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....... FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For releaae at Adjusted lor changes In reserve requirements' Averages of dally figures, seasonally adjusted unless noted otherwise Millions of dollars JUNE 24, 1993 Borrowings of depository Institutions from the Federal Reserve, NSA Reserves of depository Institutions Date total2 .sus excess NSA' Monetary base' total seasonal eX1Bnded credit' 'U03 1000 913 328863 330228 155 229 98 U9 U629 503U 5127, UHS 50091 50987 UHS 50091 50987 U6U 'U07 50280 965 935 9U 333177 3368" 3U585 2U 251 287 203 223 193 0 0 0 52836 53815 5U51 52693 53711 5U28 52693 53711 5,228 51763 52772 53196 10H lOU 1155 3"8U H7832 350798 U3 10' 12, lU 18 0 0 1 5U65 5U22 55166 usoo 5U76 550" 5,501 5'877 550" SHOS 53818 53953 1260 110, 1213 35322, 3557H 3583" 165 PBB. HAR. 91 11 18 26 1 0 0 APR. MAY p 55197 56877 5512, 56755 5512, 56755 SU01 55880 1096 997 360635 36U77 73 121 u u 0 0 55075 SU76 SU77 53689 1387 360796 99 1 12 26 56277 57280 56135 57l75 56136 57175 55"9 56078 828 1202 363138 365595 U2 105 " 71 9p 23pe 57185 56926 57067 56768 57067 56768 56359 56135 826 791 36U16 368122 118 158 JULY SBP. OC'1'. NOV. DBC. 1993-JAN. Two w••k• endinq 1993-APR. 28 MAY JONB p required '93U U087 AOO. pe nonborrowedplus eXIBndec:f cre<fit4 U3U U087 JtJNB 5. 6. nonborrowecfl UU6 U316 1U2-KAY 1. 2. 3. 4. 4:30p.m. Eastern Time •s •o 90 101 us 1 0 0 0 Reserves and monetary base figures Incorporate adjusbnents 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..: 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 arid 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 adjusbnent qedit, 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 monelary base consists of (1) seasonally adjusted, break-adJusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus (3), lor all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash and for all those weekly reporters whose vaul( 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 for changes In reserve requirements' Averages of dally figures, not seasonally adjusted Millions of dollars Vault cash' Reserves of depository Institutions Date total2 1992-MAY 333792 33U31 21071 21223 31198 31728 27754 28273 34U 3456 49823 50162 51521 49538 49911 51234 48857 49227 50527 339865 342U4 3U207 21206 21272 22627 32145 32458 32342 28617 28890 28894 3528 3568 3U8 53136 54666 56540 52993 54562 56416 52062 53624 55385 349812 354251 360895 23626 25462 25368 32987 32457 34535 29510 29205 31172 3477 3252 3364 MAR. 56004 53882 54296 55838 53837 54204 5"44 52778 53083 360875 359558 362588 23636 23515 24383 35991 33914 33293 32368 30368 29912 3623 3546 3381 APR. NAY p 56541 56100 56468 55979 55445 55104 368175 370468 26975 25968 32721 33462 29567 30133 3154 3329 56546 56U7 55160 367766 27586 32010 28960 3050 56044 55851 55902 55746 55217 54649 369266 370310 25228 26 26396 34225 32728 30816 29455 3409 3l73 9p 23p• 56931 57258 56813 57100 56105 56467 373797 375095 26540 26384 33685 34238 30391 30874 3293 3363 OCT. NOV. DBC. 1993-JAN. PBB. u NAY JUNB 6. 7. 8. p Net carryover of reserve balances• :t~:•lkl .Ddil:lll 1993-APR. 28 4. 5. surplus 7 "825 485U SBP. 1. total 48670 49267 JULY AOQ. 2. 3. required used to satisfy required reserves• 48825 49496 JUNB :J:1m nonborrowed Monetary basel Reserve balances with F.R. Banks• 205 H2 258 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 CAR, 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 satisfv 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 vauft 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 vaul\ cash applied during the maintenance period by "nonbound"lnstitutions (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 satlsly 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 --a.!--·- H.3(502) Table3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes In reserve requlrements 1 Averages of dally figures, not seasonally adjusted Millions of dollars Reserves of depository Institutions Date totaP nonborrowed requlrecP Monetary ba?r•• 48602 «9220 UU7 «8991 n6ol 48307 328355 330!119 U4U «9777 51071 «9210 «9526 5078« 48529 «&8U 50077 3H075 3315573 H0080 DKC. 52616 54079 56056 52«7« 5397« 55933 515«3 53036 5U01 3«31526 H7888 35U46 1!193-JAN. PKB. MAR. 55969 53810 54177 55803 53765 54086 5470!1 52707 529154 35UU 35318« 356001 56365 55876 56292 55754 55269 5«879 3611537 364088 1993-APll. 28 56362 56263 54975 361268 KAY 12 26 55837 55624 55695 55519 5500!1 5U21 363073 363808 JUNB 9p 23pe 56674 56976 56556 56818 558«7 56185 367309 368674 1992-KAY JUNB JULY AUO. SKP. OC'l'. NOV. APR. KAY p Two week• ending Note: Historical data are available from the Money and Reserves Projections Section. DMslon of Monetary Affairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551 1. 2. 3. 4. p 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 estimata 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 l 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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