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 MONElAH'i HA~E 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 DECEMBER 9,1993 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 nonborrowed 3 nonborrowed plus extended credit' required excess NSA5 Monetary base 6 total seasonal exte11ded credit' 1992-NOV. DEC. 53815 54351 53711 54228 53711 54228 52772 53196 1043 1155 347832 350798 104 124 40 18 0 1 1993-JAN. FEB. MAR. 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 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. pe 59819 60455 59534 60366 59534 60366 58730 59352 1089 1104 381766 384554 285 90 192 75 0 0 Two weeks ending 1993-0CT. 13 27 59454 60029 59034 59824 59034 59824 58317 58976 1137 1052 381004 381884 420 205 222 189 0 0 NOV. 10 24p 60272 60516 60141 60442 60141 60442 59210 59428 1062 1087 383827 384620 132 74 105 68 0 0 60619 60563 60563 59409 1211 385611 57 43 0 DEC. 1. 2. 3. 4. 5. 6. p pe 8pe 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 footrlote 2 on Table 2 and footrlote 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 (1bseasonally 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, ther 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 1 Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcash5 Reserves of depository institutions Date total2 nonborrowed required Monetary base3 Reserve balances with F.R. Banks4 total used to satisfy required reserves6 surplus7 Net carryover of reserve balances6 1992-NOV. DBC. 54666 56540 54562 56416 53624 55385 354251 360895 25462 25368 32457 34535 29205 31172 3252 3364 1993-JAN. FBB. 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. MAY JUNB 56541 56101 57238 56468 55979 57057 55445 55104 56328 368175 370461 375192 26975 25968 26462 32721 33462 34106 29567 30133 30776 3154 3329 3330 JULY AUG. SBP. 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. pe 60036 61292 59751 61202 58947 60188 387509 391098 28297 29010 35202 35704 31739 32282 3463 3422 60121 59744 59702 59539 58985 58692 387507 387009 27843 28798 35805 34338 32278 30946 3527 3393 450 315 60784 61303 60652 61229 59722 60215 389263 391251 28017 29738 36266 34944 32767 31565 3499 3379 328 304 62113 62057 60902 393800 28967 36542 33146 3395 292 ~~2 w~eks e~d1Dg 1993-0CT. 13 27 NOV. 10 24p DBC. 1. 2. 3. 4. 5. 6. 7. 8. p pe 8pe 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 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 non borrowed required3 Monetary base 4 1992-NOV. DEC. 54079 56056 53974 55933 53036 54901 347888 354546 1993-JAN. PBB. 55969 53810 54177 55803 53765 54086 54709 52707 52964 354414 353184 356001 56365 55876 56959 56292 55755 56777 55269 54880 56048 361637 364081 368733 57417 57380 58688 57173 57028 58261 56328 56428 57598 372015 374104 3777 47 59528 60721 59243 60631 58439 59617 380823 384266 59628 59233 59208 59028 58491 58180 380925 380254 60236 60729 60105 60655 59174 59641 382485 384444 61509 61453 60298 386818 MAR. APR. MAY JUNE JULY AUG. SBP. OCT. NOV. pe Two weeks endina 1993-0CT. 13 27 NOV. 10 24p DEC. 8pe Note: Historical data are av&ilable 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 requued 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)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
@FedFRASER