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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
Adjusted for changes in reserve requirements'
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
Eastern Time
AUGUST 3, 1995
Borrowings of depository institutbns
from the Federal Reserve, NSA
Reserves of depository institutions
Date
total 2
4:30 p.rr.
nonborrowed3
nonborrowed plus
extended credit'
required
excess
NSA'
Monetary
base•
total
seasonal
exte·nded credit'
1994-JULY
AUG.
SEP.
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
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.
MAR.
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
APR.
MAY
JUNE
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
pe
57664
57293
57293
56562
1102
429250
371
231
0
Two weeks ending
1995-JUNB 7
21
57380
57404
57215
57118
57215
57118
56583
56388
798
1015
430491
429488
165
286
150
155
0
0
57251
57404
56916
57111
56916
57111
56237
56524
1014
880
429489
428775
336
293
214
224
0
0
58139
57661
57661
56740
1399
429705
478
245
0
JULY
JULY
AUG.
1.
2.
3.
4.
5.
6.
p
pe
5
19p
2pe
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 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 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
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 quarter1y 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
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 estimate
H.3(502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements 1
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.
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
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
pe
57399
57027
56296
435139
20845
40522
36554
3968
weeks eng;!.;gg
1995-JUNE 7
21
56424
57718
56259
57432
55627
56703
434271
435292
20875
21478
39373
40146
35549
36240
3824
3906
31
-108
5
19p
56476
58221
56140
57928
55462
57341
433563
437467
20546
21729
39724
40411
35930
36492
3794
3919
127
54
56824
56347
55426
433079
19939
40984
36886
4098
-71
JUNE
JULY
JULY
AUG.
6.
7.
8.
p
pe
surplus7
59634
58868
59465
APR.
4.
5.
total
Net carryover
of reserve
balances8
60092
59337
59951
MAY
1.
2.
3.
required
used to satisfy
required
reserves6
1994-JULY
AUG.
SEP.
MAR.
~wo
nonborrowed
Monetary
base3
Reserve
balances with
F.R. Banks 4
2pe
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 (2l 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 or 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 CRR, currency and vault
cash figures are measured over computation periods ending on Mondays.
.
.
.
Excludes required clearing balance.s an~ adjl!stments to compensate for float and. includes other 0~-balance she~t "as:of" adjus~ents.
Dates refer to the maintenance penods 1n which the vault cash can be used to sat1stv reserve requirements. Starting With the maintenance penod ended November 25, 1992, each mamtenance penod for
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 vaull 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 !nstiti;Jtio~s ~in us t~e a~~unt applied to satisfy r~serve requireme~ts.
Consists of carryover only at depository 1nstitut1ons ma1nta1n1ng reserves on the bas1s of two-week maintenance penods. Reflects excess(+) or defiCit{-) reserves eligible to be earned forward mto 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 1
Averages of daily figures, not seasonally adjusted
Millions of dollars
Reserves of depository institutions
Date
totaJ2
non borrowed
requirecr
Monetary base•
1994-JULY
AUG.
SBP.
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.
60520
57722
57621
60384
57662
57552
59181
56775
56827
421840
419250
423268
58928
56824
57127
58818
56675
56854
58175
55945
56163
428738
429287
430231
pe
57497
57126
56395
430869
Two weeks endina
1995-JUNB 7
21
56499
57802
56334
57517
55702
56787
430030
431023
56564
58319
56229
58026
55550
57440
429155
433305
56927
56450
55528
428741
FEB.
MAR.
APR.
MAY
JUNE
JULY
JULY
AUG.
5
19p
2pe
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
4.
p
pe
Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements.
Break_-adjuste~ total reserves eq!Jal br~a~-?~djusted required reserves (T~ble 3, column~) plus excess r~s~rv~s NSA (Table .1, column 5)..
.
.
To adjust reqwed reserves for drscontrnUitres due to regulatory changes rn reserve requrrements, a multrpllcatrve procedure rs used to estrmate what reqUired reserves would have been rn 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
@FedFRASER