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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release at 4:30p.m. Eastem Time Adjusted for changes in reserve requirements 1 Averages of daily figures, seasonally adjusted unles.~ noted otherwise Millions of dollars JULY 1' 1993 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 p pe excess NSA~ Monetary base8 total seasonal extended credit' 49341 49087 49341 49087 48495 48403 1000 913 328863 330228 155 229 98 149 0 0 JULY AUG. SBP. 49629 50341 51274 49345 50091 50987 49345 50091 50987 48664 49407 50280 965 935 994 333177 336844 341585 284 251 287 203 223 193 0 0 0 OCT. 52836 53815 54351 52693 53711 54228 52693 53711 54228 51763 52772 53196 1074 1043 1155 344849 347832 350798 143 104 124 114 40 18 0 0 1 MAR. 54665 54922 55166 54500 54876 55074 54501 54877 55074 53405 53818 53953 1260 1104 1213 353224 355734 358374 165 45 91 11 18 26 1 0 0 APR. MAY 55197 56876 55124 56755 55124 56755 54101 55880 1096 996 360635 364775 73 121 41 84 0 0 55075 54976 54977 53689 1387 360796 99 47 1 Two weeks ending 1993-APR. 28 5. 6. required 49496 49316 1993-JAN. PBB. 1. 2. nonborrowed plus extended credit' 1992-MAY JUNE NOV. DBC. 3. 4. nonborrowed3 MAY 12 26 56277 57280 56135 57175 56136 57175 55449 56078 828 1202 363138 365595 142 105 71 90 1 0 JUNB 9 23p 57184 56938 57066 56781 57066 56781 56362 56154 822 784 366406 368277 118 158 101 145 0 0 Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (For more information, see Table 3.) 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.) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions 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 1) less unadjusted required reserves (Table 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of ( 1l seasonally adjusted, break-adjusted total reserves plus (2) 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 and for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (Also see footnot~a~A l"alille :ilo aA~ feM!et&4<()fl table 3. ~ preliminary preliminary estimate H.3 (502) Table2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements' Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcash5 Reserves of depository institutions Date total2 1992-MAY 1. 4. 5. 6. 7. 8. p pe total surplus 7 Net carryover of reserve balances8 48825 49496 48670 49267 47825 48584 333792 336431 21071 21223 31198 31728 27754 28273 3444 3456 JULY AUG. SBP. 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. DBC. 53136 54666 56540 52993 54562 56416 52062 53624 55385 349812 354251 360895 23626 25462 25368 32987 32457 34535 29510 29205 31172 3477 3252 3364 1993-JAN. MAR. 56004 53882 54296 55838 53837 54204 54744 52778 53083 360875 359558 362588 23636 23515 24383 35991 33914 33293 32368 30368 29912 3623 3546 3381 APR. MAY 56541 56100 56468 55979 55445 55104 368175 370467 26975 25967 32721 33462 29567 30133 3154 3329 56546 56447 55160 367766 27586 32010 28960 3050 205 l'l~~kll ~1:1.!1111Sl 1993-APR. 28 2. 3. required used to satisfy required reserves6 JUNB FBB. Two nonborrowed Monetary base3 Reserve balances with F.R. Banks4 MAY 12 26 56044 55851 55902 55746 55217 54649 369266 370310 25228 26396 34225 32728 30816 29455 3409 3273 496 247 JUNE 9 23p 56930 57271 56812 57113 56108 56487 373790 375247 26539 26375 33685 34238 30391 30896 3293 3341 462 219 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 (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), 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 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-or adjustments. Dates refer to the maintenance periods in which the vault cash can be used to satistv 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 period. All vault cash held during the lagged compulation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vauH cash applied during the maintenance period by "nonbound" institutions (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. Consi!tts of carryover only at depository 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. preliminary preliminary estimate H.3(502) Table3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total2 non borrowed required3 Monetary baseā¢ 48602 49220 48447 48991 47601 48307 328355 330919 49494 49777 51071 49210 49526 50784 48529 48843 50077 33.4075 336573 340080 52616 54079 56056 52474 53974 55933 51543 53036 54901 343626 347888 354546 FEB. MAR. 55969 53810 54177 55803 53765 54086 54709 52707 52964 354414 353184 356001 APR. MAY 56365 55875 56292 55754 55269 54880 361637 364086 56362 56263 54975 361268 12 26 55837 55624 55695 55519 55009 54421 363073 363808 9 56673 56988 56555 56831 55850 56205 367298 368825 1992-MAY JUNE JULY AUG. SBP. OCT. NOV. DEC. 1993-JAN. Two weeks endina 1993-APR. 28 MAY JUNE 23p 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 1. 2. 3. 4. p pe 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 acljusf 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 (1l break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash and tor 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. preliminary preliminary estimate