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FEDERAL RESERVE statistical release H.3 (502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASt: For release at 4:30p.m. Eastern Timt Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars FEBRUARY 17, 1994 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total' 5. 6. p pe Monetary base• ·. ~~ total seasonal extended credit' MAR. 53405 53818 53953 1260 1104 1213 353127 355883 358503 165 45 91 18 26 APR. MAY JUNE 55197 56877 57119 55124 56756 56938 55124 56756 56938 54101 55881 56209 1096 996 911 361060 365416 368267 73 121 181 84 142 0 0 0 JULY AUG. SBP. 57567 58033 58837 57323 57680 58410 57323 57680 58410 56478 57080 57747 1089 952 1090 371315 374365 378084 244 352 428 210 234 236 0 0 0 OCT. NOV. 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 1994-JAN. p 60551 60477 60477 59106 1445 389513 73 15 0 weak• ending 1993-DBC. 22 60533 60474 60474 59642 891 385698 59 34 0 5 19 60460 60437 60319 60364 60319 60364 59219 58761 1241 1676 386470 388754 142 74 16 11 0 0 2p 16pa 60721 60813 60676 60718 60676 60718 59462 59640 1259 1173 391667 393920 45 95 18 15 0 0 FBB. 4. excess NSA5 54501 54877 55074 1994-JAN. 1. required 54500 54876 55074 DBC. 2. 3. nonborrowed plus extended credit' 54665 54922 55166 1993-JAN. FBB. Two nonborrowed3 11 41 1 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 a3·usted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table 2 and footnote~ on Table 3.) Seasonally ad usted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. Ex1ended cr it consists of borrowing at the discount window under tl)e terms and conditions establis~!!d for the ex1ended credit program to h~lp depository i_nstituUons deal with sustained liquidity pressures. Because there Is not the same need to repay such borrowing promptly as there Is With trad1t1onal short-term adJUstment credit, the money market 1m pact of ex1ended 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 reporte_rs on the "Report of Transaction Accounts, Other Deposits and Vat,Jit Cash and for all thos~ weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to saasfy 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 total' 1993-JAN. FBB. non borrowed required Monetary base3 Reserve balances with F.R. Banks4 total used to satisfy required reserves• surplus 7 Net carryover of reserve balances• 56004 53882 54296 55838 53837 54204 54744 52778 53083 360875 359558 362588 23636 23515 24383 36003 33919 33294 32368 30368 29912 3635 3551 3381 JUNE 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 3842 45 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 62069 61995 60624 397839 27815 37906 34254 3653 1993-DBC. 22 62771 62712 61880 397254 28950 37202 33821 3381 221 1994-JAN. 5 19 63646 63435 63505 63362 62405 61759 401321 399544 30367 28745 36489 38241 33279 34691 3210 3550 63 -63 2p 16pe 59817 60065 59772 59970 58557 58892 394399 399102 25666 26427 38107 37476 34151 33638 3957 3838 338 292 MAR. APR. MAY NOV. DBC. 1994-JAN. p tliQ W:§~t§ !UISliDSl FBB. 1. 2. 3. 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 diHerence between current vault cash and the amount applied to satisfy current reserve requirements. Alter the introduction of CRR, currency and vault £as~ fi.gures are ~e!JSured .ov~r compu~tio.n periods ending on Mo~d~ys;. . .. . . .. .. . . 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 3 Monetary base• 55969 53810 54177 55803 53765 54086 54709 52707 52964 354414 353184 356001 MAY JUNB 56365 55876 56959 56292 55755 56777 55269 54880 56048 361637 364081 368733 JULY AUG. SBP. 57417 57380 58688 57173 57028 58261 56328 56428 57598 372015 374104 377747 OCT. NOV. 59528 60725 62413 59243 60635 62331 58439 59624 61351 380823 384295 390576 62030 61957 60585 390951 1993-DBC. 22 62133 62074 61242 389969 1994-JAN. 5 19 63646 63403 63504 63329 62405 61727 394736 392492 2p 16pe 59755 59972 59710 59877 58496 58799 387578 391857 1993-JAN. FBB. MAR. APR. DBC. 1994-JAN. p Two weeks ending FBB. 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~adjuste~ total reserves eq!Jal br~~·!idJusted required reserves (T~ble 3, column 3) plus excess rE!serves NSA (Table _1, column 5).. . To adjust required reserves for discontinUities due to regulatory changes In reserve requirements, a multiplicative procedure IS used to estii\late 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 transactipns deposits. The break-adjusted monetary base equals (1 l 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