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FEDERAL RESERVE statistical release
H.3 (502)
Table 1
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
~p.m. Eastern Time
Adjusted for changes in reserve requirements'
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
MARCH 3, 1994
Borrowings of depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
nonborrowed3
total'
nonborrowed plus
extended credit'
required
excess
NSA5
Monetary
base•
total
seasonal
extended credit'
54876
55074
54877
55074
53818
53953
1104
1213
355883
358503
45
91
18
26
0
0
55197
56877
57119
55124
56756
56938
55124
56756
56938
54101
55881
56209
1096
996
911
361060
365416
368267
73
121
181
41
84
142
0
0
0
JULY
AUG.
SBP.
57567
58033
58837
57323
57680
58410
57323
57680
58410
56478
57080
57747
1089
952
1090
371315
374365
378084
244
352
428
210
234
236
0
0
0
OCT.
59819
60459
60536
59534
60370
60454
59534
60370
60454
58730
59359
59474
1089
1101
1063
381439
384156
385902
285
89
82
192
75
31
0
0
0
60554
60769
60480
60699
60480
60699
59106
59598
1448
1171
389563
394078
73
70
15
15
0
0
5
19
60460
60437
60319
60364
60319
60364
59219
58761
1241
1676
386515
388802
142
74
16
11
0
0
2
60729
60771
60684
60676
60684
60676
59462
59635
1267
1136
391720
393383
45
95
18
15
0
0
60773
60728
.60728
59578
1195
395281
45.
15
0
1993-FBB.
MAR.
54922
55166
APR.
MAY
JUNB
I
NOV.
DBC.
1994-JAN.
FBB. pe
,
r:kiQ weeks endina
1994-JAN.
FBB.
16p
MAR.
1.
2.
3.
4.
5.
6.
p
pe
2pe
Reserves and monetary base figures Incorporate adjustnients 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 tf)e terms and conditions e~tablis~E!d for the extended. credit progra~ 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 ~SA equals Ufladjl!fl!ed total reserves ('fabiE!·2, ·column 1) Jess unadjusted required reserves (Table 2, column
The seasonally adJusted, breaK-adJusted monetary base cons1sts of (11 seasonally adjusted, break-ad;usted 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, 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.) '
3l.
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
Reserves of depository Institutions
Date
total2
1993-FBB.
required
Monetary
base•
total
used to satisfy
required
reserves•
surplus'
Net carryover
of reserve
balances•
MAR.
53882
54296
53837
54204
52778
53083
359558
362588
23515
::14383
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.
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.
60036
61296
62858
59751
61207
62776
58947
60195
61795
387512
391144
397619
28297
29018
29374
35184
35655
36812
31739
32278
33484
3445
3377
3328
62072
59626
61998
59556
60624
58455
397887
398126
27817
26960
37906
36294
34254
32666
3652
3627
63646
63435
63505
63362
62405
61759
401366
399592
30367
28745
36489
38241
33279
34691
3210
3550
63
-63
59824
60024
59779
59929
58557
58888
394448
398586
25672
26372
38107
37474
34152
33653
3956
3821
338
303
59129
59084
57934
398202
27861
34615
31268
3347
::199
NOV.
DEC.
1994-JAN.
FEB. pe
rHQ lt§gkg ~n•!11Dg
1994-JAN. 5
19
FEB.
MAR.
1.
2.
3.
nonborrowed
Vault cash•
Reserve
balances with
F.R. Banks•
2
16p
2pe
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, tlie difference between current vault cash and the amount applied to satisfy current reserve requirements. After the introduction of CAR cum:mr.v :>n..t v"'""
l"'!l!C!h fin11raC!: !:Ira rnt:a!:»c:tJrQ/'f nvt:~~r r:nmn11t:.tinn nArinrl~ Andinn on ~nd;~vg
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
total2
required3
Monetary base•
53810
5U77
53765
54086
52707
52964
353184
356001
MAY
JUNB
56365
55876
56959
56292
55755
56777
55269
54880
56048
361637
364081
368733
JULY
AUG.
SEP.
57417
57380
58688
57173
570<!8
58261
56328
56428
57598
372015
374104
377747
OCT.
59528
60725
62413
59243
60635
62331
58439
59624
61351
380826
384315
390616
62033
59523
61959
59453
60585
58352
391000
391023
19
63646
63403
63504
63329
62405
61727
394781
392540
2
16p
59763
59931
59718
59836
58496
58795
387629
391342
59008
58963
57812
391217
1993-FEB.
MAR.
APR.
NOV.
DEC.
1994-JAN.
FEB. pe
~wo
nonborrowed
weeks ending
1994-JAN.
5
FEB.
MAR.
2pe
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 (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 \that required reserves would have been In past periods
had current reserve requirements been In effect. Break-adjusted requlred reserves are equal to break-adjusted required reserves against transacti()ns deposits.
The break-adjusted monetary base equals (1 I 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