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FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30p.m. Eastern Time ~?u~~dE~f'l~n~~~nE!!~~! ?e~i~e~!:,~~ITORY INSTITUTIONS AND THE MONETARY BASE APRIL 16 , 1992 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed3 nonborrowed plus exte~ded credit required eN~%!s Honeta£Y base total 49530 49344 50000 50345 49289 49112 49697 50005 49342 49198 49785 50013 48351 48313 48970 49337 1179 1031 1030 1008 310291 310226 311265 312470 241 231 303 340 55 79 151 222 53 86 88 8 JULY AUG. SEP. 50410 50886 51147 49804 50121 50502 49849 50422 50804 49505 49800 50219 906 1086 929 314216 316683 318496 607 764 645 317 331 287 46 300 302 OCT. NOV. DEC. 51816 52695 53752 51556 52587 53560 51567 52588 53561 50734 51802 52774 1083 892 979 320928 323133 325222 261 108 192 211 86 38 12 1 1 54367 56418 57334 54133 56340 57243 54134 56342 57245 53364 55353 56305 1003 1065 1029 327681 332159 333260 233 77 91 17 22 32 1 2 2 56566 56497 56498 55398 1168 332583 69 22 2 Data total 2 1991-HAR. APR. HAY JUNE 1992-JAN. FEB. MAR. p seasonal extended credit4 Two weeks ending 1992-FEB. 19 MAR. 4 18 56624 57230 56561 57155 56564 57157 55684 56721 941 508 332509 333192 63 75 24 29 3 2 APR. 1p 15pe 57665 57254 57548 57198 57549 57198 56049 56169 1616 1085 333564 333632 117 56 38 37 1 1 p--preliminary l. 2. 3. 4. 5. 6. pe--preliminary estimate Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. I For more information, see Table 3.1 Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. I 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 inst1tutions 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 ll less unadjusted required reserves ITable 2, column 3). The seasonall¥ adjusted, break-adjusted monetary base consists of 11) seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adJusted currenc~ component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" an~ for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, breakadjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. IAlso see footnote 3 on Table 2 and footnote 4 on table 3.) H.3 (502l Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash 5 Reserves of depository institutions total used to satisfy requireCI reserves 6 surplus 7 Date total 2 nonborrowed required Moneta!iy base Reserve balances with F.R. Banks 4 1991-HAR. APR. HAY JUNE 48586 50301 49063 50407 48345 50070 48760 50068 47407 49270 48033 49399 311040 313946 314251 317253 21734 23508 22287 23685 30889 30555 30718 30523 26853 26793 26776 26722 4036 3762 3942 3800 JULY SEP. AUG. 50660 50607 51127 50054 49843 50482 49754 49521 50198 319460 320074 320698 23271 22810 23447 31317 31779 31536 27389 27798 27680 3928 3981 3856 OCT. NOV. DEC. 51584 53057 55532 51323 52949 55340 50501 52165 54553 322712 326880 333611 23197 25004 26659 32299 31714 32513 28386 28053 28872 3913 3661 3641 55812 55238 56286 55579 55161 56195 54809 54174 55257 333094 333197 335843 25416 24918 28061 34135 34218 31647 30396 30320 28224 3739 3897 3422 1992-JAN. FEB. MAR. p Net carryover of reservw balances Two weeks ending 1992-FEB. 19 55602 55533 54435 334390 25108 34354 30494 3860 68 MAR. 4 18 55091 56509 55028 56434 54151 56001 332920 336600 25922 29111 32944 30564 29169 27398 3775 3166 218 188 APR. lp 15pe 56412 50332 56295 50276 54796 49247 335926 332630 27588 22970 32414 30456 28824 27361 3590 3095 -87 357 p--preliminary 1. 2. 3. 4. 5. 6. 7. 8. pe--preliminary estimate 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 Ill total reserves plus 12) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus 13) the currency component of the money stock plus 14), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeCis their required reserves, 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 reserve requirements. Under contemporaneous reserve requirements, maintenance periods end 30 days after the lagged computation periods in which the vault cash is held. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose reguired reserves exceed their vault cashl 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 elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 15021 Table 3 AGGREGATE RESERVES OF DEPO~ITORY 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 required 3 Monetary base4 1991-MAR. APR. MAY JUNE 48551 50248 48996 50323 48310 50017 48693 49983 47372 49218 47966 49315 308163 310820 310973 313998 JULY AUG. SEP. 50559 50492 50994 49953 49727 50349 49654 49406 50065 316139 316680 317284 OCT. NOV. DEC. 51434 52886 55377 51173 52778 55185 50351 51993 54398 319145 323057 329349 55790 55173 56174 55557 55095 56083 547&7 54108 55145 328750 328587 331075 1992-JAN. FEB. MAR. p Two weeks ending 55540 55471 54372 329840 MAR. 4 18 55009 56402 54946 56327 54069 55894 328246 331913 APR. 1p 15pe 56286 58875 56169 58819 54670 57791 331043 335971 1992-FEB. 19 p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requ1rements. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column Sl. 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 eguals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (31, 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. Note: Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Hashington, D.C. 20551
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