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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release at4:30 p.m. Eastem Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars DECEMBER 1, 1994 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 NSA~ Monetary base6 total seasonal extended credit4 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 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 SBP. 59819 59518 59483 59361 59050 58996 59361 59050 58996 58712 58514 58423 1107 1004 1060 407043 409175 411032 458 469 487 364 445 444 0 0 0 OCT. 59170 58789 58789 58367 803 413330 380 339 0 59642 59107 59107 58438 1204 411414 535 458 0 26 59341 59161 58908 58815 58908 58815 58286 58586 1055 574 4122'46 413451 433 346 403 326 0 0 9 23p 58784 58946 58434 58745 58434 58745 57946 58021 838 924 415591 416213 351 201 223 152 0 0 FEB. MAR. AP.R. MAY JUNE JULY AU(~. Two weeks ending 1994-SBP. 28 OCT. 12 NOV. p pe excess 59464 60231 60394 1994-JAN. 5. 6. required 59464 60231 60394 NOIT. DB:::. 4 nonborrowed plus extended credit4 59749 60320 60476 1993-ocr. 1. 2. 3. nonborrowed 3 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 :1 on Table 3.) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves Jess 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 credi~ the money market impact of extended credit is simirar 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) 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 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.)' 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 d<>llars Vaultcash5 Reserves of depository institutions Date total 2 Two 1. 2. 4. 5. 6. 7. 8. required total used to satisfy required reserves8 surplus7 Net carryover of reserve balances• 1993-C>CT. NOV. DEC. 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. PBB. MAR. 62072 59593 59605 61998 59523 59550 60624 58454 58638 397887 397929 400783 27817 26922 27396 37907 36295 35585 34254 32671 32208 3653 3624 3377 APR. MAY JUNE 61641 59273 59924 61516 59073 59591 60489 58358 58819 406319 406592 410939 29614 26790 26502 35215 35892 36898 32027 32483 33422 3188 3409 3476 JULY AUG. SBP. 60092 59337 59951 59634 58868 59465 58985 58333 58891 414391 414899 416650 25996 25284 25157 37635 37614 38431 34096 34052 34794 3539 3562 3637 OCT. 59490 59109 58687 418118 24745 38231 34745 3486 1994-SBP. 28 59341 58807 58138 415044 24641 38397 34700 3697 148 OCT. 12 26 59962 59161 59529 58815 58907 58587 418122 417652 24824 25025 38539 37608 35138 34137 3401 3472 328 298 9 23p 59274 60020 58924 59819 58436 59095 419415 422230 23768 25351 39236 38235 35507 34669 3729 3566 10 10 ~~~ks ~n~1ns NOV. 3. nonborrowed Monetary base3 Reserve balances with F.R. Banks• 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, tlie 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 cl~aring balanc~s an~ adjl!stments to compensate for float and. includes other off-balance sheet "as:of" adjust_ments. . . Dates refer to the maintenance penods In wh1ch the vault cash can be used to satisfy reserve reqUirements. Starting With the maintenance penod ended November 25, 1992, each maintenance period for weekly reporters ends 16 days after the lagged computation period in which the vault cash is held. Previously, each maintenance period ended 30 days after the lagged computation period. All vault cash held during the lagged compu1ation 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 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. H.3 (502) Table3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for <:hanges in reserve requirements' Averages of daily figures, not seasonally adjusted Millions of do'lars Reserves of depository institutions Date total 2 non borrowed required3 Monetary base• 59481. 60671. 62367 591.95 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 3997 58 400262 404716 SBP. 59659 58842 59387 59201 58374 58900 58552 57839 58327 408165 408948 411045 OCT. 58865 58485 58062 412779 58774 58240 57570 409496 OCT. 12 26 59358 58530 58925 58184 58303 57955 412597 412447 NOV. 58623 59332 58272 59132 57784 58408 414146 417073 1993-0CT. NC>V. DE:C. 1994-JAN. PEB. MAR. APR. MAY JUNE JULY Am~. Two weeks ending 1994-SBP. 28 9 23p 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 discontinulties1 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 reseNes, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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