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FEDERAL RESERVE statistical release H.3 April 7, 1994 (502) SPECIAL NOTICE Aggregate data for reserves and the monetary base have been revised to incorporate adjustments for breaks in series resulting from indexations of the low reserve tranche and the reserve req~rement exemption levels, as well as the annual re-estimates of seasonal factors for required reserves and the surplus vault cash component of the monetary base. 1 The break adjustments employ the procedure that has been used since 1989. 2 The actual January 1994 low reserve tranche and reserve exemption are slightly higher than those estimated in 1993, causing small downward revisions to the break-adjusted reserve data and the monetary base in 1993. In order to make 1994 data comparable with historical data, the 1994 data are adjusted using estimates of the low reserve tranche and reserve requirement exemption that will take effect next January. The 1995 low reserve tranche and exemption levels are estimated, respectively, by extrapolation of the monthly growth of 1. The Monetary Control Act of 1980 established a reserve ratio of 3 percent a~ainst the first $25 million in transaction deposits (low reserve tranche) at each depository institution. Since 1982, the low reserve tranche has been indexed each January by 80 percent of the previous year's (June 30 to June 30) growth rate of net transaction deposits at all depository institutions, Under the Garn-St Germain Depository Institutions Act of 1982, the first $2 million of reservable liabilities of each depository institution are exempted from reserve requirements. Since 1983, this exemption amount has been indexed each year by 80 percent of the rate of increase of total reservable liabilities at all depository institutions over the preceding year (June 30 to June 30). Both of these indexations take effect each year in the reserve computation periods containing January 1. 2. For details, see the H.3 released on May 4, 1989. ~2- seasona~ly adjusted net transaction deposits and reservable liabilities from June 1993 ~o February 1994. The estimates for the 1995 low reserv tranche and exemption levels. $55.8 million and $4.2 million respectively. are used to break-adjust reserves and the monetary base i 1994. Because these estimates are slightly lower than those incorporated in the previous reserves series. break-adjustments for the low reserve tranche and exemption indexations resulted in small upward revisions to reserves and the monetary base in early 1994. Revised historical data will be available in May from the Mone and Reserves Projection Section, Division of Monetary Affairs. mail sto 72. Board of Governors of the Federal Reserve System. Washington. DC 20051. (202) 452-3062. The historical data will also be available on floppy diskette for a fee of $25 per diskette from the Federal Reserve Board's Publications Section. mail stop 138. Board of Governors of the Federal Reserve System. Washington. DC 20551. (202) 452-3245. FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release al4:30 p.m. Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars '' APRIL 7, 1994 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 nonborrowed 3 nonborrowed plus extended credit' required excess NSA0 Monetary base• total seasonal extended credit' 54906 55228 54861 55137 54861 55137 53802 54015 1104 1213 355913 358590 45 91 18 26 0 0 55306 56740 57048 55233 56618 56867 55233 56618 56867 54210 55743 56138 1096 996 911 361166 365294 368194 73 121 181 41 84 142 0 0 0 57546 58011 58813 57302 57659 58386 57302 57659 58386 56457 57059 57723 1089 952 1090 371286 374340 378076 244 352 428 210 234 236 0 0 0 DBC. 59749 60320 60476 5946'4 60231 60394 59464 60231 60394 58660 59219 59413 1089 1101 1063 381400 384029 385855 285 89 82 192 75 31 0 0 0 1994-JAN. FBB. 60603 60763 60529 60693 60529 60693 59155 59623 1448 1140 389613 39395..2 73 70 15 15 0 0 ' Two weeks ending 1994-FBB. 2 16 60658 60769 60613 60674 60613 60674 59391 59657 1267 1112 391636 393412 45 95 18 15 0 0 2 16 30p 60773 60695 60462 60728 60657 60394 60728 60657 60394 59621 59635 59612 1151 1061 850 394968 396442 397735 45 39 68 15 17 32 0 0 0 1993-FBB. MAR. APR. MAY JUNB JULY AUG. SBP. OCT. NOV. MAR. 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 a~usted, break-adlusted 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 ad usted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjus'ed total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. Extended cr it 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 simifar 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 (11 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 adj'usted, 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' Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash• Reserves of depository institutions Date tota1 2 1993-FBB. 4. 5. 6. 7 surplus 7 53837 54204 52778 53083 359558 362588 23515 24383 33919 33294 30368 29912 3551 3381 APR. MAY JUNB 56541 56101 57238 56468 55979 57057 55445 55104 56328 368175 370461 375192 26975 25968 26462 32718 33460 34106 29567 30133 30776 3151 3328 3329 JULY AUG. SBP. 57750 57767 59136 57506 57415 58709 56661 56815 58046 378481 380532 384245 26562 26564 27274 34536 34516 35220 31189 31203 31863 3347 3313 3357 OCT. NOV. DBC. 60036 61296 62858 59751 61207 62776 58947 60195 61795 387512 391144 397619 28297 29018 29374 35184 35655 36812 31739 32278 33484 3445 3377 3328 1994-JAN. FBB. 62072 59593 61998 59523 60624 58454 397887 397921 27817 26922 37907 36295 34254 32671 3653 3624 2 16 59824 59989 59779 59894 58557 58878 394448 398546 25672 26339 38108 37475 34152 33651 3957 3824 338 303 2 16 30p 59093 60244 58876 59048 60205 58808 57942 59183 58026 397771 401241 400325 27811 27139 27436 34617 36654 34666 31282 33105 31440 3335 3549 32:16 :185 373 399 !Ulsi;l.:og MAR. 1. total Net carryover of reserve balances• 53882 54296 1994-FBB. 2. required used to satisfy required reserves• MAR. ~:WQ l!U\~§kl 3. nonborrowed 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. Alter 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 lor 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 alter 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 compulation period by "bound" institutions (i.e .• those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance ~~~~~.~Y.,:':.~~~o._u~~f.!.~~~~~~~~J!·~.:..\'.!?.~!~~..?.!~.:'~~!t ~~~ .~~~~?.:J~~i~~~B.~~r?_?~~e;_~~~!~~.!~!~~~!Y current reserve requirements. H.3(502) Table3 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 nonborrowed required' Monetary base• MAR. 53805 54167 53759 54075 5:2701 5:2954 35318:1 355996 APR. MAY JUNB 56349 55855 56933 56276 55734 56751 55253 54859 56022 361628 364070 368719 JULY AUG. SBP. 57385 57343 58646 57141 56991 58218 56297 56391 57556 371997 374083 377723 OCT. NOV. DBC. 59481 60671 62367 59195 60582 62285 58391 59571 61305 380800 384285 390588 1994-JAN. P'BB. 62037 59529 61963 59459 60589 58389 391001 390851 Two weeks ending 1994-P'BB. 2 16 59786 59931 59741 59836 58519 58819 387647 391332 2 16 30p 59017 60146 58761 58972 60107 58693 57865 59085 57911 390825 394597 393735 1993-P'BB. MAR. 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:adjuste~ total reserves equal brf!~~·!'ldjusted required reserves (T:i!ble 3, column~) plus excess reserves NSA (Table _1, column 5) .. To adJust required reserves for discontinuities due to regulatory changes In reserve reqUirements, a multiplicative procedure 1s used to est1mate 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 transactiqns 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
@FedFRASER