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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. Eastern Time Ad 1usted tor changes In reserve requirements' Awrages of daily figures, seasonally adjusted unless noted otherwise M :ions of dollars FEBRUARY 24, 1994 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date totaf2 total ·'' seasonal extended credit' 1260 1104 1213 353127 355883 358503 165 45 91 11 18 26 1 0 0 55197 56877 57119 55124 56756 56938 55124 56756 56.938 54101 55881 56209 1096 996 911 361060 365416 368267 73 121 181 41 84 142 0 0 0 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 DBC. 59819 60459 60536 59534 60370 60454 59534 60370 60454 58730 59359 59474 1089 1101 1063 381439 384156 3859 02 285 89 82 192 75 31 0 0 0 1994-JAN. 60555 60481 60481 59106 1448 389566 73 15 0 60533 60474 60474 59642 891 385737 59 34 0 59219 58761 1241 1676 386515 388802 142 74 16 11 0 0 59462 59658 1269 1169 391727 393439 45 95 18 15 0 0 JUNB JULY AUG. SBP. OCT. NOV. weeks ending 1993-DBC. 22 1994-JAN. PBB. p pe Monetary base• 53405 53818 53953 APR. 5. excess NSA• 54501 54877 55074 MAY 6. required 54500 54876 55074 MAR. 1. 2. 3. 4. nonborrowed plus extended credit' 54665 54922 55166 1993-JAN. PBB. b_~~ nonborrowed3 5 19 60460 60437 60319 60364 60319 60364 2 16p 60731 60827 60686 60732 60686 60732 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 re(!uired reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table 2 and footnote~ 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 estabhsh~d for the extended credit program to help ~pository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as there 1s 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 The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally !idJusted, break-adjusted total reserves plus (2 the seasonally adjusted currency component of the money stock plus (3), tor all quarterly reporters on the "Report of Transaction Accounts, bther Deposits and Vault Cash and lor 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.) ' 3l. 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 ~Aillions of dollars Vault cash5 Reserves of depository institutions Date totai2 1993-JAN. FBB. nonborrowed required Monetary base• Reserve balances with F.R. Banks• total used to satisfy required reserves• surplus7 Net carryover of reserve balances• MAR. 56004 53882 54296 55838 53837 54204 54744 52778 53083 360875 359558 362588 23636 23515 24383 36003 33919 33294 32368 30368 29912 3635 3551 3381 APR. MAY 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 384245 26562 26564 27274 34536 34516 35220 31189 31203 31863 3347 3313 3357 OCT. NOV. DBC. 60036 61296 62858 59751 61207 62776 58947 60195 61795 387512 391144 397619 28297 29018 29374 35184 35655 36812 31739 32278 33484 3445 3377 3328 1994-JAN. 62072 61999 60624 397890 27818 37906 34254 3653 l'lti1 lii!i!k!! i!Dil111Sl 1993-DBC. 22 62771 62712 61880 397294 28950 37202 33821 3381 221 5 19 63646 63435 63505 63362 62405 61759 401366 399592 30367 28745 36489 38241 33279 34691 3210 3550 63 -63 2 16p 59826 60079 59781 59984 58557 58910 394456 398642 25675 26427 38107 37474 34151 33653 3957 3821 338 300 1994-JAN. FBB. 1. 2. 3. 4. Reflects actual required reserves, with no adjustments to eliminate the effects of discontinui!ies, 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. . . ~~~~~d-~~!~u!~~d ~~~~~~njl_~~~~~:~~-~~l~~~m!~~-~~••c~~~e~~s-a~of~~~~~~a~r:~;!~~~~,<l~~~?~~~~~n=.~~~~~ ~!J.S..~~~~;!?_f'.~~Ju_s'!ll.ents. H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted lor changes in reserve requirements' Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 54709 52707 52964 35U14 353184 356001 56365 55876 56959 56292 55755 56777 55269 54880 56048 361637 364081 368733 57417 57380 58688 57173 57028 58261 56328 56428 57598 372015 374104 377747 59528 60725 62413 59243 60635 62331 58439 59624 61351 380826 384315 390616 62034 61960 60585 391003 62133 62074 61242 390009 5 19 63646 63403 63504 63329 62405 61727 394781 392540 2 16p 59765 59986 59720 59891 58496 58817 387637 391398 APR. MAY JUNE JULY AUG. SBP. OCT. NOV. DBC. weeks endina 1993-DBC. 22 FBB. Monetary base• 55803 53765 54086 MAR. 1994-JAN. required' 55969 53810 54177 1993-JAN. FBB. ~ nonborrowed 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 lor 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 lor 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 l break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3)klor all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash and lor 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
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