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Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars OCTOBER 6,1994 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 , nonborrowed' nonborrowed plus extended credit' required excess NSA5 Monetary base• total seasonal extended credit' 1993-AUG. SBP. 58011 58813 57659 58386 57659 58386 57059 57723 952 1090 374340 378076 352 428 234 236 0 0 OCT. NOV. DBC. 59749 60320 60476 59464 60231 60394 59464 60231 60394 58660 59219 59413 1089 1101 1063 381400 384029 385855 285 89 82 192 75 31 0 0 0 1994-JAN. FBB. 60603 60763 60588 60529 60693 60533 60529 60693 60533 59155 59623 59621 1448 1140 967 389613 393960 397014 73 70 55 15 15 24 0 0 0 JUNB 60333 59910 59708 60208 59709 59374 60208 59709 59374 59181 58995 58603 1151 !115 1105 399198 401725 404319 124 200 333 57 134 226 0 0 0 JULY AUG. 59819 59518 59361 59050 59361 59050 58712 58514 1107 1004 407043 409175 458 469 364 445 0 0 Two weeks end1na 1994-AUG. 3 17 31 60329 59262 59601 59872 58820 59103 59872 58820 59103 58984 58322 58606 1346 939 995 408895 408213 410198 458 442 498 413 430 468 0 0 0 SBP. 14 28p 59346 59637 58900 59103 58900 59103 58427 58436 919 1201 410482 411433 447 535 437 458 0 0 MAR. APR. MAY 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 a3·usted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table 2and footnote~ on Table 3.' Seasonally ad _usted, break-adjust~ nonborrqwed rese_rves equal seasonally adjusted, ~reak-adjus~ed total reserves less unadjusted total borrowings qf deJ)osi~ory institutions from the Federal Reserve. · Extended cr It consists of borrowrng 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 bas!! consists of (1) seasonally !!dJusted, break-adjusted total reserves plus (2 the seasonally adjusted currency component of the money stock pius (3), for all quarterly reporters on the "Report of Transaction Accounts, bther Deposits and Vault Cash and for all those weekly reporters whose vaulf cash exceeds their required reserves the seasonal!~ 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' Averages of dally figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Vault cash• Date nonborrowed total 2 required total used to satisfy required reserves• surplus 7 Net carryover of reserve balances' 1993-AUG. SBP. 57767 59136 57415 58709 56815 58046 380532 384245 26564 27274 34516 35220 31203 31863 3313 3357 OCT. NOV. DBC. 60036 61296 62858 59751 61207 62776 58947 60195 61795 387512 391144 397619 28297 29018 29374 35184 35655 36812 31739 32278 33484 3445 3377 3328 1994-JAN. FBB. MAR. 62072 59593 59605 61998 59523 59550 60624 58454 58638 397887 397929 400783 27817 26922 27396 37907 36295 35585 34254 32671 32208 3653 3624 3377 APR. MAY JUNB 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. 60092 59337 59634 58868 58985 58333 414391 414899 25996 25284 37635 37614 34096 34052 3539 3562 59521 60080 58554 59064 59638 58056 58176 59141 57559 413572 416612 413470 24703 25594 25099 38557 38114 36913 34818 34486 33455 3739 3628 3458 -92 212 202 60561 59337 60115 58803 59643 58136 418049 415068 25722 24641 3. 38451 17 34839 34696 3612 3701 277 144 ~H:Q 1u~gka tnsling: 1994-AUG. 3 17 31 SBP. 14 28p 1. 2. 3. Monetary base3 Reserve balances with F.R. Banks• 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. ..J-- ... -.U Lo. .... l ... -. ...... .... I..-..-.& 11 ........... 111 -....1:, ..... a.---a. .... • •· • •- z_ - 11 ~- o. - - .J : _ -•• • a.L..-.~ 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 total2 nonborrowed required• Monetary base• SEP. 57343 58646 56991 58218 56391 57556 374083 377723 OCT. NOV. DEC. 59481 60671 62367 59195 60582 62285 58391 59571 61305 380800 384285 390588 1994-JAN. FEB. 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. 59659 58842 59201 58374 58552 57839 408165 408948 59070 59589 58047 58612 59147 57549 57724 58649 57052 407453 410682 407535 60005 58770 59559 58235 59086 57568 412376 409518 1993-AUG. MAR. AFR. MAY Two weeks ending 1994-AUG. 3 17 31 SEP. U 28p 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 tor 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 tor 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 stook plus (3) tor 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