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FEDERAL RESERVE statistical release H.3 1502 I Table 1 AGGREGATE RE$ERVES OF .DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE AUGUST 29, 1991 Adjusted for cha~s 1n reserve re~1r~ts . Averages of daily figures, seasonally adJusted unless noted otherw1se Millions of dollars Borrowi~ of ~aitory institutions fro. the F rel Reserve, NSA Reserves of depository institutions total 2 Date nonborrowed3 nonborrowed plus ext~ credit required excels NSA Honet.ty base total •-•anal extended credi t 4 1990-JULY AUG. SEP. 47636 47973 48261 46879 47046 47637 47159 41174 47643 46774 47106 47353 862 868 909 287418 290458 293803 757 927 624 389 430 418 280 127 6 OCT. NOV. DEC. 47942 48244 49104 47532 48014 48779 47550 48039 48802 47096 41297 47440 847 947 1665 295941 297553 299785 410 230 326 335 162 76 18 24 23 1991-JAN. FEB. HAR. 49466 49611 49566 48932 49359 49325 48958 49393 49378 47298 47802 48387 2168 1809 1179 305152 309438 310982 534 252 241 33 37 55 27 34 53 APR. HAY JUNE 49395 50068 50429 49164 49765 50089 49250 49853 50097 48365 49039 49421 1030 1029 1008 310605 311479 312469 231 303 340 79 151 222 86 88 8 JULY 50511 49905 49950 49605 907 313911 607 311 46 1991-JUNE 26 50741 50427 50435 49460 1282 313144 314 242 8 JULY 10 24 50580 50269 49980 49801 49985 49804 49697 49329 883 940 313199 313518 601 469 290 320 5 4 AUG. 50898 50130 50006 50051 50194 50332 50023 49676 875 1054 315717 315552 892 679 351 330 188 281 Two weeks ending 7 2lp p--prel iminary 1. 2. 3. 4. 5. 6. pe--preliminary esti.,.te Reserves and moneta~y base figures incorporate adjustments for discontinuities, or "breaks", associated with r~latory changes in reserve requirements. I For ftOre information, see Table 3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted exce~s reserves. !Also, see footnote 2 on Table 2 and footnote 2 on Table 3. I Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of deposi\ory 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 tradittonal short-term adjustment credit, the money market impact of extended credit is similar to that of nonborrowed reserves. Excess reserves NSA eouals unadjusted total reserves !Table 2, column 11 less unadjus1ed required reserves !Table 2, column 31. The seasonal!¥ adjusted, break-adjusted monetary base consists of Ill ~easonally adjusted, break-adjusted total reserves plus 121 the seasonally adJusted cu-rency component of the money stock plus I 3 l, tor all quarterly reporters on the "Report of Transaction Accounts, Other DeP.Osi ts and Vault Cas~" and for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, breakadJusted dtfference be~een and footnote 4 on t<~blf" 3. I current vault cash and the amount applie~ to satisfy current raserva requirements. !Also ~ee footnote 3 on Tabla 2 H.31502l Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements Averages of daily figure!, not seasonally adjusted Millions of dollars Vault cash 5 Reser•es of depository institutions Date total 2 nonborrowed required Honetasy base 1990-JULY AUG. 609+3 60728 61452 60185 59801 60828 60081 59860 60544 303387 304995 307211 32946 32448 33303 30459 30842 30625 27996 28280 28149 2462 2562 2476 OCT. NOV. DEC. 61052 62045 S9120 60642 61815 58795 60206 61099 57456 308854 312689 313700 32127 33382 30237 31515 31086 31777 28925 28663 28884 2590 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 28724 26853 4250 4753 4043 APR. HAY JUNE 50301 49063 50407 50070 48760 50068 49271 48033 49399 313946 314251 317253 23508 22287 23685 30556 30720 30524 26793 26776 26722 3763 3944 3801 JULY 50661 50055 49754 319461 23272 31322 27389 3933 1991-JUNE 26 50392 50078 49110 316966 23344 30926 27048 3878 -13 JULY 10 24 51256 50433 50656 49964 50374 49493 320192 319216 23853 22977 31327 31351 27404 27456 3923 3895 313 49 AUG. 50267 50976 49376 50297 49392 49922 318905 321054 23033 22506 31257 32499 27234 28470 4022 4029 109 -13 SEP. total used to satisfy requireCI reserves 6 surplus 7 Net carryover of reserv1 balances Reserve balances with F.R. Banks 4 Two weeks ending 7 21p 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 121 required cleari~ balances and adjustments to compensate for float at Federal Reserve Banks plus 131 the currency component of the money stock plus 141, 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 i.e., those whose required reserves exceed their vault cashl plus the amount of vault cash applied during the maintenance period by "nonbound" institutions I 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 ,I -I reserves eligible to be carried forward into the two-week r·"3•.-rve l'!aintenance period ending on the date shown. H.3 15021 Table 3 AGGREGATE RESERVES OF DEPO~ITORY Adjusted for changes in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars INSTITUTIONS AND THE MONETARY BASE Reserves of depository institutions total 2 Date nonborrowed required 3 Monetary base4 1990-JULY AUG. SEP. 47810 47632 48107 47052 46705 47483 46948 46764 47199 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 50407 50069 48759 50067 49270 48033 49399 310858 311022 314058 JULY 50661 50054 49754 316212 1991-JUNE 26 50391 50077 49110 313751 JULY 10 24 51256 50432 50655 49964 50373 49493 316944 315985 AUG. 50266 50975 49375 50296 49391 49921 315618 317760 Two weeks ending 7 2lp 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 ITable 3, column 31 plus excess reserves NSA ITable 1, column 51. 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 ~n effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions depos~ts. The break-adjusted monetary base equals Ill break-adjusted total reserves plus 121 the lunadjustedJ currency component of the money stock plus 131, 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 of Governors of The Federal Reserve System, Hashington, D.C. 20551 Sectio~. Di,tision of Monetary Affairs, Board
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