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.· . - FEDERAL RESERVE statistica I release ·- H.3 15021 Table 1 tor Ke~ease a~ ~:30 AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars required 44677 45409 44678 45410 43893 44623 46186 47746 48476 45953 47668 48385 45954 47670 48386 APR. MAY JUNE 49001 49494 49234 48911 49339 49005 JULY AUG. SEP. 49489 50322 51346 OCT. NOV. pe DECEMBER 10, 1992 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed plus exte~ded credit p.m. Eastern Time Monetary base 6 total 892 979 315332 317254 108 192 86 38 1 1 45183 46681 47447 1003 1065 1028 319695 323411 324512 233 77 91 17 22 32 1 2 2 48913 49339 49005 47863 48494 48321 1137 1000 913 326500 328584 329642 90 155 229 47 98 149 0 0 49205 50071 51058 49205 50071 51058 48524 49387 50352 965 935 994 332255 336865 341545 284 251 287 203 223 193 0 53143 54061 53000 53957 53000 53957 52069 53016 1074 1045 345627 348108 143 104 114 40 0 0 52674 53499 52490 53382 52490 53382 51525 52428 1149 1071 344712 346257 185 118 146 95 0 0 53665 54337 53599 54199 53599 54199 52936 53005 728 1332 346954 348755 66 138 53 37 0 54161 54067 54067 53223 937 348837 94 22 0 Date total 2 1991-NOV. DEC. 44785 45601 1992-JAN. FEB. MAR. nonborrowed3 e~~!~s seasonal extended c:redi t4 2 0 0 Two weeks ending 1992-0CT. 14 28 NOV. 11 25p DEC. 9pe p--preliminary 1. 2. 3. 4. 5. 6. 0 pe--prel iminary 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. 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. I 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 promptly as there is with traditional short-term adjustment credit, th~ money market impact of extended credit is similar to that of nonoorrowed reserves. Excess reserves NSA equals unadjusted total reserves (Table 2, column 11 less unadjusted required reserves !Table 2, column 3J. The seasonall¥ adjusted, break-adjusted monetary base conststs of 11 l seasonally adjusted, break-adjusted total reserves plus 12J the seasonally adJusted currency component of the money stock plus 1>1, 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 rnquired reserves, the seasonally adjusted, breakadjusted difference between current vault cash and the amount applied to satisfy current resPrve requirements. !Also s<>e footnote 3 on Table 2 and footnote 4 on table 3. I H.3 1502) 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 Reserves of depository institutions Vault cashs base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy requireCI reserves 6 surplus 7 Net carryover of reservw balances Date total 2 nonborrowed required 1991-NOV. DEC. 53057 55532 52949 55340 52165 54553 326880 333611 25004 26659 31714 32513 28053 28872 3661 3641 1992-.JAN. FEB. MAR. 55812 55238 56282 55579 55161 56191 54809 54174 55254 333094 333190 335817 25416 24918 28057 34135 34218 31647 30396 30320 28225 3739 3897 3422 APR. MAY .JUNE 50455 48825 49496 50365 48670 49267 49318 47825 48584 332694 333792 336431 22655 21071 21223 31071 31197 31729 27800 27754 28273 3271 3442 3456 .JULY AUG. SEP. 49823 50162 51521 49538 49911 51234 48857 49227 50527 339865 342494 346207 21206 21272 22627 32145 32457 32343 28617 28890 28894 3528 3567 3448 OCT. NOV. pe 53136 54658 52993 54554 52062 53613 349829 354261 23626 25457 32991 32626 29510 29201 3481 3425 53248 52821 53064 52704 52099 51750 349845 349301 23810 23031 32929 33333 29438 29790 3491 3543 184 220 NOV. 11 25p 54074 54816 54008 54679 53346 53484 352216 354801 25535 25707 31688 33446 28539 29110 3150 4336 335 99 DEC. 55500 55406 54563 357251 24585 32397 30916 1481 316 Two weeks ending 1992-0CT. 14 28 9pe 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 r~irements. The monetary base, not break-adjusted and not seasonally adjusted, consists of Ill total reserves plus 12) required cleari~ balances and adjustments to compensate for float at federal Reserve Banks plus 131 the currency component of the money stock plus 14), for all quarterly reporters on the "Report of T-ransaction Accounts, Other Deposits and Vault Cash" and for all those -ekly reporters whose vault cash exceetls their req4ired 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 1-l 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 base 4 1991-NOV. DEC. 44861 46975 44753 46783 43969 45996 315146 321065 1992-JAN. FEB. MAR. 47346 46848 47685 47113 46770 47594 46343 45783 46657 320429 320379 322691 APR. MAY JUNE 50015 48622 49245 49925 48468 49016 48877 47622 48333 327448 328368 330935 JULY AUG. SEP. 49524 49813 51113 49240 49562 50825 48559 48878 50118 334093 336594 340105 OCT. NOV. pe 52664 54124 52521 54020 51590 53079 343673 347922 52790 52346 52605 52228 51640 51274 343743 343125 NOV. 11 25p 53561 54278 53495 54140 52833 52946 345907 348458 DEC. 54932 54838 53995 350857 Two weeks ending 1992-0CT. 14 28 9pe 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 !Table 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 reserv~s 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 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 Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Hashington, D.C. 20551
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