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FEDERAL RESERVE statistical release H.3 15021 Table 1 For ~seat 4:30p.m. Eastern Time ~fu~~dE~~l~n~~~nE!!~~~ ~~i~e~?s~ITORY INSTITUTIONS AND THE MONETARY BASE MARcH 4 , 1993 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 Date total 2 nonborrowed3 nonborrowed plus exte~ded credit required e~:~s Monetaty base total 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 2 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 0 0 OCT. NOV. DEC. 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 54864 54434 54819 54435 54819 53340 53693 1260 1171 353147 355756 165 45 11 18 1 0 6 20 54606 54397 54337 54195 54337 54196 53220 53168 1385 1229 352302 352574 269 202 12 11 0 1 3 17p 54854 54924 54790 54891 54793 54891 53624 53432 1230 1492 354338 355119 64 33 11 18 3 0 54792 54736 54736 54044 748 356952 56 20 0 1993-JAN. FEB. pe seasonal extended credit4 Two weeks ending 1993-JAN. FEB. MAR. 3pe 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. (for more information, see Table 3. l Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted exc•!ss reserves. !Also, see footnote 2 on Table 2 and footnote 2 on Table 3. l 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 pr<Jgram 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 nonbor1~owed reserves. Excess reserves NSA equals unadjusted total reserves !Table 2, column l l less unadjusted required reserves !Table 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of I l l seasonally adjusted, break-adjusted total reserves plus 121 the seasonally adJusted currency component of the money stock plus 131, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" an~ 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. !Also see footnote 3 on Table 2 and footnote 4 on table 3. J H.3 1502J Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve reguirements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash 5 Reserves of depository institutions total used to satisfy requirea reserves 6 surplus 7 Date total 2 nonborrowed required Honetasy base Reserve balances with F.R. Banks 4 1992-FEB. MAR. 55238 56282 55161 56191 54174 55254 333190 335817 24918 28057 34233 31649 30320 28225 3912 3424 APR. HAY .JUNE 50455 48825 49496 50365 48670 49267 49318 47825 48584 332694 333792 336431 22655 21071 21223 :non 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. 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 53903 55838 53858 54744 52732 360875 359669 23636 23543 35991 33915 32368 30360 3624 3554 6 20 57674 56886 57405 56685 56289 55657 365160 362323 26569 24057 34374 36389 31105 32829 3269 3560 246 58 3 17p 53970 54368 53906 54335 52740 52876 356696 360785 21500 23303 36369 34765 32470 31065 3899 3700 101 127 53294 53238 52546 359059 24405 32164 28889 3275 481 NOV. DEC. 1993-.JAN. FEB. pe Net carryover of reservw balances Two weeks ending 1993-.JAN. FEB. MAR. 3pe 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 requirements. The monetary base, not break-adjusted and not seasonally adjusted, consists of Ill total reserves plus 12) required cleari~ balances and adjustments to compensate for float at Federal Reserve Banks plus 131 the currency component of the money stock plus 14J, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeas 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 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 I 1.e., those whose required reserves exceed their vault cashl plus the amount of vault cash applied during the maintenance period by "nonbound" institutions li.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 (+) deficit 1-l reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. o~ H.3 1502) 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 total 2 Date nonborrowed required 3 Monetary base 4 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 53822 55801 53777 54707 52651 354413 353272 6 20 57662 56847 57394 56646 56277 55619 358893 355535 3 17p 53921 54293 53857 54260 52690 52801 350542 354326 53196 53140 52449 352676 1993-JAN. FEB. pe Two weeks ending 1993-JAN. FEB. MAR. 3pe 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 3) plus excess reserves NSA ITable 1, column 5). To adiust required reserves for discontinuities due to regulatory charyges 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 Ill break-adjusted total reserves plus 12l the (unadjusted) currency component of the money stock plus 13), 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. 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
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