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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 Adjusted for changes in reserve requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Date Borrowings of depository institutions from the Federal Reserve, NSA nonborrowed plus extended credit' required excess NSA' Monetary base6 total seasonal extended credit' 59116 59152 59133 58693 58394 58174 804 1008 1168 413854 416788 418223 380 249 209 339 164 100 0 0 0 59124 58919 58552 58988 58860 58483 58992 58860 58483 57785 57973 57757 1339 946 794 421054 422312 425350 136 59 69 46 33 51 4 0 0 57957 57761 57352 57847 57611 57080 57847 57611 57080 57204 56881 56388 753 880 964 428127 430687 4297 55 111 150 272 82 137 172 0 0 0 AUG. SBP. 57655 57515 57368 57284 57233 57091 57284 57233 57091 56565 56527 56418 1090 988 950 429659 430857 431248 371 282 278 231 258 252 0 0 0 OCT. 56820 56575 56575 55739 1081 432426 245 199 0 57457 57183 57183 56499 957 431486 274 261 0 56968 56751 56630 56525 56630 56525 55589 55891 1378 860 432051 432521 338 227 240 204 0 0 56711 56024 56591 55788 56591 55788 55660 55246 1051 778 432893 432126 121 236 116 63 0 0 DEC. 1995-JAN. FEB. MAR. APR. MAY Jl1NB Jl1LY TWO weeks ending 1995-SEP. 27 OCT. 11 25 NOV. p pe nonborrowed3 59116 59152 59133 NOV. 5. 6. Time 59496 59401 59342 1994-0CT. 1. 2. 3. 4. I:Oastern NOVEMBER30,1995 Reserves of depository institutions total 2 4:30p.m. 8 22p 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 unadjusted excess reserves. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3.) Seasonally adJusted, break-ad1usted 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 depository 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 The seasonally adjusted, break-adJusted monetary base consists of ( 1l 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, 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.) 3l. preliminary preliminary estimate H.3(502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 1994-0CT. 418187 421904 427247 24745 24715 24658 38231 38933 40365 34745 35291 36682 3486 3642 3683 MAR. 60521 57699 57583 60385 57639 57514 59182 56752 56789 426311 423570 427556 22291 21758 22649 42291 39795 38518 38230 35941 34934 4061 3855 3584 APR. MAY JUNE 58874 56757 57044 58763 56607 56771 58120 55877 56079 432789 433468 434568 24217 21476 21058 38099 39038 39839 34657 35281 35986 3442 3757 3853 JULY AUG. SBP. 57390 56819 57159 57019 56537 56882 56300 55832 56209 435563 435589 436203 20840 20565 20519 40522 40177 40648 36550 36255 36640 3971 3923 4008 OCT. 56400 56154 55319 436327 20054 40561 36345 4216 1995-SBP. 27 56738 56464 55781 434874 20182 40628 36556 4072 -28 OCT. 11 25 56690 56265 56353 56039 55312 55406 436521 436252 19886 20496 41153 39855 36805 35770 4348 4086 68 56179 56335 56059 56099 55129 55557 436144 438202 19332 20263 41123 40218 36847 36073 4276 4146 62 60 ~ ~eek• •nging NOV. 6. 7. 8. p pe surplus 7 Net carryover of reserve balances' 58686 58999 60172 1995-JAN. FBB. 4. 5. total used to satisfy required reserves• 59110 59757 61131 DEC. 3. required Monetary base3 59490 60006 61340 NOV. 1. 2. non borrowed Vault cashs Reserve balances with F.R. Banks• 8 22p 1 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, currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required clearing balanc~ an~ adjl!stments to compensate for float and_ includes other 0~-balance she~t "as~of" adjus~ents. . . . Dates refer to the maintenance penods 1n wh1ch the vault cash can be used to sat1sty reserve requirements. Starnng With the mamtenance penod ended November 25, 1992, each maintenance penod for weekly reporters ends 16 days after the laggec! comp!Jtation period i~ w~ic~ the vault cash is held. Pre'!'iously, each maintenanc_e period ended 30 days after the lagged compu~tion period. All vault cash held during the lagged compulation penod by "bound" 1nst1tut1ons (I.e., those whose required reserves exceed the1r vault cash) plus the amount of vault cash applied dunng 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 !nstiti,JtiOftS !f1inus t~e a!fl~Unt applied to satisfy r~serve requireme~ts. . . . . . . . Consists of carryover only at depository Institutions mamtammg reserves on the bas1s of two-week mamtenance penods. Reflects excess(+) or defiCit(-) reserves eligible to be earned forward mto the two-week reserve maintenance period ending on the date shown. preliminary preliminary estimate H.3(502) Table3 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 base4 1994-0CT. NOV. DBC. 59241 59731 61133 58860 59482 60924 58437 58724 59964 413149 417075 422514 1995-JAN. 60520 57722 57621 60384 57662 57552 59181 56775 56827 421840 419250 423268 58928 56824 57127 58818 56675 56854 58175 55945 56163 428738 429288 430263 AUG. SBP. 57488 56933 57291 57117 56652 57013 56399 55946 56341 431298 431083 431623 OCT. 56544 56299 55463 431573 56870 56596 55912 430255 OCT. 11 25 56829 56411 56491 56185 55450 55551 431880 431458 NOV. 56332 56496 56212 56260 55281 55718 431278 433212 PBB. MAR. APR. KAY JtJNE JULY Two weeks endina 1995-SBP. 27 8 22p 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 adjust 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 requrred 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 =sh and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate