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FEDERAL RESERVE statistica I release H.3 1502) Table 1 Tor ttelease at 4:30 p.m. Eastern Time AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions total 2 Date nonborrowed 3 MARCH 11, 1993 nonborrowed plus exte'4ded credit required e~~A~s Monetary base 6 total seasonal extended credit4 1992-FEB. MAR. 47746 48476 47668 48385 47670 48386 46681 47447 1065 1028 322808 324627 77 91 22 32 2 2 APR. MAY JUNE 49001 49494 49234 48911 49339 49005 48913 49339 49005 47863 48494 48321 1137 1000 913 326700 328844 330138 90 155 229 47 98 149 0 0 JULY AUG. SEP. 49489 50322 51346 49205 50071 51058 49205 50071 51058 48524 49387 50352 965 935 994 333021 336800 341638 284 251 287 203 223 193 0 OCT. 53143 54069 54479 53000 53965 54355 53000 53965 54356 52069 53027 53324 1074 1043 1155 345123 348085 350916 143 104 124 114 40 18 0 0 1 54599 54872 54434 54827 54435 54827 53340 53733 1260 1139 353147 355715 165 45 11 18 1 0 NOV. DEC. 1993-JAN. FEB. p 2 0 0 Two weeks ending 1993-JAN. 6 20 54606 54397 54337 54195 54337 54196 53220 53168 1385 1229 352302 352574 269 202 12 11 0 1 FEB. 3 17 54854 54926 54790 54893 54793 54893 53624 53434 1230 1492 354338 355128 64 33 11 18 3 0 54807 54751 54751 54143 665 356837 56 20 0 MAR. 3p p--preliminary 1. 2. 3. 4. 5. 6. pe--preliminary estimate Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. I For more information, see Table 3. J Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. IAlso, see footnote 2 on Table 2 and footnote 2 on Table 3. J Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository inst1tutions 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 11 less unadjusted required reserves !Table 2, column 31. The seasonally adjusted, break-adjusted monetary base consists of 111 seasonally adjusted, break-adjusted total reserves plus 121 the seasonally adJusted currenc~ component of the money stock plus 13J, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" ana for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, breakadjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. IAlso see footnote 3 on Table 2 and footnote 4 on table 3. J H.3 1502) Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash5 Reserves of depository institutions Date total 2 nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 1992-FEB. MAR. 55238 56282 5!' ,1 56!91 54174 55254 333190 335817 24918 28057 34233 31649 30320 28225 3912 3424 APR. MAY JUNE 50455 48825 49496 50365 48670 49267 49318 47825 48584 332694 333792 336431 22655 21071 21223 31071 31198 31728 27800 27754 28273 3271 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 56004 53910 55838 53864 54744 52770 360875 359606 23636 23543 35991 33915 32368 30366 3624 3549 1993-JAN. FEB. p total used to satisfy requireCI reserves 6 surplus 7 Net carryover of reserv! balances Two weeks ending 1993-JAN. 6 20 57674 56886 57405 56685 56289 55657 365160 362323 26569 24057 34374 36389 31105 32829 3269 356.0 246 58 FEB. 3 17 53970 54370 53906 54337 52740 52878 356696 360766 21500 23304 36369 34765 32470 31066 3899 3699 101 127 53307 53251 52642 358924 24405 32164 28902 3262 455 MAR. 3p p--preliminary 1. 2. 3. 4. 5. 6. 7. 8. pe--preliminary estimate 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 re~irements. The monetary base, not break-adjusted and not seasonally adjusted, consists of Ill total reserves plus 12) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus 14), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeCis their reguired 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 for weekly reporters ends 16 days after the lagged computat1on period in which the vault cash is held. Previously, each maintenance period ended 30 Clays after the lagged computation per1od. All vault cash held during the lagged computation period by "bound" institutions l1.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 elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 15021 Table 3 AGGREGATE RESERVES OF DEPO~ITORY 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 nonborrowed required 3 Monetary base4 1992-FEB. MAR. 46848 47685 46770 47594 45783 46657 320379 322691 APR. MAY JUNE 50015 48622 49245 49925 48468 49016 48877 47622 48333 327448 328368 330935 JULY AUG. SEP. 49524 49813 51113 49240 49562 50825 48559 48878 50118 334093 336594 340105 OCT. NOV. DEC. 52664 54132 56101 52521 54028 55977 51590 53090 54945 343656 347922 354574 55967 53828 55801 53783 54707 52689 354413 353224 1993-JAN. FEB. p Two weeks ending 1993-JAN. 6 20 57662 56847 57394 56646 56277 55619 358893 355535 FEB. 3 17 53921 54295 53857 54262 52690 52803 350542 354334 53209 53153 52544 352541 MAR. 3p p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Break-adjusted total reserves equal break-adjusted required reserves ITable 3, column 31 plus excess reserves NSA ITable 1, column 51. To adjust required reserves for discontinuities due to regulatory cha~es 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 e~als Ill break-adjusted total reserves plus 121 the (unadjusted) currency component of the money stock plus 131, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vaul~ cash exc~eds their required reseryes, the break-adjusted difference between current vault cash and the amount appl1ed to sat1sfy current reserve requ1rements. Note: Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Hashington, D.C. 20551
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