Release Date: March 5, 1998
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
March 5, 1998
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements1
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
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Reserves of depository institutions Borrowings of depository institutions from
the Federal Reserve, NSA
--------------------------------------------------------------- -----------------------------------------
Date total2 nonborrowed3 nonborrowed plus required excess NSA5 Monetary total seasonal extended
extended credit4 base6 credit4
-------------------------------------------------------------------------------------------------------------------------------------------
1997-Jan. 49517 49472 49472 48293 1223 454122 45 19 0
Feb. 49008 48966 48966 47977 1031 455651 42 21 0
Mar. 48312 48155 48155 47151 1160 457011 156 37 0
Apr. 47430 47170 47170 46420 1010 458178 261 88 0
May 47048 46805 46805 45808 1240 459575 243 173 0
June 47108 46741 46741 45828 1280 461719 367 243 0
July 46885 46476 46476 45683 1201 464460 409 330 0
Aug. 47414 46816 46816 46161 1253 467017 598 385 0
Sep. 46666 46229 46229 45371 1295 469676 438 368 0
Oct. 46454 46184 46184 45058 1396 472345 270 227 0
Nov. 46865 46712 46712 45248 1617 476640 153 115 0
Dec. 47196 46872 46872 45513 1683 480575 324 79 0
1998-Jan. 46364 46154 46154 44584 1780 482911 210 18 0
Two weeks ending
1997-Dec. 31 48145 47691 47691 46262 1883 482436 454 71 0
1998-Jan. 14 46959 46750 46750 45142 1817 483085 209 22 0
28 45889 45647 45647 44099 1790 482771 242 16 0
Feb. 11 45801 45734 45734 44244 1557 482759 67 9 0
25p 45821 45762 45762 44233 1587 485297 59 13 0
p--preliminary pe--preliminary estimate
1. Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve
requirements. For more information, see Table 3.
2. 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.
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.
4. 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.
5. Excess reserves NSA equals unadjusted total reserves Table 2, column 1) less adjusted required reserves Table 2, column 3.
6. 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.
1
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
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Reserves of depository institutions Vault cash5
-------------------------------------- --------------------------------------
Reserve used to Net carryover
Date total2 nonborrowed required Monetary base3 balances total satisfy surplus7 of reserve
with F.R. required balances8
Banks4 reserves6
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1997-Jan. 50642 50597 49419 462712 11710 47200 38932 8268
Feb. 48043 48001 47012 459638 11455 43562 36588 6974
Mar. 47543 47387 46383 462216 11515 42226 36029 6197
Apr. 47879 47618 46869 465062 12308 41479 35571 5908
May 45997 45754 44757 465219 10916 41179 35081 6097
June 46610 46243 45330 468778 10291 42416 36319 6097
July 46380 45971 45179 472582 9851 43145 36529 6616
Aug. 46645 46047 45392 474005 10489 42379 36156 6224
Sep. 46056 45618 44761 475316 9742 43056 36314 6742
Oct. 45621 45351 44225 477279 9990 41730 35631 6099
Nov. 46451 46298 44834 483495 10559 42114 35892 6222
Dec. 47880 47555 46196 491919 10673 43970 37206 6763
1998-Jan. 47494 47284 45714 491615 9732 46672 37762 8910
Two weeks ending
1997-Dec. 31 49286 48833 47403 496309 11595 44058 37692 6366 68
1998-Jan. 14 49476 49267 47659 495568 11500 44958 37976 6982 147
28 46003 45762 44213 488696 8176 48839 37827 11012 275
Feb. 11 45207 45140 43649 486791 8745 44560 36462 8098 281
25p 44728 44669 43140 489359 9835 41199 34893 6306 190
p--preliminary pe--preliminary estimate
1. Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with
regulatory changes in reserve requirements.
2. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements.
3. 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.
4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments.
requirements. After the introduction of CRR, currency and vault cash figures are measured over computation periods ending on Mondays.
5. 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 vault cash is held. Previously, each maintenance period ended 30 days after the lagged computation period.
6. 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.
7. Total vault cash held by depository institutions minus the amount applied to satisfy reserve requirements.
8. 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.
1
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 total2 nonborrowed required3 Monetary base4
----------------------------------------------------------------------------------
1997-Jan. 50665 50620 49442 455551
Feb. 48122 48079 47091 452560
Mar. 47687 47531 46527 455259
Apr. 48089 47828 47079 458168
May 46259 46016 45019 458287
June 46931 46564 45651 461805
July 46759 46350 45558 465546
Aug. 47085 46487 45832 467238
Sep. 46549 46111 45254 468631
Oct. 46161 45891 44765 470696
Nov. 47053 46901 45436 476939
Dec. 48555 48231 46872 485471
1998-Jan. 47495 47285 45715 484423
Two weeks ending
1997-Dec. 31 49993 49540 48110 489816
1998-Jan. 14 49464 49255 47647 488657
28 46012 45770 44222 481221
Feb. 11 45224 45157 43667 479607
25p 44754 44695 43167 482379
p--preliminary pe--preliminary estimate
1. Figures reflect adjustments for discontinuities, or "breaks", associated with
regulatory changes in reserve requirements.
2. Break-adjusted total reserves equal break-adjusted required reserves (Table 3,
column 3) plus excess reserves NSA (Table 1, column 5).
3. To adjust required reserves for discontinuities due to regulatory changes in
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.
4. 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.
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
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Last update: March 5, 1998, 4:30 pm