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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. Eaatem Time
Adjusted for changes in reserve requirements'
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
JUNE
Borrowings of depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
total2
nonborrowed3
nonborrowed plus
extended credit'
9, 1994
required
excess
NSA•
Monetary
base'
total
seasonal
extended credit'
56618
56867
56618
56867
55743
56138
996
911
365294
368194
121
181
142
0
0
57546
58011
58813
57302
57659
58386
57302
57659
58386
56457
57059
57723
1089
952
1090
371286
374340
378076
244
352
428
210
234
236
0
0
0
OCT.
NOV.
DBC.
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.
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.
MAY pe
60215
60020
60091
59820
60091
59820
59064
59120
1151
900
399066
401790
124
200
57
134
0
0
60523
60008
60399
59894
60399
59894
59627
58548
897
1460
398704
399071
125
114
40
64
0
0
59846
60131
59676
59915
59676
59915
59032
59230
814
901
400609
402103
170
216
102
141
0
0
60019
59861
59861
59023
1055
403223
218
176
0
1993-KAY
JUNB
56740
570.8
JULY
AUG.
SBP.
84
I
FBB.
Two weeks ending
1994-APR. 13
27
MAY
JUNB
1.
2.
3.
4.
5.
6.
p
pe
11
25p
8pe
Reserves and monetary base figures Incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes In reserve requirements. (For more information.~. see Table 3.1
Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table" and footnote 2 on Table 3.)
Seasonally adjusted, break-aCIJusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository Institutions from the Federal Reserve.
EX1ended credit consists of borrowing at the discount window under tl)e terms and conditions ~tablls~!!d for the eX1ended. credit progr~ to help depository i!JStitutions 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 1m pact of extended credit is siml£ar 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 l seasonally adJUsted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus
(31, for all quarterly reporters on the "Report of Transaction Accounts, C>ther 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.)'
preliminary
preliminary estimate
H.3(502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE.U.O"E'TP..'f\'1 BJ\~'i:
liJN.,;fJI""""" 'M t.'rrcmyas 'in reserve requirements 1
Averages of daily figures. not seasonally adjusted
Millions of dollars
Vault cash•
Reserves of depository institutions
Date
total'
non borrowed
required
Monetary
base3
Reserve
balances with
F.R Banks4
total
used to satisfy
required
reserves•
surplus7
Net carryover
of reserve
balances•
1993-MAY
JUNE
56101
57238
55979
57057
55104
56328
370461
375192
25968
26462
33460
34106
30133
30776
3328
3329
JULY
AUG.
SEP.
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.
DEC.
60036
61296
62858
59751
61207
62776
58947
60195
61795
387512
391144
397619
28297
29018
29374
35184
35655
36812
31739
32278
33484
3445
1994-JAN.
FEB.
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.
MAY pe
61641
59273
61516
59073
60489
58374
406296
406555
29614
26787
35216
35893
32027
32487
3189
3406
61909
61810
61784
61696
61012
60350
406533
406164
29641
30212
35434
34749
32268
31599
3167
3151
281
90
59684
58801
59514
58585
58871
57900
405879
405999
26702
26851
36448
35321
32983
31951
3465
3370
546
241
59622
59404
58567
409090
26793
36211
32830
3381
217
ending
1994-APR. 13
27
3377
3328
~~e
MAY
11
25p
JUNE
1
2.
3.
4.
5.
6.
7.
8.
8pe
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 tor 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 tor 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 tor float and includes other oft-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 tor
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-week reserve maintenance period ending on the date shown.
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'
:rHo
non borrowed
required'
Monetary base•
1993-MAY
JUNE
55855
56933
55734
56751
54859
56022
364070
368719
JULY
AUG.
SBP.
57385
57343
58646
57141
56991
58218
56297
56391
57556
371997
374083
377723
OCT.
NOV.
DBC.
59481
60671
62367
59195
60582
62285
58391
59571
61305
380800
384285
390588
1994-JAN.
FEB.
MAR.
62037
59529
59496
61963
59459
59441
60589
58389
58529
391001
390859
394143
APR.
MAY pe
61398
58973
61274
58773
60246
58073
399735
400222
1994-APR. 13
27
61685
61558
61561
61444
60788
60098
400118
399448
MAY
59407
58498
59237
56282
56593
57597
399411
399716
59286
59068
58231
402888
weeks~
JUNE
11
25p
8pe
IJote: Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal !'leserve System, Washington, D.C. 20551
4.
p
p9
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 chanaes 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