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FEDERAL RESERVE statistical release
H.3(502)
Table 1
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETAHY tjA~I:.
For release at
Adjusted for changes in reserve requirements'
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
Borrowings of depository institutions
from the Federal Reserve, NSA
Date
p
Monetary
base•
total
seasonal
extended credit!
59329
59190
58885
1151
915
1105
399229
401680
404213
124
200
333
57
134
226
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.
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.
MAR.
59124
58919
58552
58988
58860
58483
58992
58860
58483
57785
57973
57757
1339
946
794
421054
422312
425349
136
59
69
46
33
51
4
0
0
57959
57848
57848
57205
753
428122
111
82
0
58774
58695
58695
57703
1070
427022
79
59
0
57470
58358
57 394
58228
57394
58228
57056
57395
414
963
426404
429025
76
130
61
90
0
0
58025
57746
57877
57602
57877
57602
56988
56929
1037
817
430117
431578
148
144
1 .. 4
140
0
0
MAY
pe
excess
NSA5
60356
59905
59656
APR. 12
26
5.
6.
required
60356
59905
59656
Two weeks ending
1995-MAR. 29
3.
4.
nonborrowed plus
extended credir
60480
60105
59989
APR. p
1.
nonborrowed 3
1994-APR.
MAY
JUNE
NOV.
2.
Eastern Time
MAY 25, 1995
Reserves of depository institutions
totaF
4:30p.m
lOp
24pe
0
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 unadjusled 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 :Jepository 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-ad;usted 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 v.·1ult cash exceeds their required restlrves, the :;easonally
adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy cunent reserve requirements. (Also see footnot~'< 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 5
Reserves of depository institutions
Date
totai2
3.
4
5.
6
7.
8.
p
pe
total
surplus 7
Net carryover
of reserve
balances 6
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
4167 01
25996
25284
25157
37644
37618
38433
34096
34052
34794
3548
3566
3639
OCT.
NOV.
DEC.
59490
60006
61340
59110
59757
61131
58686
58999
60172
418187
421904
427247
24745
24715
24658
38231
38933
40365
34745
35291
36682
3486
3642
3683
1995-JAN.
FEB.
MAR.
60521
57699
57583
603il5
57639
57514
59182
56752
56789
426311
423570
427556
22291
21758
22649
42291
39795
38518
38230
35941
34934
4061
3855
3584
APR. p
58875
58764
58121
432786
24218
38099
34656
3442
57147
57068
56077
427827
22869
37773
34278
3496
9
APR.
12
26
58353
59700
58277
59 570
57939
58737
431400
433837
23412
25542
38433
37481
34941
34158
3492
3323
240
-242
MAY
lOp
57552
56339
57405
56195
56515
55522
433264
433587
22003
21400
39261
38711
35549
34939
3712
3772
-47
82
24pe
1.
required
used to satisfy
required
reserves 6
1994-APR.
MAY
JUNE
TwQ weeks ending
1995-MAR. 29
2.
non borrowed
Monetary
base'
Reserve
balances with
F.R. Banks 4
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 comp('n~n.te 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 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 CRR, currency and vault
cash figures are measured over computation periods ending on Mondays.
Excludes required clearing balances and adjustments to compensate for float and includes other off-balancP sheet "as-of" adjustments.
Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Sta1ting with the maintenance period ended November 25, 1992. each maintenance period for
weekly reporters ends 16 days after the lagged computation period in which the vault cash is held. Previously, each maintenance period ended 30 days after the lagged computation peri0d.
All vault cash held during the lagged computation 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.
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 maintenance periods. Reflects excess(+) or defic,t (-)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 2
non borrowed
req'-!ired 3
Monetary base•
MAY
JUNE
61548
59155
59781
61423
58955
59447
61"!396
5!J240
5!<676
399882
400411
404900
JULY
AUG.
SEP.
59923
59141
59728
59465
58673
59241
se816
5f'137
5!!-668
408378
409214
411371
OCT.
NOV.
DEC.
59241
59731
61133
58860
59482
60924
58437
5B724
5!•964
413149
417075
422514
1995-JAN.
FEB.
MAR.
60520
57722
57621
60384
57662
57552
59181
Sf-775
5b827
421840
419250
423268
58929
58819
%176
4287 34
571.87
57109
5!il17
423510
APR. 12
26
58402
597 57
58326
59627
57988
58794
427318
429858
MAY
57614
56406
57466
56262
56577
5S589
429050
429453
1994-APR.
APR. p
Two weeks ending
1995-MAR. 29
lOp
24pe
Note: Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal R(,serve 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!Jal br~a~-~djusted required reserves (Table 3, column 3) plus excess reserv~s NSA (Table .1, column 5) ..
To adJUSt required reserves for discontinUities due to regulatory changes 1n reserve requirements, a mult1phcat1ve procedure IS used to estimate what required 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 (1) 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