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FEDERAL RESERVE statistical release
H.3 (502)
Table 1
......
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
.,
0 p.m. Eastern Time
1djusted for changes 1n reserve requirements'
werages of daily figures, seasonally adjusted unless noted otherwise
Aillions of dollars
OcTOBER 13, 1994
Borrowings of depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
total2
,
nonborrowed'
'
nonborrowed plus
extended credit'
required
excess
NSA'
Monetary
base•
total
seasonal
extended credit'
1993-SEP.
OCT.
NOV.
DEC.
58813
59H9
60320
60476
58386
5H64
60231
60394
58386
59464
60231
60394
57723
58660
59219
59U3
1090
1089
1101
1063
378076
381400
384029
385855
428
285
89
82
236
192
75
31
0
0
0
0
1994-JAN.
FEB.
60603
60763
60588
60529
60693
60533
60529
6(1693
60533
59155
59623
59621
1448
1140
967
389613
393960
397014
73
70
55
15
15
24
0
0
0
MAY
JUNE
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
JULY
AUG.
SEP. pe
59819
59518
59487
59361
59050
59000
59361
59050
59000
58712
58514
58429
1107
1004
1058
407043
409175
411044
458
469
487
364
445
4U
0
0
0
Two weeks endina
1994-AUG. 17
31
59262
59601
58820
59103
58820
59103
58322
58606
939
995
408213
U0198
U2
498
430
468
0
0
SBP. 14
28p
593U
59645
58898
59110
58898
59110
58427
58442
917
1203
410478
411445
447
535
437
458
0
0
OCT. 12pe
59385
58952
58952
58350
1035
412193
433
403
0
MAR.
APR.
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 3.1
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:! 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 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 (11 seasonally adJusted, break-adjusted total reserves plus (2 the seasonally adjusted currency component of the money stock plus
(31, for all quarterly reporters on the "Report of Transaction Accounts, bther 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
'
1-1.3(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
Vault cash•
Reserves of depository Institutions
Date
total
2
nonborrowed
required
Monetary
base•
Reserve
balances with
F.R. Banks4
total
used to satisfy
required
reserves•
Net carryover
of reserve
balances•
surplus'
1993-SBP.
OCT.
NOV.
DBC.
59136
60036
61296
62858
58709
59751
61207
62776
58046
58947
60195
61795
384245
387512
391144
397619
27274
28297
29018
29374
35220
35184
35655
36812
31863
31739
32278
33484
3357
3445
3377
3328
1994-JAN.
62072
59593
59605
61998
59523
59550
60624
58454
58638
397887
397929
400783
27817
26922
27396
37907
36295
35585
34254
32671
32208
3653
3624
3377
JUNE
61641
59273
59924
61516
59073
59591
60489
58358
58819
406319
406592
410939
29614
26790
26502
35215
35892
36898
32027
32483
33422
3188
3409
3476
JULY
AUG.
SBP. pe
60092
59337
59956
59634
58868
59469
58985
58333
58897
414391
414899
416663
25996
25284
25162
37635
37614
38431
34096
34052
34794
3539
3562
3637
60080
58554
59638
58056
59141
57559
416612
413470
25594
25099
38114
36913
34486
33455
3628
3458
212
202
SBP. 14
28p
60559
59345
60113
58810
59643
58142
418045
415081
25720
24645
38451
38397
34839
34700
3612
3697
277
148
OCT. 12pe
60006
59573
58972
418065
24872
39537
35134
3402
332
l'BB.
MAR.
APR.
MAY
~~g ~~1k1 ~~d.iog
1994-AUG. 17
31
1.
~:.
~ ..
4.
5.
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
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 o 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 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 satisfv reserve requirements. Starting with the maintenance period ended November 25, 1992, each maintenance period for
121
,.,....,...,L-h1 ...........,.. .. tn.r.r-
n..-..-{~ it:. A~ut<> "'::ftor tho l'!ll"'l'loA 1"1'\ITIIr'\llt'!ltinn n.o.rlnA In whil"h tha \J~tlft l"!lCl:h ic h.o.IN Pro\/irule:lv O!ll"h m~intc.n~nl'a norinrl onrlo~~:::u·f 'ln ti!!II\JO !!loft.o.r fl.\ a l'!lnnol'4
t'V'\r•ru'\llt'!ltinn
r..n.rit•u•f
H.3(502)
Table 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
Date
tota1 2
required3
Monetary base•
58646
59481
60671
62367
58218
59195
60582
62285
57556
58391
59571
61305
377723
380800
384285
390588
62037
59529
59496
61963
59459
59441
60589
58389
58529
391001
390859
394152
JUNE
61398
58972
59555
61274
58772
59222
60246
58057
58450
399758
400262
404716
JULY
AUG.
SEP. pe
59659
58842
59391
59201
58374
58904
58552
57839
58333
408165
408948
411057
1994-AUG. 17
31
59589
58047
59147
57549
58649
57052
410682
407535
SBP. 14
60003
58777
59557
58243
59086
57574
412372
409530
59402
58969
58367
412537
1993-SEP.
OCT.
NOV.
DEC.
1994-JAN.
FEB.
MAR.
APR.
MAY
~o
non borrowed
weeks ending
28p
OCT. 12pe
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 reqUired reserves are equal to break-adJusted required reserves against transactions deposits.
The break-adjusted monetary base equals (11 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