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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 Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars DECE~ER21.1995 Jrrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date lotal 2 nonborrowed 3 nonborrowed plus extended credit' required excess NSA' Monetary base• total seasonal extended credit4 59401 5934:l 5915:l 59133 5915:l 59133 58394 58174 1008 1168 416788 418:l23 :l49 DBC. :l09 164 100 0 0 1995-JAN. PBB. MAR. 59124 58919 5855:l 58988 58860 58483 58992 58860 58483 57785 57973 57757 1339 946 794 421054 42:131:l 4:l5350 136 59 69 46 33 51 4 0 0 APR. 57957 57761 57352 57847 57611 57080 57847 57611 57080 57:l04 56881 56388 753 880 964 4281:l7 430687 4:l9755 111 150 82 137 17:l 0 0 0 57655 57515 57368 57:l84 57:l33 57091 57:184 57:l33 57091 56565 56527 56418 1090 988 950 429659 430857 431248 :l78 231 258 :l52 0 0 0 56821 56:l69 56575 56065 56575 56065 55739 55327 1081 94:l 4324:l4 43:l674 245 :l04 199 73 0 0 1995-0CT. :l5 56751 56525 56525 55891 860 432521 227 204 0 8 :l:l 56712 56030 5659:l 55794 56592 55794 55660 55233 1052 797 43:l878 432185 121 :l36 116 63 0 0 6p lOpe 56244 56:l09 5601:l 55910 56012 55910 55159 5508:l 1085 1128 433325 432469 233 300 51 41 0 0 1994-NOV. MAY JUNB JULY AUG. SBP. OCT. NOV. p :l7:l 371 :l8:l Two weeks endina NOV. DBC. 1. 2. 3. 4. 5. 6. p pe 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, 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' Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash' Reserves of depository institutions Date Reserve balances with F.R. Banks• Net carryover of reserve balances• total 2 non borrowed required Monetary base• 60006 61340 59757 61131 58999 60172 421904 427247 24715 24658 38933 40365 35291 36682 3642 3683 60521 57699 57583 60385 57639 57514 59182 56752 56789 426311 423570 427 556 22291 21758 22649 42291 39795 38518 38230 35941 34934 4061 3855 3584 58814 56757 57044 58763 56607 56771 58120 55877 56079 432789 433468 434568 24217 21476 21058 38099 39038 39839 34657 35281 35986 3442 3757 3853 57390 56819 57159 57019 56537 56882 56300 55832 56209 435563 435589 436203 20840 20565 20519 40522 40177 40648 36550 36255 36640 3971 3923 4008 56400 56397 56154 56193 55319 55455 436324 438160 20055 20066 40561 40575 36345 36332 4216 4244 1995-0CT. :IS 56265 56039 55406 436252 20496 39855 35770 4086 68 NOV. 8 22 56180 56341 56060 56105 55129 55544 436131 438259 19334 20270 41123 40218 36846 36071 4277 4148 62 62 DBC. 6p lOpe 56713 57580 56480 57281 55627 56452 440017 441671 20439 19579 40653 42941 36274 38002 4379 4939 -38 -10 1!1!14-NOV. DBC. 1995-JAN. FBB. MAR. APR. MAY JUNB JULY AUG. SBP. OCT. NOV. p total used to satisfy required reserves• surplus 7 ~ ~llkl ID~iD~ 1. 2. 3. 4. 5. 6. 7. 8. p pe 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, 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-balaflce sheet "as-of" adjustments. Dates refer to the maintenance periods in which the vault cash can be used to satistv 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 vauft 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 maintenanc-e 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) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements' Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 non borrowed required 3 Monetary base• 1994-NOV. DBC. 59731 61133 59482 60924 58724 59964 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 429288 430263 57488 56933 57291 57117 56652 57013 56399 55946 56341 431298 431083 431623 56544 56558 56299 56354 55463 55616 431570 433177 56411 56185 55551 431458 PBB. MAR. APR. MAY JUNB JULY AUG. SBP. OCT. NOV. p Two weeks endina 1995-0CT. 25 NOV. 8 22 56333 56502 56213 56266 55281 55705 431264 433271 DBC. 6p 20pe 56881 57758 56648 57459 55795 56631 434925 436500 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 reftect adjustments for discontinuities1 or 'breaks", associated with regulatory changes in reserve requirements. Break-adlusted total reserves equal break-adJusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). To adjusf 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) 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, Other 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 preliminary estimate
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