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FEDERAL RESERVE statistical release H.3 (502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE \release at 4 ·30 p m. Eastern T1rr.e Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars FEBRUARY 10, 1994 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date , t6taf2 p pe Monetary base' total seasonal extended credit' MAR. 53405 53818 53953 1260 1104 1213 353127 355883 358503 165 45 91 11 18 26 1 0 0 APR. MAY JUNE 55197 56877 57119 55124 56756 56938 55124 56756 56938 54101 55881 56209 1096 996 911 361060 365416 368267 73 121 181 41 84 142 0 0 0 JULY AUG. SEP. 57567 58033 58837 57323 57680 58410 57323 57680 58410 56478 57080 57747 1089 952 1090 371315 374365 37 8084 244 352 428 210 234 236 0 0 0 OCT. 59819 60459 60536 59534 60370 60454 59534 60370 60454 58730 59359 59474 1089 1101 1063 381435 384136 385863 285 89 82 192 75 31 0 0 0 60565 60492 60492 59117 1448 389525 73 15 0 weeks ending 1993-DEC. 8 22 60627 60533 60572 60474 60572 60474 59465 59642 1162 891 385467 385698 56 59 43 34 0 0 1994-JAN. 5 19 60460 60437 60319 60364 60319 60364 59219 58764 1241 1673 386470 388749 142 74 16 11 0 0 60758 60713 60713 59487 1271 391704 45 18 0 FEB. 5. 6. excess NSA' 54501 54877 55074 1994-JAN. p 1. required 54500 54876 55074 NOV. DEC. 2. 3 4 nonborrowed plus extended credit< 54665 54922 55166 1993-JAN. FEB. ~rwo nonborrowed' 2p 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 reCjUired reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table 2 and footnote~ on Table 3.) Seasonally ad1usted, 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 hr;:lp 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 sansfy 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 daily figures, not seasonally adjusted Millions of dollars Vaultcash5 Reserves of depository institutions Date totai 2 1993-JAN. FBB. MAR. 360875 359558 362588 23636 23515 24383 36003 33919 33294 32368 30368 29912 3635 3551 3381 APR. MAY JUNB 56541 56101 57238 56468 55979 57057 55445 55104 56328 368175 370461 375192 26975 25968 26462 32718 33460 34106 29567 30133 30776 3151 3328 3329 JULY AUG. SBP. 57750 57767 59136 57506 57415 58709 56661 56815 58046 378481 380532 384245 26562 26564 27274 34536 34516 35220 31189 31203 31863 3347 3313 3357 OCT. 60036 61296 62858 59751 61207 62776 58947 60195 61795 387 509 391124 397579 28297 29018 29374 35184 35655 36812 31739 32278 33484 3445 3377 3328 62083 62009 60635 397849 27826 37907 34256 3651 Net carryover of reserve balances• 1ng1ng 1993-DBC. 8 22 62124 62771 62068 62712 60962 61880 393937 397254 28999 28950 36494 37202 33125 33821 3369 3381 280 221 1994-JAN. 5 19 63646 63435 63505 63362 62405 61762 401321 399539 30367 28746 36489 38241 33279 34690 3210 3551 63 -63 59853 59808 58582 394432 25695 38110 34159 3952 340 FEB. t3. surplus7 54744 52778 53083 r~Q ~§~ta 4. 5. total 55838 53837 54204 1994-JAN. p 3. required used to satisfy required reserves• 56004 53882 54296 NOV. DBC. 1. 2. nonborrowed Monetary base• Reserve balances with F.R. Banks• 2p Reflects actual required reserves, with no adjustments to eliminate the eHects 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 lransaction 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 perioos 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 vauh cash is held. Previously, each maintenance period ended 30 days after the lagged computation period. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vaullcash applied durin~ the maintr.m:.nr-c period by "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. lnt~l v~11lt r~c:h hAirl hv rlAon~itnrv in~tihJtion;e::; minu~ thP. amount aoolisd to satisfv reserve reouin~mPnt~ 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 M !lions of dollars Reserves of depository institutions Date total2 required 3 Monetary base• 55969 53810 54177 55803 53765 54086 54709 52707 52964 354414 353184 356001 56365 55876 56959 56292 55755 56777 55269 54880 56048 361637 364081 368733 AUG. SEP. 57417 57380 58688 57173 57028 59261 56328 56428 57598 372015 374104 377747 OCT. NOV. DEC. 59528 60725 62413 59243 60635 62331 58439 59624 61351 380923 384295 390576 1994-JAN. p 62044 61971 60596 390962 weeks ending 1993-DBC. 6 22 61518 62133 61463 62074 60356 61242 386958 389969 63646 63403 63504 63329 62405 61730 394736 392467 59792 59747 58521 387611 1993-JAN. FEB. MAR. APR. MAY JUNE JULY ~ non borrowed 1994-JAN. FEB. 5 19 2p 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 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 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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