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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release 814:30 p.m. Eastem Time Adjusted for changes in reserve requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars AJGUST 17, 1995 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 1994-JULY AUG. SBP. OCT. NOV. DBC. 1995-JAN. FBB. MAR. APR. MAY JUNB JULY p nonborrowed3 nonborrowed plus extended credit' required excess NSA~ Monetary base6 total seasonal extended credit4 60105 59839 59794 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 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 753 880 964 428126 430686 429722 111 150 272 82 137 172 0 0 0 57656 57285 57285 56568 1088 429586 371 231 0 57404 57118 57118 56388 1015 429488 286 155 0 TwO weeks epdina 1995-JUNB 21 1. 2. 3. 4. 5. 6. p pe JULY 5 19 57251 57408 56916 57115 56916 57115 56237 56518 1014 890 429488 428779 336 293 214 224 0 0 AUG. 2p 16pe 58115 57597 57637 57347 57637 57347 56765 56394 1349 1203 430569 430963 478 250 245 247 0 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 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 dej)ository 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 liguidity 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 3). The seasonally adjusted, break-adJusted monetary base consists of ( 1l 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 vaulf 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 Vaultcashs Reserves of depository institutions Date total 2 58985 58333 58891 414391 414923 416701 25996 25284 25157 37644 37618 38433 34096 34052 34794 3548 3566 3639 OCT. NOV. DBC. 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. FBB. 60521 57699 57583 60385 57639 57514 59182 56752 56789 426311 423570 427556 22291 21758 22649 42291 39795 38518 38230 35941 34934 4061 3855 3584 58874 56757 57044 58763 56607 56771 58120 55877 56079 432789 433467 434535 24217 21476 21058 38099 39038 39839 34657 35281 35986 3442 3757 3853 57391 57019 56303 435493 20840 40522 36551 3970 57718 57432 56703 435292 21478 40146 36240 3906 -108 JULY ~eeks p ~ng1ng 1995-JUNB 21 6. 7. 8. p pe surplus7 59634 58868 59465 APR. 4. 5. total Net carryover of reserve balances' 60092 59337 59951 MAY JUNE 1. 2. 3. required used to satisfy required reserves' 1994-JULY AUG. SBP. MAR. Two non borrowed Monetary base• Reserve balances with F.R. Banks• JULY 5 19 56476 58224 56140 57931 55462 57334 433563 437466 20546 21733 39724 40411 35930 36491 3794 3920 127 54 AUG. 2p 16pe 56800 57750 56322 57500 55450 56546 433995 437807 19920 20863 40983 40889 36880 36887 4103 4002 -33 249 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 off-balance sheet "as-of" adjustments. Dates refer to the maintenance periods in which the vault cash can be used to satisfv reserve requirements. Starting with the maintenance period ended November 25, 1992, each maintenance period tor weekly reporters ends 16 days after the lagged computation period in which the vauft 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) 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 non borrowed required3 Monetary base4 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 1995-JAN. 60520 57722 57621 60384 57662 57552 59181 56775 56827 421840 419250 423268 58928 56824 57127 58818 56675 56854 58175 55945 56163 428738 429287 430230 57489 57118 56401 431225 57802 57517 56787 431023 1994-JULY AUG. FBB. MAR. APR. MAY JUNB JULY p Two weeks ending 1995-JUNB 21 JULY 5 19 56564 58323 56229 58030 55550 57433 429154 433309 AUG. 2p 16pe 56902 57863 56425 57613 55553 56659 429658 433392 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 requ1red 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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