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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. E..Stern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars JULY22,1993 Borrowings of depository institutions from the Federal Res~rve, NSA Reserves of depository institutions Date total2 nonborrowed 3 nonborrowed-plus- .. extended credit' required excess NSN Monetary base6 total seasonal extended credit' 1992-JUNB JULY AUG. SBP. 49316 49629 50341. 51274 49087 49345 50091 50987 49087 49345 50091 50987 48403 48664 49407 50280 913 965 935 994 330228 333177 336844 341585 229 284 251 287 149 203 223 193 0 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 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 55197 56877 57119 55124 56756 56937 55124 56756 56937 54101 55881 56206 1096 996 913 360635 364775 368087 73 121 181 4l. 0 84 142 0 0 26 57280 571.75 57175 56078 1202 365595 105 90 0 JUNE 9 23 57187 56916 57069 56759 57069 56759 56363 56144 824 772 366408 368207 118 158 101 145 0 0 JULY 7p 21pe 57435 57350 57124 57131 57124 57131 56127 56310 1308 1040 370007 370834 311 220 190 211 0 0 NOV. DBC. 1993-JAN. FEB. MAR. APR. MAY JUNE p Two weeks ending 1993-MAY 1. 2. 3. 4. 5. 6. p pe 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~ 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 (1) 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 footnote 3 on Table 2 and footnote 4 on table 3.) preliminary preliminary estimate H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 1. 4. 5. 6. 7. 8. p pe required Monetary base3 total used to satisfy required reserves6 surplus7 Net carryover of reserve balances• 1992-JUNB JULY AUG. SEP. b496 49823 50162 51521 49267 49538 49911 51234 48584 48857 49227 50527 336431 339865 342494 346207 21223 21206 21272 22627 31728 32145 32458 32342 28273 28617 28890 28894 3456 3528 3568 3448 OCT. NOV. DEC. 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. FEB. 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 JUNE 56541 56101 57238 56468 55979 57056 55445 55104 56325 368175 370467 375213 26975 25968 26462 32721 33462 34106 29567 30133 30776 3154 3329 3330 55851 55746 54649 370310 26396 32728 29455 3273 247 26543 26352 33685 34237 30391 30897 3294 3341 462 215 34385 34028 31030 30763 3355 3265 70 115 p lNo Neeks eDg1~ 1993-MAY 26 2. 3. non borrowed Vault cash' Reserve balances with F.R. Banks• JUNE 9 23 56933 57248 56815 57091 56109 56477 373786 375168 JULY 7p 21pe 57608 58259 57298 58039 56300 57219 377140 38~58 ___ 26578 27496 . 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 oft-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 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 computation period by "bound" institutions (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.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 eligible to be carried forward into the two-week reserve maintenance period ending on the date shown. preliminary preliminary estimate H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY 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 non borrowed required 3 Monetary base• 1992-JUNB JULY AUG. SBP. 49220 49494 49777 51071 48991 49210 49526 50784 48307 48529 48843 50077 330919 334075 336573 340080 OCT. NOV. DBC. 52616 54079 56056 52474 53974 55933 51543 53036 54901 343626 347888 354546 1993-JAN. FBB. 55969 53810 54177 55803 53765 54086 54709 52707 52964 354414 353184 356001 56365 55876 56958 56292 55755 56777 55269 54880 56046 361637 364087 368752 26 55624 55519 54421 363808 JUNB 9 23 56676 56966 56559 56809 55951 56195 367301 368758 JULY 7p 21pe 57305 57924 56995 5"7705 55997 56985 370607 373774 HAR. APR. MAY JUNB p b.Q_~s~c\irul 1993-MAY 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 1 or "breaks", associated with regulatory changes in reserve requirements. Bre<>k.-adjuste<! total reserves eq!Jal br~a~-!!dJusted required reserves (T~ble 3, column~) plus excess r~s~rv~s NSA (Table .1, column 5).. . . To adJUSt reqUired reserves for d1scontinu1t1es due to regulatory changes In reserve requirements, a multiplicative procedure IS used to estimate what reqwred reserves would have been 1n 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 basA equals (1) brAak-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3)kfor 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 brea -adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary ~stimate
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