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FEDERAL RESERVE statistica I release H.3 (502 I Table 1 Release at 4:30 p.m. Eastern Time AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for cha~s 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 nonborrowed 3 nonborrowed plus exte';?ded credit required JANUARY 22, 1993 exce~s NSA Monetaty base total seasonal extended credit 4 1991-DEC. 45601 45409 45410 44623 979 317254 192 38 1 1992-JAN. FEB. MAR. 46186 47746 48476 45953 47668 48385 45954 47670 48386 45183 46681 47447 1003 1065 1028 319695 323411 324512 233 77 91 17 22 . 32 1 2 2 APR. MAY JUNE 49001 49494 49234 48911 49339 49005 48913 49339 49005 47863 48494 48321 1137 1000 913 326500 328584 329642 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 332255 336865 341545 284 251 287 203 223 193 0 0 0 OCT. 53143 54069 54477 53000 53965 54354 53000 53965 54354 52069 53027 53328 1074 1043 1150 345610 348107 350777 143 104 124 114 40 18 0 0 1 54367 54230 54230 53006 1361 348729 138 37 0 54030 54577 53283 53409 841 1225 348977 350825 95 60 22 19 0 2 54330 54172 53234 53184 1364 1188 352719 352411 269 202 12 11 0 1 NOV. DEC. p Two weeks ending 1992-NOV. 25 DEC. 1993-JAN. 9 23 54124 54635 54030 54575 6p 20pe 54598 54373 54330 54171 p--preliminary 1. 2. 3. 4. 5. 6. ) pe--preliminary estimate Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated ~ith r!itgulatory changes in reserve requirements. (for more information, see Table 3.1 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 2 on Table 3. J ' Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository inst1tutions from the Federal Reserve. , ยท Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credit prqgram to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to r~ay such borrowing promptly as there is with traditional short-term adjustment credit, the money market impact of extended credit is similar to that of nonbo~rowed reserves. Excess reserves NSA equals unadjusted total reserves (Table 2, column 11 less unadjusted required reserves (Table 2, column 31. 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 !3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" ana for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, breakadjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. IAlso see footnote 3 on Table 2 and footnote 4 on table 3.) H.3 1502l Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve re~irements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cashs Reserves of depository institutions total 2 Date nonborrowed required base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy requireCI reserves 6 surplus 7 1991-DEC. 55532 55340 54553 333611 26659 32513 28872 3641 1992-JAN. FEB. MAR. 55812 55238 56282 55579 55161 56191 54809 54174 55254 333094 333190 335817 25416 24918 28057 34135 34218 31647 30396 30320 28225 3739 3897 3422 APR. MAY JUNE 50455 48825 49496 50365 48670 49267 49318 47825 48584 332694 333792 336431 22655 21071 21223 31071 31197 31729 27800 27754 28273 3271 3442 3456 JULY AUG. SEP. 49823 50162 51521 49538 49911 51234 48857 49227 50527 339865 342494 346207 21206 21272 22627 32145 32457 32343 28617 28890 28894 3528 3567 3448 OCT. NOV. DEC. p 53136 54666 56538 52993 54562 56415 52062 53624 55389 349812 354251 360908 23626 25462 25368 32992 32457 34535 29510 29205 31170 3482 3252 3365 Net carryover of reserv1 balances Two weeks ending 54846 54709 53485 354755 25730 32398 29117 3281 99 9 23 55466 56582 55372 56522 54625 55357 357395 360722 24548 25209 34315 34770 30918 31373 3397 3397 318 6p 20pe 57668 56863 57399 56661 5630'+ 55675 365184 361365 26569 24036 34374 36402 31099 32827 3275 3574 246 78 1992-NOV. 25 DEC. 1993-JAN. p--preliminary 1. 2. 3. 4. 5. 6. 7. 8. 124 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 re~irements. The monetary base, not break-adjusted and not seasonally adjusted, consists of Ill total reserves plus 12) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus 13) the currency component of the money stock plus 14l, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeCis 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 tne 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 Clays after the lagged computation per1od. All vault cash held during the lagged computation period by "bound" institutions l1.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 only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+) or deficit 1-l 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 base4 1991-DEC. 46975 46783 45996 321065 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. 52664 54132 56099 52521 54028 55975 51590 53090 54949 343656 347922 3.54586 NOV. DEC. p Two weeks ending 54308 54171 52947 348433 9 23 54897 55982 54802 55923 54056 54757 351002 354417 6p 20pe 57656 56824 57387 56623 56292 55636 358913 354570 1992-NOV. 25 DEC. 1993-JAN. p--prel iminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requ1rements. Break-adjusted total reserves equal break-adjusted required reserves !Table 3, column 3J plus excess reserves NSA !Table 1, column 5J. To adjust required reserves for discontinuities due to regulatory charyges 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 egyals I l l break-adjusted total reserves plus 12) the !unadjusted) currency component of the money sfock plus 13), 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, Hashington, D.C. 20551
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