The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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 SEPTEMBER 8,1004 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total',, nonborrowed 3 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. 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 5981.9 59532 59361 59064 59361 59064 58712 58521 1107 1012 407037 4091.82 458 469 364 445 0 0 6 20 59797 59428 59229 59016 59229 59017 58317 58668 1480 760 406244 405927 568 412 292 357 0 1 3 17 31p 60329 59269 59625 59872 58828 59127 59872 58828 59127 58984 58326 58616 1346 943 1009 408883 408178 410250 458 442 498 413 430 468 0 0 0 i'Bll. MAR. APR. Two weeks ending 1994-JULY AUG. 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 a~usted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Atso, see footnote 2 on Table 2 and footnote 2 on Table 3.) SeasonallY a usted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. Extended cr it 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 simifar 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 preliminal)' 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 Two 6. 7. 8. total surplus7 Net carryover of reserve balances' 57767 59136 57415 58709 56815 58046 380532 384245 26564 27274 34516 35220 31203 31863 3313 3357 OCT. NOV. DEC. 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. FEB. 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 JUNE 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 59351 59634 58882 58985 58339 414385 414908 25996 25299 37635 37615 34096 34052 3539 3563 6 20 59810 60662 59242 60250 58330 59902 412646 415777 26239 26908 37012 37179 33571 33754 3441 3425 165 97 3 17 3lp 59521 60088 58578 59064 59646 58080 58176 59145 57569 413561 416578 413526 24703 25601 25125 38557 38114 36915 34818 34486 33454 3739 3627 3461 -92 212 204 ~~eks egging AUG. 4. 5. required used to satisfy required reserves 6 1993-AUG. SEP. 1994-JULY 1. 2. 3. nonborrowed Monetary base3 Reserve balances with F.R. Banks• Reflects actual required reserves, with no adjustments to eliminate the effects of discontinui~ies, or "breaks", associated with regulatory changes in reserve requirements. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve reqwements. 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. 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 vault cash is held. Previously, each maintenance period ended 30 days after the lagged computation period. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during 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 ca1ryover 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 ,~_ . . . . . . .. 6 . ., . two-week reserve maintenance period en. ding on the date shown. i'::riitwlfi·•'S• uwc:we · · s ::m c, ·:: rn · m ., · t71'T1Ptzrrnstnrmiltr: rzrmrtmr' mttrtt t.nt rrn tMdfZftt enrnrr mrs H.3 {502) Table3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements 1 Averages of daily fi~;rures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 nonborrowed required 3 Monetary base• 1993-AUG. SBP. 57343 58646 56991 58218 56391 57556 374083 377723 OCT. NOV. DBC. 59481 60671 62367 59195 60582 62285 58391 59571 61305 380800 384285 390588 1994-JAN. FBB. MAR. 62037 59529 59496 61963 59459 59441 60589 58389 58529 391001 390859 394152 APR. JUNE 61398 58972 59555 61274 58772 59222 60246 58057 58450 399758 400262 404716 JULY AUG. p 59659 58857 59201 58388 58552 57845 408158 408956 21) 59414 60227 58847 59816 57935 59467 406326 409507 :1 1'7 3:Lp 59070 59596 58071 58612 59155 57573 57724 58653 57062 407441 410649 407588 MAY Two weeks endir~ 1994-JULY 6 AUG. 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 reqUired reserves are equal to break-adjusted required reserves against transections 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