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FEDERAL RESERVE statistical release
.... .
'
H.3 1502)
Table 1
For Release at 4:30p.m. Eastern Time
AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements
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
FEBRUARY 11, 1993
nonborrowed3
nonborrowed
plus exter_::ded
credit
required
e~~:~s
Monetary
base 6
total
seasonal
extended credit4
1992-JAN.
FEB.
MAR.
46186
47746
48476
45953
47668
48385
45954
47670
48386
45183
46681
47447
1003
1065
1028
319359
322808
324627
233
77
91
17
22
32
APR.
MAY
JUNE
49001
49494
49234
48911
49339
49005
48913
49339
49005
47863
48494
48321
1137
1000
913
326700
328844
330138
90
155
229
47
98
149
0
0
JULY
AUG.
SEP.
49489
50322
51346
49205
50071
51058
49205
50071
51058
48524
49387
50352
965
935
994
333021
336800
341638
284
251
287
203
223
193
(I
OCT.
NOV.
DEC.
53143
54069
54479
53000
53965
54355
53000
53965
54356
52069
53027
53324
1074
1043
1155
345123
348085
350930
143
104
124
114
40
18
(I
54599
54434
54435
53346
1253
353193
165
11
1
53283
53409
841
1225
349407
351110
95
60
22
19
0
352328
352594
269
202
12
11
0
354426
64
11
3
1993-JAN. p
l
;~
;~
;~
0
0
0
l.
Two weeks
ending
1992-DEC.
9
23
54124
54635
54030
54575
54030
54577
1993-JAN.
6
20
54606
54371
54337
54170
54337
54170
53220
53174
1385
1198
54886
54822
54825
53635
1251
FEB.
3p
p--preliminary
1.
2.
3.
4.
5.
6.
~:
1
pe--prel iminary 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. l
Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess
reserves. I Also, see footnote 2 on Table 2 and footnote 2 on Table 3. l
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 ITable 2, column l l less unadjusted required reserves ITable 2, column 31.
The seasonally adjusted, break-adjusted monetary base consists of (11 seasonally adjusted, break-adjusted total reserves plus 12) the
seasonally adJusted currency component of the money stock plus {3), for all quarterly reporters on the "Report of Transaction Accounts, Other
Del?osi ts ar_ld Vault Cash" and for all those weekly reporters whose yaul t cash_ exceeds their required r~serves, the seasonally adjusted, l:>reakadJusted d1fference between current vault cash and the amount applied to satisfy current reserve requ1rements. (Also see footnote 3 on Table 2
and footnote 4 on table 3,)
H.3 1502)
Table 2
AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements
Averages of daily figures, not seasonally adjusted
Millions of dollars
Vault cash5
Reserves of depository institutions
total
used to
satisfy
requirea
reserves 6
surplus 7
Date
total 2
nonborrowed
required
Monetasy
base
Reserve
balances
with
F.R. Banks 4
1992-JAN.
FEB.
MAR.
55812
55238
56282
55579
55161
56191
54809
54174
55254
333094
333190
335817
25416
24918
28057
34134
34233
31649
30396
30320
28225
3738
3912
3424
APR.
MAY
JUNE
50455
48825
49496
50365
48670
49267
49318
47825
48584
332694
333792
336431
22655
21071
21223
31071
31198
31728
27800
27754
28273
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
360908
23626
25462
25368
32987
32457
34535
29510
29205
31172
3477
3252
3364
56004
55838
54751
360923
23642
35991
32361
3630
1993-JAN. p
Net
carryover
of reserv!
balances
Two weeks
ending
1992-DEC.
9
23
55466
56582
55372
56522
54625
55357
357395
360722
24548
25209
34315
34770
30918
31373
3397
3397
318
124
1993-JAN.
6
20
57674
56861
57405
56660
56289
55663
365186
362345
26569
24033
34374
36389
31105
32828
3269
3561
246
58
54002
53938
52751
356788
21549
36369
32453
3916
107
FEB.
3p
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 reser-ve requirements.
The monetary base, not break-adjusted and not seasonally adjusted, consists of I l l total reserves plus 12) required clearing balances and
adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus 141, for all quarterly
reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeas
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.
Oates 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 per1od.
All vault cash held during the lagged computation period by "bound" institutions I 1.e., those whose required reserves exceed t.heir vault
cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions ti.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 depositor·y 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.
H.3 1502 l
Table 3
AGGREGATE RESERVES OF
DEPO~ITORY
Adjusted for changes in reserve requirements
Averages of daily figures, not seasonally adjusted
Millions of dollars
INSTITUTiONS AND THE MONETARY BASE
Reserves of depository institutions
Date
total 2
nonborrowed
required 3
Monetary base4
1992-JAN.
FEB.
MAR.
47346
46848
47685
47113
46770
47594
46343
45783
46657
320429
320379
322691
APR.
MAY
JUNE
50015
48622
49245
49925
48468
49016
48877
47622
48333
327448
328368
330935
JULY
AUG.
SEP.
49524
49813
51113
49240
49562
50825
48559
48878
50118
334093
336594
340105
OCT.
NOV.
DEC.
52664
54132
56101
52521
54028
55977
51590
53090
54945
343656
347922
354587
55967
55801
54714
354459
1993-JAN. p
Two weeks
ending
1992-DEC.
9
23
54897
55982
54802
55923
54056
54757
351002
354417
1993-JAN.
6
20
57662
56822
57394
56621
56277
55625
358919
355557
53952
53889
52701
350629
FEB.
3p
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
ITable 1, column 51.
To adjust required reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative
proceaure 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 (2) 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, Washington, D.C. 20551
@FedFRASER