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FEDERAL RESERVE statistical release H.3 (502) ...... Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted lor changes In reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars MARCH 17, 1994 Borrowings of depository Institutions trom the Federal Reserve, NSA Reserves of depository Institutions Date total2 5. 6. p pe total u 53818 53953 110, 1::113 355883 358503 91 APR. 551!17 56877 57119 551H 56756 56938 551H 56756 56938 5U01 55881 56::109 1096 996 911 361060 365U6 368::167 73 1::11 181 SBP. 57567 58033 58837 573::13 57680 58UO 573::13 57680 58UO 5U78 57080 577&7 1089 95::1 1090 371315 37U65 3780U OCT. NOV. DBC. 59819 60,59 60536 59534 60370 60'H 59534 60370 60'5' 58730 59359 59474 1089 1101 1063 1!194-JAN. PBB. p 6055, 60736 60,80 60666 60480 60666 59106 59597 week• tndina 1!194-JAN. 1!1 60437 60364 60364 :I 16 607::19 60737 606U 60Ul 2p 16pe 60736 60658 60691 60619 MAR. 4. Monetary base• 5,877 55074 PBB. 1. excess NSA' 54876 55074 JULY 2. required 549::1::1 55166 AOG. 3. nonborrowed plus eX1Bnded credit" 1!193-PBB. MAR. KAY JUNB nro nonborrowed' seasonal extended credit' 18 ::16 0 0 u u 1U 0 0 0 :IU 35::1 U8 ::110 ::134 ::136 0 0 0 38U39 38U56 38590::1 ::185 89 8::1 19::1 75 31 0 0 0 1U8 1138 389563 393891 73 70 15 15 0 0 58761 1676 38880::1 11 0 606U 60642 5946::1 59625 1::167 1112 3917::10 3933U "u 18 15 0 0 60691 60619 59588 59521 1U8 1137 394891 396233 15 17 0 0 95 u 39 Reserves and monetary base figures Incorporate adjustments lor 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 lootnot& 2 on Table;.: and loolnote 2 on Table 3.) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrdwings of depository Institutions from the Federal Reserve. Extended credit consists of borrowing at the discount window under the terms and conditiOf!S e~tablisl'!~ lor the extended. credit progr~ to help depository Institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as there 1s 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 adlust&d currency component of the money stod< plus (31, tor all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash and lor 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) Table3 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' required' Monetary base• 1993-PBB. MAR. 53810 54177 53765 54086 5.:1707 5.:1964 353184 356001 APR. 56365 55876 56959 56.:19.:1 55755 56777 55l69 54880 56048 361637 364081 368733 57417 57380 58688 57173 570.:18 58.:161 563.:18 564l8 57598 37.:1015 374104 377747 595l8 607:15 6l413 59H3 60635 6l331 58439 5!16l4 61351 3808.:16 384315 390616 6.:1033 59490 61959 59420 150585 58351 3!11000 390822 63403 63329 617l7 39.:1540 MAY JUNB JULY AOQ. SBP. OCT. NOV. DBC. 1!194-JAN. PBB. p %KO nonborrowed Wttkl ending 199,-JAN. 19 PBB. 2 16 59763 598915 59718 59801 58496 58785 3876lll 391303 MAR. 2p 16pt 58970 60122 58925 60083 5'7822 58985 390793 39U32 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 renect 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 lor 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 requsred 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 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 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 Vaultcash5 Reserves of depository Institutions Date total' 1993-PBB. non borrowed required Monetary base> Reserve balances with F.R. Banks• total used to satisfy required reserves' surplus 7 Net carryover of reserve balances' 53992 54296 53937 54204 5l778 53083 359559 362589 23515 :14383 33919 33294 30369 . 29912 3551 3381 56541 56101 57238 56468 55979 57057 55445 55104 56328 368175 370461 375192 26975 25968 26462 32718 33460 34106 29567 30133 30776 3151 3328 3329 AUG. SBP. 57750 57767 59136 57506 57415 58709 56661 56815 58046 378481 38053:1 384245 :16562 :16564 27274 34536 H516 35220 31189 31203 31863 3H7 3313 3357 OCT. NOV. DBC. 60036 61:196 62858 59751 61207 62776 58947 60195 61795 387512 3911U 397619 :18297 29018 29374 35184 35655 36812 31739 3ll78 33484 3U5 3377 3328 62072 59593 61998 59523 60624 58455 397887 3979:14 27817 26922 37906 36294 34254 3:1671 3652 3623 1994-JAN. 19 63435 63362 61759 399592 28745 38241 34691 3550 -63 PBB. 2 16 59824 59989 59779 59894 58557 58878 394U8 398546 25672 26339 38107 37474 34152 33651 3956 3&:13 338 303 MAR. 2p 16pe 59092 60278 59047 60239 579U 59141 397778 401126 27811 27192 34616 36653 31281 33086 3335 3567 285 381 MAll. APR. MAY JUNB JULY 199&-JAN. PBB. p tK2 Kl.kl 1Dd1Dg 1. 2. 3. 4. 5. 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 required clearing balances and adjustments to compensate lor ftoat at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarter1y reporters on the "Report o 'transaction Accounts, Other Deposits and Vault Cash" and for all those weekly repor1Brs whose vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. Alter 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 ftoat and Includes other off-balance sheet ·as-or 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 08fin<1 l.v weekly reporters ends 16 days alter the lagaed computation period in which the vault cash is held. Previously, each maintenance period ended 30 rl..v .. "'"o• ,..._ •---- ~ 121 AU \lo.ttlt,-.~e:h hoM rl11rinn tho bnnol'f t"nmntil~tinn nArinrl hv •hn~&nfi'" inctihltinnctll a thncA whnc:o rbft•alr,.......l·----·-- · ·
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