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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 Tome
Adjusted for changes in reserve requirements'
twera!Jes of daily figures, seasonally adjusted unless noted otherwise
\!lillions of dollars
MAY 5, 1994
Borrowings of depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
total'
non borrowed'
nonborrowed plus
extended credit'
required
excess
NSA 5
Monetary
base'
total
seasonal
extended credit'
1993-MAIL
APR.
MAY
JUNE
55228
55306
56740
57048
55137
55233
56618
56867
55137
55233
56618
56867
54015
54210
55743
56138
1213
1096
996
911
358590
361166
365294
368194
91
73
121
181
26
41
84
142
0
0
0
0
JULY
AUG,
SEP.
57546
58011
58813
57302
57659
58386
57302
57659
58386
56457
57059
57723
1089
952
1090
371286
374340
378076
244
352
428
:no
234
236
0
0
0
OCT.
NOV.
DEC.
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
1994-JAN.
FEB.
MAR.
60603
60763
60589
60529
60693
60534
60529
60693
60534
59155
59623
59622
1448
1140
967
389613
393960
397004
73
70
55
15
15
24
0
0
0
'wo weeks ending
1994-MAR. 2
16
30
60713
60695
60460
60728
60657
60392
60728
60657
60392
59621
59644
59599
1151
1052
861
394981
396453
397722
45
39
68
15
17
32
0
0
0
APR. 13
27p
60525
60030
60401
59916
60401
59916
59629
58553
897
1476
398715
399143
125
114
40
64
0
0
1.
2.
3.
4.
5.
6.
p
pe
Roserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (For more information, see Table 3.)
SEOasonally 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.)
SE!asonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve.
E>tended 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
pro3ssures. 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
(31, 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.)
pmliminary
pmliminary 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
total'
non borrowed
required
Vault cash'
Monetary
base'
Reserve
balances with
F.R. Banks 4
total
used to satisfy
required
reserves'
surplus'
Net carryover
of reserve
balances•
1993-MAR.
APR.
MAY
JUNE
54296
56541
56101
57238
54204
56468
55979
57057
53083
55445
55104
56328
362588
368175
370461
375192
24383
26975
25968
26462
33294
32718
33460
34106
29912
29567
30133
30776
3381
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.
NOV.
DEC.
60036
61296
62858
59751
61207
62776
58947
60195
61795
387 512
391144
397 619
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
397887
397929
400774
27817
26922
27396
37907
36295
35585
34254
32671
32208
3653
3624
3377
Two weeks ending
1994-MAR. 2
16
30
59093
60244
58874
59048
60205
58806
57942
59192
58013
397784
401253
400309
27811
27139
27434
34617
36654
34667
31282
33105
31440
3335
3549
3227
285
373
399
APR. 13
27p
61911
61833
61786
61719
61014
60356
406542
406239
29643
30236
35434
34732
32268
31597
3167
3135
281
92
1.
2.
3.
4.
5.
6.
7.·
8.
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, the difference. between current vault cash and the amount applied to satisfy current reserve ~equirements. After the introduction of CAR, currency and vault
cash figures are measured over computation penods ending on Mondays.
Excludes required clearing balances and adjustments to compensate tor float and includes other off-balance sheet "as~of" adjustments.
.
.
Dates refer to the mamtenance penods 1n which the vault cash can be used to sat1stv reserve requirements. Start1ng with the maintenance period ended November 25, 1992, each mamtenance period for
weekly reporters ends 16 days after the lagged computation period in which 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 period by "bound" institutions (ie., those whose required reserves exceed their vault cash) plus the amount of vaull cash applied during the maintenance
period by "nonbound" mslitut1ons (I.e., those whose vault cash exceeds their reqUired reserves )to satisfy current reserve reqUirements.
.
. .
. .
.
.
Total vault cash held by depository instili,Jtions minus the amount applied to satisfy reserve reqUirements.
Consists of carryover only at depository Institutions ma1ntam1ng reserves on the basis of two-week maintenance penods. Reflects excess(+) or deficit(·) reserves eligible to be camed forward Into the
two·week reserve maintenance period ending on the date shown.
H.3(502)
Table3
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
totaF
nonborrowed
required'
Monetary base'
JUNE
54167
56349
55855
56933
54075
56276
55734
56751
52954
55253
54859
56022
355996
361628
364070
368719
JULY
AUG.
SEP.
57365
57343
58646
57141
56991
56218
56297
56391
57556
371997
374083
377723
OCT.
NOV.
DEC.
59481
60671
62367
59195
60582
62285
58391
59571
61305
380800
384285
390588
1994-JAN.
FEB.
HAR.
62037
59529
59497
61963
59459
59441
60589
58389
58529
391001
390859
394143
Two weeks ending
1994-HAR. 2
16
30
59017
60146
58759
58972
60107
58691
57865
59094
57898
390838
394609
393722
APR. 13
27p
61687
61580
61563
61466
60790
60104
400129
399520
1993-HAR.
APR.
HAY
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
oe
Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements.
.
Break_- adjusted total reserves equal brea~-!'ldjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table _1, column 5) ..
To adJust requtred reserves for discontinUities due to regulatory changes 1n reserve reqUirements, a multiplicative procedure 1s 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