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....... FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY 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 DECEMBER 16. 1993 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date totaJ2 5. 6. p pe excess NSA5 Monetary base6 total seasonal e>:tended credit' 53711 54228 53711 54228 52772 53196 1043 1155 347832 350798 104 124 40 18 0 1 1993-JAN. FEB. 54500 54876 55074 54501 54877 55074 53405 53818 53953 1260 1104 1213 353224 355734 358374 165 45 91 11 MAR. 54665 54922 55166 18 26 1 0 0 APR. MAY JUNE 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 JULY AUG. SEP. 57567 58033 58837 57323 57680 58410 57323 57680 58410 56478 57080 57747 1089 952 1090 370978 374532 379260 244 352 428 210 234 236 0 0 0 OCT. NOV. p 59819 60454 59534 60365 59534 60365 58730 59361 1089 1093 381766 384578 285 89 192 75 0 0 59454 60029 59034 59824 59034 59824 58317 58976 1137 1052 381004 381884 420 205 222 189 0 0 60272 60522 60141 60448 60141 60448 59210 59423 1062 1099 383827 384624 132 74 105 68 0 0 60599 60543 60543 59467 1131 385724 56 43 0 DEC. 4. required 53815 54351 NOV. 10 24 1. nonborrowed plus extended credit' 1992-NOV. DEC. Two weeks ending 1993-0CT. 13 27 2. 3. nonborrowed 3 8p 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 unadjuste•_ 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 depository 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 (3), for all quarterly reporters on the "Report of Transaction Accounts, bther 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 Vaultcash5 Reserves of depository institutions Date total 2 53624 55385 354251 360895 25462 25368 32457 34535 29205 31172 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 AUG. SEP. 57750 57767 59136 57506 57415 58709 56661 56815 58046 378481 380532 384245 26562 26564 27274 34535 34516 35217 31189 31203 31863 3347 3313 3355 OCT. NOV. p 60036 61291 59751 61201 58947 60197 387509 391121 28297 29013 35202 35705 31739 32278 3463 3427 60121 59744 59702 59539 58985 58692 387507 387009 27843 28798 35805 34338 32278 30946 3527 3393 450 315 60784 61309 60652 61235 59722 60209 389263 391250 28017 29743 36266 34944 32767 31566 3499 3378 328 304 62095 62040 60964 393919 28972 36544 33123 3421 280 JULY Two weeks enging 1993-0CT. 13 27 NOV. 10 24 DEC. 6. 7. 8. p pe surplus7 54562 56416 APR. 4. 5. total Net carryover of reserve balances8 54666 56540 MAY JUNE 3. required used to satisfy required reserves6 1992-NOV. DEC. MAR. 1. 2. non borrowed Monetary base3 Reserve balances with F.R. Banks• 8p 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 ot 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 vau[t 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 1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 non borrowed required3 Monetary base4 54079 56056 53974 55933 53036 54901 347888 354546 55969 53810 54177 55803 53765 54086 54709 52707 52964 354414 353184 356001 JUNE 56365 55876 56959 56292 55755 56777 55269 54880 56048 361637 364081 368733 JULY AUG. SEP. 57417 57380 58688 57173 57028 58261 56328 56428 57598 372015 374104 377747 OCT. 59528 60719 59243 60630 58439 59626 380823 384291 59628 59233 59208 59028 58491 58180 380925 380254 NOV. 10 24 60236 60735 60105 60661 59174 59635 382485 384448 DEC. 61490 61434 60358 386937 1992-NOV. DEC. 1993-JAN. FEB. MAR. APR. MAY NOV. p Two weeks ending 1993-0CT. 13 27 8p 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
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