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....... FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY 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 AUGUST 19, 1993 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date tot;J.J2 Monetary base 8 total seasonal extended credir 49345 50091 50987 48664 49407 50280 965 935 994 333177 336844 341585 284 251 287 203 223 193 0 0 0 OCT. NOV. DBC. 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. 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 57566 57322 57322 56478 1088 370990 244 210 0 56916 56759 56759 56144 772 368185 158 145 0 APR. JUNB JULY p Two weeks ending 1993-JUNB 23 pe excess NSA5 49345 50091 50987 MAY p required 49629 50341 51274 MAR. 5. 6. nonborrowed plus extended credit4 1992-JULY AUG. SBP. FBB. 1. 2. 3. 4. non borrowed' JULY 7 21 57437 57350 57127 57131 57127 57131 56138 56384 1299 967 369990 370297 311 220 190 211 0 0 AUG. 4p 18pe 57957 57803 57725 57373 57725 57373 56847 57091 1109 712 372661 373577 232 431 222 227 0 0 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~ on Table 3.) Seasonally adJUSted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credtt 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 (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 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 Vault cash~ Reserves of depository institutions Date total 2 4. 5. 6. 7 8. p pA surplus7 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 1993-JAN. FEB. MAR. 56004 53882 54296 55838 53837 54204 54744 52778 53083 360875 359558 362588 23636 23515 24383 35991 33914 33293 32368 30368 29912 3623 3546 3381 APR. 56541 56101 57238 56468 55979 57057 55445 55104 56328 368175 370461 375192 26975 25968 26462 32721 33462 34106 29567 30133 30776 3154 3329 3330 57749 57505 56661 378495 26561 34535 31188 3347 57248 57091 56477 375146 26352 34237 30897 3341 215 p week_s~u.cl.lrul 1993-JUNB 23 3. total Net carryover of reserve balances 8 49823 50162 51521 JULY 1. 2. required used to satisfy required reserves8 1992-JULY AUG. SBP. MAY JUNE Two non borrowed Monetary base3 Reserve balances with F.R. Banks• JULY 7 21 57610 58261 57300 58041 56311 57294 377110 379718 26579 27489 34385 34026 31032 30772 3354 3255 70 105 AUG. 4p 18pe 57131 58453 56899 58023 56021 57741 377753 382345 25249 26967 35354 34869 31882 31487 3471 3382 82 227 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 "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 CAR, 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 vauft 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 vaull 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-we<?k reserve maintenance period ending on the date shown. preliminary prelimin;uy estimate H 3 (502) Table 3 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 non borrowed required3 Monetary base• 1992-JULY AUG. SBP. 49494 49777 51071 49210 49526 50784 48529 48843 50077 334075 336573 340080 OCT. NOV. 52616 54079 56056 52474 53974 55933 51543 53036 54901 343626 347888 354546 55969 53810 54177 55803 53765 54086 54709 52707 52964 354414 353184 356001 56365 55876 56959 56292 55755 56777 55269 54880 56048 361637 364081 368734 57416 57172 56328 372027 56966 56809 56195 368736 DBC. 1993-JAN. FBB. MAR. APR. MAY JUNE JULY p ~eke ending 1993-JUNB 23 JULY 7 21 57307 57925 56997 57706 56008 56959 370589 373235 AUG. 4p 18pe 56780 58066 56548 57636 55670 57354 371343 375950 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 reqwred reserves are equal to break-adJUSted required reserves against transactions deposits. The break-adjusted monetary base equals (1 l break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3)kfor 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 brea -adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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