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FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release at4:30 p.m. Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars JUNE 17,1993 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 nonborrowed3 nonborrowed plus extended credit4 required excess NSN Monetary base6 total seasonal extended credit4 1992-MAY JUNE 49496 49316 49341 49087 49341 49087 48495 48403 1000 913 328863 330228 155 229 98 149 0 0 JULY AUG. 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 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 p 55197 56882 55124 56760 55124 56761 54101 55876 1096 1006 360635 364786 73 121 41 84 0 0 55164 55075 55126 54976 55126 54977 54320 53689 844 1387 360117 360796 38 99 31 47 0 1 56277 57274 56135 57169 56136 57169 55449 56071 828 1203 363138 365597 142 105 71 90 1 0 57237 57119 57119 5635~ 883 366470 118 101 0 SBP. OCT. NOV. DBC. 1993-JAN. FBB. Two weeks ending 1993-APR. 14 28 MAY 12 26 JUNE 9p -----------------------------------------------------------------------------------------1. Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated •.vith regulatory changes in reserve requirements. (For more information, see Table 3.) 2. 3. 4 5. 6. p pe Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadiusted 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 tiquic ity 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 seasonaliy adjusted currency component of the money st-xk 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 requ1red 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 for changes in reserve requirements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Vaultcash5 Reserves of depository institutions Date total2 ~:1!2 6. 7. 8. p pe total surplus7 Net carryover of reserve balances8 48825 49496 48670 49267 47825 48584 333792 336431 21071 21223 31198 31728 27754 28273 3444 3456 JULY AUG. SEP. 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. 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 p 56541 56106 56468 55984 55445 55100 368175 370478 26975 25973 32721 33461 29567 30132 3154 3329 56607 56546 56569 56447 55763 55160 368428 367766 26612 27586 33218 32010 29995 28960 3223 3050 378 205 56044 55845 55902 55740 55217 54642 369266 370311 25228 26390 34225 32728 30816 29455 3409 3273 496 247 56983 56865 56100 373851 26593 33684 30390 3294 462 :!!t§!eks e~&d;I.J;!g 1993-APR. 14 28 JUNE 4. 5. required used to satisfy required reserves6 1992-MAY JUNE MAY 1. 2. 3. nonborrowed Monetary basel Reserve balances with F.R. Banks4 12 26 9p 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 (~ 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 1ransaction Accounts, Other Depos1ts 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 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 tor 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) 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 total 2 nonborrowed requirecr Monetary base~ 48602 49220 48447 48991 47601 48307 328355 330919 49494 49777 51071 49210 49526 50784 48529 48843 50077 334075 336573 340080 52616 54079 56056 52474 53974 55933 51543 53036 54901 343626 347888 354546 MAR. 55969 53810 54177 55803 53765 54086 54709 52707 52964 354414 353184 356001 APR. MAY p 56365 55881 56292 55760 55269 54875 361637 364097 56443 56362 56406 56263 55600 54975 361800 361268 55837 55617 55695 55512 55009 54414 363073 363809 56725 56607 55842 367364 1992-MAY JUNE JULY AUG. SBP. OCT. NOV. DBC. 1993-JAN. FBB. Two weeks ending 1993-APR. 14 28 MAY JUNB 12 26 9p 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 adjusf 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 (1) 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 preliminary estimate
@FedFRASER