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....... FEDERAL RESERVE statistical release H.3(502) Table 1 . AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETA~ASE 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 30, 1995 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 1994-FEB. nonborrowed3 nonborrowed plus extended credit' required excess NSA5 Monetary base6 total seasonal extended credit' MAR. 60775 60587 60705 60532 60705 60532 59635 59620 1140 967 393771 396668 70 55 15 24 0 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. NOV. DEC. 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 1995-JAN. FEB. 59124 58919 58988 58860 58992 58860 57785 57973 1339 946 421055 422307 136 59 46 33 4 0 Two weeks ending 1995-FEB. 1 15 59181 59087 59005 59036 59015 59036 57811 58114 1370 973 422715 422491 176 51 41 31 10 0 58718 58487 58766 58658 58428 58687 58658 58428 58687 57833 57910 57722 885 577 1044 422078 4237 81 426987 60 59 79 36 44 59 0 0 0 MAR. 1. 2. 3. 4. 5. 6. p pe 1 15p 29pe 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 ( 1l 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, Other 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' AveragHs of daily figures, not seasonally adjusted Millions of dollars Vault cash 5 Reserves of depository institutions Date totaf2 non borrowed required Monetary base3 Reserve balances with F.R. Banks 4 total used to satisfy required reserves• surplus 7 Net carryover of reserve balances• 1994-FEB. MAR. 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 597 57 61131 58686 58999 60172 418187 4219 04 427247 24745 24715 24658 38231 38933 40365 34745 35291 36682 3486 3642 3683 1995-JAN. FEB. 60521 57699 60385 57639 59182 567 52 426311 423565 22291 21758 42290 39792 38230 35941 4059 3852 Two weeks ending 1995-FEB. 1 15 58396 58302 58220 58251 57026 57329 422763 42 4418 19603 21028 43140 41292 38793 37274 4347 4018 396 598 56995 57967 57139 56936 57908 57060 56111 57389 56095 422708 427109 427793 22710 22331 22885 37921 39315 37763 34286 35636 34254 3635 3679 3509 447 313 MAR. 1. 2. 3. 4. 5. 6. 7. 8. p pe 1 15p 29pe 6 Reflects actual required reserves, with no adjustments to eliminate the ette~ts 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 ol lransaction Accounts, Other Depos1ts 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 an~ adjustments to compensate tor float and includes other ott-balance sheet "as:of" adjustments. . . . Dates refer to the maintenance penods 1n which the vault cash can be used to sat1stv reserve requirements. Start1ng With the maintenance penod ended November 25, 1992, each mamtenance renod tor . weekly reporters ends 16 days after the lagged computation period in whic~ 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 penod by "bound" InstitUtions (I.e., those whose requ1red reserves exceed their V<Jult cash) plus the amount of vault cash applied dunng the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their reqwed reserves) to satisfy currer>t 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 maintenc1nce 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 total' non borrowed required 3 Monetary base• 59555 59541 59485 59486 58415 58574 390881 394191 61548 59155 59781 61423 58955 59447 60396 58240 58676 399882 400411 404900 59923 59141 59728 59465 58673 59241 58816 58137 58668 408378 409214 411371 DEC. 59241. 59731 611.33 59960 59482 60924 59437 58724 59964 4131.49 417075 422514 1995-JAN. FEB. 60520 57722 60384 57662 59181 56775 421840 419246 Two weeks ending B95-FEB. 1 15 58409 58322 58234 58271 57039 57349 418231 419988 57022 58001 57179 56963 57942 57101 56137 57424 56135 418524 422806 423474 1994-FEB. MAR. APR. MAY JUNE JULY AUG. SEP. OCT. NOV. MAR. 1 15p 29pe 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 res~rves NSA (Table .1, column 5) .. To adjust required reserves for disconti~uities due to regul~tory changes 1n reserve requirements, a mult1phcat1ve procedure 1s used to estimate w~at require~ reserves would have been in past periods had current reserve requirements been 1n effect. Break-adjusted requ1red reserves are equal to break-adjusted reqwred reserves aga1nst transactions deposits. The break-adjusted monetary base equals (1 l 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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