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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY"'SASE For release at 4:30p.m. Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars JANUARY 26, 1995 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 p pe excess NSA5 Monetary base6 total seasonal extended credit' 60394 60394 59413 1063 385855 82 31 0 1994-.Jlili. FEB. G05~L1 50633; 5•)529 606EI3 MAR. 6G6(E< 60763 6053<. 60533 60533 59155 59623 59621 1448 1140 967 389613 393960 397014 73 70 55 15 15 24 0 0 0 APR. MAY JUNE 60333 59910 59708 60208 59709 59374 60208 59709 59374 59181 58995 58603 1151 915 1105 399198 401725 404319 124 200 333 57 134 226 0 0 0 JULY AUG. SEP. 59819 59518 59483 59361 59050 58996 59361 59050 58996 58712 58514 58423 1107 1004 1060 407043 409200 411084 458 469 487 364 445 444 0 0 0 OCT. NOV. DEC. 59170 59012 59003 58790 58763 58794 58790 58763 58794 58366 58004 57856 804 1008 1147 413399 416463 417076 380 249 209 339 164 100 0 0 0 58964 58763 58763 58019 945 416288 201 152 0 7 21 59399 59024 59183 58845 59183 58845 58053 57944 1346 1080 417815 416677 216 179 112 98 0 0 4 18p 58696 59149 58450 59081 58450 59081 57593 57729 1103 1420 417116 420140 246 68 95 38 0 0 1995-JAN. 5. required 60476 DEC. 6. nonborrowed plus extended credit' 1993-DEC. Two weeks ending 1994-NOV. 23 1. 2. 3. 4. nonborrowed 3 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 3). The seasonally adjusted, break-adJusted monetary base consists of ( 1l seasonally adJusted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus (3), 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 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) Table2 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 tota1 2 61795 397619 29374 36812 33484 3328 1994-JAN. FEB. MAR. 62072 59593 59605 61998 59523 59550 60624 58454 58638 397887 397929 400783 27817 26922 27396 37907 36295 35585 34254 32671 32208 3653 3624 3377 APR. MAY JUNE 61641 59273 59924 61516 59073 59591 60489 58358 58819 406319 406592 410939 29614 26790 26502 35215 35892 36898 32027 32483 33422 3188 3409 3476 JULY AUG. SEP. 60092 59337 59951 59634 58868 59465 58985 58333 58891 414391 414923 416701 25996 25284 25157 37635 37614 38431 34096 34052 34794 3539 3562 3637 OCT. 59490 60006 61319 59110 59757 61110 58686 58999 60171 418187 421904 427185 24745 24715 24637 38231 38931 40363 34745 35291 36682 3486 3640 3681 60037 59836 59092 422298 25360 38235 34677 3558 11 7 21 60883 61370 60667 61191 59538 60291 424197 426622 24638 24288 39934 40862 36245 37082 3689 3780 -48 112 4 18p 61551 62215 61305 62147 60449 60795 430064 428531 25124 24001 39965 42162 36428 38214 3538 3948 196 137 1995-JAN. 4. 5. 6. 7. 8. p pe surplus7 62776 DEC. 3. total Net carryover of reserve balances 8 62858 Two weeks enging 1994-NOV. 23 1. required used to satisfy required reserves6 1993-DEC. NOV. DEC. 2. non borrowed Monetary base3 Reserve balances with F.R. Banks 4 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 lransaction 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 vault 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 vaull 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' non borrowed required' Monetary base• 1993-DEC. 62367 62285 61305 390588 1994-JAN. FEB. 62037 59529 59496 61963 59459 59441 60589 58389 58529 391001 390859 394152 MAY JUNE 61398 58972 59555 61274 58772 59222 60246 58057 58450 399758 400262 404716 JULY AUG. SEP. 59659 58842 59387 59201 58374 58900 58552 57839 58327 408165 408973 411097 OCT. 58866 59323 60814 58485 59074 60605 58062 58316 59667 412848 416752 422217 59350 59149 58405 417149 7 21 60167 60612 59951 60433 58821 59532 419187 421317 4 18p 61551 62225 61305 62157 60448 60805 425600 424128 MAR. APR. NOV. DEC. Two weeks ending 1994-NOV. 23 DEC. 1995-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~adjuste<:! total reserves eq!Jal br~~-!'ldjusted required reserves (T~ble 3, column ~) plus excess rE!serv~s NSA (Table .1, column 5).. . . To adJUSt required reserves for discontinUities due to regulatory changes 1n reserve reqUirements, a mult1phcat1ve procedure IS used to estimate what requ1red reserves would have been 1n 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