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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 26, 1995 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 Monetary base• total seasonal exte1nded credit' 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. FBB. 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 429755 111 150 272 82 137 172 0 0 0 57655 57515 57368 57284 57233 57091 57284 57233 57091 56565 56527 56418 1090 988 950 429659 430857 431236 371 282 278 231 258 252 0 0 0 57416 57129 57129 56683 733 431253 288 272 0 SBP. 13 27 57366 57457 57098 57183 57098 57183 56523 56499 843 957 430805 431470 268 274 245 261 0 0 OCT. 11p 25pe 56966 56778 56628 56552 56628 56552 555~9 55971 1376 808 432020 434097 338 226 240 203 0 0 JULY Two weeks ending 1995-AUG. 30 p pe excess NSA3 59307 59116 59152 59133 AUG. SBP. p 5. required 59307 59116 59152 59133 APR. 6. nonborrowed plus extended credit' 59794 59496 59401 59342 MAY JUNB 1. nonborrowed3 1994-SBP. OCT. NOV. DBC. MAR. 2. 3. 4. 4:30 p,rr,, Eastern Time 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 ad1usted, 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 liqwdity 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 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.) 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 Vaultcash5 Reserves of depository institutions Date total 2 nonborrowed required Monetary base3 Reserve balances with F.R. Banks4 total used to satisfy required reserves' surplus7 Net carryover of reserve balances' 1994-SBP. OCT. NOV. DBC. 59951 59490 60006 61340 59465 59110 59757 61131 58891 58686 58999 60172 416701 418187 421904 427247 25157 24745 24715 24658 38433 38231 38933 40365 34794 34745 35291 36682 3639 3486 3642 3683 1995-JAN. FBB. 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 JUNB 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. p 57390 56819 57159 57019 56537 56882 56300 55832 56209 435563 435589 436191 20840 20565 20519 40522 40177 40648 36550 36255 36640 3971 3923 4008 1!?95-AUG. 30 55886 55598 55153 433883 20395 39324 35491 3833 392 SBP. 13 27 57722 56738 57454 56464 56879 55781 437558 434857 21029 20182 40554 40628 36693 36556 3862 4072 165 -28 OCT. llp 25pe 56689 56292 56351 56066 55312 55484 436494 437812 19884 20517 41153 39856 36805 35775 4348 4081 1 39 ~ ~~~&1 ~Dg1~ 1. 2. 3. 4. 5. 6. 7. 8. p pe 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 CAR, currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required clearing balanc~s an~ adjl!stments to compensate for float and. includes other off-balance she~t "as;ar adjusl!nents. . . . Dates refer to the maintenance penods 1n Which the vault cash can be used to satisfy reserve requirements. Starting With the maintenance penod ended November 25, 1992, each maintenance penod for weekly reporters ends 16 days after the lagged computation period in which the vault 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" instituti~ns (i.~ .• those whose reql!ired reserves exceed th~ir vault cash) plus the amount of vault cash applied during the maintenance Qeriod by "nonbound" institutions (i.e., those whose vault cash exceeds the1r 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) 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 non borrowed requirecP Monetary base• 59728 59241 59731 61133 59241 58860 59482 60924 58668 58437 58724 59964 411371 413149 417075 422514 60520 57722 57621 60384 57662 57552 59181 56775 56827 421840 419250 423268 JUNB 58928 56824 57127 58818 56675 56854 58175 55945 56163 428738 429288 430263 JULY AUG. SBP. p 57488 56933 57290 57117 56652 57013 56399 55946 56341 431298 431083 431611 56002 55715 55269 429.258 SBP. 13 27 57850 56870 57582 56596 57007 55912 433035 430238 OCT. llp 25pe 56827 56438 56489 56212 55450 55630 431849 433023 1994-SBP. OCT. NOV. DBC. 1995-JAN. FBB. MAR. APR. MAY 'l'wo weeks endina 1995-AUG. 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~adjustec:;t total reserves eq~al br~a~-!idjusted required reserves (T~ble 3, column~) plus excess r~~rv~ NSA (Table .1. column 5).. . To adJust required reserves for discontinUities due to regulatory changes 1n reserve requirements, a multiplicative procedure 1s used to estimate what requ1red reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted requ1red 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 cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
@FedFRASER