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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 T1me Adjusted tor changes in reserve requirements' Averages of daily ligures, seasonally adjusted unless noted otherwise Millions of dollars OECEI'vt3ER 15. 1$4 Borrowings of depository institutions from the Federal Reserve, N.SA Reserves of depository institutions Date total 2 seasonal extended credit' 384029 385855 89 82 75 31 0 0 60603 60763 60588 60529 60693 60533 60529 60693 60533 59155 596l3 59621 1448 1140 967 389613 393960 397014 73 70 55 15 15 24 0 0 0 ,'1'UNB 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 J.UO. SBP. 59819 59518 59483 59361 590!?0 58996 59361 59050 58996 58712 58514 58423 1107 1004 1060 407043 409175 411032 458 469 487 364 445 444 0 0 0 OCT. NOV. p 59170 59008 58790 58759 58790 58759 58366 58010 804 998 413332 416380 380 249 339 164 0 0 59341 59161 58908 58815 58908 58815 58286 58586 1055 574 412246 413451 433 346 403 326 0 0 58786 58955 58436 58755 58436 58755 57945 58023 841 932 415607 416201 351 201 223 152 0 0 59400 59184 59184 58068 1332 417733 216 112 0 J.PR. MAY Two week• endinq 1994-0CT. 12 26 NOV. DBC. p total 1101 1063 MAR. pe Monetary base• 59219 59413 f'BB. 5. excess NSA' 60231 60394 1994-JAN. 6. required 60231 60394 IIBC. 3. 4. nonbofrowed plus extended credit' 60320 60&76 1993-NOV. 1. 2. nonborrowed3 9 23 7p 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 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, bther 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• Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 ~Q 4 5 6 7 8 p surplus 7 Net carryover of reserve balances• 61207 62776 60195 61795 391144 397619 29018 29374 35655 36812 32278 33484 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 JUNB 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. NOV. p 59490 60003 59110 59754 58686 59005 418121 421824 24745 24717 38231 38931 34745 35287 3486 3645 59962 59161 59529 58815 58907 58587 418122 41765:1 248:14 250:15 38539 37608 35138 34137 3401 347:1 328 298 59276 60029 58926 59828 58435 59097 419&30 422211 23771 25361 39.236 38235 35506 34668 3730 3567 10 11 60886 60670 59554 424130 24643 39933 36243 3690 -56 K§§kl 1Dd1Dg 1994-0CT. 1l 26 DBC. 3 total used to satisfy required reserves• 61296 62858 9 :13 1 required Monetary base3 1993-NOV. DBC. NOV. 2 nonborrowed Vault cash' Reserve balances with F.R. Banks 4 7p 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 ftoat 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, the difference between current vault cash and the amount applied to satisfy current reserve requirements. After the introduction of CAR. currency and vault cash hgu1es are measured over computation periods ending on Mondays. E:xcludes 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 tor wookly reporters ends 16 days alter the lagged computation penod 1n which the vauft cash 1s held. Previously, each marntenance penod ended 30 days alter the lagged computabon period . .tl,ll 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 p8riod 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. Cons1sts of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reftects excess (~)or deficit(·) reserves eligible to be carried forward into the two-wee•. reserve maintenance period ending on the date shown. preliminary H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted lor changes in reserve requirements' Averages of daily ligures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 nonborrowed required3 Monetary base• 1993-NOV. DBC. 60671 6:;1367 60582 62285 59571 61305 38,:185 390588 1994-JAN. FBB. 6:;1037 59529 59496 61963 59459 59441 60589 58389 58529 391001 390859 394152 JUNB 61398 58972 59555 6127, 58772 59222 602(6 58057 5U50 399758 ,00262 ,0(716 JULY AUG. SBP. 59659 588,:1 59387 59201 583H 58900 5855:1 57839 583:17 ,08165 ,08948 411045 OCT. NOV. p 58866 593:10 58,85 59071 5806:1 58321 412782 416668 59358 58530 589:15 5818, 58303 57955 412597 412U7 586:15 59H2 58:175 59141 5778, 58410 414161 417062 60169 59953 58837 ,19105 MAR. APR. MAY Two weeks ending 199,-0CT. 1l 26 NOV. 9 23 DBC. 7p 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.-adjust~ total reserves equal break-adjusted required reserves (T~ble 3, column 3) plus excess reserves NSA (Table .1. column 5). . To adJUSt reqUired reserves for discontinuities due to regulatory changes 1n reserve requirements, a multtphcatlve procedure 1s used to estimata what requtred reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted requtred 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 lor 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
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