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FEDERAL RESERVE statistical release H.3 (502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE ;or 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 AUGUST 11,1994 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 Monetary base• total seasonal extended credit' 57302 57659 58386 56457 57059 57723 1089 952 1090 371286 374340 378076 244 352 ·428 210 234 236 0 0 0 OCT. NOV. DEC. 59749 60320 60476 59464 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. FEB. 60603 60763 60589 60529 60693 60534 60529 60693 60534 59155 59623 59621 1448 1140 967 389613 393960 397014 73 70 55 15 15 24 0 0 0 60215 60019 59749 60091 59819 59416 60091 59819 59416 59064 59104 58645 1151 915 1105 399089 401828 404373 124 200 333 57 134 226 0 0 0 59772 59314 59314 58686 1086 407019 458 364 0 60077 59566 59859 59300 59859 59300 58986 58668 1092 898 403310 403988 218 266 176 217 0 0 59743 59294 59175 58882 59175 58883 58263 58603 1480 691 406109 405877 568 412 292 357 0 1 60396 59939 59939 59022 1374 408968 458 413 0 JULY p Two weeks ending 1994-JUNB 8 22 JULY AUG. p pe excess NSA" 57302 57659 58386 APR. 5. 6. required 57546 58011 SB813 MAY JUNE 4. nonborrowed plus extended credit' 1993-JULY AUG. SEP. MAR. 1. 2. 3. nonborrowed 3 6 20 3p 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:! 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 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, bther 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.) ' 3l. preliminary preliminary estimc.te • H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted tor changes in reserve requirements' Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcash5 Reserves of depository institutions Date total2 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 59605 61998 59523 59550 60624 58454 58638 397887 397929 400783 27817 26922 27396 37907 36295 35585 34254 32671 32208 3653 3624 3377 61641 59273 59924 61516 59073 59591 60489 58358 58819 406319 406592 410939 29614 26790 26502 35215 35892 36898 32027 32483 33422 3188 3409 3476 60069 59611 58983 414367 25973 37635 34096 3539 59622 60162 59404 59896 58531 59264 409177 410970 26816 26473 36209 37227 32806 33689 3403 3538 211 212 59810 60593 59242 60181 58330 5990~ 412646 415714 26239 26838 37012 37179 33571 33755 3441 3424 165 97 59544 59086 58170 413591 24726 38558 34818 3740 -100 JULY ~.weeks p endina 1994-JUNB 8 22 JULY 6 20 AUG. 4. 5 6. 7. B. surplus' 57506 57415 58709 APR. 3. total Net carryover of reserve balances• 57750 57767 59136 MAY JUNB 1. required used to satisfy required reserves• 1993-JULY AUG. SBP. MAR. 2 nonborrowed Monetary base• Reserve balances with F.R. Banks• 3p -------------------~------~--~~~~~--~~-- -~--~--~--~------~----------------------- Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or '"breaks", associated with regulatory changes in reserve requirements. Reserve balanccJs with Federal Reserve Banks plus vault cash used to satisfy reserve reqUirements. llle monetary base, not break-adJU!'.ted and not seasonally adjusted, consists of ( 1) total rese~:--es 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 iransact1on Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose 'ault cash exceeds their required reserves, tile diffe:once 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 ott-balance sheet "as-of" adjustments. Oates 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 tor weekly reporters ends 16 days after the lagged computation penod 1n which the vau(t cash IS held. Previously, each maintenance penod 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 the11 required reserves) to satisfy current reserve requirements. · Total vault cash held by depository institutions minus the amount applied to satisfy reserve requirements. 9o_n~i~~._o_t_~~r_ry_?~~,':l~!~~~~!le~~,i~'?[~~n~~~~u~~~~!fli'!~~!~i~.~-!eserves on the basis of two-week maintenance periods. Reflects excess(+) or deficit(-) reserves eligible to be carried forward into the H.3 (502) Tatle3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements' Averages of daily figures, not seasonally adjusted Milli~ns of dollars Reserves of depository institutions Date totai2 non borrowed required' Monetary base• 1993-JULY AUG. SBP. 57385 57343 58646 57141 56991 58218 56297 56391 57556 371997 374083 377723 OCT. 59481 60671 62367 59195 60582 62285 58391 59571 61305 380800 384285 390588 62037 59529 59496 61963 59459 59441 60589 58389 58529 391001 390859 394152 61398 58972 59555 61274 58772 59222 60246 58057 58450 399758 400262 404716 59636 59178 58550 408140 59286 59790 59068 59524 58194 58892 402981 404788 59414 60158 58847 59746 57935 59467 406326 409445 59092 58635 57718 407469 NOV. DBC. 1994-JAN. FBB. MAR. APR. MAY JUNB JULY p ~weeks ending :l994-JUNB 8 22 JULY AUG. Note 1. 2. 3. 4. p pe 6 20 3p Historical data are available from the Money and Reserves Projections Section. Division of Monetary Affairs, Board of Governors of The Feder , Reserve System, Washington, D.C. 20551 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 requtred reserves are equal to break-adjusted required reserves against trar.sactions 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 estim,te
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