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FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30p.m. Eastern Time ~fu~~dE~f'l~n~~~nE~Ye~~ ~~i~e~!:,?s~ITORY INSTITUTIONS AND THE MONETARY BASE APRIL 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 total 2 Date nonborrowed3 8 , 1993 nonborrowed plus extended credit 4 required e~SA~s Monetary base 6 total seasonal extended credit 4 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 55183 54500 54876 55091 54501 54877 55091 53405 53818 53960 1260 1104 1223 353224 355734 358434 165 45 91 11 18 26 1 0 0 3 17 54854 55096 54791 55063 54793 55063 53624 53601 1230 1495 354353 355272 64 33 11 18 3 0 3 17 31p 54718 55320 55145 54662 55227 55047 54662 55227 55047 54147 54033 53847 571 1287 1298 356700 357858 359382 56 93 98 20 22 32 0 0 0 1993-JAN. FEB. MAR. p Two weeks ending 1993-FEB. MAR. 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. 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 !Table 2, column 31. The seasonally adjusted, break-adjusted monetary base consists of I l l seasonally adjusted, break-adjusted total reserves plus 12) 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" an~ for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, bre8kadjusted 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.) H.3 (5021 Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve reguirements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash 5 Reserves of depository institutions base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy required reserves 6 surplus 7 Net carryover of reservw balances Date total 2 nonborrowed required 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 54312 55838 53837 54221 54744 52778 53090 360875 359558 362647 23636 23515 24402 35991 33914 33293 32368 30368 29911 3623 3546 3383 3 17 53970 54370 53906 54337 52740 52875 356696 360735 21500 23301 36368 34764 32470 31069 3898 3695 101 127 3 17 31p 53237 54972 53883 53181 54879 53786 52666 53685 52585 358839 363429 362681 24335 24030 24788 32163 34487 32343 28902 30942 29096 3261 3545 3247 465 -71 179 1993-JAN. FEB. MAR. p Two weeks ending 1993-FEB. MAR. 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 !1l total reserves plus (21 required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3l 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 9f CRR, currency and vault ca~h figures are measured over computati9n periods ending on Mondays. Excludes requ1red clear1ng balances and adJustments to compensate for float and 1ncludes 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 computation period in which the vault cash is held. Preyiously, each maintenan~e peri9d ended 30 day~ af~er ~he lagged computation per1o9. All vault cash held dur1ng the lagged computahon penod by "bound" 1nshtuhons ( 1.e., those whose regu1red reserves exceed their vault cashl 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 carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess(+) or deficit (-) reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 I 502 l 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 total 2 Date 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 54194 55803 53765 54102 54709 52707 52971 354414 353184 356058 3 17 53926 54304 53863 54271 52696 52809 350546 354311 3 17 31p 53151 54860 53751 53095 54767 53653 52579 53573 52453 352471 356915 355970 1993-JAN. FEB. MAR. p Two weeks ending 1993-FEB. MAR. p--preliminary 1. 2. 3. 4. pe--preliminary 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 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 eguals Ill break-adjusted total reserves plus 12l the (unadjusted) 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 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, ~ashington, D.C. 20551
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