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FEDERAL RESERVE statistical release
11.3{502)
Table 1
......
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASI;:
·elease at 4.30 p m. Eastern T1m1
Adjusted tor changes in reserve requirements'
Averages of daily ligures, seasonally adjusted unless noted otherwise
Millions of dollars
JUNE 2, 199<
Borrowings ot depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
total'
nonborrowed'
nonborrowed plus
exl8ndw credit'
required
excess
NSN
Monetary
base'
total
seasonal
extended credit'
55233
56618
56867
55233
56618
56867
54210
55743
56138
1096
996
911
361166
365294
368194
73
121
181
41
84
142
0
0
0
57546
58011
58813
57302
57659
58386
57302
57659
58386
56457
57059
57723
1089
952
1090
371286
3743t0
378076
244
352
428
210
234
236
0
0
0
OCT.
NOV.
DEC.
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.
FEB.
MAR.
60603
60763
60589
60529
60693
60534
60529
60693
60534
59155
59623
59621
1448
1140
967
389613
393959
397004
73
70
55
15
15
24
0
0
0
APR.
60216
60092
60092
59064
1153
399067
124
57
0
60460
60392
60392
59599
861
397722
68
32
0
APR. 13
27
60523
60008
60399
59894
60399
59894
59627
58548
897
1460
398704
399071
125
114
40
64
0
0
MAY
59858
60106
59688
59890
59688
59890
59032
59242
825
863
400617
402061
170
216
102
141
0
0
1993-APR.
MAY
JUNE
55306
56740
57048
JULY
AUG.
SEP.
'
~weeks
ending
1994-MAR. 30
1.
2.
3.
4.
5.
6.
p
pe
11
25p
Reserves and monetary base ligures 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 reguired 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, I:Jreak-adjusted total reserves less unadjusted total borrowings ot depositorv institutions from the Federal Reserve.
Extended credit consists ot 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 cons1sts of ( 1) seasonally adjusted, break-adJUsted total reserves plus (2) the seasonally adjusted currency component of the money stock plus
(3), tor all quarterly reporters on the "Report of Transaction Accounts, bther Deposits and Vault Cash and tor 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 requirements'
Averages of daily figures, not seasonally adjusted
Millions of dollars
Vault cash•
Reserves of depository Institutions
Date
total2
nonborrowed
required
Monetary
base•
Reserve
balances with
F.R. Banks•
total
used to satisfy
required
reserves•
surplus7
Net carryover
of reserve
balances•
1993-APR.
MAY
JUNB
56541
56101
57l38
56468
55979
57057
55445
55104
56328
368175
370461
375192
26975
25968
26462
32718
334.60
34106
29567
30133
30776
3151
3328
3329
JULY
AUG.
SBP.
57750
57767
59136
57506
57415
58709
56661
56815
58046
378481
380532
384245
26562
26564
27274
34.536
34516
35220
31189
31203
31863
334.7
3313
3357
OCT.
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
19H-JAN.
PBB.
MAR.
62072
59593
59605
61998
59523
59550
60624
58454
58638
397887
397929
400774
27817
26922
27396
37907
36295
35585
34254
32671
32208
3653
3624
3377
APR.
61642
61518
60489
406297
29615
35216
32027
3189
1994-MAR. 30
58874
58806
58013
400309
27434
34667
31440
3227
399
APR. 13
27
61909
61810
61784
61696
61012
60350
406533
406164
29641
30212
35434
34749
32268
31599
3167
3151
281
90
59696
58776
59526
58560
58871
57912
405888
405958
26713
26827
36448
35321
32983
31949
3464
3372
546
243
NOV.
~:W:Q :WiUikl i!Dg1z:w:
MAY
1.
2.
3.
4.
5.
6.
7.
8.
11
25p
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 (21 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 balances and adjustments to compensate for float and. includes other 0"-balance she!_!t "as;of" adjusl!nents.
.
·
Dates refer to the mamtenance periods In which the vault cash can be used to satisfy reserve reqUirements. Starting With the mamtenance penod ended November 25, 1992, each maintenance period for
weekly reporters ends 16 days after the lagaed 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 compu1ation 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 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.
H.3(502}
Table3
AGGREGA 1 t: Ht:~t:HVES OF DEPOSITORY
Adjusted for changes in reserve requirements'
Averages of daily figures, not seasonally adjusted
Millions of dollars
INSTITUTIONS AND THE MONETARY BASE
Reserves of depository institutions
Date
total2
required•
Monetary base•
JUNE
56349
55855
56933
56276
55734
56751
55253
54859
56022
361628
364070
368719
JULY
AUG.
SBP.
57385
57343
58646
57141
56991
58218
56297
56391
57556
371997
374083
377723
OCT.
NOV.
59481
60671
62367
59195
60582
62285
58391
59571
61305
380800
384285
390588
MAR.
62037
59529
59496
61963
59459
59441
60589
58389
58529
391001
390859
394143
APR.
61399
61275
60246
399736
1994-MAR. 30
58759
58691
57898
393722
APR. 13
27
61685
61558
61561
61444
60788
60098
400118
399448
MAY
59418
58472
59248
58256
58593
57609
399419
399674
1993-APR.
MAY
DBC.
1994-JAN.
FBB.
~l!Q
nonborrowed
llf§!lkl i!DSillSI
11
25p
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) 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