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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
@FedFRASER