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.· . - . FEDERAL RESERVE statistica I release -------------------------------------------------------------------------------------------- ·- H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For rei-• a1 4:30p.m. Eastem Time Adjusted tor changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted "therwise Millions of dollars MAY 27, 1993 Borrowings of depository Institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 1992-APR. nonborrowed3 nonborrowed plus extended credit' required excess NSA5 Monetary. base• total seasonal eX1Bnded credlt4 JUNB 48992 49496 49316 48902 49341 49087 48904 .&9341 49087 47855 48495 48403 1137 1000 913 326691 328863 330228 90 155 229 47 98 149 2 0 0 JULY AUG. SBP. 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. 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. p 55197 55123 55124 54101 1096 360635 73 41 0 1993-MAR. 31 55106 55009 55009 53833 1273 359325 98 32 0 APR. 14 28 55164 55075 55126 54976 55126 54977 54320 53689 844 1387 360117 360796 38 99 31 47 0 1 MAY 56276 57268 56134 57164 56134 57164 55448 56087 827 1181 363136 365872 142 104 71 1 0 MAY ~v. DBC. 1993-JAN. PBB. 0 0 Two wt•kl endina Up 26pe 1. 2. 3. 4. 5. 6. p pe 90 Reserves and monetary base figures Incorporate adjustments tor 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 unadjusled excess reserves. (Also, see footnote 2 on Table;.: and footnote 2 on Table 3.) Seasonally adrusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings ot 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 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 simirar 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 seasonally adjusted currency component of the money stock plus (31, 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 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 Reserves of depository Institutions Date total2 1992-APR. nonborrowed required Vault cash' Monetary base3 Reserve balances with F.R. Banks• total used to satisfy required reserves' surplus7 Net carryover of reserve balances• 50,55 ,8825 49496 50365 ,8670 49267 49318 47825 ,8584 33269, 333792 336431 22655 21071 21223 31071 31198 31728 27800 2775, 28273 3271 3"' 3,56 49823 50162 51521 49538 49911 5123, ,8857 49227 50527 339865 3'249, 3,6207 21206 21272 22627 32145 32,58 323,2 28617 28890 28894 3528 3568. 3U8 DBC. 53136 5,666 565,0 52993 5,562 56416 52062 5362, 55385 349812 35,251 360895 23626 25,62 25368 32987 32457 3,535 29510 29205 31172 3477 3252 3364 1993-JAN. FBB. MAR. 5600, 53882 5,296 55838 53837 5,20' 547U 52778 53083 360875 359558 362588 23636 23515 24383 35991 33914 33293 32368 30368 29912 3623 3546 3381 56541 56468 55U5 368175 26974 32721 29567 315, 53845 53747 52572 362619 24747 32343 29098 32,5 181 28 56607 56546 56569 56U7 55763 55160 368428 367756 26612 27586 33218 32010 29995 28960 3223 3050 378 205 12p 26pe 56043 55840 55901 55736 55216 54659 369268 370582 25227 26425 34225 32730 30817 29415 3,08 3315 496 281 MAY JUNB JULY AUG. SBP. OCT. NOV. APR. p ~ ](U:tl •~adil:lSI 1993-MAR. 31 APR. MAY 1. 2. 3. 4. 5. 6. 7. 8. p pe u 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 Bariks 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 repor1Brs 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~ !>9 us~ to satisfy reserye requirem~ts. Starting wit;h the malnten.ance period ended November 25, 1992, each maintenance period for weekly reporters ends.16 days after the lagge<:! comp~tatiOn penod 1n W~lcf:l the vau[t cash 1s held. Prey1ously, each mamtenanc.e penod ended 30 days after the lagged computation period. All vault cash held dunng the lagged compulation period by "bound" Institutions (I.e., those whose reqUired reserves exceed the1r 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 total2 nonborrowed required3 Monetary base4 49998 48602 49220 49908 48447 48991 U861 47601 48307 327438 328355 330919 49494 49777 51071 49210 49526 50784 48529 48843 50077 334075 336573 3,0080 52616 5,079 56056 52474 53974 55933 51543 53036 54901 343626 3"888 35,546 MAR. 55969 53810 5'177 55803 53765 5,086 54709 52707 5296, 35UU 353184 356001 APR. p 56365 56292 55269 361637 53713 53615 S2UO 3SS9U 28 56,43 56362 56406 56263 55600 54975 361800 361268 12p 26pe 55836 55611 5569, 55507 55008 5U31 363071 36&076 1992-APR. KAY JUNB JULY AUG. SBP. OCT. NOV. DBC. 1993-JAN. PBB. Two nekl endina 1993-MAR. 31 APR. U KAY 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 discontinuities1 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 adjust required reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimale 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 (11 break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3)kfor all quarterly reporlers 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 brea -adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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