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...... FEDERAL RESERVE statistical release H.3(502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE "i=or release at 4:30p.m. Eastem Time Adjusted for changes In reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars SEPTEM:!ER30, 1900 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 nonborrowed3 nonborrowed plus extended credit' required excess NSA5 Monetary base8 total seasonal extended credi~ 1992-AUG. SBP. 503(1 51274 50091 50987 50091 50987 49407 50280 935 994 336844 3(1585 251 287 223 193 0 0 OCT. 52836 53815 54351 52693 53711 54228 52693 53711 54228 51763 52772 53196 1074 lOU 1155 344849 347832 350798 U3 104 124 lU 40 18 0 0 1 54665 54922 55166 54500 54876 55074 54501 54877 55074 53405 53818 53953 1260 1104 1213 353224 355734 35837, 165 45 91 11 18 26 1 0 0 55124 56756 56938 5512' 56756 56938 5U01 55881 56209 1096 996 911 360634 364769 368069 73 121 181 u JUNB 55197 56877 57119 8' lU 0 0 0 JULY AUG. 57567 58033 57323 57680 57323 57680 56478 57080 1089 952 370978 374531 244 352 210 234 0 0 4 18 57960 57773 57728 57343 57728 57343 56847 57024 1112 750 372645 373285 232 Ul 222 227 0 0 1 15p 29pe 58334 58522 592'1 58029 57978 58921 58029 57978 58921 57213 57634 57897 1121 888 1344 376452 377898 380880 305 544 320 246 226 246 0 0 0 NOV. DBC. 1993-JAN. PBB. MAR. APR. MAY Two week• endina 1993-AUG. SBP. 1. 2. 3. 4. 5. 6. p pe 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 footnoiB 2 on Table;.:: and footnolle 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 prompdy 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 adlusted 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) 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 non borrowed required Monetary base 3 Reserve balances with F.R. Banks• total used to satisfy required reserves' surplus7 Net carryover of reserve balances• 199:1-AUG. SBP. 5016:1 515:11 49911 51:134 492:17 505:17 34:1494 346207 :11:17:1 :1:16:17 3:1458 3:134:1 :18890 :18894 3568 3448 OCT. 53136 54666 56540 5:1993 54562 56416 52062 53624 55385 34981:1 354:151 360895 :136:16 2546:1 :15368 3:1987 3:1457 34535 :19510 :19:105 3117:1 3477 3:15:1 3364 56004 5388:1 54:196 55838 53837 54:104 54744 5:1778 53083 360875 359558 36:1588 :13636 :13515 :14383 35991 33914 33:193 3:1368 30368 :1991:1 36:13 3546 3381 MAY JUNB 56541 56101 57:138 56468 55979 57057 55445 55104 563:18 368175 370461 37519:1 :16975 :15968 :1646:1 3:17:11 3346:1 34106 :19567 30133 30776 3154 33:19 3330 JULY AUG. 57750 57767 57506 57415 56661 56815 378481 380531 :1656:1 :16564 34535 34516 31189 31:103 3347 3313 4 18 57133 584:1:1 5690:1 5799:1 56021 57673 377731 38:1069 :15:151 :16939 35354 34869 31883 31483 3471 3386 :109 1 15p :l9pe 57:157 597:17 58706 5695:1 59183 58386 56136 58839 5736:1 379736 385311 383468 :16564 :17730 :16968 33879 3533:1 35154 30693 31997 31739 3187 3335 3415 53 :119. 97 NOV. DBC. 1993-JAN. FBB. MAlL APR. 2:l(Q :W:~t•kl ~tlld.J.DSI 1993-AUG. SBP. 1. 2. 3. 4. 5. 6. 7. 8. p pe 8:1 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 tor all those weekly repor19rs 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-or adjustments. Dates refer ID 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 tor 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 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 hek! by depository institutions minus the amount applied to satisfy reserve requirements. Consists of carryover cnly 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 m;;.1ntenance period ending on the date shown. preliminary preliminary estimate H.3(502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted lor changes in reserve requirements' Averages of daily ligures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 non borrowed required3 Monetary base' 1992-AUQ. SBP. 49777 51071 49526 50784 ,8843 50077 336573 340080 OCT. 52616 54079 56056 52474 53974 55933 51543 53036 54901 3,3626 347888 35'5'6 55969 53810 54177 55803 53765 5,086 54709 52707 5296, 35UU 353184 356001 56365 55876 56959 56292 55755 56777 55269 5'880 560,8 361637 364081 368733 57417 57380 57173 57028 56328 56428 372015 374103 56783 58036 56551 57605 55670 57286 371327 375676 56858 5928, 58251 56553 58741 57931 55737 58396 56907 373263 378820 376956 NOV. DBC. 1993-JAN. PBB. MAR. APR. NAY JUNB JULY AUG. Two weeki endina 1993-AU<l. ' 18 SBP. 1 15p 29pe 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 discontinuities1 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 estimale 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 l break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3)kfor all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash and lor all those weekly reporters whose vault cash exceeds their required reserves, the brea -adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate