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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. Eastern Time Adjusted for changes in reserve requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars JULY 29, 1993 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 excess NSAS Monetary base' 341585 1074 1043 1155 344849 3471H2 350? 98 143 104 124 114 40 18 0 0 1 53405 53818 53953 1260 1104 1213 3532;a4 3557.)4 3583'74 165 45 91 11 18 26 1 0 0 55124 56756 56938 54101 55881 56209 1096 911 3606'34 364770 3680'/0 73 121 181 41 84 142 0 0 0 57175 57175 56078 1202 3655119 105 90 0 57187 56916 57069 56759 57069 56759 56363 56144 824 772 3663516 368185 118 158 101 145 0 0 57439 57357 57129 57137 57129 57137 56138 56385 1301 972 369991 370363 311 220 190 211 0 0 913 965 935 994 330228 3331.77 OC'l'. NOV. 52836 53315 54351 52693 53711 54228 52693 53711 54228 51763 52772 53196 54665 54922 55166 54500 54876 55074 54501 54877 55074 55197 56877 57120 55124 56756 56938 57280 23 7 21p Two weeka enliina 1993-MAY 26 JUNB JULY 9 extended credit' 0 0 0 0 48403 48664 49407 50280 JUNB seasonal 149 203 223 193 49087 49345 50091 50987 APR. MAY total 229 284 251 287 49087 49345 50091 50987 MAR. p pe required 49316 49629 50341 51274 1993-JAN. PBB. 5. 6. nonborrowed plus extended credit' 1992-JUNB JULY AUG. SBP. DBC. 1. 2. 3. 4. nonborrowecf3 996 336~•44 Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve roquirements. (For more information, see Table 3.} Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess r,es. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3.) Seasoncllly adJusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total . rowings 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 ' lp 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, tht, oney 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 seasdnally 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 foot 1ote 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 Vault castlS Reserves of depository institutions Date total2 1992-JUNB JULY AUG. 336431 339865 342494 346207 21223 21206 21272 22627 31'128 32>15 32458 32,142 28273 . 28617 28890 28894 3456 3528 3568 3448 53136 54666 56540 52993 54562 56416 52062 53624 55385 349812 354251 360895 23626 25462 25368 32987 32.:57 34?35 29510 29205 31172 3477 3252 3364 56004 53882 54296 55838 53837 54204 54744 52778 53083 360875 359558 362588 23636 23515 24383 35'991 33914 33l93 32368 30368 29912 3623 3546 3381 56541 56101 57239 56468 55979 57057 55445 55104 56328 368175 370461 375193 26975 25968 26463 32.121 3H62 34106 29567 30133 30776 3154 3329 3330 26 55851 55746 54649 370303 26396 32128 29455 3273 247 JUNE 9 23 56933 57248 56815 57091 56109 56477 373774 375146 26543 26352 33.685 34237 30391 30897 3294 3341 462 215 JULY 7 21p 57613 58267 57302 58048 56311 57295 377112 379787 26581 27489 34385 H.030 31031 30778 3354 3251 70 104 DBC. 1993-JAN. P'BB. MAR. APR. MAY JUNE n!i!k!! us1.1;gg: 1993-MAY 3. 4. 5. 6. 7. 8. p pe surplus 7 48584 48857 49227 50527 NOV. 1. tot.al Net carryover of reserve balances8 49267 49538 49911 51234 OCT. 2. required used to satisfy required reserves' 49496 49823 50162 51521 SBP. ~!2 non borrowed Monetary base3 Reserve balances with F.R. Banks• Reflec1s 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 l'ransaction 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 ID 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 compulation 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 (f) 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 requirements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total2 nonborrowed required3 Monetary base• 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. PBB. MAR. 55969 53810 54177 55803 53765 54086 54709 52707 52964 354414 353184 356001 APR. MAY JONB 56365 55876 56959 56292 55755 56778 55269 54880 56048 361637 364081 368734 55624 55519 54421 363801 9 23 56676 56966 56558 56809 55851 56195 367288 368736 7 57309 57932 56999 57712 56008 56960 370591 373302 1992-JONB JULY Two weeks endina 1993-MAY 26 JONB JULY 21p 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 discontinuities1 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 equals (1) break-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 estimate
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