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FEDERALRE VE statistical release For release at 4:30 PM EST December 19, 1991 H.3 (502) SPECIAL NOTICE This release will appear on Friday, December 27 and Friday, January 3, at the regular time, instead of the usual Thursday publication dates. Thursday publication will resume on January 9. FEDERAL RESERVE statistical release H.3 1502) Tabla 1 For Release at 4:30 p.m. Eastern Time fd?u~~Ef;«\!t!ng~~~,E~Y.~~ ~~i~!!n~~ITORY INSTITUTIONS AND THE MONETARY BASE Averages of d.ily figures, seasonally adjusted unless noted otherwise Millions of dollars DECEMBER 19, 1991 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed plus exte~d credit required ·~:~s Honetaty base total seasonal 48014 48778 48039 48801 47297 47440 947 1664 297553 299785 230 326 162 76 24 23 49466 49611 49566 48932 49359 49325 48958 49393 49378 47297 47803 48387 2169 1808 1179 305152 309438 310982 534 252 241 ss 33 37 27 34 53 APR. HAY JUNE 49395 50068 50429 49164 49765 50089 49250 49853 50097 48364 49039 49421 1031 1030 1008 310605 311479 312469 231 303 340 79 151 222 86 88 8 JULY AUG. SEP. 50510 51002 51281 49904 50238 50635 49949 50538 50937 49605 49916 50352 906 1086 929 313910 316313 318020 607 764 645 317 331 287 46 300 302 OCT, 51967 52865 51706 52757 51718 52758 50884 51971 1083 894 320658 322412 261 108 211 86 12 1 1991-0CT. 16 3'0 51406 52582 51116 52357 51123 52371 50390 51415 1016 1167 319352 322067 290 225 228 191 7 14 NOV. 13 27 52555 52997 52441 52894 52443 52896 51641 52060 913 936 322081 322377 114 103 98 84 2 2 DEC. 11p 53596 53486 53487 52986 610 324015 110 45 1 Data total 2 1990-NOV. DEC. 48245 49104 1991-JAN. FEB. HAR. NOV. p nonborrowed 3 extended credit4 Two weeks ending p--preliminary 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.) 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.) 3. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowi~s of depository inst1tutions from the Federal Reserve. 4. 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. 5. Excess reserves NSA equals unadjusted total reserves ITable 2, column 1) less unadjusted required reserves (Table 2, column 3J. 6. The seasonally adjusted, break-adjusted monetary base consists of 11) seasonally adjusted, break-adjusted total reserves plus 12) the seasonally adJusted currenc~ component of the money stock plus 13), 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. J 1. 2. H.3 15021 Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve r~irements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash 5 Reserves of depository institutions Date total2 nonborrowed required Honeta§Y base 1990-NOV. DEC. 62045 59120 61815. 58795 61098 57456 312689 313700 33382 30237 31086 31777 28663 28884 2423 2893 1 991-JAN. · FEB. MAR.· 50992 48551 48586 50458 48299 48345 48823 46743 47407 309303 308531 311040 22023 19827 21734 33220 33477 30895 28969 28724 26853 4250 4753 4043 JUNE HAY 50301 49063 50407 50070 48760 50068 49270 48033 49399 313946 314251 317253 23508 22287 23685 30556 30720 30524 26793 26776 26722 3764 3944 3801 JULY AUG.· SEP. 50660 50607 51127 50054 49843 50482 49754 49521 50198 319460 320074 320698 23271 22810 23447 31322 31779 31549 27389 27798 27680 3933 3981 3869 OCT. NOV. p 51584 53057 51323 52949 50501 52163 322712 326889 23197 25004 32305 31717 28386 28053 3919 3663 1 991-0CT. 16 30 51924 51357 51634 51133 50908 50191 323491 322203 23418 22980 32333 32381 28506 28377 3827 4004 122 149 NOV. 13 27 52820' 52980 52706 52878 51907 52044 326281 326533 25494 24156 30841 32664 27326 28825 3515 384:0 241 186 DEC. Up 54444 54335 53835 331183 26836 31092 27608 3484 157 APR. total used. to satisfY. requireCI 6 reserves surplus 7 Net carryover of reservr balances Reserve balances with F.R. Banks 4 Two weeks ending p--praliminary 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 chenges in reserve r~irements. · Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve re~iremants. 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 !t Federal Reserve Banks plus 131 the currency c~t of the money stock plus 141, for all quarterlY. r~rters c;n- the "R~ri of Tl"!nsact 1on Accounts, Other D&p9s 1 ts arid Vault Cash" and f9r all tho!• weekly r~rters whose. vault cash exceeas ~hiur r'gyv·ed reserves; t~ d1fference betwa-, current vault cash and .the aii!Ot.t:'t appl!ed to S!hsfy current reserve req~nrements. After the 1ntroduCtidn of CRRi curriney and vault cash f1gures are measured over computat10n per1ods end1ng on Mondays. Excludes req~,~irad c earing balances and adjustments to cQ~~~Pensata 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 r~irements, maintenance ~riods end 30 days after the lagge~ c~tation ~riods in which the vault cash is held. All vault cash held during the lagged c~tation ~riod by "bould" institutions I i.e. • those whose reguired reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions I i.e., those whose vault cash exceeds their r~ired reserves) to satisfy current reserve req~,~irements. Total vault cash held by ~sitory institutions minus the amount applied to satisfy reserve requirements. Consists of carryover only at depository institutions maintaining reserves on the basis of two-weak maintenance periods. Reflects excess l+l or deficit I- l .reserves elig1ble to be carried forward into the two~ reserve maintenance period ending on the date shown. H.3 1502 J Table 3 AGGREGATE RESERVES OF DEPO,ITORY INSTITUTIONS AND THE MONETARY BASE fo~ cha~s in ~eserve ~equi~ements of daily figu~es, not seasonally adjusted Hillions of dolla~s Adjusted Ave~ages Reserves of deposito~y institutions nonbo~~owed ~equi~ed 3 Honeta~y base 4 48418 50578 48188 50253 47471 48914 298440 304040 50756 48551 48586 50222 48299 48345 48586 46743 47407 306025 305743 308188 APR. HAY · JUNE 50301 49062 50407 50069 48759 50067 49270 48033 49399 310858 311022 314058 JULY AUG. SEP. 50660 50607 51127 50053 49843 50481 49754 49521 50198 316211 316764 317377 OCT. NOV. p 51583 53057 51322 52949 50500 52163 319252 323185 1991-0CT. 16 30 51923 51357 51633 51132 50908 50190 320106 318666 NOV. 13 52819 52980 52706 52877 51906 52044 322652 322820 DEC. 11p 54444 54334 53834 327203 Date total2 1990-NOV. DEC. 1991-JAN. FEB. HAR. Two weeks ending 27 p--p~elimina~y 1. 2. 3. 4. Note: pe--p~elimina~y estimate Figu~s ~•fleet adjustments fo~ discontinuities, o~ "b~eaks", associated with ~gulato~y ~equi~ements. B~eak-adjusted total ~•serves equal b~eak-adjusted ~equi~ed ~•serves (Table 3, colunn 3 J changes in ~•serve plus excess ~•serves NSA !Table 1, colunn 5J. To adjust ~equi~ed ~•serves fo~ discontinuities due to ~~lato~ cha~s in ~•serve requi~ements, a multiplicative p~edure is used to estimate what ~eql.!i~ed ~serves would have been in ~st pe~iods had cu~~ent ~•serve ~equi~ements been ~n effect. B~eak-adjusted ~equi~ed ~eserves a~e equal to b~eak-adjusted ~equi~ed ~eserves against t~ansactions depos1ts. Thil b~ak-adjusted moneta~y base e~ls ( 1 J b~eak-adjusted total ~•serves plus I 2 J the (unadjusted J cu~~ency ~t of the money stock plus 13J, fo~ all qua~te~ly ~~~te~s on the "Repo~t of T~ansaction Accounts, othe~ Deposits and Vault Cash" and fo~ all those weekly ~epc1rte~s whOse vault cash exceeds thai~ ~equi~ed ~•serves, the b~eak-adjusted diffe~ence between cu~~ent vault cash and the amount applied to satisfy cu~~ent ~ese~v• ~equi~ements. Histo~ical of Gove~~s data a~e available f~om the Honey and Reserves P~ojections Section, Division of of The Fede~al Reserve System, Hashington, D.C. 20551 Honeta~y Affai~s, Boa~d
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