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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 tor changes in reserve requirements' Averages of d"!;!y ~!G'Jr<?3 sP-asonally adjusted unless noted otherwise Millions of dol' am OCTOBER 28, 1993 Borrowings of depository ins~itutions from the Federal Reserve, NSA Reserves of depository institutions Date totaf2 excess NSA5 Monetary base• total seasonal extended credit" 50987 52€93 53711 54228 50987 52693 53711 54228 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. SBP. p 57567 58033 58838 57::23 57680 58410 57323 57680 58410 56478 57080 57749 1089 952 1089 370978 374532 379266 244 352 428 210 234 236 0 0 0 58334 58513 59154 58029 57970 58833 58029 57970 58833 57213 57639 57853 1121 874 1300 376455 377878 380724 305 544 321 246 226 247 0 0 0 59458 60049 59038 59845 59038 59845 58366 58987 1092 1061 381091 382398 420 204 222 189 0 0 Two weeks ending 1993-SBP. 1 15 29 OCT. 13p 27pe p pe required 51274 52836 53815 54351 APR. 5. 6. nonborrowed plus extended credit" 1992-SEP. OCT. NOV. DEC. MAR. 1. 2. 3. 4. nonborrowed 3 Reserves ar:c< monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (For more information, see Table <l.l 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 ad;usted, break-adJUSted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. Extended crrcoi~ ;:onsists 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 pressure;,. 8e:;ause 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 nonborrov:ed 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), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash and for all those weekly reporters whose vaulf 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 1 Averages of daily figures, not seasonally adjusted Millions of dollars , Vault cash5 Reserves of depository institutions Date total2 nonborrowed required Monetary base3 Reserve balances with F.R. Banks• ~:~sed total to satisfy required reserves6 surplus7 Net carryover of reserve balances' 1992-SBP. OCT. NOV. DBC. 51521 53136 54666 56540 51234 52993 54562 56416 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. 56004 53882 54296 55838 53837 54204 54744 52778 53083 360875 359558 362588 23636 23515 24383 35991 33914 33293 32368 30368 29912 3623 3546 3381 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. p 57750 57767 59136 57506 57415 58709 56661 56815 58048 378481 380532 384251 26562 26564 27274 34535 34516 35217 31189 31203 31863 3347 3313 3355 57257 59718 58618 56952 59175 58297 56136 58845 57318 379739 385285 383300 26564 27719 26837 33879 35332 35157 30693 31999 31781 3187 3333 3377 53 219 92 60126 59767 59706 59563 59034 58705 387593 387534 27849 28873 35805 34335 32277 30894 3528 3441 450 319 FBB. MAR. APR. ~~ ~~ets e~g1~g 1993-SBP. 1 15 29 OCT. 13p 27pe 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 (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 CAR, 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 for weekly reporters ends 16 days after the lagged computation period in which the vault cash is held. Previously, each maintenance period ended 30 days after the lagged computation period. All vault cash held during the lagged compulation 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 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 non borrowed required3 Monetary base4 1992-SBP. OCT. NOV. DBC. 51071 52616 54079 56056 50784 52474 53974 55933 50077 51543 53036 54901 340080 343626 347888 354546 1993-JAN. FBB. 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 58689 57173 57028 58261 56328 56428 57600 372015 374104 377753 56858 59276 58165 56553 58733 57844 55737 58402 56864 373265 378800 376793 59632 59253 59213 59049 58540 58191 381009 380775 MAR. APR. MAY Two weeks ending 1993-SBP. 1 15 29 OCT. 13p 27pe 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-adjustec:t total reserves eq~al br~~·iidjusted required reserves (T~ble ~. column~) plus excess r~~rv~ NSA (Table .1, column 5).. . . . To adjust reqUired reserves for discontinuities due to regulatory changes 1n reserve reqUirements, a multiplicative procedure IS used to estimate what required reserves would have been 1n past penods had current reserve requirements been in effect. Break-adjusted requ1red 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
@FedFRASER