 965 1104 445143 445290 394 335 308 317 0 0 Two weeks ending 1996-JULY 31 p pe required 57499 57344 APR. 5. 6. nonborrowed plus extended credit' 1995-AUG. SEP. MAR. 1. 2. 3. 4. nonborrowed 3 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 exoess 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-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 1 Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcash5 Reserves of depository institutions ---·--- Date total 2 nonborrowed required Monetary base3 Reserve balances with F.R. Banks4 total ·-·------··--·-· Two 1. 2. 3. 4. 5. 6. 7. 8. p pe used to satisfy required reserves6 surplus7 Net carryover of reserve balances8 1995-AUG. 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 4244 1996-JAN. FEB. MAR. 56934 53749 54884 56896 53715 54863 55449 52898 53747 441957 436259 440767 17763 16792 18426 44676 42115 40892 39170 36957 36458 5506 5158 4435 APR. 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 51641 52475 51307 51778 50680 449256 450707 15392 14761 42773 42517 37451 36880 5322 5637 52187 51746 50964 448369 14447 43492 37740 5752 72 AUG. 14 28 52543 50726 52238 50377 51514 49835 451275 449697 14940 14612 43326 41604 37604 36114 5722 5490 187 250 SEP. 11p 25pe 51698 50705 51304 50371 50732 49601 452768 450337 14620 13329 43007 44004 37078 37376 5929 6627 193 101 ~eeks aDding 1996-JULY 31 4219 4628 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. After the introduction of CAR, 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 vau[t cash is held. Previously, each maintenance period ended.30 days after the lagged computation period. All vault cash held during !he.lagg~d computation period by "bound" institutions (i.~ .. 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 the1r required reserves) to sat1sfy current reserve reqwements. · Total vault cash held by depository institutions minus the amount applied to satisfy reserve requirements. Consists of carryoveronly at depos_itory in~titutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess(+) or deficiUd reserves eligible to be carried forward into the two-week reserve mamtenance penod endmg on the date shown. ~~ preliminary preliminary estimate H.3 (502) Table3 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 nonborrowed required3 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 51881 52686 51547 51988 50920 443186 444525 52403 51961 51179 442200 AUG. 14 28 52777 50967 52472 50618 51748 50076 445143 443448 SBP. 11p 25pe 51958 50975 51564 50641 50993 49871 446669 444139 MAlL APR. MAY Two weeks ending 1996-JULY 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