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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 4:30p.m. Eastern 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 Reserves of depository institutions Date total' nonborrowed3 nonborrowed plus extended credit' required excess NSA" Monetary base• total seasonal extended credit 1993-0CT. NOV. DBC. 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. FBB. 60603 60763 60588 60529 60693 60533 60529 60693 60533 59155 59623 59621 1448 1140 967 389613 393960 397014 73 70 55 15 15 24 0 0 0 60333 59910 59708 60208 59709 59374 60208 59709 59374 59181 58995 58603 1151 915 1105 399198 401725 404319 124 200 333 57 134 226 0 0 0 AUG. SBP. 59819 59518 59483 59361 59050 58996 59361 59050 58996 58712 58514 58423 1107 1004 1060 407043 409175 411032 458 469 487 364 445 444 0 0 0 OCT. pe 59273 58892 58892 58478 795 413326 380 339 0 Two weeks ending 1994-SBP. 14 28 59344 59642 58898 59107 58898 59107 58427 58438 917 1204 410477 411414 447 535 437 458 0 0 OCT. 12 26p 59341 59160 58908 58814 58908 58814 58286 58590 1055 569 412246 413455 433 346 403 326 0 0 59425 59074 59074 58625 801 415558 351 223 0 MAR. APR. MAY JUNB ,:nJLY NOV. 1. 2. 3. 4. 5. 6. p pe 9pe Tim~ NOVEM3ER 10,100. Reserves and monetary base ligures incorporate adjustments tor 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~ on Table 3 Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total boflowings of depository Institutions from the Federal Reserve Extended credit consists or borrowing at the discount window under ~e terms and conditiOf!S e~tablis~~ tor the extended. credit program to Mlp depository i,nstitutions deal with sustained liquidity pressures. Because there 1s not the same need to repay such borrowing promptly as there 1s 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 l 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, bther Deposits and Vault Cash and tor all those weekly reporters whose vaulf cash exceeds their required reserves the seasonal! 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' Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcash5 Reserves of depository Institutions Date total2 nonborrowed required Monetary base3 Reserve balances with F.R. Banks• total used to satisfy required reserves• surplus7 1993-0CT. NOV. DBC. 60036 61::196 6:1858 59751 61207 62776 58947 60195 61795 387512 391144 397619 28297 29018 29374 35184 35655 36812 31739 32278 33484 3445 3377 33:18 1994-JAN. 6:107:1 59593 59605 61998 595:13 59550 606:14 58454 58638 397887 397929 400783 :17817 26922 27396 37907 36295 35585 34254 32671 32208 3653 3624 3377 61641 59:173 59924 61516 59073 59591 60489 58358 58819 406319 406592 410939 29614 26790 26502 35215 35892 36898 32027 32483 33422 3188 3409 3476 AUG. SBP. 6009:1 59337 59951 59634 58868 59465 58985 58333 58891 414391 414899 416650 25996 25284 25157 37635 37614 38431 34096 34052 34794 3539 356:1 3637 OCT. pe FBB. MAR. APR. MAY JUNB JULY Net carryover of reserve balances• 59490 59110 58695 418020 24746 38230 34744 3486 ending 1994-SBP. 14 28 60559 59341 60113 58807 59643 58138 418045 415044 25720 24641 38451 38397 34839 34700 361:1 3697 :177 148 OCT. 1:1 l6p 5996:1 59161 59529 58815 58907 58591 418122 417663 24824 25023 38539 37608 35138 34138 3401 3471 328 298 NOV. 59:181 58930 58480 418776 23784 39234 35497 3737 1 ~weeks 1 2 3. 9pe 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 requirements. After the introduction of CRR. currencv and vault .......... h 4-;,.., ..................... _,.._..,., ,.,,.., ,..,,,.., "",....."''t.... tf,.."' norl,..l'l~ oo•u•U,..,.. ""'" l.A,..,.,,.. .... u~ H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted tor changes in reserve requirements' Averages of daily figures, not seasonally adjusted Millions ol dollars Reserves ot depository institutions Date total' non borrowed required' Monetary base• 59481 60671 62367 59195 60582 62285 58391 59571 61305 380800 384285 390588 6:.1037 59529 59496 61963 59459 59441 60589 58389 58529 391001 390859 394152 61398 58972 59555 61274 58772 59222 60246 58057 58450 399758 400262 404716 AUG. SEP. 59659 58842 59387 59201 58374 58900 58552 57839 58327 408165 408948 411045 OCT. pe 58968 58588 58173 412779 1994-SEP. 14 28 60003 58774 59557 58240 59086 57570 412372 409496 OCT. 1:.1 59358 58529 58925 58183 58303 57959 412597 412451 59262 58911 58462 414135 1993-0CT. NOV. DEC. 1994-JAN. FEB. MAR. APR. MAY JUNE JULY Two weeks endina 26p NOV. 9pe Note: Historical data are available from the Money and Reserves Projections Section, Division ol Monetary Affairs, Board of Governors ol 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;adjust~ total reserves eq!Jal br~ak·!ldjusted required reserves (T~Ie 3, column ~)plus excess res~rv~s NSA (Table .1. column 5) .. To adJust reqUired reserves for discontinuities due to regulatory changes In 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 (1l break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), tor 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