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FEDERAL RESERVE statistical release H.3 (502) Table 1 ...... AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE F01 releaa• u 4:30p.m. Eaalern Tim· Adjusted I« changes In reserve requirements' Averages of dally ligures, seasonally adjusted unless noted otherwise MIUions of dollars OCTOSEA27, 199 Borrowings of deposltoty Institutions from lhe Federal Reserve. NSA Reserves of depository loslltudoos Date 60231 60396 S8386 SHU 60231 603!16 S7723 58660 S!12U 59413 10!10 108!1 1101 1063 378076 381400 38602!1 385855 285 89 8l 60603 60763 60588 60529 606!13 60533 60529 606!13 60533 59155 59623 59621 lUI 1140 967 389613 393960 39701& 73 70 55 15 15 :a 0 0 0 60333 59910 59708 60208 59709 59374 60208 59709 SUH 59181 58995 58603 1151 915 110S 399198 401725 40U19 12« 200 333 57 134 226 0 0 0 5981!1 59518 59361 59050 suu 58712 S8SU 58&23 1107 1004 1062 4070U 409175 &11037 458 &69 487 36& sues S9361 59050 58998 U4 0 0 0 59601 5!1103 59103 S8606 us 410198 498 &68 0 SBP. 14 28 suu S96U S8898 S9107 58898 59107 58&27 58&38 917 1204 410678 411413 "' 535 U7 &58 0 0 OC'l'. Up 26pa 59370 S!l171 S8937 S8824 S8937 S8824 58285 58523 1085 648 412321 41400S U3 367 403 326 0 0 OCT. HOY. DBC. l!IU-JUJ. PBB. IIAJl. APR. HAY JOHB JULY AUQ. SBP. p rwo yatkt tpdinq l!IH-AUQ. 31 3. 4. 5. 6. p pe Monetary base• excess NSA1 UU-SBP. 1. 2. nonbolrowedplus extended Cfedit4 required to~ S8813 S9H9 60320 60676 nonborrowed" S8386 suu total ua seasonal 236 192 75 31 us exlllnded credi' 0 0 0 0 Reserves and mone~ base !lgures looorporate adjustments lor discontinuities, or "breaks", associated wllh regu!atory changes In reserve requirements. (For more Information.~. see Table 3.) (Aisoi see tlotnote 2 on Table ~and loolnotB 2 on Table 3 SeasO!lB!IY usted, break~tsd nonborrowed reserves equal seasonaUy adjusted, break-adjusted total reserves less unadjusted total borrow!ngs o deP.ositotv Institutions from the Federal Reserve Extended cr consists of bolr~ atlhe discount Window Under lhe terms arid conditions eslllblished for the extended credit program to help dePository lnstltu8ons deal Wllh sustained Uquldlty · pressures. Because there Is not the same need to repay such borrowing promptly as there Is with traditional short· term adjustment credit, lhe fQOn&y markilt Impact of extended credit is similar to that of nonborrowed reserves. Excess reserves NSA eguals unadjusted total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column 3). The seasonally adjusted, break-~ted monelaty base consists of (1) seasQ0811y !ldjusted, break-adjusted total reserves plus (2) lhe seasonally adlusted currency component ollhe money stoat plus (31, lor aU quarterlY. reporters on lhil "Report of Transaction Accounts, Olher Deposits and Vault Cash and for alllhose weekly reporters whose vaulf cash exceeds their required reserves, the seasonall adjusted, bfeak-aajUStad 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.) Season~ =ustsd, bieak·ad)iisted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. preUmlnary prellmlnaty 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 Mllhons of doftars Vault cash~ Reserves of depository Institutions Date total' 1U3-SBP. ' nonborrowed required Monetary base' Reserve balances with F.R. Banks~ total used to satisfy required reserves• surplus7 Net carryover of reserve balances• 59136 60035 612!16 62858 5870!1 5!1751 61207 62776 580&5 589(7 60195 61795 38U45 387512 3911U 39761!1 2727C 28297 29018 29374 35220 3518& 35655 36812 31863 3173!1 32278 33484 3357 3U5 3377 3328 MAR. 62072 59593 5!1605 61998 59523 59550 60624 58& 54 58638 397887 397!129 400783 27817 26922 27396 37907 36295 35585 3U54 32671 32208 3653 3624 3377 APR. HAT JUNB 616U 59273 59!124 61516 59073 59591 40489 58358 58819 406319 406592 &1093!1 29614 26790 26502 35215 35892 36898 32027 32483 33U2 3188 3409 3476 JVLT AUO. SBP. p 60092 59337 59953 59634 58868 59467 58985 58333 seen UU91 &1&899 416655 25U6 2528& 25159 37635 3761& 3BU1 34096 34052 347!14 3539 3562 3637 58554 58056 57559 &13470 25099 36913 33455 3458 202 60559 593U 60113 58807 59643 58138 418045 U5044 25720 24541 38&51 38397 34839 34700 3612 3697 277 UB 59991 59172 59558 58826 58906 58524 418197 418219 24853 25066 38539 37615 35138 3&106 3401 3509 328 305 OCT • NOV. DBC. UU-JAN. FBB. %!m Ktlkl tlldiiHI UU-AUO. 31 SBP. u 28 OCT. Up 26pe 1. 2. 3. ...5. 6. 7. 8. p pe Reflects actual required reserves, with no adJustments to eliminate the effects of dlscondnullles, or "breaks", associated with regulatory changes In reserve requirements. Reserve balances with Federal Reserve Banl<s plus vault cash used to sallsfy reserve requirements. The monetary base, not break-adNsted and not seasonal~adlusted, consists of (1) total reserves plus (2) required dearing balances and adjustments to compensate for noat at Federal Reserve Banks plus (3) the curre~ component of the mo~ stock plus 4), for aft quarterly repOrters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their r~lred reserves, tie dlffer8nce tween current vault cash and the amount applied to satisfy current reserve requirements. After the lnlroducllon of CRR, currency and vault cash flaures are measured over computation periods ending on Mondays. , Excludes required d~ balances and adJuStments to compensate for float and Includes other off-balance sheet •as-or adjustments. Dates refer W:l the maintenance p_ertods In which the vault cash can be used to satisfY reserve r~lrements. StarUr)g with the maintenance period ended November 25, 1992, each maintenance period for ~ r~ ends 16 d&y\9 alter the lagged ~don D8l1od In which the vauft cash Is held. Previously, eacli maintenance period erided 30 days alter the lagged computation P.9flod. All vault c8sh held duq thelaggtld compUtation p8rlod by "bound" Institutions (I.e., those whose required reserves excaed their vault cash) plus the amount of vault cash applied dunng the maintenance period by "nonbound" Institutions (I.e., thOse whose vault cash exceeds their r~ulred reserves) to satisfy current reserve requirements. Total vaUlt cash held by dep~ Institutions minus the amount applied to satisfy reserve requirements. Consists of catryover only at depOsl~ lnsiiMions maintaining reserves on the J>asls of two-week maintenance periods. Reflects excess (+) or deficit (·) reserves eftglble to be carried forward Into the two-week reserve maintenance period ending on the elate shown. preliminary preliminary estimate H.!(502: table3 AGGREOATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for chAnges In t818M1 tequlremanls' Averages ot dally figUres, not teasonaly adjusted Mnlons of dolart Reserves of depository Institutions Date totaP lt!ll-SBP. OC'1'. NOV. DBC. 199«-JAN. PBB. MAR. APR. MAY JUNB JOLT AUG. SBP. p JJm J[llkl 111!111111 199«-AUO. 31 BBP. u 28 OC'1'. 12p 26pe non borrowed required' Monetary base• 586C6 59«81 60671 62367 58218 59195 60582 62285 57556 58391 59571 61305 377723 380800 38U85 3905e8 62037 59529 59«96 61963 59« 59 594U 60589 58389 58529 391001 390859 39U52 61398 58972 59555 61274 58772 59222 602U 58057 5U50 399758 400262 &04716 59659 588U 59389 59201 58374 58902 58552 57839 58327 408165 408948 U1050 580&7 575&9 57052 (07535 60003 5877( 59557 582(0 59086 57570 U2372 (09&96 59387 585(0 5895( 581U 58302 57892 (12669 U3006 Note: Historical data are avaUable from the Money and Reserves Projections Section, DMslon of Monetary Affairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551 1. 2. 3. 4 · p pe or with Figures rellect ~uslmenls for dlsoontlnuttles 'breaks", associated regulab;JrY ch~es In reserve requlremenls. ' Br8ak-adlusted tOtal i8s9Mis 8QtJaJ break-~d required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). To !ldJusf required reiervaS for clsconllnullleS due to ~story changes In reserve requlremenls, a multiplicative procedure Is used to esllmate what required reserves would have been In past periods had current r818M1 requirements been In effect. Break·itdr:.fild ~lilred reserves are egual to break-adJUSted required reserves against transac11ons de~its. fr:::'~~ad.t=nT.~=:s-=::lV~~~~d ,:~ ==z:S.!~ ~:~«tU:~t~c'!~x:Ss"'J.':l~~~~~~e:t~':.kle't~Jk~:S~~~'i!:Oth:,~~J cash and the amount applied to sallsry current reserve requlremenls. prelmlnary preliminary estimate
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