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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release al4:30 p.m. Eastern Time Adjusted for changes in reserve requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars DECEM3EA 14, 1935 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 nonborrowecr nonborrowed plus extended credit4 required excess NSA' Monetary base• total seasonal extended credit4 59401 59342 59152 59133 59152 59133 58394 58174 1008 1168 416788 418223 249 209 164 100 0 0 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 JUNB 57957 57761 57352 57847 57611 57080 57847 57611 57080 57204 56881 56388 753 880 964 428127 430687 429755 111 150 272 82 137 172 0 0 0 JULY AUG. SBP. 57655 57515 57368 57284 57233 57091 57284 57233 57091 56565 56527 56418 1090 988 950 429659 430857 431248 371 282 278 231 258 252 0 0 0 OCT. NOV. p 56821 56238 56575 56033 56575 56033 55739 55325 1081 913 432424 432685 245 204 199 73 0 0 56968 56751 56630 56525 56630 56525 55589 55891 1378 860 432051 432521 338 227 240 204 0 0 56712 56033 56592 55797 56592 55797 55660 55234 1052 799 432878 432182 121 236 116 63 0 0 56121 55888 55888 55149 972 433371 233 51 0 1994-NOV. DBC. 1995-JAN. PBB. Two weeks ending 1995-0CT. 11 25 NOV. DBC. 1. 2. 3. 4. 5. 6. p pe 8 22 6p 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 credtt 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 3j. 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 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) Table2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements 1 Averages of dally figures, not seasonally adjusted Millions of dollars Vaultcash5 Reserves of depository institutions Date total2 58999 60172 421904 427247 24715 24658 38933 40365 35291 36682 3642 3683 1995-JAN. MAR. 60521 57699 57583 60385 57639 57514 59182 56752 56789 426311 423570 427556 22291 21758 22649 42291 39795 38518 38230 35941 34934 4061 3855 3584 APR. MAY JUNB 58874 56757 57044 58763 56607 56771 58120 55877 56079 432789 433468 434568 24217 21476 21058 38099 39038 39839 34657 35281 35986 3442 3757 3853 JULY AUG. SBP. 57390 56819 57159 57019 56537 56882 56300 55832 56209 435563 435589 436203 20840 20565 20519 40522 40177 40648 36550 36255 36640 3971 3923 4008 OCT. NOV. p 56400 56366 56154 56161 55319 55453 436324 438172 20055 20058 40561 40575 36345 36308 4216 4268 56690 56265 56353 56039 55312 55406 436521 436252 19886 20496 41153 39855 36805 35770 4348 4086 68 56180 56344 56060 56108 55129 55545 436131 438256 19334 20273 41123 40218 36846 36071 4277 4148 62 62 56589 56357 55617 440065 20405 40654 36184 4470 -34 ~e~&s ~Dg1~ DBC. 4. 5. 6. 7. 8. p pe surplus 7 59757 61131 NOV. 3. total Net carryover of reserve balances• 60006 61340 1995-0CT. 11 25 1. 2. required used to satisfy required reserves 8 1994-NOV. DBC. FBB. Two non borrowed Monetary base' Reserve balances with F.R. Banks~ 8 22 6p 1 Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Reserve balances wtth 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 Deposrts 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 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 satisfy reserve requirements. Starting with the maintenance period 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 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" 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 1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 non borrowed required3 Monetary base4 1994-NOV. DBC. 59731 61133 59482 60924 58724 59964 417075 422514 1995-JAN. PBB. 60520 57722 57621 60384 57662 57552 59181 56775 56827 421840 419250 423268 58928 56824 57127 58818 56675 56854 58175 55945 56163 428738 429288 430263 SBP. 57488 56933 57291 57117 56652 57013 56399 55946 56341 431298 431083 431623 OCT. NOV. p 56544 56527 56299 56322 55463 55614 431570 433188 56829 56411 56491 56185 55450 55551 431880 431458 56333 56505 56213 56269 55281 55706 431264 433268 56757 56525 55785 434974 MAR. APR. MAY JUNE JULY AUG. Two weets ending 1995-0C:T. 11 25 NOV. DEC. 8 22 6p 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 l 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 betw~en current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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