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FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30 p.m. Eastern Time ~fu~~dE~~l~n~~~nE~~~~ ~;ui~e~?s~ITORY INSTITUTIONS AND THE MONETARY BASE MAY 13 , 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 total 2 Date nonborrowed3 nonborrowed plus exte'4ded credit required e~~:~s Monetary base 6 total seasonal extended credit 4 1992-APR. MAY .JUNE 48992 49496 49316 48902 49341 49087 48904 49341 49087 47855 48495 48403 1137 1000 913 326691 328863 330228 90 155 229 47 98 149 2 0 0 .JULY AUG. SEP. 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 OCT. NOV. DEC. 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 1 1993-..JAN. FEB. 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 55201 55127 55128 54100 1101 360622 73 41 0 55321 55106 55228 55009 55228 55009 54031 53833 1290 1273 357782 359325 93 98 22 32 0 0 APR. 14 28p 55164 55073 55126 54974 55126 54974 54320 53690 844 1383 360121 360812 38 99 31 47 0 1 MAY 56355 56212 56213 55436 919 362801 143 71 1 APR. pe 0 0 0 Two weeks ending 1993-MAR. 17 31 12pe p--preliminary 1. 2. 3. 4. s. 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. l 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. 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 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 seasonal!¥ adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 121 the seasonally adJusted currency component of the money stock plus 13), 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. !Also see footnote 3 on Table 2 and footnote 4 on table 3. J H.3 15021 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 cashs Reserves of depository institutions Date total 2 nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 1992-APR. MAY JUNE 50455 48825 49496 50365 48670 49267 49318 47825 48584 332694 333792 336431 22655 21071 21223 JULY AUG. SEP. 49823 50162 51521 49538 49911 51234 48857 49227 50527 339865 342494 346207 OCT. NOV. DEC. 53136 54666 56540 52993 54562 56416 52062 53624 55385 1993-JAN. FEB. MAR. 56004 53882 54296 55838 53837 54204 56545 used to satisfy requirei::f Net carryover of reserv~ balances res~rves 6 surplus 7 31071 31198 31728 27800 27754 28273 3271 3444 3456 21206 21272 22627 32145 32458 32342 28617 28890 28894 3528 3568 3448 349812 354251 360895 23626 25462 25368 32987 32457 34535 29510 29205 31172 3477 3252 3364 54744 52778 53083 360875 359558 362588 23636 23515 24383 35991 33914 33293 32368 30368 29912 3623 3546 3381 56472 55445 368167 26979 32721 29566 3155 54973 53845 54880 53747 53683 52572 363359 362619 24029 24747 34487 32343 30944 29098 3543 3245 181 APR. 14 28p 56607 56544 56569 56445 55763 55161 368432 367789 26612 27584 33218 32010 29995 28961 3223 3049 378 205 MAY 56123 55980 55203 368964 25322 34225 30801 3424 486 APR. pe total Two weeks ending 1993-MAR. 17 31 12pe p--prel iminary 1. 2. 3. 4. 5. 6. 7. 8. -71 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 121 required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus 131 the currency component of the money stock plus 141, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceei::fs 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 i::fays 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 cash) 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 1+1 or deficit 1-1 reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H. 3 I 502 J 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-APR. MAY JUNE 49998 48602 49220 49908 48447 48991 48861 47601 48307 327438 328355 330919 JULY AUG. SEP. 49494 49777 51071 49210 49526 50784 48529 48843 50077 334075 336573 340080 OCT. NOV. DEC. 52616 54079 56056 52474 53974 55933 51543 53036 54901 343626 347888 354546 1993-JAN. FEB. MAR. 55969 53810 54177 55803 53765 54086 54709 52707 52964 354414 353184 356001 56369 56296 55268 361626 54861 53713 54768 53615 53571 52440 356845 355914 APR. 14 28p 56443 56359 56406 56260 55600 54976 361804 361283 MAY 55915 55772 54996 362768 APR. pe Two weeks ending 1993-MAR. 17 31 12pe 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 !Table 3, column 31 plus excess reserves NSA !Table 1, column 51. 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 required reserves are equal to break-adjusted required reserves against transactions deposits. The break-adjusted monetary base eguals I l l 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 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, Hashington, D.C. 20551
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