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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 4:30p.m. Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars SEPTEIIIBER 15, 1594 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 p pe Monetary base• total seasonal extended credit' 57659 58386 57059 57723 952 1090 374340 378076 352 428 234 236 0 0 OCT. NOV. DBC. 59749 60320 60&76 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 MAY JUNB 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. p 59819 59524 59361 59055 59361 59055 58712 58517 1107 1007 407037 409179 458 469 364 445 0 0 59428 59016 59017 58668 760 405927 412 357 1 60329 59262 59613 59872 58820 59115 59872 58820 59115 58984 58322 58611 1346 939 1003 408883 408198 410223 458 442 498 413 430 468 0 0 0 59316 58869 58869 58371 945 410257 447 437 0 weeks ending 1994-JULY 20 3 17 31p SBP. 14pe 5. 6. excess NSA" 57659 58386 AUG. l. required 58011 58813 APR. 2. 3. 4. nonborrowed plus extended credit' 1993-AUG. SBP. MAR. )olo nonborrowed• 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:! on Table 3.) Seasonally adjusted, break-adJUSted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of deJ>ository 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 qepository 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 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, 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 satisty 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' Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash• Reserves of depository Institutions Date total 2 1993-AUG. surplus' 56815 58046 380532 384245 26564 27274 34516 35220 31203 31863 3313 3357 60036 61::196 62858 59751 61207 62776 58947 60195 61795 387512 391144 397619 28297 29018 29374 35184 35655 36812 31739 32278 33484 3445 3377 3328 62072 59593 59605 61998 59523 59550 60624 58454 58638 397887 397929 400783 27817 26922 27396 37907 36295 35585 34254 32671 32208 3653 3624 3377 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. p 60092 59342 59634 58874 58985 58335 414385 414904 25996 25290 37635 37614 34096 34053 3539 3561 60662 60250 59902 415777 26908 37179 33754 3425 97 59521 60080 58567 59064 59638 58069 58176 59141 57564 413561 416597 413499 24703 25594 25111 38557 38114 36913 34818 34486 33456 3739 3628 3457 -92 212 202 60530 60083 59585 417826 25717 38450 34813 3637 280 DBC. 199(-JAN. I!'BB. MAR. APR. Two W§lkl ID~1~ 1994-JULY 20 AUG. 3 17 31p SBP. 14pe 3. total Net carryover of reserve balances• 57415 58709 OCT. NOV. 1. required used to satisfy required reserves• 57767 59136 SBP. 2. nonborrowed Monetary base' 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 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 H.3(502) Table3 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• 57343 58646 56991 58:118 56391 57556 374083 3777:13 59481 60671 6:1367 59195 6058:1 6:1:185 58391 59571 61305 380800 384:185 390588 6:1037 595:19 59496 61963 59459 59441 60589 58389 585:19 391001 390859 39415:1 JUNB 61398 5897:1 59555 61:174 5877:1 59lll 60:146 58057 58450 399758 400:16:1 404716 JULY AUG. p 59659 58848 59201 58379 5855:1 57841 408158 40895:1 60:1:17 59816 59467 409507 59070 59589 58060 58612 59147 57562 577:14 58649 57057 407441 410667 407561 59975 595:18 59030 41:1151 1993-AUG. SBP. OCT. NOV. DBC. 1994-JAN. PBB. MAR. APR. MAY Two weeks ending 1994-JULY 20 AUG. 3 17 31p SBP. Upe 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 estima~ what required reserves would have been In past periods had current reserve requirements been In effect. Break-adjusted requlred reserves are equal to break-adJusted required reserves against transactions deposits. The break-adjusted monetary base equals (1l 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