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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 ,.\djusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Date Borrowings of depository Institutions from the Federal Reserve, NSA ·' 0. 6. r pe nonborrowed 3 nonborrowed plus extended credit' required excess NSN Monetary base' total seasonal extended credit' 1992-0CT. 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 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 APR. MAY JUNE 55197 56877 57119 55124 56756 56938 55124 56756 56938 54101 55881 56209 1096 996 911 360634 364 769 368069 73 121 181 41 84 142 0 0 0 JULY AUG. SEP. 57567 58033 58837 57323 57680 58410 57323 57680 58410 56478 57080 57747 1089 952 1090 370978 374532 379260 244 352 428 210 234 236 0 0 0 OCT. p 59831 59546 59546 58731 1100 381779 285 192 0 58513 59154 57970 58833 57970 58833 57639 57853 874 1300 377877 380719 544 321 226 247 0 0 OCT. 13 27 59454 60053 59034 59848 59034 59848 58317 58974 1137 1078 381004 381908 420 205 222 189 0 0 NOV. lOp 60282 60151 60151 59227 1055 383850 132 105 0 Two weeks ending 1993-SEP. 15 29 1. 2. 3. m Eastern T1me NOVEMBER 18, 1993 Reserves of depository institutions total 2 30 p 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 <ln 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 liguic!ity 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. Exc.ess 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 con<>ists of (1) seasonally 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, Other Deposits and Vault Cash' and for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjustE..>d, br&ak-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (Also see f.Jotnote 3 on Table 2 and footnote 4 on table 3.) preliminary preliminary os'inut;.> 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 cash5 Reserves of depository institutions Date totaF nonborrowed required Monetary base3 Reserve balances with F.R. Banks4 total used to satisfy required reserves• surplus 7 Net carryover of reserve balances• 1992-0CT. NOV. DEC. 53136 54666 56540 52993 54562 56416 52062 53624 55385 349812 354251 360895 23626 25462 25368 32987 32457 34535 29510 29205 31172 3477 3252 3364 1993-JAN. FEB. MAR. 5€004 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 JUNE 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. SEP. 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. p 150049 59763 58949 387 520 28309 35202 31739 3463 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 59768 59702 59563 58985 58690 387507 387028 27843 28822 35805 34338 32278 30946 3527 3393 450 315 60794 60662 59739 389286 28029 36266 32765 3501 328 Two weeks~ 27 NOV. lOp 1. 2. 3. 4. 5. 6. 7. 8. p pe 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 121 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 o, Transaction Accounts, Other Deposits and Vault Cash" and for all those vveekly 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 to the maintenance periods in which the vault cash can be used to satistv reserve requirements. Starting with the maintenance period ended November 25, 1992, each maintenance period tor 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 the 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 tota!2 nonborrowed required3 Monetary base• 1992-0CT. NOV. DBC. 52616 54079 56056 52474 53974 55933 51543 53036 54901 343626 347888 354546 1993-JAN. PBB. 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 377747 OCT. p 59540 59255 58440 380837 59276 58165 56733 57844 58402 56864 378799 376788 OCT. 13 27 59628 59257 59208 59052 58491 58178 38092'; 380278 NOV. lOp 60246 60115 59191 382506 MAR. APR. MAY JUNB JULY Two weeks endina 1993-SBP. 15 29 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 discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Break-adjusts~ total reserves eq!Jal br~~-~djusted required reserves (T<!ble 3, column~) plus excess r~s~rv~s NSA (Table .1. c lumn 5).. . . . To adjust required reserves for discontinUities due to regulatory changes In reserve requirements. a mult1phcat1ve procedure IS used to estimate what required reserves would have been 1n past penods had current reserve requirPments been in effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. The break-adjusted monetc::v 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. Othei 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