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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONET, For release at 4 ·30 p m Eastern T1me Adjusted for changes in reserve requirements' Averages of daily figures, season <'lily adjusted unless noted otherwise Millions of dollars JUNE 29, 1995 Borrowings of depository institutions from the Federal Reserve. NSA RPserves of depository institutions Date total' nonborrowed' nonborrowed plus extended credit' required excess NSA' Monetary base• total seasonal •3Xtended credit" 1994-MAY JUNE 60105 59989 59905 59656 59905 59656 59190 58885 915 1105 401680 404213 200 333 134 226 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 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 42231?. 425350 136 59 69 46 33 51 4 0 0 APR. MAY 57957 57770 57847 57620 57847 57620 57204 56881 753 889 428126 430678 111 150 82 137 0 0 58358 58228 58228 57395 963 429032 130 90 0 ~eek-L!mJli.rul 1995-APR. 26 1 2. 3. 4. 5. 6. p pe MAY 10 24 58016 57769 57869 57625 57869 57625 56981 56960 1035 810 430119 431199 148 144 124 140 0 0 JUNE 7 21p 57420 57405 57255 57119 57255 57119 56582 56393 839 lOll 430453 429492 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 tor 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, Other Deposits and Vault Cash and tor all those weekly reporters whose vaulf 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 Reserves of depository institutions Date total 2 ~wo 1. 3. 4. 5. 6. 7. 8. p pe required total cash~ used to satisfy required reserves 6 surplus 7 Net carryover of reserve balances 8 1994-MAY JUNE 59273 59924 59073 59591 58358 58819 406592 410939 26790 26502 35897 36906 32483 33422 3414 3484 JULY AUCl. 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 APR. MAY 58874 56766 58763 56616 58120 55877 432789 433455 24217 21479 38099 39038 34657 35287 3442 3750 59700 59570 58737 4338U 25542 37481 34158 3323 -242 weeks &Dg1~g 1995-APR. 26 2. non borrowed Monetary base3 Reserve balances with F.R. Banks• MAY 10 24 57543 56361 57396 56217 56508 55552 433262 433211 21994 21406 39261 38711 35550 34955 3712 3756 -47 85 JUNE 7 21p 56465 57719 56300 57434 55626 56708 434217 435296 20887 21401 39373 40190 35578 36319 3795 3871 31 -104 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 between current vault cash and the amount applied to satisfy current reserve requirements. After the introduction of CAR, 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 alter the lagged computation period in which the vault cash is held. Previously, each maintenance period ended 30 days alter 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 vaufl 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. preliminary preliminary estimate 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 required3 Monetary base• JUNE 59155 59781 58955 59447 '>8240 :.8676 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 53724 59964 413149 417075 422514 1995-JAN. FEB. MAR. 60520 57722 57621 60384 57662 57552 59181 '55775 56827 421840 419250 423268 APR. MAY 58928 56834 58818 56684 58175 5'5944 428738 429278 59757 59627 !)9794 429865 10 24 57605 56429 57458 56285 56570 SS619 429053 429082 7 56539 57803 56374 57518 55701 56792 429991 431025 1994-MAY Two weeks ending 1995-APR. 26 MAY JUNE 21p 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 ~uals (1) break-adjusted total reserves plus (2) the (unadjusted) currency componel'!t of th~ money stock plus (3), for !'111 quart~rly 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
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