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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release a\4:30 p.m. Eastern Time Adjusted for c:hanges in reserve requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars JANUARY 21, 1994 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 5. 6. p pe Monetary base6 total seasonal extended credit' 54228 53196 1155 350798 124 18 1 1993-JJ.N. FEB. MAR. 54665 54922 55166 54500 54876 55074 54501 54877 55074 53405 53818 53953 1260 1104 1213 353224 355734 358374 165 45 91 11 18 26 1 0 0 APR. MAY JUNE 55197 56877 57119 55124 56756 56938 55124 56756 56938 54101 55881 56209 1096 996 911 360634 364769 368069 73 121 181 41 84 142 0 0 0 JULY AUG. SBP. 57567 58033 58837 57323 57680 58410 57323 57680 58410 56478 57080 57747 1089 952 1090 370978 374532 379261 244 352 428 210 234 236 0 0 0 OCT. 59819 60459 60543 59534 60370 60461 59534 60370 60461 58730 59359 59470 1089 1101 1073 381765 384581 386074 285 89 82 192 75 31 0 0 0 60521 60447 60447 59419 1102 384621 74 68 0 8 22 60627 60533 60572 60474 60572 60474 59465 59642 1162 891 385747 385609 56 59 43 34 0 0 5p 19pe 60482 60369 6034l. 60296 6034l. 60296 59205 58675 1277 1694 387087 388373 142 73 16 11 0 0 weeks~ 1994-JAN. 3. 4. excess NSA5 54228 DEC. 1. required 54351 1993-NC•V. 24 2. nonborrowed plus extended credit4 1992-DEC. NOV. DEC. p Two nonborrowed3 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~ 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 o! borrowing at the discount window under the terms and conditioi}S e~tablis~~d for the extended. credit prograr:n to help depository institutions deal with sustained liquidity pressures. Because there 1s not the same need to repay such borrowing promptly as there 1s w1th traditional short-term adJustment credit, the money market 1m pact of extended credit is simifar 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 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 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' Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcash5 Reserves of depository institutions Date totai2 6. 7. 8. p pe surplus7 56416 55385 360895 25368 34535 31172 3364 1993-JAN. FEB. MAR. 56004 53882 54296 55838 53837 54204 54744 52778 53083 360875 359558 362588 23636 23515 24383 35991 33914 33293 32368 30368 29912 3623 3546 3381 APR. MAY JUNE 56541 56101 57238 56468 55979 57057 55445 55104 56328 368175 370461 375192 26975 25968 26462 32721 33462 34106 29567 30133 30776 3154 3329 3330 JULY AUG. SEP. 57750 57767 59136 57506 57415 58709 56661 56815 58046 378481 380532 384245 26562 26564 27274 34535 34516 35217 31189 31203 31863 3347 3313 3355 OCT. NOV. DEC. p 60036 61296 62864 59751 61207 62782 58947 60195 61791 387509 391124 397588 28297 29018 29381 35184 35655 36812 31739 32278 33484 3445 3376 3328 61308 61234 60205 391248 29742 34894 31566 3328 304 8 22 62124 62771 62068 62712 60962 61880 393937 397254 28999 28950 36494 37202 33125 33821 3369 3381 280 221 5p 19pe 63668 63363 63527 63290 62391 61669 401354 399048 30389 28748 36489 38232 33279 34615 3210 3617 63 -45 1994-JAN. 4. 5. total Net carryover of reserve balances 8 56540 DEC. 3. required used to satisfy required reserves6 1992-DEC. Two weeks enging 1993-NOV. 24 1. 2. 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 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 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 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 required3 Monetary base4 1992-DEC. 56056 55933 54901 354546 1993-JAN. FEB. 55969 53810 54177 55803 53765 54086 54709 52707 52964 354414 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 62420 59243 60635 62338 58439 59624 61347 380823 384295 390584 60734 60660 59631 384446 8 22 61518 62133 61463 62074 60356 61242 386958 389969 5p 19pe 63667 63330 63526 63257 62391 61636 394764 391948 MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. DEC. p Two weeks endina 1993-NOV. 24 DEC. 1994-JAN. 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 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 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
@FedFRASER