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........ FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETAI-n I:JA~t:. For release at 4:30p.m. Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars MARCH 16, 1995 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 1994-FEB. total seasonal extended credit' 0 59635 59620 1140 967 393771 396668 70 55 15 24 0 APR. MAY JUNE 60480 60105 59989 60356 59905 59656 60356 59905 59656 59329 59190 58885 1151 915 1105 399229 401680 404213 124 200 333 57 134 226 0 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. 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 59124 58889 58988 58829 58992 58830 57785 57968 1339 921 421047 422296 136 59 46 33 0 59124 59057 59057 57764 1360 420301 68 38 0 1 15 59181 59087 59005 59036 59015 59036 57811 58114 1370 973 422701 422475 176 51 41 31 10 lp 15pe 58653 58390 58593 58331 58593 58331 57823 57905 830 485 422072 423599 60 59 36 44 0 0 FEB. MAR. p Monetary base• 60705 60532 Two weeks ending 1995-JAN. 18 pe excess NSA5 60705 60532 1995-JAN. FEB. p 5. required 60775 60587 DEC. 6. nonborrowed plus extended credit' MAR. NOV. 1. 2. 3. 4. nonborrowed 3 4 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 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, 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 for changes in reserve requirements' Averages of daily figures, not seasonally adjusted Millions of dollars Vault cashs Reserves of depository institutions Date total 2 1994-FEB. 6. 7. 8. p pe tote: I surplus 7 Net carryover of reserve balances 8 59593 59605 59523 59550 58454 58638 397929 400783 26922 27396 36296 35589 32671 32208 3625 3380 APR. MAY JUNE 61641 59273 59924 61516 59073 59591 60489 58358 58819 406319 406592 410939 29614 26790 26502 35222 35897 36906 32027 32483 33422 3195 3414 3484 JULY AUG. 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 60521 57669 60385 57609 59182 56748 426304 423557 22291 21760 42290 39792 38230 35909 4059 3884 62181 62114 60822 428473 23958 42165 38223 3942 139 Two weeks ending 199 5-JAN. 18 4. 5. required used to satisfy required reserves 6 MAR. 1995-JAN. FEB. p 1. 2. 3. non borrowed Monetary base' Reserve balances with F.R. Banks 4 FEB. 1 15 58396 58302 58220 58251 57026 57329 422750 424402 19603 21028 43140 41292 38793 37274 4347 4018 396 598 MAR. 1p 15pe 56931 57869 56871 57810 56101 57384 422710 426926 22714 22371 37921 39313 34217 35498 3704 3815 320 447 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 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 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 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 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 totaF nonborrowed required 3 Monetary base• 59555 59541 59485 59486 58415 58574 390881 394191 MAY JUNE 61548 59155 59781 61423 58955 59447 60396 58240 58676 399882 400411 404900 JULY AUG. SEP. 59923 59141 59728 59465 58673 59241 58816 58137 58668 408378 409214 411371 OCT. 59241 59731 61133 58860 59482 60924 58437 58724 59964 413149 417075 422514 60520 57692 60384 57632 59181 56771 421833 419236 62172 62104 60812 424062 1994-FEB. MAR. APR. NOV. DEC. 1995-JAN. FEB. p Two weeks ending 1995-JAN. 18 FEB. 1 15 58409 58322 58234 58271 57039 57349 418218 419972 MAR. 1p 15pe 56957 57904 56898 57845 56127 57419 418522 422624 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 (T~ble 3, column~) plus excess r~s~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 requ~red 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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