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FEDERAL RESERVE statistical release H.3 (502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release al4:30 p m Eastern T1me Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise M111ions of dollars JULY 21, 1994 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 nonborrowed3 nonborrowed plus extended credit' required excess NSA' Monetary base• total seasonal u.:z extended credit' 57048 57546 58011" 58813 56867 5730:.1 57659 58386 56867 57302 57659 58386 56138 56457 57059 57723 911 1089 952 1090 368194 371286 374340 378076 181 244 352 428 210 234 236 0 0 0 0 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 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 59752 60091 59819 59419 60091 59819 59419 59064 59104 58646 1151 915 1106 399089 401828 404359 124 200 333 57 134 226 0 0 0 25 60130 59914 59914 59211 919 402131 216 141 0 JUNB 8 22 60077 59566 59859 59300 59859 59300 58986 58668 1092 898 403309 403986 218 266 176 217 0 0 JULY 6p :.lOpe 59752 59274 59185 58863 59185 58863 58268 58543 1484 731 406061 406179 568 412 292 357 0 1 1993-JUNB JULY AUG. SBP. OCT. NOV, DBC. 1994-JAN. FBB. MAR. APR. KAY JUNB p :l'.!iQ weeks endina 1994-KAY 1. 2. 3. 4. 5. 6. p pe Reserves and monetary base figures incorporate adjustments tor 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 deflository institutions from the Federal Reserve. Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credat 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 (11 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 vaulf 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 '"h'" ~ 1 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' Reserves of depository Institutions Date tolal2 non borrowed required Monetary base3 Reserve balances with F.R Banks• total used to satisfy required reserves• surplus7 Net carryover of reserve balances' 1993-JUNB JULY AUG. SBP. 57238 57750 57767 59136 57057 57506 57U5 58709 563:l8 56661 56815 58046 375192 378481 380532 384245 26462 26562 265H 272H 3U06 34536 H516 35220 30776 31189 31l03 31863 3329 3H7 3313 3357 OCT. NOV. DEC. 60036 61:196 62858 59751 61l07 62776 58U7 60195 61795 387512 391144 397619 28297 29018 293H 35184 35655 36812 31739 32278 3H84 3445 3377 3328 19U-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 59:173 S99l7 61516 59073 S9S93 60489 S83S8 S8821 406319 406S92 41092S 29614 26790 26S04 35215 3S89l 36898 3:1027 3:1483 3342:1 3188 3409 3476 :IS 58800 S8S84 S7881 4060:13 26848 3S3l0 319S2 3368 :141 8 2l 596:1:1 6016:1 5H04 59896 58531 S9264 409177 410968 :16816 26473 36209 37227 3:1806 33689 3403 3538 :Ill 212 6p lOpe 59819 60574 592S2 60163 S833S 59843 412S99 416021 :16248 26821 37012 37180 33572 337S3 3440 3426 165 lOS p 'rlfQ ]!l~ekl !i!!Dsl111Sl 1994-MAY JUNE JULY Reflects actual required reserves. wilh no adjustments to eliminate lhe effects of discontinuities, or "breaks". associated wilh regulatory changes in reserve requirements. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. required clearing balances and adjustments to compensate for float at Federal Reserve Banks The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus plus (3) lhe currency component of lhe money stock plus (4), for all quarterly reporters on the "Report o Transaction Accounts, Olher Deposits and Vault Cash" and for all !hose 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 computalio':l periods ending on Mondays. Excludes required cleanng balances and adjustments to compensate lor float and Includes other off-balance sheet "as-of" adJUStments. Dates refer to lhe maintenance periods In which the vault cash can be used to satisfy reserve requirements. Starting wilh lhe maintenance period ended November 25, 1992, each maintenance period lor 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 compulation 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 carrvover onlv at deoositorv institutions maintainina reserves on the basis of two-week maintenance oeriods RRIIRCI<o AYC"-""" t ... l nr rtAfirit (_ \ '"~""""~ olinihlo tn ho ~~··in.< fnn••~·" in•n .... _ 121 ~1. !i. i' 8. H.3(502) Table3 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 total2 required 3 Monetary base• 1993-JUNB JULY AUG. SBP. 56933 57385 57343 58646 56751 57141 56991 58218 56022 56297 56391 57556 368719 371997 374083 377723 OCT. 59481 60671 62367 59195 60582 62285 58391 59571 61305 380800 384285 390588 62037 59529 59496 61963 59459 59441 60589 58389 58529 391001 390859 394152 61398 58972 59558 61274 58772 59224 60246 58057 58452 399758 400262 404702 25 58497 58281 57578 399744 8 59286 59790 59068 59524 58194 58892 40l980 40.,86 59424 60138 58856 59726 57940 59406 406276 409744 NOV. DBC. 1994-JAN. FBB. MAR. APR. MAY JUNB ~rwo nonborrowed p weeks ending 1994-MAY JUNB 22 JULY 6p lOpe 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 .,_ Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements . Break~adjuste<! total reserves equal br~~·!idJUSted required reserves (T<!ble 3, column~) plus excess res~rv~ 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. 4. 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. p pe preliminary preliminary estimate
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