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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 Adjusted tor changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Borrowings of depository institutions from the Federal Reserve, NSA Date 5. 6 p pe nonborrowed 3 nonborrowed plus extended credit' required excess NSA 5 Monetary base' total seasonal extended credit' 1994-APR. MAY JUNE 60480 60105 59989 60356 59905 59656 60356 59905 59656 59329 59190 58885 1151 915 1105 399229 401680 404213 124 200 333 57 134 226 0 0 0 JULY AUG. SEP. 60105 59839 59794 59647 59370 59307 59647 59370 59307 58998 58835 58734 1107 1004 1060 407175 409243 411337 458 469 487 364 445 444 0 0 0 OCT. NOV. DEC. 59496 59401 59342 59116 59152 59133 59116 59152 59133 58693 58394 58174 804 1008 1168 413854 41678e 418223 380 249 209 339 164 100 0 0 0 1995-JAN. FEB. MAR. 59124 58919 58552 58988 58860 58483 58992 58860 58483 57785 57973 57757 1339 946 794 421054 422312 425349 136 59 69 46 33 51 4 0 0 APR. 57957 57846 57846 57205 752 428121 111 82 0 58774 58695 58695 57703 1070 427022 79 59 0 APR. 12 26 57470 58358 57394 58228 57394 58228 57056 57395 414 963 426404 429025 76 130 61 90 0 0 MAY 58015 57759 57867 57615 57867 57615 56989 56976 1026 783 430106 431182 148 144 124 140 0 0 Two weeks ending 1995-MAR. 29 1. 2. 3. 4. Eastern Time JUNE 1' 1995 Reserves of depository institutions totaF 4:30p.m. 10 24p 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 unadjuste.d excess reserves: (Also, see fO<?tno~ 2 ~~able 2 and footnote~ on Table 3.) Seasonally adJusted, break-adjust~d nonborrowed rese.rves equal seasonally adjusted, break-adjus~ed total reserves less unadJUSted total borrowings C?f deJ?OSitory 1nst1tut1on~ from th~ Fe~er~ .Reserve. Extended credit cons1sts of borrowing at the discount Window under the terms and conditions establls~ed tor the extended. credit program to help depository l!lStltutions deal With sus~!ne<;l h~u1d1ty pressures. Because there 1s not the same need to repay such borrow1ng promptly as there is With traditional short-term adjustment credit, the money market 1mpact of ex1ended credit 1s s1m1lar 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 esttmate 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 cash5 Reserves of depository institutions Date totaF nonborrowed required Monetary base3 Reserve balances with F.R. Banks 4 total used to satisfy required reserves• surplus 7 Net carryover of reserve balances 8 1994-APR. MAY JUNE 61641 59273 59924 61516 59073 59591 60489 58358 58819 406319 406592 410939 29614 26790 26502 35222 35897 36906 32027 32483 33422 3195 3414 3484 JULY AUG. SEP. 60092 59337 59951 59634 58868 59465 58985 58333 58891 414391 414923 416701 25996 25284 25157 37644 37618 38433 34096 34052 34794 3548 3566 3639 OCT. NOV. DEC. 59490 60006 61340 59110 59757 61131 58686 58999 60172 418187 421904 427 247 24745 24715 24658 38231 38933 40365 34745 35291 36682 3486 3642 3683 1995-JAN. FEB. 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 APR. 56873 56763 58121 4327 84 24217 38099 34657 3442 29 57147 S7068 56077 427827 22869 37773 34278 3496 9 APR. 12 26 58353 59700 58277 59570 57939 58737 431400 433837 23412 25542 38433 37481 34941 34158 3492 3323 240 -242 10 24p 57542 56351 57395 56207 56516 55568 433249 433207 21992 21402 39261 38711 35550 34949 3711 37.~2 -47 81 'l',wo weeks .enqJJ:>-'l 19~5-MA.".. MAY 1. 2. 3. 4. 5. 6. 7. 8. p pe Reflects actual required rest!r.tes. with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Reserve balances with Federai Reserve Banks plus vault cash used to satisfy reserve requirements. The monetary base, not break-&djusted 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 al! quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their reqwed reserves the differencE; 'between current vault cash and the amount applied to satisfy current reserve requirements. After the introduction of CAR, currency and vault cash figures ar<? measured ovsr computation periods ending c.n Mondays. Excludes required clearing balances and adjustments to compensate tor !!oat and includBs other off-balance sheet "as-of" adjustments. Dates refer to the mainten::tnce periods in which the vault cash can be used to satis~ res&rve requirements. Starting with the maintenance period ended November 25, 1992, each maintenance period for weekly reporters ends 16 days after the lagged computaton 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 d~ning the lagged computation 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" 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 arrount applied to satisfy reserve requirements. Consists of carryover only at depository institutions rn::tintaining 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 esttrr;atF; 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 2 non borrowed required' Monetary base• JUNE 61548 59155 59781 61423 58955 59447 60396 58240 58676 399882 400411 404900 JULY AUG. SBP" 59923 59141 59728 59465 58673 59241 58816 58137 58668 408378 409214 411371 OCT. NOV. DBC. 59241 59731 61133 58860 59482 60924 58437 58724 59964 413149 417075 422514 1995-JAN. FBB. MAR. 60520 57722 57621 60384 57662 57 552 59181 56775 56827 421840 419250 423268 APR. 58928 58817 58176 428733 57187 57109 56117 423510 58402 59757 58326 59627 57988 58794 427318 429858 57604 56418 57456 56274 56578 55635 429039 429073 1994-APR. MAY Two weeks end11!g: 1995-MAR. 29 APR. 12 26 MAY 10 24p 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 required reserves are equal to break-adjusted required reserves against transactions deposits. The breaK-adjusted monetary base equals (1 l 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 t.1e break-adjusted difference between current vault cash <md the amount applied to satisfy current reserve requirements. ' preliminary preliminary estimate
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