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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 SEPTEIIABEA 5.1006 Borrowings of depository institutions from the Federal Reserve, NSA. Reserves of depository institutions Date total2 nonborrowed3 nonborrowed plus extended credit' required excess NSN Monetary base6 total seasonal extended credit' 1995-JULY AUG. SBP. 57680 57499 57344 57309 57217 57066 57309 57217 57066 56590 56512 56394 1090 988 950 429822 430807 431685 371 282 278 231 258 252 0 0 0 OCT. NOV. DBC. 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. PBB. 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 JUNB 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 53197 52829 52829 52132 1065 441846 368 284 0 54503 52628 53486 54117 52338 53044 54117 52338 53044 53064 51801 52262 1439 826 1223 440850 440855 443050 386 290 442 241 273 304 0 0 0 52608 52070 52302 51721 52302 51721 51575 51059 1032 1011 443437 444553 306 349 290 328 0 0 MAR. APR. TwO weeks endina 1996-JULY 3 17 31 AUG. 14 28p 1. 2. 3. 4. 5. 6. p pe 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-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 vaulf cash exceeds their required reserves, the seasonally adjusted, break-adjusted difference between current vault cash a'1d the amount applied to satisfy current reserve requirements. (Also see footnote 3 on Tnble 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' Averages of dally figures, not seasonally adjusted Millions of dollars Vault cash~ Reserves of depository institutions Date total 2 1995-JULY AUG. 435563 435589 436203 20840 20565 20519 40530 40186 40652 36550 36255 36640 3980 3932 4012 56400 56397 57900 56154 56193 57643 55319 55454 56622 436338 438191 444.452 20055 20066 20440 40564 40576 42088 36345 36332 37460 4219 4244 4628 56934 53749 54884 56896 53715 54863 55449 52898 53747 441957 436259 440767 17763 16792 18426 44676 42115 40892 39170 369·57 36458 5506 5158 4435 MAY JUNB 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 52843 52475 51778 449256 15392 42773 37451 5322 53447 53369 52187 53061 53079 51746 52007 52543 50964 446306 450774 448369 16735 16049 14447 41403 42347 43492 36712 37320 37740 4692 5027 5752 73 332 52541 50778 52236 50429 51509 49767 451276 449617 14941 14650 43326 41603 :r-601 :::6129 5725 5475 187 249 1996-JAN. PBB. MAR. APR. Klltl IDgi~ 1996-JULY 3 17 31 AUG. 14 28p 3. 4. 5. 6. 7. 8. p pe surplus7 56300 55832 56209 NOV. DBC. 1. total Net carryover of reserve balances8 57019 56537 56882 OCT. 2. required used to satisfy required reserves6 57390 56819 57159 SBP. ~ non borrowed Monetary base3 Reserve balances with F.R. Banks• 72 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 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 ~e us~d to satisfy reserye requirem~nts. Starting wi~h the maintenance period ended November 25, 1992, eac~ maintenance period for weekly reporters ends.16 days after the lagge~ comp!Jtation penod 1~ w~1c~ the yault cash IS held. Prey1ously, each mamtenanc_e penod ended 30 days after the lagged compu~tion P.Briod. All vault cash held dunng the lagged computation penod by "bound" Institutions (I.e., those whose required reserves exceed the1r vault cash) plus the amount of vault cash applied dunng 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) Table3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date totaF non borrowed required3 Monetary base• 1995-JULY AUG. SBP. 57498 56944 57304 57127 56662 57026 56409 55956 56354 431306 431092 431635 OCT. 56558 56572 58021 56313 56368 57763 55477 55629 56743 431595 433220 439027 56950 53804 54974 56912 53769 54952 55465 52953 53837 436009 430286 434860 MAY JUNB 55995 53287 53870 55904 53160 53484 54875 52427 52720 437120 436132 439880 JULY 53054 52686 51988 443186 53639 53579 52403 53253 53289 51961 52200 52752 51179 440274 444797 442200 52775 51019 52470 50670 51743 50008 445144 443363 NOV. DBC. 1996-JAN. FBB. MAR. APR. Two weeks ending 1996-JULY 3 17 31 AUG. 14 28p 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 adjusf 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 requ1red reserves are equal to break-adJusted required reserves against transactions deposits. The break-adjusted monetary base equals (1l 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. :i1e break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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