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FEDERAL RESERVE statistical release .. H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release at 4 Adjusted lor changes in reserve requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Date Borrowings of depository institutions from the Federal Reserve. NSA required excess NSA' Monetary base• total seasonal extended credit' 60705 60532 59635 59620 1140 967 393771 396668 70 55 15 J4 0 0 APR. MAY JUNB 60480 60105 59989 60356 59905 59656 60356 59905 59656 59329 59190 58885 1151 915 1105 399229 401680 404213 124 200 333 57 134 J26 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. 59496 59401 59342 59116 59152 59133 59116 5915:2 59133 58693 58394 58174 804 1008 1168 413854 416788 418223 380 249 209 339 164 100 0 0 0 59124 58890 58988 58831 58992 58831 57785 57969 1339 921 421047 422303 136 59 46 33 4 0 58937 59124 58691 59057 58691 59057 57769 57764 1167 1360 418280 420301 246 68 95 38 0 0 59181 59090 59005 59039 59015 59039 57811 58114 1370 976 422702 422479 176 51 41 31 10 0 58653 58593 58593 57826 827 422083 60 36 0 FEB. MAR. p pe nonborrowed plus extended credit' 60705 6053:2 :tl!Q neks ending 1995-JAN. 4 18 5. 6. nonborrowed 3 60775 60587 1995-JAN. FEB. p 3. 4. Tome 1994-FEB. MAR. DEC. 1. 2. n Eastem MARCH 9. 1995 Reserves of depository institutions total 2 30 p 1 15 lp 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 unadjusted excess reserves. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3.) Seasonally adjusted, break-adjusted nonborrowed reseNes 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), lor 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 satisly 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 cash~ Reserves of depository institutions Date total 2 1994-FEB. 3. 4. 5. 6. 7. 8. p Pf:l surplus 7 59523 59550 58454 58638 397929 400783 26922 27396 36296 35589 32671 32208 3625 3380 APR. MAY JUNB 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. 59490 60006 61340 59110 597 57 61131 58686 58999 60172 418187 421904 427247 24745 24715 24658 38231 38933 40365 34745 35291 36682 3486 3642 3683 1995-JAN. FEB. p 60521 57670 60385 57611 59182 56749 426304 423564 22291 21763 42289 39791 38230 35907 4059 3885 !£§6kl! §J:IQ1;Qg 4 1995-JAN. 18 61618 62181 61372 62114 60451 60822 430258 428473 25189 23958 39967 42165 36429 38223 3539 3942 196 139 58396 58305 58220 58254 57026 57329 422750 424406 19603 21031 43139 41291 38793 37274 4346 4017 396 598 56931 56871 56104 422720 22718 37920 34213 3707 U7 MAR. 1. total Net carryover of reserve balances• 59593 59605 FEB. 2. required used to satisfy required reserves• MAR. DEC. ~Q non borrowed Monetary base3 Reserve balances with F.R. Banks• 1 15 1p Reflects actual requirE~d 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 bi!se, 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 curr8ncy component of the money stock plus (4}, for all quarter1y reporters on the "Report of lransaction 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 CAR, currency and vault cash figures are measu~ed over computatio~ periods ending on Mondays. . . Excludes required cleanng balanc~ an~ adJl!Stments to compensate for float and Includes other o!f-balance she~t "as;of" adJUS~ents. . Dates refer to the mamtenance penods 1n which the vault cash can be used to satisfy reserve reqUirements. Starting With the maintenance penod ended November 25, 1992, each maintenance period tor weekly reporters ends 16 days after the lagge<! comp~tation period i~ w~ict:' the ~ault cash is held. Pre~iously, each maintenanc.e period ended 30 days after the lagged computation period. All vault cash held during the lagged compulation penod 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 uy depository institutions minus the amount applied to satisfy reserve requirements. Consists of carryover only at df:lpository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess(+) or deficit(-) reserves eligible to be carried forward into the two-w•·el<. reserve maint,.nance period ending on the date shown. prelunln<Hy preliminary ~·.tirn:l\8 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 totaJ2 1994-FBB. MAlL APR. MAY JUNB JULY AUG. SBP. OCT. NOV. DBC. 1995-JAN. FBB. p TwO weeks ending 1995-JAN. 4 18 FBB. 1 15 MAR. lp non borrowed required' 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 59241 59731 61133 58860 59482 60924 58437 58724 59964 413149 417075 422514 60520 57693 60384 57634 59181 56772 421833 419H3 61601 62172 61355 62104 60433 60812 425778 424062 58409 58325 58234 58274 57039 57349 418218 419976 56957 56898 56130 418533 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 eq~al br~~-!ldjusted required reserves (T~ble 3, column~) plus excess r~~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 reqwed reserves are equal to break-adjusted required reserves against 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 a.uarterly 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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