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...... FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY 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 SEPTEM3EA 16, 1993 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 Monetary base 6 total seasonal extended credit' 50091 50967 49407 50280 935 994 336844 341565 251 287 223 193 0 0 OCT. NOV. DEC. 52836 53615 54351 52693 53711 54228 52693 53711 54228 51763 52772 53196 1074 1043 1155 344849 347632 350796 143 104 124 114 40 16 0 0 1 H93-JAN. FEB. 54665 54922 55166 54500 54876 55074 54501 54877 55074 53405 53816 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. p 57567 58030 57323 57677 57323 57677 56476 57060 1089 949 370978 374526 244 352 210 234 0 57350 57131 57131 56384 967 370282 220 211 0 18 57960 57773 57728 57343 57728 57343 56847 57024 1112 750 372645 373285 232 431 222 227 0 0 1p 15pe 58327 58501 58022 57957 58022 57957 57213 57623 1114 876 376447 377636 305 544 246 226 0 0 AUG. SEP. p pe excess NSAS 50091 50987 Two weeks ending 1993-JULY 21 5. 6. required 50341 51274 APR. 1. 2. nonborrowed plus extended credit' 1992-AUG. SEP. MAR. 3. 4. nonborrowed 3 4 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 exc .,ss 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 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 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 reservds. 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 aaJUsted 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 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) 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 Vaultcash 5 Reserves of depository institutions Date total 2 1. 3. 4. 5. 6. 7. 8. p pe required total used to satisfy required reserves• surplus 7 Net carryover of reserve balances 8 1992-AUG. SEP. 50162 51521 49911 51234 49227 50527 342494 346207 21272 22627 32458 32342 28890 28894 3568 3448 OCT. 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. 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. p 57750 57764 57506 57412 56661 56815 378481 380530 26562 26561 34535 34516 31189 31203 3347 3313 58261 58041 57294 379704 27489 34026 30772 3255 105 Two weeks ending 1993-JULY 21 2. non borrowed Monetary base3 Reserve balances with F.R. Banks 4 AUG. 4 18 57133 58422 56902 57992 56021 57673 377731 382069 25251 26939 35354 34869 31883 31483 3471 3386 82 209 SEP. 1p 15pe 57250 59705 56945 59162 56136 58827 379733 385051 26557 27727 33879 35332 30693 31978 3186 3353 53 230 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. required clearing balances and adjustments to compensate for float at Federal Reserve Banl\s The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report o 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 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 satisfy reserve requirements. Starting with the maintenance period ended November 25, 1992, each maintenance period lor 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 mawilf·n<lnce period by "non bound" 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 tile; two-week reserve maintenance period ending on the date shown. 12) 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 required3 Monetary base• 1992-AUG. SEP. 49777 51071 49526 50784 48843 50077 336573 340080 OCT. NOV. DEC. 52616 54079 56056 52474 53974 55933 51543 53036 54901 343626 347888 354546 1993-JAN. FEB. 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. p 57417 57377 57173 57025 56328 56428 372015 374101 57925 57706 56959 373221 MAR. APR. MAY Two weeks ending 1993-JULY 21 AUG. 4 18 56783 58036 56551 57605 55670 57286 371327 375676 SEP. 1p 15pe 56851 59263 56546 58720 55737 58385 373258 37 8562 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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