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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 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars SEPTE~.t:!ER Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 nonborrowed3 nonborrowed plus extended credit4 23, 1995 required excess NSA5 Monetary base6 total seasonal extended credit4 1994-AUG. SBP. 59839 59794 59370 59307 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 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 430686 429722 111 150 272 82 137 172 0 0 0 57655 57514 57284 57232 57284 57232 56565 56527 1090 987 429586 430756 371 282 231 258 0 0 58112 57538 57416 57635 57289 57129 57635 57289 57129 56758 56339 56683 1354 1200 733 430567 430403 431141 478 250 288 245 247 272 0 0 0 57359 57528 57091 57255 57091 57255 56519 56512 840 1017 430680 430514 268 274 245 261 0 0 NOV. DBC. 1995-JAN. FBB. MAR. APR. MAY JONB JULY AUG. p TwO weeks endina 1995-AUG. 2 16 30 BBP. 13p 27pe 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 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 simirar 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 ( 1l 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' Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash5 Reserves of depository institutions Date totai2 58333 58891 414923 416701 25284 25157 37618 38433 34052 34794 3566 3639 OCT. NOV. DEC. 59490 60006 61340 59110 59757 61131 58686 58999 60172 418187 421904 427247 24745 24715 24658 38231 38933 40365 34745 35291 36682 3486 3642 3683 1995-JAN. FEB. 60521 57699 57583 60385 57639 57514 59182 56752 56789 426311 423570 427556 22291 21758 22649 42291 39795 38518 38230 35941 34934 4061 3855 3584 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 55832 435490 435487 20840 20564 40522 40177 36550 36255 3971 3923 56798 57691 55886 56320 57441 55598 55443 56491 55153 433987 437278 433771 19920 20793 20395 40983 40889 39324 36878 36898 35491 4106 3991 3833 -33 257 392 57715 56809 57447 56535 56875 55792 437434 433867 21022 20199 40554 40627 36693 36610 3862 4017 165 -31 weekm ~nding 1995-AUG. 2 16 30 SEP. 13p 27pe 6. 7. 8. p pe surplus7 58868 59465 MAY 4. 5. totai Net carryover of reserve balances 8 59337 59951 APR. 1. 2. 3. required used to satisfy required reserves6 1994-AUG. SEP. MAR. ~o non borrowed 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, tlie 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 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 satistv reserve requirements. Starting with the maintenance period ended November 25, 1992, each maintenance period for weekly reporters ends 16 days after the lagged computation period in which the vauft 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" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance ~eriod by "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. Totai 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 1994-AUG. SBP. non borrowed required3 Monetary base• 59141 59728 58673 59241 58137 58668 409214 411371 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 55946 431224 430981 56900 57804 56002 56423 57554 55715 55546 56604 55269 429655 432868 429147 57843 56941 57575 56668 57003 55925 432909 429243 OC'l' 0 NOV. DEC. 1995-JAN. PBB. MAR. APR. Two weeks endina 1995-AUG. 2 16 30 SBP. 13p 27pe 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 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
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