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. · FEDERAL RESERVE statistical release ·- H.3 15.021 Table 1 For Release at 4:30p.m. Eastern Time ~?u~~E~!'!.!ng~~~nE~Ye~! ~~i~~?s~ITORY INSTITUTIONS Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars AND THE MONI: lAKY tsA>:>c Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions total 2 Date 1 , 1993 APRIL nonborrowed 3 nonborrowed plus ext~ credit required e~:ts Monetary base 6 total seasonal extended credit4 1992-HAR. APR. HAY ... 48509 48992 49496 49316 48418 48902 49341 49087 48420 48904 49341 49087 47481 47855 48495 48403 1028 1137 1000 913 324655 326691 328863 330228 91 90 155 229 32 47 98 149 2 2 0 0 .Jlii..Y AUG. 4'%29 50341 51274 49345 50091 50987 49345 50091 50987 48664 49407 50280 965 935 994 333177 336844 341585 284 251 287 203 223 193 0 0 0 NOV. 52836 53815 54351 52693 53711 54228 52693 53711 54228 51763 52772 53196 1074 1043 1155 344849 347832 350799 143 104 124 114 40 18 0 0 1 1993-JAN. f£8. 54665 54922 55196 54500 54876 55104 54501 54877 55104 53405 53818 53978 1260 1104 1217 353224 355743 358504 165 45 92 11 18 26 1 0 0 3 54854 55096 54791 55063 54793 55063 53624 53601 1230 1495 354353 355278 64 33 11 18 3 0 3 5471ls 55322 55172 54662 55229 55074 54662 55229 55074 54147 54028 53893 571 1294 1280 356713 357873 359520 56 93 99 20 22 32 0 0 0 SEP. OCT. DEC. HAR. pe Two weeks ending 1993-FEB. HAR. 17 17p 31pe p--preliminary 1. 2. 3. 4. 5. 6. pe--preliminary estimate Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (for more information, see Table 3. I Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. IAlso, see footnote 2 on Table 2 and footnote 2 on Table 3. I Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository inst1tutions 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 11 less unadjusted required reserves ITable 2, column 31. The seasonally adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 121 the seasonally adJusted currency component of the money stock plus 131, 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, breakadjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. IAlso see footnote 3 on Table 2 and footnote 4 on table 3. I H.3 15021 Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements Averages of daily figures, not seasonally adjusted Hillions of dollars Vault cash5 Reserves of depository institutions base Reserve balances with F.R. Banks" Moneta~y total used to satisfy requirea reserves 6 surplus 7 Net carryover of reservx balances Date total 2 nonborrowed required 1992-HAR. APR. HAY JUNE 56282 50455 48825 49496 56191 50365 48670 49267 55254 49318 47825 48584 335817 332694 333792 336431 28057 22655 21071 21223 31649 31071 31198 31728 28225 27800 27754 28273 3424 3271 3444 3456 JULY AUG. SEP. 49823 50162 51521 49538 49911 51234 48857 49227 50527 339865 342494 346207 21206 21272 22627 32145 32458 32342 28617 28890 28894 3528 3568 3448 OCT. 53136 54666 56540 52993 54562 56416 52062 53624 55385 349812 354251 360895 23626 25462 25368 32987 32457 34535 29510 29205 31172 3477 3252 3364 56004 53882 54325 55838 53837 54233 54744 52778 53108 360875 359566 362719 23636 B515 24401 35991 33915 33294 32368 30368 29924 3624 3547 3370 3 17 53970 54370 53906 54337 52740 52875 356696 360741 21500 23301 36369 34765 32470 31069 3899 3696 101 127 3 17p 3lpe 53237 54974 53910 53181 54881 53811 52666 53680 52630 358853 363447 362819 24335 24029 24788 32164 34488 32343 28902 30945 29122 3262 3543 3220 465 -71 202 NOV. DEC. 1993-JAN. FEB. HAR. pe Two weeks ending 1993-FEB. HAR. p--preliminary 1. 2. 3. 4. 5. 6. 7. 8. pe--preliminary estimate 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 Ill total reserves plus 121 required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus 131 the currency component of the money stock plus 141, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeas 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 Hondays. 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 for weekly reporters ends 16 days after the lagged computat1on period in which the vault cash is held. Previously, each maintenance period ended 30 Clays after the lagged computation per1od. All vault cash held during the lagged computation period by "bound" institutions l1.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions I i.e., those whose vault cash exceeds their r~ired 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 l+l or deficit 1-l reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 I 502) Table 3 AGGREGATE RESERVES OF DEPO~ITORY Adjusted for changes in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars INSTITUTIONS AND THE MONETARY BASE Reserves of depository institutions Date total 2 nonborrowed required 3 Honetary base 4 1992-HAR. APR. HAY JUNE 47674 49998 48602 49220 47583 49908 48447 48991 46646 48861 47601 48307 322685 327438 328355 330919 JULY AUG. SEP. 49494 49777 51071 49210 49526 50784 48529 48843 50077 334075 336573 340080 OCT. 52616 54079 56056 52474 53974 55933 51543 53036 54901 343626 347888 354546 55969 53810 54207 55803 53765 54115 54709 52707 52989 354414 353192 356128 3 17 53926 54304 53863 54271 52696 52809 350546 354316 3 17p 3lpe 53151 54862 53778 53095 54769 53679 52579 53568 52498 352484 356930 356107 NOV. DEC. 1993-JAN. FEB. HAR. pe Two weeks ending 1993-FEB. HAR. p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect a~justments for discontinuities, or "breaks", associated with regulatory changes in reserve requ1rements. Break-adjusted total reserves equal break-adjusted required reserves ITable 3, column 3) plus excess reserves NSA ITable 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 transactions deposits. The break-adjusted monetary base equals I l l break-adjusted total reserves plus 12) the (unadjusted) currency component of the money stock plus I 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. Note: Historical data are available from the Honey and Reserves Projections Section, Division of Honetary Affairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551
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