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FEDERAL RESERVE statistical release .. H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release al 4:30p.m. Eastern Time Adjusted tor changes In reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars NOVEII.BER 25, 1994 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository Institutions Date 'total2 excess NSA5 Monetary base 6 total seasonal extended credit-4 59464 60231 60394 58660 59219 59413 1089 1101 1063 381400 384029 385855 285 89 82 192 75 31 0 0 0 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 AOG. 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. p 59170 58790 58790 58366 804 413333 380 339 0 59642 59107 59107 58438 1204 411414 535 458 0 59341 59161 58908 58815 58908 58815 58286 58586 1055 574 41224~ 413451 433 346 403 326 0 0 58785 58942 58434 58742 58434 58742 57944 58000 841 942 415611 417251 351 200 223 152 0 0 1994-JAN. FBB. MAR. APR. MAY JUNB JULY Two yeekt end.ina 1994-SBP. 28 OCT. 12 26 NOV. p required 59U4 60231 60394 NOV. DBC. 5. 6. nonborrowed plus extended credit4 59749 60320 60476 1993-0C'l'. 1. 2. 3. 4. nonborrowed3 9p 23pe Reserves and mone~ base figures lncorpollilte adjustments for discontinuities, or "breaks", associated with regulatory changes In reserve requirements. (For more Information.( see Table 3.) Seasonally :ted, bfeak-adjusted total reserves equal seasonally adjusted, break-adlusted required reserves plus unadjusled excess reserves. (Also, see lootnote 2 on Table "and footnote 2 on Table 3.) Seasonally usted, break~usted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadlusted total borrowings of d&P.osltory Institutions from the Federal Reserve. Extended cr t c:onslsts of boirovAng at the discount window under the terms arid conditions established for the extended credit program to help depository Institutions deal with sustained liquidity pressures. Because there Is not the ume need to repay such borrowing promptly as there Is with traditional short-term adjustment credit, the money market Impact of extended credit Is slmlrar to that of nonborrowed reserves. ' Excess reserves NSA 9C!uals unadjusted total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column 3). The seasonally adjusted, break-a.ctJusted mone~ base consists of (1) 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 Tr&nsactlon Accounts, Other Deposits and Va~;~lt Cash and for all those weekly reporters whose vaulf cash exceeds their required reserves, the seasonally adjusted, bi'eak-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 pe preliminary estimate H.3 (502) Table2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requlrements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcash5 Reserves of depository Institutions Date total 2 1993-0CT. nonborrowed required Monetary base3 Reserve balances with F.R. Banks4 total used to satisfy required reserves• surplus7 Net carryover of reserve balances• 60036 61296 62858 59751 61207 62776 58947 60195 61795 387512 391144 397619 28297 29018 29374 35184 35655 36812 31739 32278 33484 3445 3377 3328 62072 59593 59605 61998 59523 59550 60624 58454 58638 397887 397929 400783 27817 26922 27396 37907 36295 35585 34254 32671 32208 3653 3624 3377 61641 59273 59924 61516 59073 59591 60489 58358 58819 406319 406592 410939 29614 26790 26502 35215 35892 36898 32027 32483 33422 3188 3409 3476 AUG. SBP. 60092 59337 59951 59634 58868 59465 58985 58333 58891 414391 414899 416650 25996 25284 25157 37635 37614 38431 34096 34052 34794 3539 3562 3637 OCT. p 59490 59109 58686 418123 24745 38231 34745 3486 1994-SBP. 28 59341 58807 58138 415044 24641 38397 34700 3697 148 OCT. 12 26 59962 59161 59529 58815 58907 58587 418122 417652 24824 25025 38539 37608 35138 34137 3401 3472 328 298 NOV. 59275 60015 58925 59815 58434 59073 419442 423245 23770 25350 39236 38245 35506 34666 3730 3579 10 14 NOV. DEC. 1994-JAN. PBB. MAR. APR. MAY JUNE JULY ~ ~~~kl ~D~iD~ 1. 2. 3. 4. 5. 6. 7. 8. 9p 23pe 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 Bariks 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 rerorters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, tlie difference between current vaul cash and the amount applied to satisfy current reserve requirements. After the Introduction of CAR, 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-balance sheet "as-or adjustments. Dates refer to the maintenance periods in which the vault cash can be used to salisfv reserve requirements. Starting with the maintenance period ended November 25, 1992, each maintenance period tor 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 period. 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. 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 deficit(-) reserves eligible to be carried forward Into the two-week reserve maintenance period ending on the date shown. . ••. _ _ . .. •..,. .. ~. ~~----~----- ·-·~------------" ·~ .... --<! ,.,.,.•-.; ~--~----·~~.tli'""'~~:..tt.IIIL.::a..allrL~ ..... _.,.,._..... ~ H.3(502) Table 3 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 2 nonborrowed required3 Monetary base• 59481 60671 62367 59195 60582 62285 58391 59571 61305 380800 384285 390588 62037 59529 59496 61963 59459 59441 60589 58389 58529 391001 390859 394152 61398 58972 59555 61274 58772 59222 60246 58057 58450 399758 400262 404716 SBP. 59659 58842 59387 59201 58374 58900 58552 57839 58327 408165 408948 411045 OCT. p 58865 58485 58062 412782 1994-SBP. 28 58774 58240 57570 409496 OCT. 12 26 59358 58530 58925 58184 58303 57955 412597 412447 58624 59328 58273 59128 57783 58386 414165 418083 1993-0CT. NOV. DBC. 1994-JAN. PBB. MAR. APR. MAY JUNE JULY AUG. Two weeks ending NOV. 9p 23pe 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 equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). To adjusf required reserves for discontinuities due to regulatory changes in 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 reqUired reserves are equal to break-adjusted required reserves against transactions deposits. The break-adjusted mone~ 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, ltle break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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