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....... FEDERAL RESERVE statistical release H.3 (502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release at 4:~0 p.m. Eastern Time Adjusted for changes in reserve requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars JULY 6, 1995 Borrowings of depository inntitutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 nonborrowecP nonborrowed plus extended credit4 required excess NSA5 Monetary base6 total seasonal extended credit4 1.994-JUNB JULY AUG. SBP. 59989 601.05 59839 59794 59656 59647 59370 59307 59656 59647 59370 59307 58885 58998 58835 58734 l.l.05 l.l.07 1.004 1.060 40421.3 4071.75 409243 4l.l.337 333 458 469 487 226 364 445 444 0 0 0 0 OC'1'. 59496 59401. 59342 59l.l.6 591.52 591.33 59l.l.6 591.52 591.33 58693 58394 58l.7 4 804 1.008 l.l.68 41.3854 41.6788 41.8223 380 249 209 339 1.64 l.OO 0 0 0 591.24 5891.9 58552 58988 58860 58483 58992 58860 58483 57785 57973 57757 1.339 946 794 421.054 42231.2 425350 1.36 59 69 46 33 51 4 0 0 57957 57761. 57355 57847 57 6l.l. 57082 57847 576l.l. 57082 57204 56881. 56383 753 880 972 4281.26 430686 429664 l.l.l. 1.50 273 82 1.37 1.72 0 0 0 l.O 24 5801.6 57769 57869 57625 57869 57625 56981. 56960 1.035 8l.O 430l.l.9 43l.l.89 1.48 1.44 1.24 1.40 0 0 7 2l.p 57380 57324 5721.5 57038 5721.5 57038 56583 56389 798 934 430490 429445 1.65 286 1.50 1.55 0 0 57384 57047 57047 5621.7 l.l.67 429361. 337 21.4 0 NOV. DBC. 1.995-JAN. PBB. MAR. APR. MAY JUNB pe TwO weeks entUna 1.995-MAY JUNB JULY 1. 2. 3. 4. 5. 6. p pe 5pe 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 ~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, 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) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 nonborrowed required Vault cash5 Monetary base3 Reserve balances with F.R. Banks4 total used to satisfy required reserves6 surplus7 Net carryover of reserve balances8 1994-JUNB JULY AUG. SBP. 59924 60092 59337 59951 59591 59634 58868 59465 58819 58985 58333 58891 410939 414391 414923 416701 26502 25996 25284 25157 36906 37644 37618 38433 33422 34096 34052 34794 3484 3548 3566 3639 OCT. NOV. DBC. 59490 60006 61340 59110 59757 61131 58686 58999 60172 418187 421904 427247 24745 24715 24658 38231 38933 40365 34745 35291 36682 3486 3642 3683 1995-JAN. PBB. MAR. 60521 57699 57583 60385 57639 57514 59182 56752 56789 426311 423570 427556 22291 21758 22649 42291 39795 38518 38230 35941 34934 4061 3855 3584 APil. MAY JUNE 58874 56757 57046 58763 56607 56773 58120 55877 56074 432789 433467 434476 24217 21476 21065 38099 39038 39836 34657 35281 35981 3442 3757 3855 10 24 57543 56361 57396 56217 56508 55552 433262 433211 21994 21406 39261 38711 35550 34955 3712 3756 -47 85 7 21p 56424 57638 56259 57353 55627 56704 434271 435249 20875 21400 39373 40146 35549 36239 3824 3907 31 -108 56608 56272 55441 433434 20693 39714 35915 3799 117 pe ~ l!!iHiil e~g;I.J;Ag 1995-MAY JUNB JULY 1. 2. 3. 4. 5. 6. 7. 8. p pe 5pe 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 quarter1y reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vaulrcash exceeds their required reserves, ttie 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 vau[t 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 vault cash applied during the maintenance period by "nonbound"lnstitutions (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) Table3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total2 nonborrowed requirecfl Monetary baseā¢ 1994-JUNB JULY AUG. SBP. 59781 59923 59141 59728 59447 59465 58673 59241 58676 58816 58137 58668 404900 408378 409214 411371 OCT. NOV. DEC. 59241 59731 61133 58860 59482 60924 58437 58724 59964 413149 417075 422514 1995-JAN. 60520 57722 57621 60384 57662 57552 59181 56775 56627 421840 419250 423268 pe 58928 56824 57129 58818 56675 56857 58175 55945 56157 428738 429287 430169 Two weets endina 1995-MAY 10 24 57605 56429 57458 56285 56570 55619 429053 429082 56499 57722 56334 57437 55702 56788 430030 430978 56697 56360 55530 429019 FEB. MAR. APR. MAY JUNE JUNE 7 21p JULY 5pe Note: Historical data are available trom 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 discontinuities1 or "breaks", associated with regulatory changes in reserve requirements. Break_-adjuste~ total reserves eq~al br~~-!1-dJUSted required reserves (T~ble 3, column ~) plus excess r~s~rvE!s NSA (Table .1, column 5).. . . To adJust reqUJred reserves for dtscontinUJties due to regulatory changes 1n reserve reqUirements, a multiphcattve procedure ts used to esttmate what reqUired reserves would have been in past penods had current reserve requirements been in effect. Break-adjusted requtred reserves are equal to break-adJUSted required reserves against transactions deposits. The break-adjusted monetary base ~uals (1 l break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3)kfor 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 brea -adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate