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FEDERAL RESERVE statistica I release ~lease H.3 1502 l Table 1 at 4:30 p.m. ·Eastern Time AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE FEBRUARY Adjusted for changes in reserve re~irements 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 4, 1993 nonborrowed3 nonborrowed plus extez:Jed credit required ·~~A~s Honeta~y base 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 1 2 2 APR. HAY 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 2 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 0 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 il) 54596 54430 54431 53344 1251 353081 166 11 1 9 23 54124 54635 54030 54575 54030 54577 53283 53409 841 1225 349407 351110 95 60 22 19 () 6 20p 54606 54366 54337 54164 54337 54165 53220 53171 1385 1195 352328 352589 269 202 12 11 (I 1993-JAN. pe 0 0 I~ 1 Two weeks ending 1992-DEC. 1993-JAN. FEB. 3pe p--preliminary 1. 2. 3. 4. 5. 6. 54883 54819 54821 53633 1250 354118 64 11 ., ·l. ,._, pe--preliminary estimate Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in rese,rve requirements. I For more information, see Table 3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. IAlso, 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 !Table 2, column ll less unadjusted required reserves (Table 2, column 3!. The seasonally adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 12) the seasonally adJusted currency component of the money stock plus 13!, for all quarterly reporters on the "Report of Transaction Accounts, Other DeJ?osits ar:td Vault Cash" anCI for all those weekly reporters whose yault cash_exceeds their required r~serves, the seasonally adjusted, 'breakadJusted d1fference between current vault cash and the amount appl1ed to sat1sfy current reserve requ1rements. IAlso see footnote 3 on Table 2 and footnote 4 on table 3.) H.3 1502 l 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 cashs Reserves of depository institutions total used to 'satisfy requirei:f reserves 6 surplus 7 Date total2 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 56000 55835 54749 360798 23640 35991 32360 3631 1993-JAN. pe Net carryover of reserv1 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 20p 57674 56856 57405 56654 56289 55660 365186 362346 26569 24029 34374 36389 31105 32827 3269 3562 246 53999 53935 52749 356434 21549 36368 32450 3917 119 FEB. 3pe p--preliminary 1. 2. 3. 4. 5. 6. 7. 8. 58 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 reserve requirements. The monetary base, not break-adjusted and not seasonally adjusted, consists of Ill total reserves plus 121 required cleari~ balances and adjustments to compensate for float at Federal Reserve Banks plus 13) the currency component of the money stock plus 14), for all quarter!~ reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceei:fs their re~ired reserves, the difference between current vault cash and the amount applied to satisfy current reserve requiraments. 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. Starti~ with the maintenance period ended November 25, 1992, each maintenance period for weekly reporters ends 16 days after the lagged computat1on period in which the vault cash is held. Previously, each maintenance period ended 30 i:fays after the lagged computation per10d. All vault cash held during the lagged computation period by "bound" institutions I 1.e., those whose required reserves exceed their vault cashl plus the amount of vault cash applied during the maintenance period by "nonbound" institutions I 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 onl¥ at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess l+l or deficit 1-J reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 1502 J 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 total 2 Date nonborrowed required 3 Monetary base 4 1992-.JAN. FEB. MAR. 47346 46848 47685 47113 46770 47594 46343 45783 46657 320429 320379 322691 APR. HAY .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 55963 55797 54712 354331 1993-.JAN. pe Two weeks ending 1992-DEC. 9 23 54897 55982 54802 55923 54056 54757 351002 354417 1993-.JAN. 6 20p 57662 56817 57394 56615 56277 55622 358919 355551 53949 53885 52700 350275 FEB. 3pe 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 3J plus excess reserves NSA !Table 1, column 51. 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 required reserves are equal to break-adjusted required reserves against transactions deposits. The break-adjusted monetary base e~ls I l l break-adjusted total reserves plus 121 the (unadjusted! currency component of the money stock plus ( 3 J, 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 Honey and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Hashington, D.C. 20551
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