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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 DECEIVBER 22, 1004 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 1. 3. 4. 5. 6. p pe nonborrowed plus extended credit' required excess NSA5 Monetary base' total seasonal extended credit' 1993-NOV. DBC. 60320 60476 60231 60394 60231 60394 59219 59413 1101 1063 384029 385855 89 82 75 31 0 0 1994-JAN. FBB. MAR. 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 APR. MAY JUNB 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 AUG. 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. NOV. p 59170 59011 58790 58762 58790 58762 58366 58006 804 1005 413332 416379 380 249 339 164 0 0 59161 58815 58815 58586 574 413451 346 326 0 Two weeks ending 1994-0CT. 26 2. nonborrowed3 NOV. 9 23 58786 58964 58436 58763 58436 58763 57945 58019 841 945 415607 416202 351 201 223 152 0 0 DBC. 7p 21pe 59394 59059 59178 58881 59178 58881 58059 57980 1335 1079 417725 416392 216 178 112 98 0 0 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 unadjusled excess reserves. (Also, see footnote 2 on Table and footnote 2 on Table 3.) Seasonally ad1_usted, _break-adjust~ nonborr~wed rese.rves equal seasonally adjusted, ~.reak-adjus~ed total reserves less unadjusted total borrowings of deP,ository institutions from the Federal Reserve. Extended credit consists o~ borrowmg at the discount w1ndow under t~e terms and condltlOf)S e~tabhsh~d for the extended credit program to help depository 1_nstitut1ons 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 1m pact 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 The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adJUsted, break-::~djusted 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.)' 2 3l. 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 casflS Reserves of depository institutions Date total2 nonborrowed required Monetary base3 Reserve balances with F.R. Banks4 total used to satisfy required reserves• surplus7 Net carryover of reserve balances• 1993-NOV. DBC. 61296 62858 6U07 62776 60195 61795 391144 397619 29018 29374 35655 36812 32278 334U 3377 3328 1994-JAN. 62072 59593 59605 61998 59523 59550 60624 58454 58638 397887 397929 400783 27817 26922 27396 37907 36295 35585 3U54 32671 32208 3653 3624 3377 61.641 59273 59924 61.516 59073 59591. 60489 58358 58819 40631.9 406592 410939 29614 26790 26502 35215 35892 36898 32027 32C83 33422 3188 3409 3476 AUG. SBP. 60092 59337 59951. 59634 58868 59465 58985 58333 58891. 414391. 414899 416650 25996 25284 251.57 37635 37614 38431 34096 34052 34794 3539 3562 3637 OCT. NOV. p 59490 60005 591.10 59756 58686 59000 4181.21 421823 24745 24714 38231 38931 34745 35291. 3486 3641 591.61 58815 58587 417652 25025 37608 34137 3472 298 59276 60037 58926 59836 58435 59092 419430 42:1212 23771. 25360 39236 38235 35506 34677 3730 3558 11 60879 61406 60663 61228 59544 60327 424122 426360 24636 24333 39934 40861. 36243 37073 3691 3788 -48 107 PBB. MAR. APR. MAY JUNB JULY ~Q l!I:Uk!! •lls11DSI 1994-0CT. 26 NOV. DBC. 1. 2. 3. 4. 5. 6. 7. 8. p pe 9 23 7p :upe 10 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 satisly 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 noat 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 salisly current reserve requirements. After the introduction of CAR, 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-<>f" 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 vauft cash is held. Previously, each maintenance period ended 30 days after lhe 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 fc:xward 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' Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 nonborrowed required' Monetary base4 60671 62367 60582 6:1285 59571 61305 38U85 390588 62037 59529 59496 61963 59459 59441 60589 58389 58529 391001 390859 39&152 61398 58972 59555 612" 58772 59222 602U 58057 58450 399758 400262 404716 AUG. SBP. 59659 58842 59387 59201 58374 58900 58552 57839 58327 408165 408948 411045 OCT. NOV. p 58866 59322 58485 59073 58062 58317 412782 416667 58530 58184 57955 41:t447 58625 59350 58275 59149 57784 58405 414161 417063 60162 60648 59946 60470 58827 59569 419097 421044 1993-NOV. DBC. 1994-JAN. PBB. MAR. APR. MAY JUNB JULY Two weeke ending 1994-0CT. 26. NOV. DBC. 9 23 7p 2lpe 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) break-adJusted total reserves plus (2) the (unadjusted) currency component of the money ~lock 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 between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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