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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 for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars AUGUST 25, 1994 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 nonborrowed 3 nonborrowed plus extended credit' required excess NSA5 Monetary base• total seasonal extended credit' 57546 58011, 58819 57302 57659 58386 57302 57659 58386 56457 57059 57723 1089 952 1090 371286 374340 378076 244 352 428 .210 234 236 0 0 0 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 60603 60763 60588 60529 60693 60533 60529 60693 60533 59155 59623 59621 1448 1140 967 389613 393960 397014 73 70 55 15 15 24 0 0 0 MAY JUNB 60333 59910 59708 60208 59709 59374 60208 59709 59374 59181 58995 58603 1151 915 1105 399198 401725 404319 . 124 200 333 57 134 226 0 0 0 JULY 59819 59361 59362 58712 1107 407036 458 364 0 1994-JUNB 22 59520 59255 59255 58622 898 403841 266 217 0 ·JULY 6 20 59797 59428 59229 59016 59229 59017 58317 58668 1480 760 406244 405927 568 412 292 357 0 1 AUG. 3 17p 60330 59253 59872 58812 59872 58812 58985 58324 1345 929 408879 408167 458 442 413 430 0 0 1993-JULY AUG. SBP. OCT. NOV. DBC. 1994-JAN. l'BB. MAR. APR. nlo weeltt ending 1. 2. 3. 4. 5. 6. p pe Reserves and monetary base figures incorporate adjustments tor 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 tJ:le terms and conditiOf'!S e~tablis~~d for the extended. credit progr~ to help depository if1Stitutions deal with sus!9!n~ li~uidity pressures: Because there Is not the san1e need to repay such borrowmg prompUy as there IS With traditional short-term adJustment credit, the money market Impact of extended credit 1s s1milar 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 (1 l seasonally adJUSted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus (3), tor all quarterly reporters on the "Report of Transaction Accounts, Other Deposits anaVaulf 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) 2 ·~able AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes In reserve requlrements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcash5 Reserves of depository Institutions Date 31189 31203 31863 3347 3313 3357 387512 391144 397619 28297 29018 29374 35184 35655 36812 31739 32278 33484 3445 3377 3328 60624 58454 58638 397887 397929 400783 27817 26922 27396 37907 36295 35585 34254 32671 32208 3653 3624 3377 61516 59073 59591 60489 58358 58819 406319 406592 410939 29614 26790 26502 35215 35892 36898 32027 32483 33422 3188 3409 3476 60092 59634 58985 414383 25996 37635 34096 3539 57750 57767 59136 57506 57415 58709 56661 56815 58046 378481 380532 384245 OCT. 60036 61296 62858 59751 61207 62776 58947 60195 61795 62072 59593 59605 61998 59523 59550 MAY JUNB 61641 59273 59924 JULY APR. Two ~11t1 surplus 7 Net carryover of reserve balances• §Da1na 1994-JUNB 22 6. 34536 34516 35220 1993-JULY AUG. SBP. MAR. 4. 26562 26564 27274 required nonborrowed 1994-JAN. FBB. 5. total used to satisfy required reserves• total2 NOV. DBC. 1. 2. 3. Monetary base3 Reserve balances with F.R. Banks• 60162 59896 59264 410970 26473 37227 33689 3538 212 JULY 6 20 59810 60662 59242 60250 58330 59902 412646 415777 26239 26908 37012 37179 33571 33754 3441 3425 165 97 AUG. 3 17p 59522 60072 59065 59631 58177 59143 413556 416570 24703 25587 38557 38114 34819 34485 3738 3628 -92 211 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 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 o Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, Ilia 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 oft-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 lagg~ comp!Jtation period in whic~ the yault cash is held. Preyiously, each· maintenan~e period ended 30 days after the lagaed compu!ation period. All vault cash held dunng the lagged compulat1on penod by "bound" institutions (I.e., those whose requued reserves exceed their vault cash\ olu" thA "mnunt nf "~',If-~~ ... ---•·-" .... ·-'-- ~· · 12) 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 Milli,)ns of dollars Reserves of depository institutions Date total2 nonborrowed required3 Monetary base• SBP. 57385 57343 58646 57141 56991 58218 56297 56391 57556 371997 374083 377723 OC'l'. NOV. DBC. 59481 60671 62367 59195 60582 62285 58391 59571 61305 380800 384285 390588 :l99(-JAN. FBB. 62037 59529 59496 61963 59459 59441 60589 58389 58529 391001 390859 394152 MAY JUNB 61398 5897:1 59555 61274 58772 59222 60246 58057 58450 399758 400262 404716 JULY 59660 59201 58552 408157 59790 59524 58892 404788 l993-JULY AUG. MAR. APR. l&.. weeks ending 1994-JUNB 22 JULY 6 20 59414 60227 58847 59816 57935 59467 406326 409507 AUG. 3 17p 59070 59580 58613 59139 57725 58651 407436 410638 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 required 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