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FEDERAL RESERVE statistical release H.3 (502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE .seat 4.30 p m. Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars JULY14,1994 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total' seasonal extended credit' 368194 371286 374340 378076 181 244 352 428 142 210 234 236 0 0 0 0 OCT. NOV. DBC. 59749 60320 60476 59464 60231 60394 59464 60231 60394 58660 59219 59413 1089 1101 1063 381400 384029 385855 285 89 82 192 75 31 0 0 0 1994-JAN. FBB. 60603 60763 60589 60529 60693 60534 60529 60693 60534 59155 59623 59621 1448 1140 967 389613 393960 397014 73 70 55 15 15 24 0 0 0 60215 60019 59743 60091 59819 59410 60091 59819 59410 59064 59104 58639 1151 915 1104 399089 401828 404377 124 200 333 57 134 226 0 0 0 59846 60130 59676 59914 59676 59914 59032 59211 814 919 400636 402131 170 216 102 141 0 0 60077 59559 59859 59293 59859 59293 58986 58669 1092 890 403309 404022 218 266 176 217 0 0 59732 59165 59165 58240 1492 406065 568 292 0 JUNB JULY p pe total 911 1089 952 1090 p Two weeks endinq 1994-MAY 11 25 6. Monetary base' 56138 56457 57059 57723 APR. 5. excess NSA' 56867 57302 57659 58386 MAY JUNB 1. required 56867 57302 57659 58386 MAR. 2. nonborrowed plus extended credit' 57048 57 546 ' 58011' 58813 1993-JUNB JULY AUG. SBP. 3. 4. non borrowed' 8 22 6p 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 a~·usted, 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 ad usted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. Extended ere it consists o! borrowing at the discount window under ~e terms and conditiOI)S e~tabliS~f!d for the extended. credit progra~ to help depository i[lStitufions deal with susta!n~ liquidity pressures. Because there 1s 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 1s similar to that of nonborrowed reserves. Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column 3l. 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 quarterly reporters on the "Report of Transaction Accounts, bther 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 Vaultcash 5 Reserves of depository institutions Date total' nonborrowed required Monetary base' Reserve balances with F.R. Banks4 total used to satisfy required reserves• surplus 7 Net carryover of reserve balances• 1993-JUNB JULY AUG. SBP. 57238 57750 57767 59136 57057 57506 57415 58709 56328 56661 56815 58046 375192 378481 380532 384245 26462 26562 26564 27274 34106 34536 34516 35220 30776 31189 31203 31863 3329 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. FBB. 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 61641 59273 59918 61516 59073 59585 60489 58358 58814 406319 406592 410942 29614 26790 26500 35215 35892 36898 32027 32483 33418 3188 3409 3480 11 25 59684 58800 59514 58584 58871 57881 405906 406023 26702 26848 36447 35320 32983 31952 3464 3368 546 241 8 22 59622 60155 59404 59890 58531 59265 409177 411001 26816 26467 36209 37227 32806 33688 3403 3539 211 212 59799 59231 58307 412604 26240 37012 33559 3453 160 APR. MAY JUNE p T~2 ~~~ka gng1n~ 1994-MAY JUNE JULY 1. 2. 3. 4. 5. 6. 6p 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 CRR. currency and vault cash figures are measured over computation periods ending on Mondays. . . Excludes required cl~aring balanc~s an~ adj~stments to compensate for float and includes other o!f-balance sheet "as:of" adjust.ments. Dates refer to the maintenance penods 1n which the vault cash can ~e used to satisfv reserve requirements. Starting With the maintenance penod ended November 25, 1992, each maintenance period for weekly reporters ends 16 days after the lagged computation penod in which the vault cash 1s held. Previously, each maintenance penod ended 30 days after the lagged computation period. All vault cash held during the lagged compulation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance nAriod bv "nonbound"lnstitutions li.e.. those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 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 3 Monetary base• 1993-JUNB JULY AUG. SEP. 56933 57385 57343 58646 56751 57141 56991 58218 56022 56297 56391 57556 368719 371997 374083 377723 OCT. NOV. DEC. 59481 60671 62367 59195 60582 62285 58391 59571 61305 380800 384285 390588 1994-JAN. FEB. 62037 59529 59496 61963 59459 59441 60589 58389 58529 391001 390859 394152 61398 58972 59549 61274 58772 59216 60246 58057 58445 399758 400262 404719 59407 58497 59237 58281 58593 57578 399438 399744 59286 59783 59068 59517 58194 58893 402980 404819 59404 58836 . 57912 406282 MAR. APR. MAY JUNE p Two weeks endina 1994-MAY 11 25 JUNE 8 22 JULY 6p 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 requlred reserves are equal to break-adjusted required reserves against transactions deposits. The break-adjusted monetary base equals (11 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