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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;30 p.m. Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars MAY 12, 1994 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total' total seasonal extanded credit" 1096 996 911 361166 365294 368194 73 121. 181 84 142 0 0 0 JULY AUG. SBP. 57546 58011 58813 57302 57659 58386 57302 57659 58386 56457 57059 57723 1089 952 1090 371286 374340 378076 244 352 428 210 234 236 0 0 0 OCT. 59749 60320 60476 59464 60231 60394 59464 60231 60394 58660 59219 59413 1089 1101 1063 381400 384029 385855 285 89 82 192 75 31 0 0 0 MAR. 60603 60763 60589 60529 60693 60534 60529 60693 60534 59155 59623 59621 1448 1140 967 389613 393959 397004 73 70 55 15 15 24 0 0 0 APR. pe 60208 60084 60084 59068 1139 399006 124 57 0 weeks ending 1994-KAR. 115 30 60695 60460 60657 60392 60657 60392 59644 59599 1052 861 396455 397722 39 158 17 32 0 0 APR. 13 27p 60523 60004 60399 59890 60399 59890 59627 58552 897 1453 398704 3990715 125 114 40 64 0 0 59787 59618 59618 59060 727 399988 169 101 0 MAY p pe Monetary base• 54210 55743 56138 1994-JAN. PBB. 5. excess NSA• 55233 56618 56867 DBC. 6. required 55233 56618 56867 NOV. 1. 2. 3. 4. nonborrowed plus extanded credit" 55306 56749' 57048 1993-APR. KAY JUNB ~ nonborrowed3 11pe 4l 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-adjustad total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Aiso,,!;ee footnota 2 on Table 2 and footnota 2 on Table 3.) :~easonally adjusted, break-adjustad nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of. dejlository 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-tarm 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 adjustad currency component of the money stock plus (3l. for all quarterly reporters on the "Report of Transaction Accounts, Clther 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 footnotee 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 Reserves of depository institutions Date total2 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 384U5 26562 26564 27274 34536 34516 35220 31189 31203 31863 3H7 3313 3357 OCT. DEC. 60036 61296 62858 59751 61207 62776 58H7 60195 61795 387512 3911U 397619 28297 29018 29374 35184 35655 36812 31739 32278 33484 3445 3377 3328 1994-JAN. FEB. MAR. 62072 59593 59605 61998 59523 59550 60624 58454 58638 397 887 397929 400774 27817 26922 27396 37907 36295 35585 H254 32671 32208 3653 36H 3377 61633 61509 60494 406240 29609 35216 32024 3192 602U 58874 60205 58806 59192 58013 401253 400309 27139 27434 36654 34667 33105 31440 3549 3227 373 399 APR. 13 27p 61909 61807 61784 61693 61012 60354 406533 406172 29641 30210 35434 34749 32268 31597 3167 3152 281 90 MAY 59626 59457 58899 405289 26665 36447 32961 3486 552 ens.l1D9: 1994-MAR. 16 30 4. 5. surplus' Net carryover of reserve balances• 56468 55979 57057 r:,liQ ~!i!~k§ 5. total w$ed to satisfy ·required :reserves• 56541 56101 57238 APR. pe 1 required Monetary base' 1993-APR. MAY JUNB NOV. 2. 3 nonborrowed Yaultcash• Reserve balances with F.R. Banks• 11pe Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserye 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 tQ compensate lor float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterly rerorters on the "Report o Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves. the difference between current vaul cash and the amount applied to satisfy current reserve requirements. After the introduction of CAR. currency and vault cash ligures are measured over computation periods ending on Mondays. Excludes required clearing balances and adjustments to compensate lor float and includes other off-balance sheet "as-of" adjustments. · Oates 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 lor weekly reporters ends 16 days alter the lagged computation period in which the vauft cash is held. Previously, each maintenance period ended 30 days alter the lagged computation j)eriod. All vault cash held during the lagged compulation 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. 121 lnt::.l v::.ult r~~h hAirf hv rt.:mnc:.itnrv inc::.tih1tinnc::. minuc:. thA :!limnunt :toolied to satisfv reserve reauiremP-nt~ H 3(502) Table3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total' nonborrowed required 3 Monetary base• 1993-APR. MAY JUNB 56349 55855 56933 56276 55734 56751 55253 56022 361628 364070 368719 JULY AUG. SBP. 57385 57343 58646 57141 56991 58218 56297 5639l 57556 371997 374.083 377723 OCT. NOV. DBC. 59481 60671 62367 59195 60582 62285 58391 59571 613o5 380800 384285 390588 1994-JAN. FBB. MAR. 62037 59529 59496 61963 59459 59441 6058~ 58389 5852~ 391001 390859 394143 61390 61266 6025~ 399677 ending 1994-MAR. 16 30 60146 58759 60107 58691 5909!1. 57898 394609 393722 APR. 13 27p 61685 61554 61561 61440 60788 60102 400118 399454 MAY 59348 59179 58621 398814 APR. pe 5485~ ~weeks I 11pe 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. Ereak-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 what r~ired reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves are equal to break-adJusted required reserves against transactions deposits. The break-adjusted monetary base equals (1l break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3) for ali quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash and for ali 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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