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FEDERAL RESERVE statistical release
H.3(502)
Table 1
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY Bk:~~
·or 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 5, 1995
Borrowings of depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
totaF
4.
5.
6.
p
pe
excess
NSA 5
Monetary
base•
total
seasonal
extended credit'
60394
60394
59413
1063
385855
82
31
0
1994-JAN.
FEB.
MAR.
60603
60763
60588
60529
60693
60533
60529
60693
60533
59155
59623
59621
144.8
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
59191
56995
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
409175
411032
458
469
487
364
445
444
0
0
0
OCT.
NOV.
DEC. pe
59170
59012
59056
58790
58763
58847
58790
58763
58847
58366
58004
57872
804
1008
1184
413332
416379
417250
380
249
209
339
164
100
0
0
0
58786
58964
58436
58763
58436
58763
57945
58019
841
945
415607
416202
351
201
223
152
0
0
59399
59036
59183
58857
59183
58857
58053
57943
1346
1092
417725
416721
216
179
112
98
0
0
58844
58598
58598
57645
1199
417657
246
95
0
1995-JAN.
3.
required
60476
DEC.
1.
nonborrowed plus
extended credit'
1993-DEC.
Two weeks ending
1994-NOV. 9
23
2.
non borrowed'
7
21p
4pe
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 ( 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 fl ·quirements. (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 cash5
Reserves of depository institutions
Date
totai2
non borrowed
required
Monetary
base3
Reserve
balances with
F.R. Banks 4
total
used to satisfy
required
reserves•
surplus 7
Net carryover
of reserve
balances•
1993-DEC.
62858
62776
61795
397619
29374
36812
33484
3328
1994-JAN.
FEB.
MAR.
62072
59593
59605
61998
59523
59550
60624
58454
58638
397 887
397 929
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
414899
416650
25996
25284
25157
37635
37614
38431
34096
34052
34794
3539
3562
3637
OCT.
NOV.
DEC. pe
59490
60006
61373
59110
59757
61164
58686
58999
60189
418121
421819
427379
24745
24715
24698
38231
38931
40362
34745
35291
36675
3486
3640
3687
Two weeks endi~
1994-NOV. 9
23
59276
60037
58926
59836
58435
59092
419430
422212
23771
25360
39236
38235
35506
34677
3730
3558
10
11
7
21p
60883
61382
60667
61203
59538
60290
424106
426668
24638
24300
39934
40862
36245
37082
3689
3780
-48
112
61702
61456
60503
430666
25298
39961
36405
3556
206
DEC.
1995-JAN.
1
2
3
4
6
7
p
pe
4pe
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 13) 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
vilult 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
sash figures are measured over computation penods end1ng on Mondays.
Excludes required clearing balances and adjustments to compensate for float and includes other o_ff-balance she~t "as~of" adjust_ments.
.
.
nates refer to the maintenance penods 1n wh1ch the vault cash can be used to sat1stv reserve requirements. Starting w1th the maintenance penod ended November 25, 1992, each maintenance period for
wH<->kly 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 compu~tion Reriod.
.
A!l vault cash held during the lagged computation penod by "bound" mst1tut1ons {I.e., those whose required reserves exceed the1r vault cash) plus the amount of vault cash applied dunng the mamtenance
owiod by "nonbound" institutions (i.e., those whose vault cash exceeds their requ1red reserves)to satisfy current reserve requirements.
'rota! vault cash held by depository 1nstitut1cns m1nus 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 neriod ending on the date shown.
preliminary
preliminary estrrnate
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
totaF
non borrowed
required3
Monetary base•
1993-DEC.
62367
62285
61305
390588
1994-JAN.
FEB.
62037
59529
59496
61963
59459
59441
60589
58389
58529
391001
390859
394152
61398
58972
59555
61274
58772
59222
60246
58057
58450
399758
400262
404716
59659
58842
59387
59201
58374
58900
58552
57839
58327
408165
408948
411045
58866
59323
60868
58485
59074
60659
58062
58316
59684
412782
416667
422392
58625
59350
58275
59149
57784
58405
414161
417063
60167
60624
59951
60445
58821
59531
419096
421348
61702
61456
60503
426160
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP.
OCT.
NOV.
DEC. pe
Two weeks ending
1994-NOV.
9
23
DEC.
1995-JAN.
7
21p
4pe
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.
Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements.
Break_-adjuste~ total reserves eq~al br~a~-~djusted required reserves (T~ble 3, column~) plus excess r~s~rv~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 est1mate what required reserves would have been in past periods
4.
had current reserve requirements been in effect. Break-adjusted requ1red 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 rquired reserves, the break-adjusted difference between current vault cash
and the amount applied to satisfy current reserve requirements.
p
pe
preliminary
preliminary estimate
@FedFRASER