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....... FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release at 4:30 o.m. Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars NOVEIVBER 12, 1993 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 p pe Monetary base6 total seasonal extended credit< 52693 53711 54228 51763 52772 53196 1074 1043 1155 344849 347832 350798 143 104 124 114 40 18 0 0 1 1993-JAN. PBB. 54500 54876 55074 54501 54877 55074 53405 53818 53953 1260 1104 1213 353224 355734 358374 165 45 MAR. 54665 54922 55166 91 11 18 26 1 0 0 APR. MAY JUNB 55197 56877 57119 55124 56756 56938 55124 56756 56938 54101 55881 56209 1096 996 911 360634 364769 368069 73 121 181 41 84 142 0 JULY AUG. SBP. 57567 58033 58837 57323 57680 58410 57323 57680 58410 56478 57080 57747 1089 952 1090 370978 374532 379260 244 352 428 llO 234 236 0 0 0 OCT. pe 59827 59542 59542 58733 1094 381742 285 192 0 58513 59154 57970 58833 57970 58833 57639 57853 874 1300 377877 380719 544 321 226 247 0 0 59454 60047 59034 59842 59034 59842 58317 58974 1137 1072 381004 381925 420 205 22:il 189 0 0 60274 60143 60143 59243 1031 383500 131 105 0 NOV. lOpe 5. 6. excess NSA5 52693 53711 54228 27p 1. required 52836 53815 54351 OCT. 13 2. nonborrowed plus extended credit< 1992-0CT. NOV. DBC. Two weeks ending 1993-SBP. 15 29 3. 4. nonborrowed 3 0 0 Reserves and monetary base figures incorporate adjustments 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 2 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 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 1) less unadjusted required reserves (Table 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of (1bseasonally adjusted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts. ther 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) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements' Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash' Reserves of depository institutions Date total 2 4. 5. 6. 7. 8. p pe surplus 7 52993 54562 56416 52062 53624 55385 349812 354251 360895 23626 25462 25368 32987 32457 34535 29510 29205 31172 3477 3252 3364 1993-JAN. MAR. 56004 53882 54296 55838 53837 54204 54744 52778 53083 360875 359558 362588 23636 23515 24383 35991 33914 33293 32368 30368 29912 3623 3546 3381 APR. MAY JUNB 56541 56101 57238 56468 55979 57057 55445 55104 56328 368175 370461 375192 26975 25968 26462 32721 33462 34106 29567 30133 30776 3154 3329 3330 JULY AUG. SBP. 57750 57767 59136 57506 57415 58709 56661 56815 58046 378481 380532 384245 26562 26564 27274 34535 34516 35217 31189 31203 31863 3347 3313 3355 OCT. pe 60045 59760 58951 387486 28307 35202 31738 3464 1993-SBP. 15 29 59718 58618 59175 58297 58845 57318 385284 383296 27719 26837 35332 35157 31999 31781 3333 3377 219 92 OCT. 13 60121 59762 59702 59558 58985 58690 387507 387048 27843 28817 35805 34338 32278 30946 3527 3393 450 315 60785 60654 59754 388953 28030 36264 32755 3509 323 lt§!!lk.l !lllli1D~~ NOV. lOpe 3. total Net carryover of reserve balances 8 53136 54666 56540 27p 1. 2. required used to satisfy required reserves 8 1992-0CT. NOV. DBC. FBB. ~l!Q non borrowed Monetary base' Reserve balances with F.R. Banks• 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 lransaction Accounts, Other Depos1ts 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 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 1o 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 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 computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus th!! amount of vaull 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) Table 3 AGGREGATE RESERVES OF DEPOSITORY 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 non borrowed required3 Monetary base• 52616 54079 56056 52474 53974 55933 51543 53036 54901 343626 347888 354546 55969 53810 54177 55803 53765 54086 54709 52707 52964 354414 353184 356001 56365 55876 56959 56292 55755 56777 55269 54880 56048 361637 364081 368733 AUG. SBP. 57417 57380 58688 57173 57028 58261 56328 56428 57598 372015 374104 3777 47 OCT. pe 59536 59251 58442 380801 Two weeks endina 1993-SBP. 15 29 59276 58165 58733 57844 58402 56864 378799 376788 OCT. 13 27p 59628 59251 59208 59046 58491 58178 380925 380295 NOV. lOpe 60237 60106 59206 382173 1992-0CT. NOV. DBC. 1993-JAN. FBB. MAR. APR. MAY JUNB JULY Note: Historical data are available trom 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 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 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 equals (1) 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 preliminary estimate