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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
Adjusted for changes in reserve requirements 1
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
FEBRUARY 16, 1995
Borrowings of depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
total 2
1994-JAN.
PBB.
excess
NSAS
Monetary
base 6
total
seasonal
extended credit'
MAR.
59155
59623
59621
1448
1140
967
389882
393732
396688
73
70
55
15
15
24
0
0
0
APR.
MAY
JUNE
60333
59910
59708
60208
59709
59374
60208
59709
59374
59181
58995
58603
1151
915
1105
399090
401539
403983
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
406948
408945
411088
458
469
487
364
445
444
0
0
0
OCT.
NOV.
DEC.
59170
59012
59025
58790
58763
58816
58790
58763
58816
58366
58004
57856
804
1008
1168
413615
416506
417999
380
249
209
339
164
100
0
0
0
59098
58962
58966
57762
1336
420996
136
46
4
59024
58845
58845
57944
1080
417798
179
98
0
4
18
58763
59114
58517
59047
58517
59047
57595
57755
1167
1360
418145
420307
246
68
95
38
0
0
1p
15pe
59183
59177
59008
59125
59017
59125
57822
58127
1361
1049
422615
424339
176
52
41
31
10
0
PBB.
p
pe
required
60529
60693
60533
1995-JAN.
5.
6.
nonborrowed plus
extended credit'
60529
60693
60533
Two weeks ending
1994-DBC. 21
3.
4.
nonborrowed 3
60603
60763
60588
1995-JAN. p
1.
2.
4:30 p m. Eastern Time
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 tor 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 1
Averages of daily figures, not seasonally adjusted
Million~ of dollars
Vaultcash5
Reserves of depository institutions
Date
total 2
1994-JAN.
FEB.
non borrowed
required
Monetary
base3
Reserve
balances with
F.R. Banks4
total
used to satisfy
required
reserves 6
surplus7
·Net carryover
of reserve
balances8
MAR.
62072
59593
59605
61998
59523
59550
60624
58454
58638
397887
397929
400783
27817
26922
27396
37902
36296
35589
34254
32671
32208
3647
3625
3380
APR.
MAY
JUNE
61641
59273
59924
61516
59073
59591
60489
58358
58819
406319
406592
410939
29614
26790
26502
35222
35897
36906
32027
32483
33422
3195
3414
3484
JULY
AUG.
SEP.
60092
59337
59951
59634
58868
59465
58985
58333
58891
414391
414923
416701
25996
25284
25157
37644.
37618
38433
34096
34052
34794
3548
3566
3639
OCT.
59490
60006
61340
59110
59757
61131
58686
58999
60172
418187
421904
427248
24745
24715
24658
38231
38933
40365
34745
35291
36682
3486
3642
3683
60520
60384
59184
426309
22289
42289
38230
4059
61370
61191
60291
426622
24288
40864
37082
3782
112
4
18
61618
62181
61372
62114
60451
60822
430260
428476
25189
23958
39967
42165
36429
38223
3539
3942
196
139
1p
1Spe
58393
58377
58217
58325
57031
57327
4227 59
426165
19600
21117
43139
41291
38793
37260
4346
4031
396
NOV.
DEC.
1995-JAN. p
~o w~eks
ending
1994-DEC. 21
1995-JAN.
FEB.
1.
2.
3.
4.
5.
6.
7.
8.
p
pe
614
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-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 vault 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 vaull 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 forward 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
Monetary base•
61963
59459
59441
60589
58389
58529
391001
390859
394152
61398
58972
59555
61274
58772
59222
60246
58057
58450
399758
400262
404716
59659
58842
59387
59201
58374
58900
58552
57839
58327
408165
408973
411097
58866
59323
60836
58485
59074
60627
58062
58316
59668
412848
416752
422281
60533
60397
59197
421846
60612
60433
59532
421317
4
18
61617
62192
61371
62124
60450
60832
425797
424082
1p
15pe
58412
58410
58237
58359
57051
57361
418221
421742
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC.
1995-JAN. p
Two weeks ending
1994-DEC. 21
FEB.
required3
62037
59529
59496
1994-JAN.
FEB.
1995-JAN.
non borrowed
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 requ1red 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
@FedFRASER