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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY For release at 4:30p.m. Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars JULY 8, 1993 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 nonborrowed3 nonborrowed plus extended credit' required excess NSA5 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. NOV. DBC. 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 1993-JAN. 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 pe 55197 56877 57149 55124 56756 56968 55124 56756 56968 54101 55881 56256 1096 996 893 360635 364775 368082 73 121 181 41 84 142 0 0 0 Two wee]ts ending 1993-MAY 12 26 56277 57280 56135 57175 56136 57175 55449 56078 828 1202 363138 365595 142 105 71 90 1 0 57187 56915 57069 56758 57069 56758 56363 56154 824 761 366408 368253 118 158 101 145 0 0 57568 57257 57257 56324 1244 369893 311 190 0 FBB. MAR. APR. MAY JUNB JUNB JULY 1. 2. 3. 4. 5. 6. p pe 9 23p 7pe 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 (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) Table2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted tor changes in reserve requirements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcastf Reserves of depository institutions Date total 2 1992-JUNB JULY AUG. 336431 339865 342494 346207 21223 21206 21272 22627 31728 32145 32458 32342 28273 28617 28890 28894 3456 3528 3568 3448 53136 54666 56540 52993 54562 56416 52062 53624 55385 349812 354251 360895 23626 25462 25368 32987 32457 34535 29510 29205 31172 3477 3252 3364 56004 53882 54296 55838 53837 54204 54744 5277& 53083 360875 359558 362588 23636 23515 24383 35991 33914 33293 32368 30368 29912 3623 3546 3381 56541 56101 57268 56468 55979 57087 55445 55104 56376 368175 370467 375211 26975 25968 26475 32721 33462 34106 29567 30133 30793 3154 3329 3313 12 26 56044 55851 55902 55746 55217 54649 369266 370310 25228 26396 34225 32728 30816 29455 3409 3273 496 247 9 23p 56933 57248 56815 57090 56109 56487 373786 375223 26543 26351 33685 34237 30391 30897 3294 3340 462 215 57741 57430 56497 377017 26639 34386 31102 3283 57 1993-JAN. FBB. MAR. APR. MAY JUNB JULY 6. 7. 8. p pe pe &IIg;I.Dg 1993-MAY 4. 5. surplus 7 48584 48857 49227 50527 NOV. DBC. 1. 2. 3. total Net carryover of reserve balances8 49267 49538 49911 51234 OCT. ~ :W:!l§k& required used to satisfy required reserves8 49496 49823 50162 51521 SBP. JUNB nonborrowed Monetary base3 Reserve balances with F.R. Banks• 7pe 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-of" adjustments. Dates refer 1o 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 compu1ation 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) Table3 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 total2 nonborrowed requirec:P Monetary base4 49220 49494 49777 51071 48991 49210 49526 50784 48307 48529 48843 50077 330919 334075 336573 340080 52616 54079 56056 52474 53974 55933 51543 53036 54901 343626 347888 354546 55969 53810 54177 55803 53765 54086 54709 52707 52964 354414 353184 .356001 pe 56365 55876 56989 56292 55755 56807 55269 54880 56096 361637 364087 368744 Two weeks endi.na 1993-MAY 12 26 55837 55624 55695 55519 55009 54421 363073 363808 56676 56965 56558 56808 55851 56205 367301 368801 57438 57127 56193 370484 1992-JUNB JULY AUG. SBP. OCT. NOV. DBC. 1993-JAN. PBB. MAR. APR. MAY JUNB JUNE 9 23p JULY 7pe 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 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 requ1red 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 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. preliminary pe preliminary estimate
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