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FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30p.m. Eastern Time ~~~~dE~f'l~n~:~nE~Ye~! ~~i~e~!?s~ITORY INSTITUTIONS AND THE MONETARY BASE 7 , 1993 JANUARY 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 nonborrowed plus extet;~ded credit required 45410 44623 45954 47670 48386 48911 49339 49005 49489 50322 51346 Date total 2 1991-DEC. 45601 45409 1992-JAN. FEB. MAR. 46186 47746 48476 45953 47668 48385 APR. MAY JUNE 49001 49494 49234 JULY AUG. SEP. OCT. NOV. DEC. pe nonborrowed3 e~~~gs Moneta~y seasonal extended credit4 base total 979 317254 192 38 1 45183 46681 47447 1003 1065 1028 319695 323411 324512 233 77 91 17 22 32 1 2 2 48913 49339 49005 47863 48494 48321 1137 1000 913 326500 328584 329642 90 155 229 47 98 149 2 0 0 49205 50071 51058 49205 50071 51058 48524 49387 50352 965 935 994 332255 336865 341545 284 251 287 203 223 193 0 0 0 53143 54069 54485 53000 53965 54362 53000 53965 54362 52069 53027 53317 1074 1043 1168 345610 348116 350749 143 104 124 114 40 18 0 0 1 53665 54367 53599 54230 53599 54230 52936 53006 728 1361 346921 348741 66 138 53 37 0 0 54124 54638 54030 54579 54030 54580 53283 53414 841 1224 348997 350853 95 60 22 19 0 2 54624 54355 54355 53187 1437 352539 269 12 0 Two weeks ending 1992-NOV. 11 25 DEC. 1993-JAN. 9 23p 6pe p--preliminary 1. 2. 3. 4. 5. 6. pe--prel iminary estimate Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in res.erve requirements. I For more information, see Table 3. I 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. I Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted tota:l 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 progra,m 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 nonborrowe:d reserves. Excess reserves NSA equals unadjusted total reserves !Table 2, column 11 less unadjusted required reserves !Table 2, column 3). The seasonall¥ adjusted, break-adjusted monetary base consists of I l l seasonally adjusted, break-adjusted total reserves plus 12) the seasonally adJusted currency component of the money stock plus 131, 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. !Also see footnote 3 on: Table 2 and footnote 4 on table 3. I H.3 1502) Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve reguirements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cashS Reserves of depository institutions Date total2 nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 54553 333611 26659 used to satisfy required reserves 6 surplus 7 32513 28872 3641 3739 3897 3422 total Net carryover of reservx balances 1991-DEC. 55532 55340 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 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. pe 53136 54666 56546 52993 54562 56422 52062 53624 55378 349812 354260 360873 23626 25462 25372 32991 32626 33874 29510 29205 31173 3481 3421 2701 54074 54846 54008 54709 53346 53485 352183 354766 25535 25730 31688 33446 28539 29117 3150 4329 335 99 55466 56586 55372 56526 54625 55362 357415 360753 24548 25216 32397 34314 30918 31370 1479 2944 318 124 57690 57422 56253 364976 26574 34769 31116 3652 284 Two weeks ending 1992-NOV. 11 25 DEC. 1993-JAN. 9 23p 6pe 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. The monetary base, not break-adjusted and not seasonally adjusted, consists of 11) total reserves plus 12) 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 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. Under contemporaneous reserve reguirements, maintenance periods end 16 days after the lagged computation periods in which the vault cash is held. All vault cash held during the lagged computation period by "bound" institutions I 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 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 elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 15021 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 base 4 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. NOV. DEC. pe 52664 54132 56106 52521 54028 55983 51590 53090 54938 343656 347931 354550 53561 54308 53495 54171 52833 52947 345874 348445 54897 55986 54802 55926 54056 54762 351021 354445 57679 57410 56241 358705 Two weeks ending 1992-NOV. 11 25 DEC. 1993-JAN. 9 23p 6pe p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figur:-es reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve reqturements. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA ITable 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 equals Ill break-adjusted total reserves plus 12l 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, Hashington, D.C. 20551
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