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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 4:30p.m. Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars OCTOBER 21, 1993 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 total seasonal extended credit' 50280 51763 52772 53196 994 1074 1043 1155 341585 344849 347832 350798 287 143 104 124 193 114 40 18 0 0 0 1 1993-JAN. FEB. 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 MAY JUNE 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 0 0 JULY AUG. SEP. p 57567 58033 58843 57323 57680 58415 57323 57680 58415 56478 57080 57751 1089 952 1092 370978 37 4532 379274 244 352 428 210 234 236 0 0 0 57773 57343 57343 57024 750 373286 431 227 0 58334 58513 59162 58029 57970 56841 58029 57970 58841 57213 57639 57857 1121 874 1305 376455 377 878 380738 305 544 321 246 226 247 0 0 59498 59078 59078 58377 1120 381142 420 222 0 1 15 29 OCT. 13p pe Monetary base 6 50987 5269.3 53711 54228 SEP. p excess NSA' 50987 52693 53711 54228 Two weeks ending 1993-AUG. 18 6. required 51274 52836 53815 54351 APR. 5. nonborrowed plus extended credit' 1992-SEP. OCT. NOV. DEC. MAR. 1. 2. 3. 4. nonborrowed3 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~ 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 credrt 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 (1) seasonally adJUSted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus (3), tor 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 daily figures, not seasonally adjusted Millions of dollars Vault cash 5 Reserves of depository institutions Date total 2 50527 52062 53624 55385 346207 349812 354251 360895 22627 23626 25462 25368 32342 32987 32457 34535 28894 29510 29205 31172 3448 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 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. SBP. p 57750 57767 59142 57506 57415 58714 56661 56815 58050 378481 380532 384260 26562 26564 27279 34535 34516 35217 31189 31203 31863 3347 3313 3355 58422 57992 57673 382069 26939 34869 31483 3386 209 57257 59718 58626 56952 59175 58305 56136 58845 57322 379739 385285 383315 26564 27719 26846 33879 35332 35157 30693 31999 31781 3187 3333 3377 53 219 92 60166 59747 59046 387643 27891 35805 32275 3530 425 eng1ng SBP. 1 15 29 OCT. 13p 7. 8. p pe surplus7 51234 52993 54562 56416 1993-AUG. 18 6. total Net carryover of reserve balances• 51521 53136 54666 56540 ~~Q ~iiks 4. 5. required used to satisfy required reserves• 1992-SBP. OCT. NOV. DEC. FEB. 1. 2. 3. non borrowed Monetary base3 Reserve balances with F.R. Banks 4 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 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. 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 computation period in which the vauft cash is held. Previously, each maintenance period ended 30 days after the Jagged computation period. All vault cash held during the Jagged computation period by "bound" institutions (i.e., those whose required reserves exceed their 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 carryoveronly at depos_itory institutions maintaining reserves on the basis of two-week maintEmance periods. Reflects excess(+) or deficit(-) reserves eligible to be carried forward 1nto the two-week reserve maintenance penod 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 nonborrowed required 3 Monetary base• 51071 52616 54079 56056 50784 52474 53974 55933 50077 51543 53036 54901 340080 343626 347888 354546 55969 53810 54177 55803 53765 54086 54709 52707 52964 354414 353184 356001 JUNE 56365 55876 56959 56292 55755 56777 55269 54880 56048 361637 364081 368733 JULY AUG. SBP. p 57417 57380 58694 57173 57028 58266 56328 56428 57602 372015 374104 377761 58036 57605 57286 375677 56858 59276 58173 56553 58733 57852 55737 58402 56868 373265 378800 376807 59672 59253 58552 381059 1992-SEP. OCT. NOV. DEC. 1993-JAN. FEB. MAR. APR. MAY Two weeks ending 1993-AUG. 18 SBP. 1 15 29 OCT. 13p 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-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
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