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FEDERAL RESERVE statistica I release H.3 1502J Table 1 For Release at 4:30p.m. Eastern Time ~?u~~E~~l~ng~~~nE!!~~! ~~i~e~?s~ITORY INSTITUTIONS AND THE MONETARY BASE JANUARY 28 , 1993 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 ext~ded credit required exce~s NSA Honetaty base total seasonal extended credit4 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. HAY 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. NOV. DEC. 53143 54069 54479 53000 53965 54355 53000 53965 54356 52069 53027 53325 1074 1043 1154 345610 348107 350778 143 104 124 114 40 18 0 0 1 54367 54230 54230 53006 1361 348729 138 37 0 9 23 54124 54635 54030 54575 54030 54577 53283 53409 841 1225 348977 350822 95 60 22 19 0 2 6 20p 54604 54373 54336 54171 54336 54172 53223 53134 1381 1238 352727 353233 269 202 12 11 0 1 Two weeks ending 1992-NOV. 25 DEC. 1993-JAN. p--preliminary 1. 2. 3. 4. 5. 6. pe--preliminary estimate Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in r-eserve requirements. I For more information, see Table 3. J 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. J Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted tt)tal borrowings of depository inst1tutions from the Federal Reserve. Extended credit consists of borrowi~ 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 pramptly as there is with traditional short-term adjustment credit, the money market impact of extended credit is similar to that of nonborrt)Wed reserves. Excess reserves NSA equals unadjusted total reserves (Table 2, column lJ less unadjusted required reserves !Table 2, column 3J. The seasonally adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 12J the seasonally adJusted currency component of the money stock plus 13), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" an~ 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. J h.3 (5021 Table 2 AGGREGATE RESERVES OF DEPOSITQRY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements Averages of dail,· fioures, not seasonally adjusted Millions of dollars - Vault cash 5 Reserves of depository institutions base Reserve balances with F.R. Banks 4 total Moneta~y Net used to satisfy requireCI reserves 6 surplus 7 Date total 2 nonborrowed required 1991-DEC. 55532 55340 54553 333611 26659 32513 28872 3641 25416 24918 28057 34135 34218 31647 30396 30320 28225 3739 3897 3422 carryover of reservw balances 1992-JAN. FEB. MAR. 55812 55238 56282 55579 55161 56191 54809 .54174 55254 333094 333190 335817 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 SEP. AUG. 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. 53136 54666 56540 52993 54562 56416 52062 53624 55385 349812 354251 360908 23626 25462 25369 32992 32457 34535 29510 29205 31171 3482 3252 3364 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 318 124 6 20p 57673 56861 57404 56659 56292 55622 365187 362277 26571 24036 34374 36389 31102 32825 3272 3564 246 68 Two weeks ending 1992-NOV. 25 DEC. 1993-JAN. 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 reserve requirements. Th~ monetary base, not break-adjusted and not seasonally adjusted, consists of Ill total reserves plus 121 required clearing balances and adJustments to compensate for float at Federal Reserve Banks plus 13) 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 req~,~ired 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 computat1on 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 l1.e., those whose required reserves exceed their vault cashl plus·the amount of vault cash applied during the maintenance period by "nonbound" institutions li.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 I+) 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 l Table 3 AGGREGATE RESERVES OF DEPO~ITORY 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 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 5610'0 52521 54028 55977 51590 53090 54946 343656 347922 354587 54308 54171 52947 348433 9 23 54897 55982 54802 55923 54056 54757 351002 354417 6 20p 57661 56822 57393 56620 56280 358920 355482 NOV. DEC. Two weeks ending 1992-NOV. 25 DEC. 1993-JAN. p--preliminary 1. 2. 3. 4. 5558~ 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 !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 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 stock plus 13J, 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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