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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 SEPTEPIIBER 21, 1995 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 Monetary base• total seasonal extended credit4 59370 59307 58835 58734 1004 1060 409244 411338 469 487 445 444 0 0 OCT. 59496 59401 59342 59116 59152 59133 59116 59152 59133 58693 58394 58174 804 1008 1168 413854 416788 418223 380 249 209 339 164 100 0 0 0 MAR. 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 APR. MAY JUNB 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 JULY AUG. p 57655 57515 57284 57233 57284 57233 56565 56529 1090 985 429586 430755 371 282 231 258 0 0 57408 57115 57115 56517 890 428779 293 224 0 58112 57538 57416 57635 57289 57128 57635 57289 57128 56758 56339 56688 1354 1200 728 430567 430403 431138 478 250 288 245 247 272 0 0 0 57366 57098 57098 56517 849 430682 268 245 0 PBB. weeks ending 1995-JULY 19 AUG. 2 16 30 SBP. 13p p pe excess NSA5 59370 59307 1995-JAN. 5. 6. required 59839 59794 DBC. 1. 2. 3. 4. nonborrowed plus extended credit' 1994-AUG. SBP. NOV. TwO nonborrowed3 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 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 3). The seasonally adjusted, break-adJUsted monetary base consists of (1 l 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 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 Vault cash~ Reserves of depository institutions Date total 2 non borrowed required Monetary base• Reserve balances with F.R. Banks 4 total used to satisfy required reserves 6 surplus 7 Net carryover of reserve balances 6 1994-AUG. SEP. 59337 59951 58868 59465 58333 58891 414923 416701 25284 25157 37618 38433 34052 34794 3566 3639 OCT. 59490 60006 61340 59110 59757 61131 58686 58999 60172 418187 421904 427247 24745 24715 24658 38231 38933 40365 34745 35291 36682 3486 3642 3683 MAR. 60521 57699 57583 60385 57639 57514 59182 56752 56789 426311 423570 427 556 22291 21758 22649 42291 39795 38518 38230 35941 34934 4061 3855 3584 APR. MAY JUNE 58874 56757 57044 58763 56607 56771 58120 55877 56079 432789 433467 434535 24217 21476 21058 38099 39038 39839 34657 35281 35986 3442 3757 3853 JULY AUG. p 57390 56819 57019 56537 56300 55834 435490 435486 20840 20565 40522 40177 36550 36254 3971 3923 58224 57931 57334 437466 21733 40411 36491 3920 54 56798 57691 55886 56320 57441 55598 55443 56491 55158 433987 437278 433769 19920 20793 20395 40983 40889 39324 36878 36898 35491 4106 3991 3833 -33 257 392 57722 57454 56873 437436 21030 40554 36693 3861 159 NOV. DEC. 1995-JAN. FEB. ~~ ~~~ks ~ng1Dg 1995-JULY 19 AUG. 2 16 30 SEP. 13p 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 tor 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 satisfy reserve requirements. Starting with the maintenance period ended November 25, 1992, each maintenance period tor weekly reporters ends.16 days after the lagge~ comp~tation period i~ which the vault cash is held. Preyiously, each maintenanc.e period ended 30 days after the lagged compu~tion P.eriod. All vault cash held dunng the lagged compUtation penod by "bound" InstitUtions (I.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied dunng 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' Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 non borrowed required3 Monetary base• 1994-AUG. SEP. 59141 59728 58673 59241 58137 58668 409214 411371 OCT. 59241 59731 61133 58860 59482 60924 58437 58724 59964 413149 417075 422514 60520 57722 57621 60384 57662 57552 59181 56775 56827 421840 419250 423268 MAY JUNE 58928 56824 57127 58818 56675 56854 58175 55945 56163 428738 429286 430230 JULY AUG. p 57488 56933 57117 56651 56399 55948 431224 430980 58323 58030 57432 433309 56900 57804 56002 56423 57554 55714 55546 56604 55274 429655 432868 429144 57850 57582 57001 432912 NOV. DEC. 1995-JAN. FEB. MAR. APR. Two weeks ending 1995-JULY 19 AUG. 2 16 30 SBP. 13p 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 requtred 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
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