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FEDERAL RESERVE statistical release ·- H.3 (502) Table 1 For Release at 4:30p.m. Eastern Time ~?u~~dE~~l~n~~~nE~~~~ ~fui~e~!~~ITORY INSTITUTIONS AND THE MONETARY BASE NOVEMBER l3, 1992 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 exte2ded credit required e~~~~s Monetary base 6 total seasonal extended credit4 1991-0CT. NOV. DEC. 44138 44785 45601 43877 44677 45409 43889 44678 45410 43055 43893 44623 1083 892 979 313281 315332 3l7Z54 261 108 192 211 86 38 12 1 1 1992-JAN. FEB. MAR. 46186 47746 48476 45953 47668 48385 45954 47670 48386 45183 46681 47447 1003 1065 1028 319695 323411 324512 233 77 91 17 22 32 1 2 2 APR. MAY JUNE 49001 49494 49234 48911 49339 49005 48913 49339 49005 47863 48494 48321 1137 1000 913 326500 328584 329642 90 155 229 47 98 149 2 0 203 223 193 0 0 0 0 JULY AUG. SEP. 49489 50322 51346 49205 50071 51058 49205 50071 51058 48524 49387 50352 965 935 994 332255 336865 341545 284 251 287 OCT. pe 53145 53003 53003 52072 1073 345666 143 114 0 50579 52187 50258 51928 50258 51928 49783 51004 795 1182 340593 342969 321 259 187 196 0 0 OCT. 14 28p 52674 53496 52490 53378 52490 53378 51525 52431 1149 1065 344712 346259 185 118 146 95 0 NOV. llpe 53710 53644 53644 52956 754 347347 66 53 0 Two weeks ending 1992-SEP. 16 30 p--preliminary 1. 2. 3. 4. 5. 6. 0 pe--prel iminary 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.) 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 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 1) less unadjusted required reserves !Table 2, column 3J. The seasonally adjusted, break-adjusted monetary base consists of I l l seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adJusted currency component of the money stock plus ( 3 J, for all quarterly reporters on the "Report of Transaction Accounts, o·thc · Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, brHa• adjusted difference between current vault cash and the amount applied to satisfy current reserve requi rer:ants. (Also see footnote 3 or, Tabl" 2 and footnote 4 on table 3. I H.3 1502) Table 2 AGG~EGATE RESE~VES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adJusted for changes 1n reserve regu1rements Averages of daily figures, not seasonally adjusted i'lillions of dollars Reserves of depository institutions Vault cashs base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy required reserves 6 surplus 7 Net carryover of reservg balances Dnte total 2 nonborrowed required 1991-0CT. NOV. DEC. 51584 53057 55532 51323 52949 55340 50501 52165 54553 322712 326880 333611 23197 25004 26659 32299 31714 32513 28386 28053 28872 3913 3661 3641 1992-JAN. FEB. MAR. 55812 55238 56282 55579 55161 56191 54809 54174 55254 333094 333190 335817 25416 24918 28057 34135 34218 31647 30396 30320 28225 3739 3897 3422 APR. HAY JUNE 50455 48825 49496 50365 48670 49267 49318 47825 48584 332694 333792 336431 22655 21071 21223 31071 31197 31729 27800 27754 28273 3271 3442 3456 JULY AUG. SEP •. 49823 50162 51521 49538 49911 51234 48857 49227 50527 339865 342494 346207 21206 21272 22627 32145 32457 32343 28617 28890 28894 3528 3567 3448 OCT, pe 53138 52995 52065 349868 23630 32992 29509 3483 1992-SEP. 16 30 51876 51399 51556 51140 51081 50217 347427 345600 23439 22048 31625 33033 28438 29351 3187 3682 54 -29 OCT. 14 53248 52818 53064 52701 52099 51753 349845 349306 23810 23030 32929 33334 29438 29788 3491 3546 184 220 NOV. 11pe 54118 54052 53365 352597 25583 31689 28535 3154 346 Two weeks ending 28p 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 (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 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. Oates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Under contemporaneous reserve requirements, maintenance periods end 30 days after the lagged comp,utation periods in which the vault cash is held. All vault cash held during the lagged computation period by "bound' institutions li.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. Con~i~ts of carryover o~ly at depository,institution~ maintaining reserves on th~ basis of tw~-week ~aintenance periods. Reflects excess (+) or def1c1t (-) reserves el1g1ble to be carr1ed forward 1nto the two-week reserve ma1ntenance per1od end1ng on the date shown. H.3 15021 Table 3 AGGREGATE RESERVES OF DEPO~ITORY Adjusted for changes in reserve re·.,uirements Averages of daily figures, not seasonally adjusted Millions of dollars INSTITUTIONS AND THE MONETARY BASE Reserves of depository institutions Date total 2 nonborrowed required 3 Monetary base4 1991-0CT. NOV. DEC. 43667 44861 46975 43406 44753 46783 42584 43969 45996 311490 315146 321065 1992-JAN. FEB. MAR. 47346 46848 47685 47113 46770 47594 46343 45783 46657 320429 320379 322691 APR. HAY 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. pe 52667 52524 51594 343710 51470 50982 51150 50723 50675 49799 341406 339401 OCT. 14 28p 52790 52342 52605 52225 51640 51277 343743 343126 NOV. 11pe 53606 53540 52852 346285 Two weeks ending 1992-SEP. 16 30 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 tTable 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 cur-rent reserve requirements been in effect. Break-adjusted r-equired reserves are equal to break-adjusted required reserves against transactions deposits. The break-adjusted monetary base equals Ill break-adjusted total •·eserves plus 12l the (unadjusted) currency component of the money stock plus t3), for all quarterly reporters on the "Report of Transac~ion Accounts, Other OE.·)osits and Vault Cash" and for all those Neekly reporters whose vaul~ cash excf?cds their required rese•·yes, the breaK-adjusted difference between current vault cash and the amount applled to sahsfy current reserve requ1rements. Note: Historical data are available from the Money and Reserves P1·ojec-'.:ions Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551