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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 4:30p.m. Easlern Time
Adjusted for changes in reserve requirements 1
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
JUNE 22, 1995
Borrowings of depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
total 2
5.
6.
p
pe
nonborrowed plus
extended credit4
required
excess
NSA5
Monetary
base6
total
seasonal
extended credit4
1994-MAY
JUNE
60105
59989
59905
59656
59905
59656
59190
58885
915
1105
401680
404213
200
333
134
226
0
0
JULY
AUG.
SBP.
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.
DBC.
59496
59401
59342
59116
59152
59133
59116
59152
59133
58693
58394
58174
804
1008
1168
413854
416788
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
425350
136
59
69
46
33
51
4
0
0
APR.
MAY p
57957
57768
57847
57618
57847
57618
57204
56880
753
888
428126
430676
111
150
82
137
0
0
58358
58228
58228
57395
963
429032
130
90
0
Two weeks ending
1995-APR. 26
1.
2.
3.
4.
nonborrowed3
MAY
10
24
58016
57769
57869
57625
57869
57625
56981
56960
1035
810
430119
431189
148
144
124
140
0
0
JUNB
7p
2lpe
57409
57420
57244
57134
57244
57134
56577
56373
832
1047
430445
429716
165
286
150
155
0
0
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 simirar 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, Other 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 requirements 1
Averages of daily figures, not seasonally adjusted
Millions of dollars
Vaultcash5
Reserves of depository institutions
Date
totaF
1994-MAY
58358
58819
406592
410939
26790
26502
35897
36906
32483
33422
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
427247
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
58874
567 63
58763
56614
58120
55876
432789
433 457
24217
21477
38099
39038
34657
35287
3442
3751
5.9700
59570
58737
433 8 ·<.~.
25542
37481
34158
3323
-242
10
24
57 543
56361
57396
56217
56508
55552
433ZC~
433211
21994
21406
39261
38711
35550
34955
3712
3756
-47
85
7p
21pe
56453
57734
56288
57449
55621
56687
434227
435516
20878
21400
39373
40188
35576
36334
3797
3854
31
-114
JUNE
4.
5.
6.
7.
8.
p
pe
surplus 7
S9073
59591
MAY
3.
total
Net carryover
of reserve
balances 6
59273
59924
Two weeks ending
1995-APR. 26
1.
required
used to satisfy
required
reserves 6
JfJNE
APR.
MAY p
2.
nonborrowed
Monetary
base3
Reserve
balances with
F.R. Banks4
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 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 betwe&n 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 comprmsate for float and includes other off-balance sheet "as-of" adjustments.
Dates refer to the maintenanca 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 vauft cash is held. Previously, each maintenance period ended 30 days after 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 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-weel\ reserve maintenance period ending on th8 date shown.
preliminary
preliminary estimate
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
total 2
nonborrowed
required'
Monetary base4
JUNE
59155
59781
58955
59447
58240
58676
400411
404900
JULY
AUG,
SEP.
59923
59141
59728
59465
58673
59241
58816
58137
58668
408378
409214
411371
OCT.
NOV.
DEC.
59241
59731
61133
58860
59482
60924
58437
58724
59964
413149
417075
422514
1995-JAN.
MAR.
60520
57722
57621
60384
57662
57552
59181
56775
56827
421840
419250
423268
APR.
MAY p
58928
56831
58818
56681
58175
55943
428738
429276
59757
59627
58794
429865
57605
56429
57458
56285
56570
55619
429053
429082
56528
57818
56363
57533
55696
56771
429984
431245
1994-MAY
FEB.
Two weeks endipq
1995-APR. 26
MAY
JUNE
10
24
7p
21pe
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 \·Jhat required reserves would have been in past periods
had current reserve requirements been in effect. Break-adjusted requ1red 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