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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETAft fll\ASE or release at4:30 p.m. Eastern Time Adjusted for changes in reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars FEBRUARY 23, 1995 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 nonborrowecr nonborrawed plus extended credit' MAR. 60603 60763 60588 60529 60693 60533 APR. MAY JONB 60333 59910 59708 JULY Monetary base' required excess NSA5 60529 60693 60533 5!1155 5!1623 59621 1448 1140 967 389882 393732 396688 73 70 55 15 15 24 I) 60208 59709 59374 60208 59709 59374 5!1181 58995 58603 1151 915 1105 399090 401539 403983 124 200 333 57 134 226 0 0 0 59819 59518 59483 59361 59050 58996 5!1361 59050 58996 58712 58514 58423 1107 1004 1060 406948 408945 411088 458 469 487 364 445 444 0 0 0 DEC. 59170 59012 59025 58790 58763 58816 58790 58763 58816 58366 58004 57856 804 1008 1168 413615 416506 417998 380 249 209 339 164 100 0 0 0 1995-JAN. 59101 58965 58969 57762 1339 420997 136 46 4 1994-DBC. 21 59024 58845 58845 57944 1080 417796 179 98 0 1995-JAN. 4 18 58763 59114 58517 59047 58517 59047 57595 57755 1167 1360 418142 420304 246 68 95 38 0 0 1 15p 59190 59170 59014 59119 59024 59119 57821 58126 1369 1044 422620 422576 176 51 41 31 10 1994-JAN. FEB. AUQ. SBP. OCT. NOV. total seasonal ext1mded cr~;~dit" 0 0 Two weeks endina FBB. 1. 2. 3. 4. 5. 6. p pe 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 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 helo 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 (1bseasonally adJUSted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money s::ock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, ther 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 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 Vault cash' Reserves of depository institutions Date total 2 1994-JAN. FEB. 397887 397929 400783 27817 26922 27396 37902 36296 35589 34254 32671 32208 3647 3625 3380 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. NOV. DEC. 59490 60006 61340 59110 59757 61131 58686 58999 60172 418187 421904 427247 24745 24715 24658 38231 38933 40365 34745 35291 36682 3486 3642 3683 1995-JAN. 605"23 60387 59184 426307 22291 42289 38232 4058 1994-DEC. 21 61370 61191 60291 42G621 24288 40864 37082 3782 112 199 s-,JA.N. 4 lB 61618 621e:l 61'172 62114 60451 60822 430258 428473 25189 23958 39967 42165 36429 38223 3539 3942 196 139 1 58399 58370 58223 58319 57030 57326 422757 424482 19603 21095 43139 41291 38796 37275 4343 4016 396 599 e~ FEB. 15p 7. 8. p pe surplus 7 60624 58454 58638 Two weeks 6. total Net carryover of reserve balances• 61998 59523 59550 APR. 4. 5. required used to satisfy required reserve$ 8 62072 59593 59605 MAR. 1. 2. 3. non borrowed Monetary base3 Reserve balances with F.R. Banks4 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 quarter1y 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-or adjustments. Dates refer to the maintenance periods in which the vault cash can be used to satisfv 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 vauft 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 vault 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 instiiUtions 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 total2 nonborrowed requirec:P Monetary base4 62037 59529 59496 61963 59459 59441 60589 58389 58529 391001 390859 3U152 61398 58972 59555 61274 58772 59222 60246 58057 58450 399758 400262 404716 59659 58842 59387 59201 58374 58900 58552 57839 58327 408165 408973 411097 DBC. 58866 59323 60836 58485 59074 60627 58062 58316 59668 412848 416752 422280 1995-JAN. 60535 60400 59197 421846 1994-DBC. 21 60612 60433 59532 421315 1995-JAN. 4 18 61617 62192 61371 62124 60450 60832 425795 424079 1 15p 58419 58403 58243 58352 57050 57359 418227 420059 1994-JAN. PBB. MAR. APR. MAY JUNB JULY AUG. SBP. OCT. NOV. Two weeks endina PBB. 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 estimaiB 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)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 ditterence between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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