Release Date: May 29, 1997
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
May 29, 1997
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
-------------------------------------------------------------------------------------------------------------------------------------------
1996-Apr. 55155 55064 55064 54035 1120 437075 91 34 0
May 54168 54040 54040 53308 860 437881 127 105 0
June 54038 53652 53652 52888 1150 439686 386 192 0
July 53221 52854 52854 52156 1065 442262 368 284 0
Aug. 52181 51847 51847 51221 961 443999 334 309 0
Sep. 51280 50912 50912 50242 1038 445812 368 306 0
Oct. 50076 49789 49789 49082 994 447077 287 212 0
Nov. 49811 49597 49597 48776 1035 449365 214 109 0
Dec. 50063 49908 49908 48639 1424 452669 155 68 0
1997-Jan. 49517 49472 49472 48293 1223 454137 45 19 0
Feb. 49008 48966 48966 47977 1031 456284 42 21 0
Mar. 48312 48155 48155 47151 1160 457623 156 37 0
Apr. 47431 47170 47170 46420 1010 458269 261 88 0
Two weeks ending
1997-Mar. 26 48069 47876 47876 46998 1071 457391 194 38 0
Apr. 9 48660 48317 48317 47437 1223 458659 344 61 0
23 46619 46391 46391 45954 665 457183 228 86 0
May 7 47474 47255 47255 46048 1427 459939 219 127 0
21p 46368 46179 46179 45295 1073 459717 189 169 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
-------------------------------------------------------------------------------------------------------------------------------------------
1996-Apr. 55869 55779 54750 442959 19181 40895 36688 4207
May 53135 53007 52275 442170 16753 41153 36382 4771
June 53686 53299 52535 445949 16590 42030 37095 4934
July 52843 52475 51778 449292 15392 42774 37451 5323
Aug. 51642 51308 50681 450765 14761 42511 36880 5631
Sep. 50997 50630 49959 451717 13688 43652 37309 6343
Oct. 49550 49263 48556 451911 12800 42925 36749 6175
Nov. 49756 49542 48721 455902 12895 42745 36862 5883
Dec. 51243 51088 49819 463491 13395 44426 37848 6578
1997-Jan. 50642 50597 49419 462712 11710 47172 38932 8240
Feb. 48043 48001 47012 459638 11455 43375 36588 6788
Mar. 47543 47387 46383 462216 11515 42116 36029 6087
Apr. 47880 47619 46869 465093 12309 41381 35571 5810
Two weeks ending
1997-Mar. 26 46943 46750 45872 461852 11269 41665 35674 5991 140
Apr. 9 48536 48193 47313 464807 12620 41640 35916 5724 129
23 47874 47646 47209 465311 12516 40986 35359 5627 185
May 7 47047 46828 45620 465027 11495 41838 35552 6286 -145
21p 45295 45106 44222 465423 10571 40879 34724 6155 167
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
----------------------------------------------------------------------------------
1996-Apr. 55967 55876 54847 437094
May 53252 53125 52392 436100
June 53828 53442 52678 439851
July 53005 52637 51940 443178
Aug. 51826 51492 50865 444533
Sep. 51205 50837 50166 445490
Oct. 49777 49490 48783 445377
Nov. 50006 49792 48971 449201
Dec. 51522 51368 50098 456721
1997-Jan. 50665 50620 49442 455551
Feb. 48122 48079 47091 452560
Mar. 47687 47531 46527 455259
Apr. 48089 47829 47079 458199
Two weeks ending
1997-Mar. 26 47092 46898 46020 454909
Apr. 9 48719 48376 47496 457986
23 48088 47860 47423 458400
May 7 47282 47063 45855 458074
21p 45553 45364 44479 458476
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: May 29, 1997 4:30 pm