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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Fc;, Adjusted for changes In reserve requirements' Averag~ of daily 6gures. seasonally adjusted unless noted otherwise Millions of dollars DECEMBER 8, 1994 Borrowings of depository-Institutions from the 'Federal R'eserve, NSA Reserves of depository institutions Date total2 nonborrowec:P nonborrowed plus extended credit' required excess NSN Monetary base• total seasonal extended credit4 1993-NOV •. DBC. 60320 60U6 60231 60394 60231 60394 59219 59413 1101 1063 384Q29 3858SS .89 . '&2 75 ,)1 0 0 1994-JAN. 60603 60763 60588 60529 60693 60533 60529 60693 60533 59155 59623 59621 1448 1140 967 389~13 393960 397ou ,73 70 55 ,.5 15 24 0 0 0 60333 59910 59708 60208 59709 59374 60208 59709 59374 59181 58995 58603 1151 9l5 1105 .~~4 '3:!3 57 'i34 l26 0 0 0 ~58 '364 487 4U 0 0 0 380 249 339 164 0 0 433 )~~6 . '41)3 .. 326 0 0 351 201 223 152 0 0 ;U6 112 0 FBB. ,.MAR •. APR. MAY JUNB 399~98 401725 404319 .. ~f?O f(; JULY AUQ. SBP. .OCT. NOV. pe ~ rei-• at 4:30p.m. Eastern Time 59819 59518 59483 59361 59050 58996 59361 59050 58996 58712 58514 58423 1107 .1004 1060 40;7043 409175 411032 59170 . 59009 58790 58760 58790 58760 58366 58 on 804 988 413'332 59341 59161 58908 58815 58908 58815 58286 58586 1055 574 412246 4l3451 .. 58786 58953 58436 58753 58436 58753 57945 58022 ; 841 931 415607 59408 59192 59192 58116 129l 417144 ·' 469 .. f-1~252 xuka •Ds!iiHI 1994-0CT. 12 26 NOV. DBC. 9 23p 7pe ~16:1120 : ·--' ~. ; . ~ .:~' us ~ Reserves and monetary base figures Incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes In rese~e requirements, (For morEl 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 2and footnote 2 on Table 3.) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of d~J>QSitory Institutions from the Federal Reserve. Extended credit conslsJs of bQirowJng at the discount wlndqw under the terms and conditions established fbr 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 cr¢it, the money market impact of extended credit is similar to that of . nonborrowed reserves.. . , , , 5. EXCBS$ reserves NSA equals unadjusted total reserves (Table 2, column 1) less unadjusted required ~eserves (Table 2, column 3). . 6: 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 q11arterly repo~s on ltle "Report of Transaction Accounts, Other Deposi~ and Vault Cash and for all thos~ weekly r~p,o~l~rs whose vaulf cash exceeds their required reserves, the seasonally adjusted; break-adjusted Cflfference 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.) 1. 2. 3. 4. p . preliminary pe 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 dally figures, not seasonally adjusted Millions of dollars Vault cash' Reserves of depository Institutions Date total2 nonborrowed required 61296 62858 61207 62776 60195 61795 3911U 397619 29018 293" 3565!1 36812 32278 33U' 3377 3328 62072 S9S93 S9605 61998 59523 59550 6062, sus' 58638 397887 397929 ,00783 27817 26922 27396 37907 36U!I 3SS85 362S' 32671 32208 36S3 362' 3377 616U S9273 S992' 61516 59073 S9591 60689 58358 58819 ,06319 ,06592 U0939 29616 26790 26502 3521S 35892 36898 32027 32683 33622 3188 3'09 3676 5963, 58868 S9465 58985 58333 58891 'U391 'U899 U66SO 25996 2S284 2S1S7 37635 376U 38431 uou SBP. 60092 59337 S99S1 UOS2 34794 353t 3S62 3637 OCT. NOV. pe SU90 6000, S9110 S97S5 S8686 59016 U8121 ,21694 24"S 2471S 38231 38931 UHS UN 3S28t 3U2 26 S9962 S9161 S9S29 S8815 S8907 S8S87 U8122 U76S2 2,82, 2S02S 3853t 37t08 35138 3U37 3401 3672 328 298 9 23p S9276 60027 S8926 S9827 S8US S9096 U9UO ,22238 23771 2S360 3U3C 38235 35506 3,66. 3730 3S61 10 11 60894 60678 S9602 U3S18 2C6U 3!1931 34253 3617 -68 DBC. 1994-JAN. PBB. MAR. APR. NAY JUNB JULY AUG. •••IE• •za!U~ 1!194-0CT. 12 NOV. DBC. 1. 2. 3. 4. 5. 6. 7. 8. p Net carryover of reserve balances• Monetary base3 1993-NOV. ~ Reserve balances with F.R. Banks' 7pe total used to satisfy required r ervQs• surplus7 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) re ulred clearing balances and adjuslments 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 Tr .saction Accounts, Other DepoSits and Vault Cash" and for a1 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 lntrodudlon 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-or adjustments. Oates refer o the maintenance periods In which the vault cash can be used to satisfy reserve requirements. Star ;ing with the malntenaooe period ended November 25, 1992, each maintenance period for weekly re~s.ends 16 days after the lagged computation period In which the vauft cash Is held. Previously, each maintenance period erided 30 days after flelaaaed computation ~All vault cash held during the lagged computation period by "bound" Institutions (I.e., those whose required reser1es exceed their vault cash) plus the amount of vaiill 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. Reflecls excess (+) or deficit (·) r.aserves eligible 10 b8 carried forward Into the two-week reserve maintenance period ending on the date shown. preliminary H.3(502) Table3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes In reserve requlrements 1 Averages of dally figures, not seasonaHy adjusted Millions of dollars Reserves of depository Institutions Date total2 nonborrowed requk'ed' Monetary base4 60671 62367 60582 62285 5U71 f1305 38U85 3!10588 62037 59529 59U6 61963 59459 59U1 f058ll 5838!1 5852!1 3!11001 3!10859 394152 61398 58!172 59555 61274 58772 59222 f02U 58057 5U50 3!1!1758 400262 40"16 SBP. 59659 58U2 59387 59201 58374 58900 58552 57839 58327 4081155 408948 4110U_ OCT. NOV. pe 58866 59321 58U5 59071 580f2 58332 412782 416535 59358 58530 58925 581U 58303 51!155 412597 412U7 58625 59HO 58275 59139 577U 5UOll 414161 417081 60177 59961 58885 41Ull5 1993-HOV. DBC. 1994-JAH. PBB. MAll. APR. NAY JUNB JULY AUQ. T1fp yuki uadJ.pq 1994-0CT. ·12 26 NOV. DBC. ll 23p 7pe Note: Historical data are available from the Money and Reserves Projections Section, DMslon 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. Br&ak-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 r~ulatory changes In reserve requirements, a multiplicative procedure is used to estimate what r&qWed reserves would have been In past periods had current reserve requirements been In effect. Break-adjusted requlred reserves are equal to break-adJusted required reserves against transactions deposits. The break-adJusted mone~ base equals (1) break-adJusted total reserves plus (2) the (unadjusted) currency component of the mont)' stock Plus (3) tor all~~ on the "Report of Transaction Acoounts, Othei' Deposits and Vault Cash and tor all those weekly reporters whose vault cash exceeds their required reserves, the break-adjust8d dltterence between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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