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FEDERAL RESERVE statistical release JULY Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total' excess NSA• Monetary base• total seasonal extended credit' 56967 57302 57659 58386 56967 57302 57659 58386 56138 56457 57059 57723 911 1089 952 1090 368194 371296 374340 378076 181 24. 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 59753 60091 59819 59419 60091 59819 59419 59064 59104 58645 1151 915 1107 399089 401828 404358 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 6 20p 59755 59292 59188 58881 59188 58881 58265 58609 1490 684 406057 405860 568 412 292 357 0 1 APR. fWQ wgets §Dgin~ 1994-MAY p pe required 57049 57!14'6 58011 58813 MAY JUNB 5. 6. nonborrowed plus extended credit' 1993-JUNB JULY AUG. SBP. MAR. 1. 2. 3. 4. nonborrowed 3 29. 1994 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), tor all quar1erly 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 footnite 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 lor changes in reserve requirements' Averages of daily ligures, not seasonally adjusted Millions of dollars Vaultcash 5 Reserves of depository institutions Date total' 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. DEC. 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. FEB. 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 59927 61516 59073 59594 60489 58359 58820 406319 406592 410923 29614 26790 26505 35215 35992 36998 32027 32493 33422 3189 3409 3476 25 58800 58584 57881 406023 26848 35320 31952 3369 241 JUNE 8 22 59622 60162 59404 59996 58531 59264 409177 410968 26916 26473 36209 37227 32906 33689 3403 3539 211 212 JULY 6 20p 59922 60592 59255 60180 59332 59908 412591 415700 26250 26939 37012 37178 33573 33754 3439 3424 165 99 w~~kl §nding 1994-MAY 1. 4. 5. 6. Net carryover of reserve balances• 57057 57506 57415 58709 APR. 2 total surplus7 57238 57750 57767 59136 MAY JUNE 3. required used to satisfy required reserves• 1993-JUNE JULY AUG. SEP. MAR. two non borrowed Monetary base' Reserve balances with F.R. Banks' 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 lor float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report of iransaction Accounts, Other Deposits and Vault Cash" and lor 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. Alter the introduction of CAR, currency and vault cash ligures are measured over computation periods ending on Mondays. Excludes required clearing balances and adjustments to compensate lor float and includes other oN-balance sheet "as;of" adjustments. . . Dates refer to the maintenance penods In which the vault cash can be used to sat1stv reserve requirements. Starting with the mamtenance period ended November 25, 1992, each maintenance period lor weekly reporters ends 16 days alter the lagged computation period in which the vault cash is held. Previously, each maintenance period ended 30 days alter 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 e_eriod by "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. · •· • '- -'--' . . _. -'----=•--· :__ ......;............ -.; ... ,,.... thn. ~n"'niJnt !:llnnliorf tn ~~tic:fv rAc::.ArvA rAntJirAmRnt~ 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 totaf2 non borrowed required 3 Monetary base• 1993-JUNE JULY AUG. SBP. 56933 57385 57343 58646 56751 57141 56991 58218 56022 56297 56391 57556 368719 371997 374083 377723 OCT. NOV. 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 59225 60246 58057 58451 399758 400262 404701 58497 58281 57578 399744 59286 59790 59068 59524 58194 58892 402980 404786 59427 60157 58859 59745 57937 59473 406272 409427 DBC. 1994-JAN. FBB. MAR. APR. MAY JUNE Two weeks ending 1994-MAY 25 JUNE 8 22 JULY 6 20p 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. 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 disoontinuities 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 reqwed reserves are equal to break-adJusted required reserves against transactions deposits. The break-adjusted monetary base equals (1l 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. Pe preiiiiiiiiary estimate
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