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FEDERAL RESERVE statistical release H.3(502) Table1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETAR For release at 4:30pm. Eastern Time Adjusted for changes in reserve requirements' Averages of daily ligures, seasonally adjusted unless noted otherwise Millions of dollars ALJGUST31,1995 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 Two 1. 3. 4. 5. 6. p nonborrowed plus eX1ended credit' required excess NSA' Monetary base' total seasonal extended credit' 19U-JULY AOO. SBP. 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. DBC. 59496 59401 5934::l 59116 59152 59133 59116 5915::l 59133 58693 58394 58174 804 1008 1168 413854 416788 418::l23 380 ::l49 ::l09 339 164 100 0 0 0 1995-JAN. FBB. MAR. 591:l4 58919 58552 58988 58860 58483 56992 58860 58483 57785 57973 57757 1339 946 794 421054 4::l::l312 425350 136 59 69 46 33 51 4 0 0 APR. HAY JUNB 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 JULY 57655 57284 57284 56566 1090 429585 371 231 0 57251 57408 56916 57115 56916 57115 56237 56518 1014 890 429488 428779 336 293 214 224 0 0 58113 57538 57476 57635 57289 57189 57635 57289 57189 56758 56363 56733 1354 1176 743 430567 430402 430725 478 250 288 245 247 ::l72 0 0 0 weeks epding 1995-JULY 5 19 ADG. 2. nonborrowecJ3 2 16p 30pe 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.) SeasonaAy adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. Ext&nded credit consists of boirowing 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 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 aR 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 seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to salisly current reserve requirements. (Also see footnote 3 on Table 2 and footnote 4 on table 3.) preliminary pe preliminary estimate H.3(502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjustsd tor changes in reserve requirements 1 Averages of daily figures, not seasonally adjusted Mllions of dollars Vault cash~ Reserves of depository institutions Date tota12 1996-JULY 414391 414923 416701 25996 l5284 2515'1 37644 37618 38433 34096 34052 34794 3548 3566 3639 59490 60006 61340 59110 59757 61131 58686 58999 60172 418187 421904 427247 24745 24715 24658 38231 38933 40365 34745 35291 36682 3486 3642 3683 60521 57699 57583 60385 57639 57514 59182 56752 56'/ 89 426311 423570 427556 22291 l1758 22649 42291 39795 38518 38230 35941 34934 4061 3855 3584 58763 56607 56771 56120 55877 56079 432769 433467 434535 24217 21476 JUNB 58874 56757 57044 nose 38099 39038 39839 34657 35l81 35986 3442 3757 3853 JULY 57390 57019 56300 435490 20840 40522 36550 3971 56n6 58224 56140 57931 55462 57 334. d33563 4374.66 20546 21733 39724 40411 35930 36491 3794 3920 127 54 56798 57691 55945 56320 57U2 55657 55443 56515 55202 433987 437l82 433345 19920 20800 20440 40963 40899 39325 36878 36892 35505 4106 3997 3819 -33 257 398 1995-JAH. PBB. liAR. APR. HAY %!r2 DHI §llSUDll 1995-JOLY 5 19 AUG. 6. 7. 8. p pe surplus 7 59985 56333 56891 DBC. 4. total Net carryover of reserve balances' 596H 58868 59465 OCT. NOV. 5. required used to satisly required reserves' 60092 59337 59951 ADQ. SBP. 1. 2. 3. non borrowed Monetary base1 Reserve balances with F.R. Banks• 2 16p 30pe Reftec~ 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 Batiks plus vault cash used to satisfy reserve requirements. The monetary base, not break-adjusted and not seasonally adjusted. consists of ( 1) total reserves plus 12) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency oomponent of the money stock plus (4), for all quarterly reporters on the "Report ol 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 oomputatioo periods ending on Mondays. Exclud&s required clearing balances and adjustments to compensate for float and includes other oft-balance sheet ·as-of" adjustments. Dates refer tJ the maintenance ~ods in which the vault cash can be used to satisfy resefVe requirements. Starting with the maintenance period ended November 25, 1992, each maintenance period for weekly reporters ends 16 days atter the la!Med oomputation period in which the vauft cash is held. Previously, each maintenance period ended 30 days after the lagged oomputation period. AI vault cash held during the lagged compulation 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"lnstitutions (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 carryaver Only at depOsitory institutions maintaining reserves on the basis of two week malntonanca periods. ReHects excess ( +) or deficit(·) reserves eligible to be carried forward into the two-~ reserve maintenance period ending on the date shown. preliminary preliminary estimate H.3(502) Table3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS A.ND THE MONETARY BASE AdjusiBd for changes in resetVe requirements' Averages of daily figures, not seasonally adjusted Millions of dollars . ---··~·--···~~~-~-----~ ... -----" Reserves of depos1t01y institutions Date totaF nonborrowad required 3 Monetary base4 59241 58816 58137 58668 408378 409214 411371 59241 59731 61133 58860 59482 60924 58437 58724 59964 413149 417075 422514 liAR. 60520 57722 576:zl 60384 57662 5755l 59181 56775 56827 421840 419250 423268 APR. KAY JONB 58928 56824 57127 Si3818 56675 56854 58175 55945 56163 428738 429287 430230 JULY 57489 57117 56399 431224 56564 58323 56229 59030 55550 57433 429154 433309 56900 57804 56062 56423 57554 55774 55546 56628 55319 429655 432867 428718 1994-JULY AOO. SBP. OCT. NOV. DBC. 1995-JAN. FBB. Two yeaka endina 1995-JULY 5 19 AUG. 2 16p 30pe 59923 59141 !>9728 59465 5867~ Note: HisiDric:al data are available from the Money and Reserves Projections Section, Division of Monetary AHairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551 1. 2. 3. 4. p F~gures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Bt8ak·adjus1Bd total reserves ecwal break-adjusiBd required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). To adjust required reserves for discontinuities due to regulatoty changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current resetVe requirements been in effect Bleak-adjusted requtred reserves are equal to break-adjusted required reserves against transactions deposits. The break·adiUsted monetary base equals (1l break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3)kfor all quarterly reporters on the "Report of Transaction Accounts, Othel' Deposits and Vault Cash and for all those weekly reporters whose vault cash exceeds their required reserves, the brea -adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary pe preliminary estimate
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