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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 Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars NOVEMBER 3,1994 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository Institutions Date total• 1993-SBP. OCT. NOV. DBC. 1994-JAN. FBB. MAR. APR. MAY JUNB JULY AUG. SBP. Two yeek1 ending 1994-AUG. 31 SBP. 14 28 OCT. 12 26p 1. 2. 3. 4. 5. 6. p pe nonborrowed3 nonborrowed plus extended credit' required excess NSA' Monetary base• total seasonal extended credit' 58813 59749 60320 60476 58386 59464 60231 60394 58386 59464 60231 60394 577:13 58660 59219 59413 1090 1089 1101 1063 378076 381400 384029 385855 428 285 89 82 236 192 75 31 0 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 5937& 60208 59709 5937& 59181 58995 58603 1151 915 1105 399198 401725 &04319 124 200 333 57 13& 226 0 0 0 59819 59518 59484 59361 59050 58997 59361 59050 58997 58712 58514 58423 1107 1004 1061 &07043 &09175 411033 &58 469 487 364 0 0 0 59601 59103 59103 58606 995 410198 498 &68 0 593&4 596&2 58898 59107 58898 59107 58427 58438 917 1204 410478 &11&13 &&7 535 &37 &58 0 0 59359 5917& 58926 58828 58926 58828 58286 58586 1073 588 412266 &13&70 &33 346 &03 326 0 0 us '" Reserves and monetary base figures Incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes In reserve requirements. (For more lnformatio'1. see Table 3.1 Seasonally a;.usted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table.: and footnote 2 on Table 3.) Seasonally ad usted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total bofrowings of dej)ository Institutions from the Federal Reserve. Extended cr 11 consls1S of borrowing at the discount window under the terms and conditions established for the extended credit program to help deposit~ 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 mark9t 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 consls1S of ( 11 seasonally adJusted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus (31, tor all quarterly reporters on th8 "Report of Transaction Accoun1S, Other OeposiiS 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.) ' preliminary preliminary estimate H.3(502) Table2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes In reserve requirements' Averages of dally ftgures, not seasonally adjusted Millions of dollars Reserves of depository Institutions Date total a 1993-SBP. 384::145 38751::1 391144 397619 ::17::174 ::18297 ::19018 ::19374 352::10 35184 35655 36812 31863 31739 3::1::178 33484 3357 3445 3377 33::18 MAR. 6::107::1 59593 59605 61998 595::13 59550 606:14 58454 58638 397887 397929 4007 83 ::17817 l6922 l7396 37907 36::195 35585 34::154 3::1671 3ll08 3653 36::14 3377 APR. MAY JUNB 61641 59::173 599::14 61516 59073 59591 60489 58358 58819 406319 406592 410939 ::19614 26790 l6502 35::115 35892 36898 320::17 3::1483 334ll 3188 3409 3476 JULY AtJG. SBP. 60092 59337 59952 59634 58868 59466 58985 58333 58891 414391 414899 416651 ::15996 25284 l5158 37635 37614 38431 34096 3405l 34794 3539 3562 3637 58554 58056 57559 413470 ::15099 36913 33455 3458 l02 60559 59341 60113 58807 59643 58138 418045 415044 l5720 l4641 38451 38397 34839 34700 361::1 3697 l77 l48 59980 59175 59547 588::19 58907 58587 418141 417678 ::14841 ::15039 38539 37617 35139 34137 3400 3481 3l8 l98 Wtlkl 1Dg1g~ 1994-AtJG. 31 SBP. u l8 OCT. 1l l6p 4. 5. 6. 7. 8. p pe surplus7 Net carryover of reserve balances• 58046 58947 60195 61795 1994-JAN. PBB. 3. total used to satisfy required reserves' 58709 59751 61l07 6::1776 NOV. DBC. 1. 2. required Vault cash' 59136 60036 61::196 6::1858 OCT. rwg nonborrowed Monetary base> Reserve balances with F.R. Banks• Reflects actual required reserves, with no adJustments to eliminate the elfects of dlsconlnullles, or "breaks", associated with regulatory changes In reserve requirements. Reserve balances with Federal Reserve Ban'l<s plus vault cash used to sallsty reserve r~ulrements. The monetary base, not break-adNsted and not seasonally adJusted, oonslsts=f (1 total reserves plus (2) required dearing balances and adjustments to compensate for ftoat at Federal Reserve Banks plus (3) the curre~ component of the monw stock plus (4), for aft quarterly re rs on the "Report of Transaction Accounts, Other Deposits and Vault cash" and for al those weekly reporters whose vault cash exceeds their r~lred reserves, lfie dlfferilnoe between current v cash and the amount applied to satisfy current reserve requirements. After the Introduction of CRR, currency and vault cash flaures are measured over computallon periods ending on Mondays. Excludes required d~ balances and adJuStments to compensate for ftoat and Includes other olf-balanca sheet •as-or adjustments. Dates refer W:l the malntanance p_erlods In which the vault cash cen be used to satisfy reserve r~lremants. Star1il)g with the maintenance period ended November 25, 1992, each maintenance period for ~ r~ ends 16 dllY\9 after the lagged ~don D8flod In which the vauft cash Is held. Previously, eacli maintenance period erided 30 days after lhe Jagged computation !l8flod. All vault c8sh held duq th8laggtld compUtation p8rlod by "bound" Institutions (I.a., those whose required reserves exceed their vault cash) plus the amount of vault cash applied dunng the maintenance period by "nonbound" Institutions (I.e., thOse whose vault cash exceeds lhelr r&<~ulred reservas) to satisfy current reserve requirements. Total vaUlt cash held by dep~ Institutions minus the amount applied to satiSfy reserve requirements. Consists of carryover only at depOsl~ lnslltullons maintaining reserves on the basis of two-week maintenance periods. Reflects excess(+) or deficit(·) reserves eftglble to be carried forward Into the two-week reserve maintenance period ending on lha date shown. preliminary preliminary estimate H.3 (502) Tabla 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 Data total' 1993-SBP. OCT, NOV. DBC. 199(-JAN. FBB. MAR. APR. MAY JUNB JULY AUG. SBP. Two week• ending 1994-AUG. 31 BBP. U :18 OCT. 12 l6p nonborrowad required' Monetary base• 586(6 5U81 60671 6:1367 58218 59195 6058:1 6lJ85 57556 58391 59571 61305 3777:13 380800 38(:185 390588 6:1037 595:19 59(96 61963 59( 59 SHU 60589 58389 585:19 391001 390859 39U5l 61398 5897:1 59555 61:17( 5877:1 59lll 60:146 58057 5USO 399758 400:16:1 ,0,716 59659 588(:1 59388 59:101 58374 58901 5855:1 57839 583:17 ,08165 (08948 U1046 580(7 575U 57052 ,07535 60003 58774 59557 58:1(0 59086 57570 Ul37l •o9u& 59376 585U 589U 58197 58303 57955 Ul616 UH67 Nota: Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affalrs, 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. , Brilak·adlustad total reserves equal break-ad/usted required reserves (Table 3, column 3) plus excess reserves NSA (Table1, column 5). To adjus( required reserves for discontinuities due to regulatory changes In reserve requirements, a multiplicative proc8durels 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 tt;~ break-adJusted required reserves agalnst transactions deposits. · The break-adlustad monetary base equals (11 break-adjusted total reserves plus (2) the (unadJusted) currency component of the money stock plus (3)kfor 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 brea -adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate