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 1
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
AUGUST 12, 1993
Borrowings of depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
total 2
nonborrowed3
nonborrowed plus
extended credit4
required
excess
NSA'
Monetary
base 6
total
seasonal
extended credit'
1992-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
350798
143
104
124
114
40
18
0
0
1
1993-JAN.
FEB.
54665
54922
55166
54500
54876
55074
54501
54877
55074
53405
53818
53953
1260
1104
1213
353224
355734
358374
165
45
91
11
18
26
1
0
0
55197
56877
57119
55124
56756
56938
55124
56756
56938
54101
55881
56209
1096
996
911
360634
364769
368069
73
121
181
41
84
142
0
0
0
57568
57324
57324
56478
1090
370999
244
210
0
MAR.
APR.
MAY
JUNE
JULY
p
Two weeks ending
1993-JUNE
9
23
57187
56916
57069
56759
57069
56759
56363
56144
824
772
366396
368185
118
158
101
145
0
0
JULY
7
21
57437
57352
57127
57132
57127
57132
56138
56384
1299
968
369990
370303
311
220
190
211
0
0
57963
57732
57732
56848
1115
372681
232
222
0
AUG.
1.
2.
3.
4.
5.
6.
p
pe
4p
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 deJ>ository 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 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 (1) seasonally adJusted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus
(3l.• for all quarterly_ reporte.rs on the "Report of Transaction Accounts, Other Deposi~ and Va~;~lt Cash and for all thos~ 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 currer~.r~se~~·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
Vaultcash5
Reserves of depository institutions
Date
total 2
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
1993-JAN.
FEB.
56004
53882
54296
55838
53837
54204
54744
52778
53083
360875
359558
362588
23636
23515
24383
35991
33914
33293
32368
30368
29912
3623
3546
3381
56541
56101
57238
56468
55979
57057
55445
55104
56328
368175
370461
375192
26975
25968
26462
32721
33462
34106
29567
30133
30776
3154
3329
3330
57752
57508
56662
378505
26568
34535
31184
3350
JULY
wee~s
7.
8.
p
pe
p
Net carryover
of reserve
balances8
ending
1993-JUNE
9
23
56933
57248
56815
57091
56109
56477
373774
375146
26543
26352
33685
34237
30391
30897
3294
3341
462
215
JULY
7
21
57610
58262
57300
58043
56311
57294
377110
379724
26579
27490
34385
34026
31032
30772
3354
3254
70
105
57137
56906
56022
377774
25268
35353
31869
3483
80
AUG.
6.
surplus7
49538
49911
51234
APR.
4.
5.
total
49823
50162
51521
MAY
JUNE
1.
2.
3.
required
used to satisfy
required
reserves 6
1992-JULY
AUG.
SEP.
MAR.
Two
non borrowed
Monetary
base3
Reserve
balances with
F.R. Banks4
4p
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 "Raport 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 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. 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 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'
Averages of daily figures, not seasonally adjusted
Millions of dollars
Reserves of depository institutions
Date
total 2
nonborrowed
required3
Monetary base4
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
1993-JAN.
FEB.
55969
53810
54177
55803
53765
54086
54709
52707
52964
354414
353184
356001
56365
55876
56959
56292
55755
56777
55269
54880
56048
361637
364081
368734
57419
57175
56329
372037
56676
56966
56558
56809
55851
56195
367288
368736
57307
57927
56997
57707
56008
56959
370589
373241
56786
56555
55671
371363
1992-JULY
AUG.
MAR.
APR.
MAY
JUNE
JULY
p
Two weeks ending
1993-JUNB 9
23
JULY
AUG.
7
21
4p
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
@FedFRASER