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FEDERAL RESERVE statistical release
H.3(502)
Table 1
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY
B~
· release at 4.30 p m Eastern T1me
Adjusted for changes in reserve requirements'
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
APRIL 14,1995
Borrowings of depository institLtions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
total 2
6.
p
pe
excess
NSA'
Monetary
base•
total
seasonal
extended credit'
60532
60356
59905
59656
60532
60356
59905
59656
59620
59329
59190
58885
967
1151
915
1105
396668
399229
401680
404213
55
124
200
333
24
57
134
226
0
0
0
0
JULY
AUG.
SBP.
60105
59839
59794
59647
59370
59307
5964'7
59'70
59307
58998
58835
58734
1107
1004
1060
407175
409243
411337
458
469
487
364
445
444
0
0
0
OCT.
NOV.
59496
59401
59342
59116
59152
59133
59116
59152
59133
58693
56394
58174
804
1008
1168
413854
416788
418223
380
249
209
339
164
100
0
0
0
1995-JAN.
FBB.
MAR. pe
59124
5891.9
58560
58988
58860
58491
58992
58860
58491
57785
57973
57758
1339
946
802
421054
422307
425335
136
59
69
46
33
51
4
0
weeks ending
1995-FBB. 15
59087
59036
59036
58114
973
422491
51
31
0
58718
5847:.1
58795
58658
58413
58716
58658
58413
58716
57833
57906
5770:.1
885
566
109:.1
422078
4:.13743
4:.17021
60
59
79
36
44
59
0
0
0
57450
57374
57374
57067
38:.1
4:.16307
76
61
0
1
15
:.l9p
APR. 1:.lpe
5.
required
60587
60480
60105
59989
MAR.
1.
2.
3.
4.
nonborrowed piLtS
extended credit'
1994-MAR.
APR.
MAY
JUNB
DBC.
TwO
non borrowed'
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 unadjusled 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 prompUy 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
Reserves of depository institutions
Date
total 2
non borrowed
required
Monetary
base3
Reserve
balances with
F.R. Banks•
cash~
total
used to satisfy
required
reserves•
surplus7
Net carryover
of reserve
balances8
1994-MAR.
APR.
MAY
JUNB
59605
61641
59273
59924
59550
61516
59073
59591
58638
60489
58358
58819
400783
406319
406592
410939
27396
29614
26790
26502
35589
35222
35897
36906
32208
32027
32483
33422
3380
3195
3414
3484
JULY
AUG.
SBP.
60092
59337
59951
59634
58868
59465
58985
58333
58891
414391
414923
416701
25996
25284
25157
37644
37618
38433
34096
34052
34794
3548
3566
3639
OCT.
NOV.
59490
60006
61340
59110
59757
61131
58686
58999
60172
418187
421904
427247
24745
24715
24658
38231
38933
40365
34745
35291
36682
3486
3642
3683
60521
57699
57591
60385
57639
57523
59182
56752
56789
426311
423565
427543
22291
21758
22659
42290
39793
38516
38230
35941
34932
4060
3853
3584
58302
58251
57329
424418
21028
41293
37274
4019
598
56995
57952
57168
56936
57893
57090
56111
57385
56076
422708
427067
427828
22710
22316
22891
37922
39316
37771
34286
35636
34278
3636
3680
3494
447
313
9
58333
58257
57951
431304
23422
38430
34911
3519
236
DBC.
1995-JAN.
PBB.
MAR. pe
~W2 ~~~kl ID~1~
1995-FBB. 15
MAR.
1
15
29p
APR. 12pe
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 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 ott-balance sheet "as-of" adjustments.
Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Starting wilh the maintenance period ended November ~5, 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 tagged computation period.
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 requ1red 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 1
Averages of daily figures, not seasonally adjusted
Millions of dollars
Reserves of depository institutions
Date
total 2
nonborrowed
required'
Monetary base•
1994-MAR.
APR.
MAY
JUNB
59541
61548
59155
59781
59486
61423
58955
59U7
58574
60396
58240
58676
394191
399882
400411
404900
JULY
AUG.
SBP.
59923
59141
59728
59465
58673
59241
58816
58137
58668
408378
409214
411371
OCT.
NOV.
DBC.
59241
59731
61133
58860
59482
60924
58437
58724
59964
413149
417075
422514
60520
57722
57629
60384
57662
57560
59181
56775
56827
421840
419246
423253
58322
58271
57349
419988
57022
57986
57208
56963
57927
57130
56137
57420
56116
418524
422769
423509
58382
58306
58000
427220
1995-JAN.
FEB.
MAR. pe
Two weeks endina
1995-FBB. 15
MAR.
1
15
29p
APR. 12pe
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-adjust9d 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), lor an 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