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FEDERAL RESERVE statistica I release H.3 1502) Table 1 lelease at 4:30 p.m. Eastern Time AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE APRIL 15, 1993 Adjusted for changes in reserve re~irements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 nonborrowed3 nonborrowed plus exte'4ded credit 1992-MAR. APR. MAY JUNE 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 JULY AUG. SEP. 49629 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 OCT. NOV. DEC. 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 54665 54922 55168 54500 54876 55077 54501 54877 55077 53405 53818 53958 1260 1104 1210 353224 355735 358383 165 45 91 11 18 26 ยท1 0 0 55096 55063 55063 53601 1495 355272 33 18 0 54718 55321 55112 54662 55228 55014 54662 55228 55014 54147 54031 53845 571 1290 1267 356700 357783 359345 56 93 98 20 22 32 0 0 0 55177 55140 55140 54345 832 360396 38 30 0 1993-JAN. FEB. MAR. p required eN~A~s Moneta~y base total seasonal extended credit4 Two weeks ending 1993-FEB. 17 MAR. 3 17 31p APR. 14pe 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. I For more information, see Table 3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. I 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 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 1) less unadjusted required reserves !Table 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of 11) seasonally adjusted, break-adjusted total reserves plus 12) the seasonally adJusted currency component of the money stock plus 13), 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.) H.3 1502) 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 Millions of dollars Vault cash 5 Reserves of depository institutions Reserve balances with F.R. Banks 4 total used to satisfy requirei::l reserves 6 surplus 7 Net carryover of reservw balances Date total 2 nonborrowed required Monetasy base 1992-MAR. APR. MAY 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. NOV. DEC. 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 54298 55838 53837 54206 54744 52778 53088 360875 359558 362600 23636 23515 24385 35991 33914 33293 32368 30368 29912 3623 3546 3381 54370 54337 52875 360735 23301 34764 31069 3695 127 53237 54973 53850 53181 54880 53753 52666 53683 52583 358839 363361 362645 24335 24029 24753 32163 34487 32343 28902 30944 29098 3261 3543 3245 465 -71 181 56621 56584 55789 368691 26649 33217 29972 3245 393 1993-JAN. FEB. MAR. p Two weeks ending 1993-FEB. 17 MAR. 3 17 31p APR. 14pe 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 11) total reserves plus (2) required clearing balances and adjustments to compensate for float at federal Reserve Banks plus 13) the currency component of the money stock plus 14), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceei::ls 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 for weekly reporters ends 16 days after the lagged computat1on period in which the vault cash is held. Previously, each maintenance period ended 30 i::lays after the lagged computation per1od. All vault cash held during the lagged computation period by "bound" institutions I 1. e. , those whose regui red reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions li.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 I+) or deficit 1-J 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 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 nonborrowed required 3 Monetary base4 1992-MAR. APR. MAY 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. NOV. DEC. 52616 54079 56056 52474 53974 55933 51543 53036 54901 343626 347888 354546 55969 53810 54179 55803 53765 54088 54709 52707 52969 354414 353184 356011 54304 54271 52809 354311 53151 54861 53718 53095 54768 53620 52579 53571 52451 352471 356847 355933 56458 56420 55626 362061 1993-JAN. FEB. MAR. p Two weeks ending 1993-FEB. 17 MAR. 3 17 . 31p APR. 14pa p--prel iminary 1. 2. 3. 4. pa--praliminary estimate 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 cha~es in reserve requirements, a multiplicative proceaure 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 11) break-adjusted total reserves plus 12) the (unadjusted) currency component of the money stock plus 13), 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 Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Hashington, D.C. 20551
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