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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASt- 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 APRIL 20, 1995 Borrowings of depository institutitms from the Federal Reserve, NSA Reserves of depository institutions Date p pe 967 1151 915 1105 396668 399229 401680 404213 55 124 200 333 24 57 134 226 0 0 0 0 59647 59370 59307 59647 59370 59307 58998 58835 58734 1107 1004 1060 407175 409243 411337 458 469 487 364 445 444 0 0 0 59496 59401 59342 59116 59152 59133 59116 59152 59133 58693 58394 58174 804 1008 1168 413854 416788 418223 380 249 209 339 164 100 0 0 0 59124 58919 58555 58988 58860 58486 58992 58860 58486 57785 57973 57756 1339 946 799 421054 422307 425334 136 59 69 46 33 51 4 0 0 59087 59036 59036 58114 973 422491 51 31 0 58718 58472 58780 58658 58413 58701 58658 58413 58701 57833 57906 57701 885 566 1078 422078 4237 43 427005 60 59 79 36 44 59 0 0 0 57478 57402 57402 57053 425 426401 76 61 0 60532 60356 59905 59656 JULY AUG. SEP. 60105 59839 59794 OCT. NOV. DEC. 1 15 29 APR. 12p 5. 6. 59620 59329 59190 58885 60587 60480 60105 59989 MAR. 1. 2. 3. 4. 60532 60356 59905 59656 1994-MAR. APR. MAY JUNE Two weeks endina 1995-FEB. 15 Monetary base6 excess NSA5 nonborrowed 3 1995-JAN. FEB. MAR. p nonborrowed plus extended credit" required total 2 total seasonal extended credit" 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 cred1t 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 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 tor 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.) 3l. 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 Vaultcashs Reserves of depository institutions Date total 2 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. SEP. 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. 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 57586 60385 57639 57518 59182 56752 56788 426311 423565 427541 22291 21758 22652 42291 39794 38517 38230 35941 34934 4060 3854 3583 58302 58251 57329 424418 21028 41294 37274 4020 598 56995 57952 57153 56936 57893 57074 56111 57385 56075 422708 427067 427809 22710 22316 22875 37923 39317 37772 34286 35636 34278 3637 3681 3495 447 313 9 58361 58285 57936 431394 23421 38432 34941 3491 246 weeks ending MAR. 1 15 29 APR. 12p 6. 7. 8. p pe surplus7 59550 61516 59073 59591 1995-FEB. 15 4. 5. total Net carryover of reserve balances8 59605 61641 59273 59924 1995-JAN. FEB. MAR. p 1. 2. 3. required used to satisfy required reserves6 1994-MAR. APR. MAY JUNE NOV. DEC. ~~o non borrowed Monetary base3 Reserve balances with F.R. Banks• 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 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. 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. 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' Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 non borrowed required3 Monetary base• 1994-MAR. APR. MAY JUNE 59541 61548 59155 59781 59486 61423 58955 59447 58574 60396 58240 58676 394191 399882 400411 404900 JULY AUG. SEP. 59923 59141 59728 59465 58673 59241 58816 58137 58668 408378 409214 411371 OCT. 59241 59731 61133 58860 59482 60924 58437 58724 59964 413149 417075 422514 60520 57722 57624 60384 57662 57556 59181 56775 56826 421840 419246 423252 58322 58271 57349 419988 57022 57986 57193 56963 57927 57115 56137 57420 56115 418524 422769 423493 58410 58334 57985 427310 NOV. DEC. 1995-JAN. FEB. MAR. p Two weeks ending 1995-FEB. 15 MAR. 1 15 29 APR. 12p 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 reqwred 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
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