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.· . - FEDERAL RESERVE statistica I release ·- H.3 15021 Table 1 For Release at 4:30p.m. Eastern Time ~?u~~dE~;4l~n~~~nE!!Ye~! ?e~i~e~!:,~~ITORY INSTITUTIONS AND THE MONETARY BASE AUGusT 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 nonborrowed plus exte'Jded credit required 47014 46879 47046 47637 47360 47159 47174 47643 47122 46774 47106 47353 47942 48244 49104 47532 48014 48779 47550 48039 48802 1991-JAN. FEB. MAR. 49466 49611 49566 48932 49359 49325 APR. MAY .JUNE 49395 50068 50430 50200 Date total2 1990-JUNE JULY AUG. SEP. 47896 47636 47973 48261 OCT. NOV. DEC. nonborrowed3 1 , 1991 excefs NSA Moneta~y extended credit4 base total seasonal 774 862 868 909 285758 287418 290458 293803 881 757 927 624 311 389 430 418 346 280 127 6 47096 47297 47440 847 947 1665 295941 297553 299785 410 230 326 335 162 76 18 24 23 48958 49393 49378 47298 47802 48387 2168 1809 1179 305152 309438 310982 534 252 241 33 37 55 27 34 53 49164 49765 50090 49250 49853 50098 48365 49039 49421 1030 1029 1009 310605 311479 312471 231 303 340 79 151 222 86 88 8 49901 49960 49081 1120 312057 299 165 59 9 8 5 4 Two weeks ending 1991-MAY 29 JUNE 12 26 50015 50741 49732 50427 49740 50435 49284 49460 731 1282 311438 313144 283 314 176 242 JULY 10 24p 50585 50264 49985 49795 49990 49799 49699 49334 886 929 313215 313521 601 469 290 320 p--preliminary 1. 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. (for more information, see Table 3. I 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. l 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 e~als unadjusted total reserves (Table 2, column 11 less unadjusted re~uired reserves (Table 2, column 31. The seasonally adjusted, break-adjusted monetary base consists of 111 seasonally aajusted, break-adjusted total reserves plus 121 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" ana 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. l H.3 150Z l Table Z 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 Reserves of depository institutions Vault cashS Date total2 nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 1990-JUNE JULY AUG. SEP. 61197 60943 60728 61452 60315 60185 59801 60828 604Z3 60081 59860 60544 300985 303387 304995 307211 33878 32946 32448 33303 Z9636 30459 30842 30625 Z7318 27996 28280 28149 Z318 2462 2562 2476 OCT. NOV. DEC. 61052 62045 59120 60642 61815 58795 60206 61099 57456 308854 312689 313700 32127 33382 30237 31515 31086 31777 289Z5 28663 28884 Z590 2423 2893 1991-JAN. FEB. MAR, 50992 48551 48586 50458 48299 48345 48824 46743 47408 309303 308531 311040 22023 19827 21734 33220 33477 30896 28969 Z8724 26853 4250 4753 4043 APR. MAY JUNE 50301 49063 50408 50070 48760 50068 49271 48033 49399 313946 314251 317255 23508 22287 23686 30556 30720 30524 26793 26776 26722 3763 3944 3801 Z9 48477 48178 47358 313790 21363 31235 Z7114 41Zl 152 JUNE 12 26 50142 50392 49859 50078 49411 49110 316607 316966 24027 23344 29787 30926 26115 27048 3672 3878 204 -13 JULY 10 24p 51262 50428 50661 49959 50376 49498 320208 319220 23857 22970 31327 31351 27405 27458 39Z2 3893 313 47 total used to satisfy required reserves 6 surplus 7 Net carryover of reserv1 balances Two weeks ending 1991-MAY 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 exceeds 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 req~,~ired 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 i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions li.e., those whose vault cash exceeds their re~ired 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 (502) 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 1990-JUNE JULY AUG. SEP. 47890 47810 47632 48107 47008 47052 46705 47483 47116 46948 46764 47199 286879 289372 290982 293067 OCT. NOV. DEC. 47554 48418 50579 47143 48188 50253 46707 47471 48914 294426 298440 304041 1991-JAN. FEB. MAR. 50756 48551 48586 50222 48299 48345 48587 46742 47407 306025 305743 308188 APR. MAY JUNE 50301 49062 50408 50069 48759 50068 49270 48033 49399 310858 311022 314060 29 48477 48178 47357 310511 JUNE 12 26 50142 50391 49859 50077 49411 49110 313454 313751 JULY 10 24p 51261 50427 50661 49958 50375 49498 316961 315989 Two weeks ending 1991-HAY p--preliminary 1. 2. 3. 4. pe--preliminary estimate 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 31 plus excess reserves NSA (Table 1, column 5). To adjust required reserves for discontinuities due to r~ulatory 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 I l l break-adjusted total reserves plus 121 the (unadjusted) currency component of the money stock plus 13), 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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