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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. Eastern Time
Adjusted for changes in reserve requirements'
Averages of daily figures, seasonally adjusted unless noted otherwise
Milli.,ns of dollars
JUNE 23, 1994
Borrowings of depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
total 2
5.
6.
p
pe
nonborrowed plus
extended credit<
required
excess
NSA'
Monetary
base•
total
seasonal
extended credit<
1993-MAY
JUNB
56740
57048
56618
56867
56618
56867
55743
56138
996
911
365294
368194
121
181
84
142
0
0
JULY
AUG.
SBP.
57546
58011
58813
57302
57659
58386
57302
57659
58386
56457
57059
57723
1089
952
1090
371286
374340
378076
244
352
4l8
210
l34
l36
0
OCT.
NOV.
DBC.
59749
60320
60476
59464
60231
60394
59464
60231
60394
58660
59219
59413
1089
1101
1063
381400
3840:19
385855
285
89
82
19l
75
31
0
•0
1994-JAN.
FBB.
MAR.
60603
60763
60589
60529
60693
60534
60529
60693
60534
59155
596:13
59621
1448
1140
967
389613
393959
397014
73
70
55
15
15
l4
0
0
0
APR.
MAY p
60215
60021
60091
59821
60091
59821
59064
59104
1151
917
399089
401825
124
lOO
57
134
0
0
60008
59894
59894
58548
1460
399095
114
64
0
:l'lf2_
1.
2.
3.
4.
nonborrowed3
weeks ending
1994-APR. 27
0
0
0
MAY
11
25
59846
60130
59676
59914
59676
59914
59032
59211
814
919
400635
402125
170
216
102
141
0
0
JUNB
8p
llpe
60086
59497
59868
59232
59868
59232
58986
58595
1101
902
403309
403927
218
266
176
217
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 slmifar to that of
nonborrowed reserves.
Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column
The seasonally adjusted, break-adJusted monetary base consists of (1) seasonally adJusted, break-adjusted total reserves plus (2 the seasonally alljusted 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.) '
3l.
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
Reserves of depository Institutions
Date
total 2
nonborrowed
required
Vault cash•
Monetary
base'
Reserve
balances with
F.R Banks•
total
used to satls fy
required
reserves•
surplus7
Net carryover
of reserve
balances•
1993-MAY
JUNE
56101
57238
55979
57057
55104
56328
370461
375192
25968
26462
33460
3U06
30133
30776
3328
3329
JULY
AUG.
SBP.
57750
57767
59136
57506
57415
58709
56661
56815
58046
378481
380532
384245
26562
26564
27274
34536
34516
35220
31189
31203
31863
3347
3313
3357
OCT.
NOV.
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
1994-JAN.
l'BB.
MAR.
62072
59593
59605
61998
59523
59550
60624
58454
58638
397887
397929
400783
27817
26922
27396
37907
36295
35585
34254
32671
32208
3653
3624
3377
APR.
MAY p
61641
59275
61516
59075
60489
58358
406319
406590
29614
26791
35215
35892
32027
32484
3188
3408
61810
61696
60350
406188
30212
34748
31599
3150
90
25
59684
58800
59514
58584
58871
57881
405905
406018
26702
26848
36447
35320
32983
31952
3464
3368
546
241
8p
22pe
59632
60093
59414
59827
58531
59191
409182
410921
26820
26415
36209
37227
32812
33678
3397
3549
211
220
'l'li2....Jf~!!KlL.l.!llilillll
1994-APR. 27
MAY
JUNE
1.
~'.
3.
4
5
6.
11
Reflects actual required reserves, with no adjustments to eliminate the eHects 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.
required clearing balances and adjustments to compensate for float at Federal Reserve Banks
The monetary base, not break-adjusted and not seasonally adjusted, consists of ( 1) total reserves plus
plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report o Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose
vault cash exceeds their required reserves, the diHerence 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 oH-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 vault 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 aooliArl rloo,;nN '"~ --·-·
12)
!?.~('?,~ .~Y..:~C:~~O~!)~"J.~~~~C:~~J~-~~!~?.~!'~~~~?.~~~~ ~s...~ .~~';!~~~~~~i~~~~~r~~..~~:~:;.t!~!!~~!Y current reserve reqUiremento;
H.:l (502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjust8d tor changes in reserve requirements'
Avmages of daily figures, not seasonally adjusted
Millions of dollars
Reserves of depository institutions
Date
total>
nonborrowed
required 3
Monetary base•
JUNE
55655
56933
55734
56751
54659
56022
364070
366719
JULY
AUG.
SEP.
57365
57343
58646
57141
56991
56216
56297
56391
57556
371997
374083
377723
OCT.
NOV.
DEC.
59461
60671
62367
59195
60582
62285
58391
59571
61305
360800
384285
390588
1994-JAN.
FEB.
MAR.
62037
59529
59496
61963
59459
59441
60589
58389
56529
391001
390659
394152
APR.
MAY p
61396
58974
61274
58774
60246
58057
399758
400259
61556
61444
60098
39H72
59237
58281
58593
57578
399437
399739
59077
59455
56194
58819
402980
404726
1993-MAY
~...l!'eeks
ending
1!194-APR. 27
MAY
ll
25
59407
58497
JUNE
8p
22pe
59295
59721
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
Fiqures reflect adjustments tor discontinuities, or "breaks", associated with regulatory changes in reserve requirements.
Br~3ak:adjusted total reserves eq!Jal br~a~·~dJUSted required reserves (Table 3, column 3) plus excess rl!serv~s NSA (Table .1, column 5) ..
To adJust reqUired reserves for discontinuities due to regulatory changes 1n reserve reqwements, a multiplicative procedure 1s used to estimate what required reserves would have been in past periods
ha:l current reserve requirements been in effect. Break-adjusted required reserves are equal to break-adJusted required reserves against transactions deposits.
Th3 break-adjusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3) tor all quarterly reporters on the "Report of
Transaction Accounts, Other Deposits and Vault Cash and tor 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