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FEDERAL RESERVE statistical release Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars MARCH 10,1994 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Data total 2 p pe seasonal extended credit' 355663 358503 45 91 18 26 0 0 55124 56756 56936 55124 56756 56936 54101 55881 56209 1096 996 911 361060 365416 368267 73 121 181 41 64 142 0 JUNE 55197 56877 57119 JULY AUG. SEP. 57567 58033 58637 57323 57660 56410 57323 57660 56410 56476 57080 57747 1089 952 1090 371315 374365 378064 244 352 426 210 234 236 0 0 0 OCT. 59819 60459 60536 59534 60370 60454 59534 60370 60454 58730 59359 59474 1069 1101 1063 361439 384156 365902 265 69 62 192 75 31 0 0 0 1994-JAN. FEB. p 60554 60775 60460 60705 60460 60705 59106 59597 1446 1176 369563 393933 73 70 15 15 0 0 weeks ending 1994-JAN. 5 19 60460 60437 60319 60364 60319 60364 59219 58761 1241 1676 386515 366802 142 74 16 ll 0 0 60729 60773 60664 60676 60664 60676 59462 59625 1267 1146 391720 393361 45 95 16 15 0 0 60786 60741 60741 59567 1199 394947 45 15 0 MAR. 5. total 1104 1213 FEB. 6. Monetary base• 53616 53953 NOV. DEC. 4. excess NSA' 54677 55074 APR. MAY 1. required 54676 55074 MAR. 2 3 nonborrowed plus extended credit' 54922 55166 1993-FEB. ~~ nonborrowad3 2 16 2p 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 unadjusled excess reserves. (Also, see footnote 2 on Table 2 and footnote~ 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. Ex1anded credit consists of borrowing at the discount window under the terms and conditions established for the ex1ended 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 (ll 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 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 tor changes In reserve requiremeflts' Averages of dally figures, not seasonally adjusted Millions of dollars Vault cash' Reserves of depository Institutions Date total2 1993-PBB. 52778 53083 359558 362588 23515 24383 33919 33294 30368 29912 3551 3381 APR. MAY JUNB 56541 56101 57238 56468 55979 57057 55445 55104 56328 368175 370461 375192 26975 25968 26462 32718 33460 34106 29567 30133 30776 3151 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. 60036 61296 62858 59751 61207 62776 58947 60195 61795 387 512 391144 397619 28297 29018 29374 35184 35655 36812 31739 32278 33484 3445 3377 3328 62072 59632 61998 59562 60624 58454 397887 397966 27817 26962 37906 36294 34254 32671 3652 3623 4. 5. 6. 7. Net carryover of reserve balances• lllula !!ll!i1Da 1994-JAN. 5 19 63646 63435 63505 63362 62405 61759 401366 399592 30367 28745 36489 38241 33279 34691 3210 3550 63 -63 PBB. 2 16 59824 60025 59779 59930 58557 58878 394448 398583 25672 26375 38107 37474 34152 33651 3956 3823 338 303 59142 59097 57943 397833 27861 34616 31281 3335 284 MAR. 1. surplus7 53837 54204 1994-JAN. PBB. p 2. total 53882 54296 DBC. 3. required used to satisfy required reserves• MAR. NOV. fi'Q nonborrowed Monetary base• Reserve balances with F.R. Banks• 2p Rellects 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 ollransaction 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 CRR, currency and vault . . cash ligures are measu~ed over computation periods ending on Mondays. Excludes required cleanng 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 vault cash is held. Previously, each maintenance period ended 30 days after the lagged computation period. All vault cash held duri_ng !he.lagg!!d compulation period by "bound" institutions (1.~ .• those whose required reserves exceed th~ir vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" tnstttuttons (t.e., those whose vault cash exceeds thetr requtred reserves) to sattsfy current reserve requtrements. Total vault cash held by depository institutions minus the amount applied to satisfy reserve requirements. H.3 (502) Tablo3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted tor changes in reserve requirements' Averages ot daily figures, not seasonally adjusted Millio1s ot dollars Reserves ot depository institutions Date total• nonborrowed required' Monetary base• 53810 54177 53765 54086 52707 52964 353184 356001 MAY JUNE 56365 55876 56959 56292 55755 56777 55269 54880 56048 361637 364081 3 687 33 JULY AUG. SEP. 57417 57380 58688 57173 57028 58261 56328 56428 57598 372015 374104 377747 OCT. NOV. 59528 60725 62413 59243 60635 62331 58439 59624 61351 380826 384315 390616 62033 59529 61959 59459 60585 58351 391000 390864 63646 63403 63504 63329 62405 61727 394781 392540 59763 59932 59718 59837 58496 58785 387629 391340 59020 58975 57821 390848 1993-FEB. MAR. APR. DEC. 1994-JAN. FEB. p 'fil2.....ll..eks endina 1994-JAN. 5 19 FEB. 2 16 MAR. ::lp Note: Historical data are available trom the Money and Reserves Projections Section, Division ot Monetary Affairs, Board of Governors ot 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 equals (11 break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for aU 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