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.. · c;f·Gavi; •. ------------------------------------------------------------ ·~Q .. ~'t' [~ FEDERAL RESERVE statistical release ~-e:-. --- ~. --- ''"". ~-= -:-:-~-:-:--------------------------------------------------------- ·.~ ·.~6 ~"-'.: ·.~"14LRES~.· H.3 (502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE ..... . For release at 4 30 p m. Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars JUNE 30, 1994 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total' nonborrowed3 nonborrowed plus extended credit' required excess NSA' Monetary base' total seasonal extended credit< 56740 57048 56618 56867 56618 56867 55743 56138 996 911 365294 368194 121 181 84 142 0 0 57302 57659 58386 57302 57659 58386 56457 57059 57723 1089 952 1090 371286 374340 378076 244 352 428 :no SBP. 57549, 5801l 58813 0 0 0 OCT. NOV. DBC. 59749 60320 60476 59464 60231 60394 59464 60231 60394 58660 59219 59413 1089 1101 1063 381400 384029 385B55 285 89 82 192 75 60603 60763 60589 60529 60693 605.34 60529 60693 60534 59155 59623 59621 1448 1140 967 389613 393959 397014 73 70 55 15 15 24 0 0 0 60215 60022 60091 59822 60091 59822 59064 59104 1151 918 399089 401827 124 200 57 134 0 0 60008 59894 59894 58548 1460 399095 114 64 0 59676 59914 59032 59ll1 814 919 400635 4021.25 170 . .216 102 141 0 0 59877 59254 58986 58657 1109 862 403316 403953 218 266 176 217 0 0 1993-MAY JUNB JULY AUG. 1994-JAN. l'BB. MAR. APR. MAY 234 236 31 0 0 0 ~ ~11k1 ~~g1n~ 1994-APR. 27 1. 2. 3. 4. 5. 6. p pe MAY 11 25 59846 60130 59676 59914 JUNB 8 22p 60095 59519 59877 59254 Reserves and monetary base figures 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 required reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table 2and footnote 2 on Table 3.) Seasonally adjusted, break-adjust~d nonborrowed res~rves equal seasonally adjusted, .break-adjus~ed total reserves less unadjusted total borrowings C!f depository institution!! from the Federal Reserve. Extended credit consists of borroWing at the discount Window under tl)e terms and condlbOI)S e~tabhs~~ for the extended credit program to help depository i.nstitufions deal With sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as there 1s w1th traditional short-term adJustment credit, the money market1mpact 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 The seasonally adjusted, break-adJUSted moneta!)' 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 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.) · 3l. preliminary preliminBI)' estimate H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reseNe requirements' Averages of daily figures. not seasonally adjusted Millions of dollars Vaultcash5 ReseNes of depository institutions Date total' 7. A surpius 7 55979 57057 55104 56329 370461 375192 25968 26462 33460 34106 30133 30776 3328 3329 JULY AUG. SBP. 57750 57767 59136 57506 57415 59709 56661 56815 59046 379491 390532 384245 26562 26564 27274 34536 34516 35220 31189 31203 31863 3347 3313 3357 OCT. NOV. DBC. 60036 61296 62859 59751 61207 62776 59947 60195 61795 387512 391144 397619 28297 29018 29374 35184 35655 36912 31739 32279 33494 3445 3377 3328 l994··JAN. FBB. MAR. 62072 59593 59605 61998 59523 59550 60624 56454 56638 397887 397929 400793 27817 26922 27396 37907 36295 35595 34254 32671 32208 3653 3624 3377 APR. MAY 61641 59276 61516 59076 60499 58356 406319 406591 29614 26792 35215 35992 32027 32494 3199 3409 61610 61696 60350 406166 30212 34749 31599 3150 90 25 59694 56900 59514 59594 56971 57691 405905 406016 26702 26646 36447 35320 32983 31952 3464 3366 546 241 8 22p 59640 60116 59422 59850 58531 59253 409184 410946 26828 26431 36209 37227 32912 33695 3397 3542 211 218 JUNE 6. total Net carryover ofreseNe balances' 56101 57238 MAY 4. 5. required used to satisfy required reseNes• 1993-MAY JUNE Xl!2._ weeks ending 199 4-APR. 27 1. 2. 3. nonborrowed Monetary base' ReseNe balances with F.R. Banks• 11 Reflects actual required reseNes, with no adjustments to eliminate the eftects of discontinuities. or "breaks", associated with regulatory changes in reseNe requirements. ReseNe 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 reseNes plus (2) required clearing balances and adjustments to compensate for float at Federal ReseNe Banks plus (3) the currency component of the money stock plus (4), for all quarterly rerorters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reseNes, the difference between current vaul cash and the amount applied to satisfy current reserve requirements. After the introduction of CAR. currency and vault cash ligures are measured over computation periods ending on Mondays. . . Excludes required cl~aring balances and adjustments to compensate for float and includes other oft-balance sheet "as;of" adjustments. Dates refer to the mamtenance penods 1n which the vault cash can be used to satisfy reserve requirements. Starting With the maintenance penod 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 compulation period by "bound" institutions (i.e .. those whose required reseNes 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 !nstitutions minus the amount applied to satisfy reserve requirements. ~nl'\cw::te: nf ,..~,rvnvor nnlv !:It ti.anne:1tnrv 1nc:tlh1hnnc: rn~:unt!:t.lnlnn r~Dc:oruoc: nn thA h:::a<=.t<t nf twn.wggk M!:lilnb:ln~n,..o ...................... n-"--"- -· --- H 3(502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements' Averages of daily ligures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total' nonborrowed required 3 Monetary base• 55855 56933 55734 56751 54859 56022 364070 368719 AUG. SBP. 57385 57343 58646 57141 56991 58218 56297 56391 57556 371997 374083 377723 OCT. NOV. DEC. 59481 60671 62367 59195 60582 62285 583!11 59571 61305 380800 384285 390588 1994-JAN. FEB. MAR. 62037 59529 59496 61963 59459 59441 60589 58389 58529 391001 390859 394152 APR. MAY 61398 58976 61274 58776 60246 58057 399758 400260 weeks endina l994-APR. 27 61558 61444 60098 399472 59407 58497 59237 58281 58593 57578 399437 399739 59303 59743 59085 59478 58194 58881 402987 404751 1993-MAY JUNB JULY ~ MAY 11 25 JUNE 8 22p 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;adjust~ total reserves equal brea~·~djusted required reserves (Table 3, column 3) plus excess rf!SI!rv~s NSA (Table .1. column 5).. . To adJUst reqUired reserves for discontinUities due to regulatory changes 1n 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
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