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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' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Date Borrowings of depository institLitions from the Federal Reserve, N:SA p pe required excess NSA5 Monetary base 6 total seasonal extended credit4 59133 59133 58174 1168 418223 209 100 0 1995-JAN. FEB. MAR. 59124 58919 58552 58988 58860 58483 58992 58860 58483 57785 57973 57757 1339 946 794 421054 422312 425350 136 59 69 46 33 51 4 0 0 APR. MAY JUNE 57957 57761 57352 57847 57611 57080 57847 57611 57080 57204 56881 56388 753 880 964 428127 430687 429755 111 150 272 82 137 172 0 0 JULY AUG. SEP. 57655 57515 57368 57284 57233 57091 57284 57233 57091 56565 56527 56418 10!>0 429659 430858 431249 371 282 278 231 258 252 0 0 0 OCT. NOV. DEC. p 56821 56269 56352 56575 56065 56095 56575 56065 56095 55739 55326 55063 lC~~ 4,32423 432573 434430 245 204 257 199 73 40 0 0 0 56712 56030 56592 55794 56592 55794 55660 55233 1052 7'37 432878 432::.85 121 236 116 63 0 0 56244 56244 56011 55944 56011 55944 55155 55136 1089 1107 433323 434040 233 300 51 41 0 0 56549 56332 56332 54919 1630 435531 218 34 0 1996-JAN. 5. nonborrowed plus extended credit' 59342 DEC. 6. nonborrowed 3 B94-DEC. Two weeks ending 1995-NOV. 8 22 1. 2. 3. 4. Eastern Time JANUARY 11, 1996 Reserves of depository institutions total 2 4:30pm. 6 20 3p :'8'3 9-'30 ~~ <13 12€:9 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 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 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 (3l.. for all quarterly. reporte.rs 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 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 Millions of dollars Vault cash 5 Reserves of depository institutions Date total 2 T~Q 3. 4. 5. 6. 7. 8. p pe total surplus 7 Net carryover of reserve balances8 61340 61131 60172 427247 24658 40365 36682 3683 1995-JAN. FEB. MAR. 60521 57699 57583 60385 57639 57514 59182 56752 56789 426311 423570 427556 22291 21758 22649 42291 39795 38518 38230 35941 34934 4061 3855 3584 APR. MAY JUNE 58874 56757 57044 58763 56607 56771 58120 55877 56079 432789 433468 434568 24217 21476 21058 38099 39038 39839 34657 35281 35986 3442 3757 3853 JULY AUG. SEP. 57390 56819 57159 57019 56537 56882 56300 55832 56209 435563 435589 436203 20840 20565 20519 40522 40177 40648 36550 36255 36640 3971 3923 4008 OCT. NOV. DEC. p 56400 56397 57918 56154 56193 57661 55319 55454 56629 436324 438159 444435 20055 20066 20459 40561 40575 42117 36345 36332 37459 4216 4244 4658 22 56180 56341 56060 56105 55129 55544 436131 438259 19334 20270 41123 40218 36846 36071 4277 4148 6 20 56712 57615 56479 57316 55623 56508 440013 443118 20438 19563 40653 42943 36274 38053 4379 4890 -38 58961 58744 57331 448522 21612 41866 37350 4516 64 weeks ending 1995-NOV. 8 1996-JAN. 1. required used to satisfy required reserves• 1994-DEC. DEC. 2. non borrowed Monetary base3 Reserve balances with F.R. Banks4 3p 62 9 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) require_d 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 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 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) Table 3 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 non borrowed required 3 Monetary base4 1994-DEC. 61133 60924 59964 422514 1995-JAN. FEB. 60520 57722 57621 60384 57662 57552 59181 56775 56827 421840 419250 423268 58928 56824 57127 58818 56675 56854 58175 55945 56163 428738 429288 430263 57488 56933 57291 57117 56652 57013 56399 55946 56341 431298 431083 431623 56544 56558 58031 56299 56354 57774 55463 55615 56742 431570 433176 439003 56333 56502 56213 56266 55281 55705 431264 433271 56880 57794 56648 57495 55791 56687 434923 437952 58960 58743 57330 442565 MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. p Two weeks ending 1995-NOV. 8 22 DEC. 1996-JAN. 6 20 3p 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 resarve requirement.:;. Break-adjusted total reserves equal bre2k-adjusted required reser;es (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). To adjust requirGd reserves for discontinuities due to regulatory changes in reserve requirsments, 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 tra! .sactions deposits. The break-adjusted monetary base eque1is (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stoc'.< plus (3), for !'til quart!3rly reporters on the "Report of Trarsar:tion Accounts, Other Deposits <'•1d Vault Cash and for all those wee!dy reporters whose vault cash exceeds the1r reqwed reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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