The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
....... FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release at 4 30 p.m Eastern Time Adjusted lor changes in reserve requirements' Averages of daily ligures, seasonally adjusted unless noted otherwise Millions of dollars AUGUST 1 o. 1995 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date totaF extend1KI credit" 458 469 487 364 445 444 0 0 0 OCT. NOV. DEC. 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 1995-JAN. FEB. 59124 58919 58552 58988 58860 58483 58992 58860 58483 57785 57973 57757 1339 946 794 421054 422312 425350 136 59 69 46 33 51 4 0 0 57957 57761 57353 57847 57611 57080 57847 57611 57080 57204 56881 56388 7 53 880 964 428126 430686 429722 111 150 272 82 137 172 0 0 0 57662 57290 57290 56569 1092 429591 371 231 0 57 380 57404 57215 57118 57215 57118 56583 56388 798 1015 430490 429488 165 286 150 155 0 0 57251 57409 56916 57116 56916 57116 56237 56518 1014 892 429488 428781 336 293 214 224 0 0 58127 57649 57649 56769 1358 430579 478 245 0 JULY AUG. pe seasonal 407175 409243 411337 p Two weeks ending 1995-JUNE 7 21 p total 1107 1004 1060 JULY 6. Monetary base• 58998 58835 58734 APR. 5. excess NSA' 59647 59370 59307 MAY JUNE 3. 4. required 59647 59370 59307 MAR. 1. nonborrowed plus extended credit" 60105 59839 59794 1994-JULY AUG. SEP. 2. nonborrowed 3 5 19 2p Reserves and monetary base ligures incorporate adjustments lor 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~ 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 lor the extended credtt 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 ~SA equals unadjusted total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column 3). . The seasonally adJusted, break-adJUsted monetary base conststs of (1) seasonally adjusted, break-adJusted total reserves plus (2) the seasonally atiJUSted currency component of the money stock plus (3), lor all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash and lor all those weekly reporters whose vauil 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' 58985 58333 58891 414391 414923 416701 25996 25284 25157 37644 37618 38433 34096 34052 34794 3548 3566 3639 OCT. NOV. DEC. 59490 60006 61340 59110 59757 61131 58686 58999 60172 418187 421904 427247 24745 24715 24658 38231 38933 40365 34745 35291 36682 3486 3642 3683 1995··JAN. FEB. 60521 57699 57583 60385 57639 57514 59182 567 52 56789 426311 423570 427 556 22291 21758 22649 42291 39795 38518 38230 35941 34934 4061 3855 3584 58874 56757 57044 58763 56607 56771 58120 55877 56079 432789 43 3467 434535 24217 21476 21058 38099 39038 39839 34657 35281 35986 3442 3757 3853 57396 57025 56304 435497 20845 40522 36551 3971 JULY 7. 8. p pe p Net carryover of reserve balances• weeks eng1Dg 1995-JUNB 7 21 56424 57718 56259 57432 55627 56703 434270 435292 20875 21478 39373 40146 35549 36240 3824 3906 31 -108 JULY 5 19 56476 58226 56140 57933 55462 57334 433563 437468 20546 21734 39724 40411 35930 36492 3794 3919 127 54 56812 56334 55453 434004 19933 40983 36879 4104 -33 AUG. 6. surplus 7 59634 58868 59465 APR. 4. 5. total used to satisfy required reserves• 60092 59337 59951 MAY JUNE 1. 2. 3. required cash~ 1994-JULY AUG. SEP. MAR. T~o nonborrowed Monetary base3 Reserve balances with F.R. Banks• 2p 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 flf the money stock plus (4), for all quarterly reporters on the "Report ol Transaction Accounts, Other Deposrts and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required .·;erves, 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 measu~ed over computation periods ending on Mondays. Excludes required clearrng balances and adjustments to compensate for float and rncludes 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 vau[t cash is held. Previously, each maintenance period ended 30 days alter 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 totaF r"lquired3 Monetary base• 1994-JULY AUG. SEP. 59923 59141 59728 59465 58673 59241 58816 58137 58668 408378 409214 411371 OCT. NOV. DEC. 59241 59731 61133 58860 59482 60924 58437 58724 59964 413149 417075 422514 1995-JAN. FEB. 60520 57722 57621 60384 57662 57552 59181 56775 56827 421840 419250 423268 58928 56824 57127 58818 56675 56854 58175 55945 56163 428738 429287 430230 57495 57123 56402 431230 56499 57802 56334 57517 55702 56787 430030 431023 56564 58324 56229 58031 55550 57433 429154 433311 56914 56437 55556 429667 MAR. APR. MAY JUNE JULY TwO nonborrowed p weeks ending 1995-JUNE 7 21 JULY AUG. 5 19 2p 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. p pe Figures reflect adjustments for discontinuities1 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 requtred 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
@FedFRASER