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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'
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
OCTOBER 12,1995
Borrowings of depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
total 2
4:30 ~·.m. Eastern Time
nonborrowed3
nonborrowed plus
extended credit"
required
excess
NSA~
Monetary
base•
total
seasonal
extended credit4
1994-SBP.
OCT.
NOV.
DBC.
59794
59496 '
59401
59342
59307
59116
59152
59133
59307
59116
59152
59133
58734
58693
58394
58174
1060
804
1008
1168
411338
413854
416788
418223
487
380
249
209
444
339
164
100
0
0
0
0
1995-JAN.
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
430686
429722
111
150
272
82
137
172
0
0
0
57655
57515
57362
57284
57233
57085
57284
57233
57085
56565
56527
56436
1090
988
926
429586
430756
431112
371
282
278
231
258
252
0
0
0
Two weeks endina
1995-AUG. 16
30
57538
57416
57289
57129
57289
57129
56339
56683
1200
733
430403
431141
250
288
247
272
0
0
SBP. 13
27p
57366
57466
57098
57192
57098
57192
56523
56500
843
965
430680
431408
268
274
245
261
0
0
OCT. llpe
56866
56528
56528
55764
1102
431606
338
240
0
FBB.
MAR.
APR.
MAY
JUNB
JULY
AUG.
SBP. pe
1.
2.
3.
4.
5.
6.
p
pe
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' and footnote 2 on Table 3.)
Seasonally adjusted, break-adjusted 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 liguidity
pressures. Because there is not the same need to repay such borrowing prompUy 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 3).
The seasonally adjusted, break-adJusted monetary 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 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.)
prel!m!nary
.
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
Reserves of depository institutions
Date
total 2
1994-SBP.
416701
418187
421904
427247
25157
24745
24715
24658
38433
38231
38933
40365
34794
34745
35291
36682
3639
3486
3642
3683
60521
57699
57583
60385
57639
57514
59182
56752
56789
426311
423570
427556
22291
21758
22649
42291
39795
38518
38230
35941
34934
4061
3855
3584
58874
56757
57044
58763
56607
56771
58120
55877
56079
432789
433467
434535
24217
21476
21058
38099
39038
39839
34657
35281
35986
3442
3757
3853
57390
56819
57153
57019
56537
56876
56300
55832
56227
435490
435487
436070
20840
20565
20516
40522
40177
40648
36550
36255
36638
3971
3923
4010
}leek!! §l}g;l.~
1995-AUG. 16
30
57691
55886
57441
55598
56491
55153
437278
433771
20793
20395
40889
39324
36898
35491
3991
3833
257
392
SBP. 13
27p
57722
56747
57454
56474
56879
55782
437432
434803
21029
20194
40554
40628
36693
36553
3862
4075
165
-28
OCT. 11pe
56587
56249
55485
436080
19792
41150
36796
4354
-3
MAR.
APR.
MAY
JUNB
JULY
AUG.
SBP. pe
6.
7.
8.
p
pe
surplus 7
Net carryover
of reserve
balances8
58891
58686
58999
60172
1995-JAN.
PBB.
4.
5.
total
used to satisfy
required
reserves6
59465
59110
59757
61131
NOV.
DBC.
1.
2.
3.
required
Monetary
base3
59951
59490
60006
61340
OCT.
~!lO
non borrowed
Vault cash'
Reserve
balances with
F.R. Banks4
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 Depos1ts and Vault Cash" and for all those weekly reporters whose
vault cash exceeds their required reserves, tlie 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 balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments.
·
Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Starting with the maintenance period ended November 25, 1992, each maintenance period for
weekly reporters ends 16 days after the lagged computation period in which the vauft 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.
preliminary
preliminary estimate
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 depositoty institutions
Date
total 2
non borrowed
required 3
Monetary base•
1994-SBP.
OCT.
NOV.
DBC.
59728
59241
59731
61133
59241
58860
59482
60924
58668
58437
58724
59964
411371
413149
417075
422514
1995-JAN.
FBB.
60520
57722
57621
60384
57662
57552
59181
56775
56827
421840
419250
423268
JUNE
58928
56824
57127
58818
56675
56854
58175
55945
56163
428738
429286
430230
JULY
AUG.
SBP. pe
57488
56933
57284
57117
56652
57007
56399
55946
56358
431224
430981
431488
57804
56002
57554
55715
56604
55269
432868
429147
SBP. 13
27p
57850
56879
57582
56605
57007
55913
432909
430179
OCT. 11pe
56726
56388
55624
431436
MAR.
APR.
MAY
Two weeks ending
1995-AUG. 16
30
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 (Tabla 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 required reserves are equal to break-adJusted required reserves against transactions deposits.
The break-adjusted monetary base equals (1 l 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 cash
and the amount applied to satisfy current reserve requirements.
preliminary
preliminary estimate
@FedFRASER