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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 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars SEPlEIJBER Z3, 1993 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 excess NSN Monetary base' total seasonal extended credit' 50091 50987 49407 50280 935 994 336844 341585 .251 287 223 193 0 0 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 MAR. 54665 54922 55166 54500 54876 55074 54501 54877 55074 53405 53818 53953 1260 1104 1213 3532.24 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 364769 368069 73 121 181 41 84 142 0 0 0 JULY AUG. 57567 58036 57323 57684 57323 57684 56478 57081 1089 955 370978 374535 244 352 .210 234 0 0 57350 57131 57131 56384 967 370282 .2.20 211 0 OCT. NOV. DEC. 1993-JAN. FBB. Two weeks endina 1993-JULY 21 p pe required 50091 50987 SEP. 5. 6. nonborrowed plus extended credit' 50341 51274 1992-AUG. 1. 2. 3. 4. nonborrowed3 AUG. 4 18 57960 57773 57728 57343 57728 57343 56847 570.24 1112 750 372645 373285 .23.2 431 222 .227 0 0 SEP. 1 15p 58343 58505 58038 57962 58038 57962 57215 57636 1128 869 376462 377882 305 544 .246 .226 0 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 2 on Table 3.) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of de))ository 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 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 quarter1y reporters on the "Report of Transaction Accounts, bther 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 reseNe requirements' Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash 5 ReseNes of depository institutions Date total 2 non borrowed required Monetary base3 ReseNe balances with F.R. Banks 4 total used to satisfy required reseNes 6 surplus7 Net carryover ofreseNe balances 6 1992-AUG. SBP. 50162 51521 49911 51234 49227 50527 342494 346207 21272 22627 32458 32342 28890 28894 3568 3448 OCT. NOV. DBC. 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. FBB. 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 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. 57750 57771 57506 57419 56661 56816 378481 380535 26562 26568 34535 34516 31189 31203 3347 3313 58261 58041 57294 379704 27489 34026 30772 3255 105 MAR. APR. ~wo ~eeks ~ng1ng 1993-JULY 21 1. 2. 3. 4. 5. 6. 7. 8. p pe AUG. 4 18 57133 58422 56902 57992 56021 57673 377731 382069 25251 26939 35354 34869 31883 31483 3471 3386 82 209 SBP. 1 15p 57266 59711 56961 59167 ' 56138 58842 379746 385295 26573 27717 33879 35332 30693 31994 3186 3338 53 220 Reflects actual required reseNes, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reseNe requirements. ReseNe balances with Federal ReseNe Banks plus vault cash used to satisfy reseNe requirements. The monetary base, not break-adjusted and not seasonally adjusted, consists of ( 1) total reseNes plus (2) required clearing balances and adjustments to compensate for float at Federal ReseNe 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 reseNes, 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 reseNe 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 computation period by "bound" Institutions (i.e., those whose required reseNes 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 reseNes) to satisfy current reseNe requirements. Total vault cash held by depository institutions minus the amount applied to satisfy reseNei requirements. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess(+) or deficit(-) reseNes 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 1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 nonborrowed required3 Monetary base• 49777 51071 49526 50784 48843 50077 336573 340080 52616 54079 56056 52474 53974 55933 51543 53036 54901 343626 347888 354546 55969 53810 54177 55803 53765 54086 54709 52707 52964 354414 353184 356001 JUNB 56365 55876 56959 56292 55755 56777 55269 54880 56048 361637 364081 368733 JULY AUG. 57417 57384 57173 57032 56328 56429 372015 374107 57925 57706 56959 373221 4 18 56783 58036 56551 57605 55670 57286 371327 375676 1 56867 59268 56562 58725 55739 58399 373273 378804 1992-AUG. SBP. OCT. NOV. DEC. 1993-JAN. PBB. MAR. APR. MAY Two weeks endina 1993-JULY 21 AUG. SBP. 15p 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 oe 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 oreliminarv estimate
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