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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 4:30p.m. Eastem Time
Adjusted for changes in reserve requirements 1
Averages of dally figures, seasonally adjusted unless noted otherwise
Millions of dollars
FEBRUARY 2,1995
Borrowings of depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
total2
nonborrowe<f
nonborrowed plus
eXIBnded cred'Jt4
60603
60763
60588
60529
60693
60533
60333
59910
59708
60208
59709
59374
59819
59518
59483
Monetary
base'
required
excess
NSA5
60529
60693
60533
59155
59623
59621
1448
1140
967
389882
393732
396688
73
70
55
15
15
24
0
0
0
~0208
59709
59374
59181
58995
58603
1151
915
1105
399090
401539
403983
124
200
333
57
134
226
0
0
0
59361
59050
58996
59361
59050
58996
58712
58514
58423
1107
1004
1060
406948
408945
411088
458
469
487
364
445
444
0
0
0
59170
59012
59025
58790
58763
58816
58790
58763
58816
58366
58004
57856
804
1008
1168
413615
416507
418000
380
249
209
339
164
100
0
0
0
59148
59013
59017
57762
1386
420702
136
46
4
u
7
59399
59024
59183
58845
59183
58845
58053
57944
1346
1080
418193
417801
216
179
112
98
0
0
4
18p
58763
59095
58517
59028
58517
59028
57595
57735
1167
1361
418144
420282
246
68
95
38
0
0
59324
59149
59159
57843
1481
421942
175
41
10
UU-JAN.
PBB.
liAR.
APR.
KAY
JUNE
JULY
AUG.
SBP.
OC'l'.
NOV.
DBC.
U95-JAN. pe
total
seasonal
eX1Bnded credit4
Two weak⢠andina
1994-DBC.
1995-JAN.
PBB.
1.
2.
3.
4.
5.
6.
p
pe
1pa
Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (For more information, see Table 3.1
Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusled 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 rlepository institutions C:eal with sustained liquidity
pressures. Because there is not the same need to repay such borrowing prompdy as there Is with traditional short-term adjustment credit, the mor .ey market impact of extended credit is simirar 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 seasonal~, 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 reporter-;; whose vaulf cash exceeds their required r9Serves, 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
Millions of dollars
Vaultcash 5
Reserves of depository institutions
Date
total2
1994-JAN.
non borrowed
required
Monetary
base3
Reserve
balances with
F.R. Banks4
total
used to satisfy
required
reserves6
surplus 7
62072
59593
59605
61998
59523
59550
60624
58454
58638
397887
397929
400783
27817
26922
27396
37902
36296
35589
34254
32671
32208
3647
3625
3380
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.
SBP.
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
38931
40363
34745
35291
36682
3486
3640
3681
60570
60434
59183
425973
22332
42303
38238
4065
PBB.
MAR.
APR.
MAY
NOV.
DBC.
1995-JAN. pe
Net carryover
of reserve
balances 8
~WQ ~eeks ~~g1gg
1994-DBC.
7
21
60883
61370
60667
61191
59538
60291
424197
426622
24638
24288
39934
40862
36245
37082
3689
3780
-48
112
1995-JAN.
4
18p
61618
62162
61372
62094
60451
60801
430260
428464
25189
23946
39965
42163
36429
38216
3537
3947
196
139
58533
58358
57052
421972
19714
43175
38819
4355
437
FEB.
1.
2.
3.
4.
5.
6.
7.
8.
p
pe
1pe
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, tlie difference between current vault cash and the amount applied to satisfy 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-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 vault cash applied during the maintenance
1>9riod 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 1
Averages of daily figures, not seasonally adjusted
Millions of dollars
Reserves of depository institutions
Date
tota12
1994-JAN.
PBB.
MAR.
APR.
NAY
JUNB
JULY
AUG.
SBP.
OCT.
NOV.
DBC.
1995-JAN. pe
nonborrowed
requirecf
Monetary base'
62037
59529
59496
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
60583
60447
59196
421506
Two weeki and,.ina
1994-DBC.
7
21
60167
60612
59951
60433
58821
59532
419187
421317
1995-JAN.
4
18p
61617
62172
61371
62104
60450
60811
425797
424060
58553
58378
57072
417435
PBB.
1pe
Note: Historical data are available trom 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 eq!Jal br~-~dJUSted required reserves (T~Ie 3, column~) plus excess r~~rv~ NSA (Table .1. column 5)..
.
To adjust required reserves for discontinuities due to regulatory changes 1n 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 stock plus (3), for all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cas~ and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash
and lhe amount applied to satisfy current reserve reqUirements.
preliminary
preliminary estimate
@FedFRASER