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FEDERAL RESERVE statistical release For release at 4:30 PM EST December 27, 1991 H. 3 (502) SPECIAL NOTICE Reserves and monetary base figures shown in this release for 1991 incorporate revised adjustments for discontinuities due to the annual change in the low reserve tranche and exempti~n amount. FEDERAL RESERVE statistical release For Release at 4:30 p.m. Eastern Time H. 3 I 502 l Table 1 AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE DECEMBER 27, 1991 Adjusted for changes in reserve reguirements 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 total 2 Oate nonborrowed3 nonborrowed plus exte~ded credit required ยท~~A~s Moneta~y base total seasonal extended credit4 1990-NOV. DEC. 48245 49104 48014 48778 48039 48801 47297 47440 947 1664 297553 299785 230 326 162 76 24 23 ~991-JAN. FEB. MAR. 49459 49590 49530 48925 49338 49289 48952 49372 49342 47290 47782 48351 2169 1808 1179 305147 309422 310956 534 252 241 33 37 55 27 34 53 APR. MAY JUNE 49344 50000 50345 49112 49697 50005 49198 49785 50013 48313 48970 49337 1031 1030 1008 310568 311430 312409 231 303 340 79 151 222 86 88 8 JULY AUG. SEP. 50410 50886 51147 49804 50121 50502 49849 50422 50804 49505 49800 50219 906 1086 929 313838 316229 317926 607 764 645 317 331 287 46 300 302 OCT. NOV. p 51816 52695 51556 52587 51567 52588 50734 51802 1083 893 320551 322291 261 108 211 86 12 1 1991-0CT. 30 52426 52202 52215 51259 1167 321956 225 191 14 13 27 52390 52823 52276 52721 52278 52722 51476 51889 913 934 321966 322250 114 103 98 84 2 2 53419 54056 53309 53940 53310 53940 52807 52823 611 1233 323891 325203 110 116 45 41 1 1 Two weeks ending NOV. DEC. llp 2.5pe 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. IAlso, see footnote 2 on Table 2 and footnote 2 on Table 3.1 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. 4. Extended credit consists of borrowi~ 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 !Table 2, column 1) less unadjusted required reserves (Table 2, column 3l. 6. The seasonal!~ adjusted, break-adjusted monetary base consists of 11) seasonally adjusted, break-adjusted total reserves plus (2) the seasonally ad]usted currency cOIIIpOnt!nt of the money stock plus 13), 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.) 1. 2. H.3 1502 J 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 base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy requirea reserves 6 surplus 7 Net carryover of reservw balances Date total 2 nonborrowed required 1990-NOV. DEC. 62045 59120 61815 58795 61098 57456 312689 313700 33382 30237 31086 31777 28663 28884 2423 2893 1991-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 APR. MAY' JUNE 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 53058 51323 52950 50501 52164 322712 326885 23197 25004 32305 31717 28386 28053 3919 3663 1991-0CT. 30 51357 51133 50191 322203 22980 32381 28377 4004 149 NOV. 13 27 52820 52979 52706 52877 51907 52045 326281 326526 25494 24155 30841 32664 27326 28825 3515 3840 241 186 DEC. 11p 25pe 54451 55692 54341 55576 53840 54459 331176 334367 26847 26132 31092 33283 27604 29561 3488 3722 158 -62 Two weeks ending 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 (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) 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 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 1~hich the vault cash is held. All vault cash held during the lagged computation period by "bound" institutions (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 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-J reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 1502! 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 Date total 2 nonborrowed required3 Monetary base 4 1990-NOV. DEC. 48418 50578 48188 50253 47471 48914 298440 304040 1991-JAN. FEB. MAR. 50749 48530 48551 50215 48278 48310 48580 46722 47372 306020 305728 308163 APR. MAY JUNE 50248 48996 50323 50017 48693 49983 49218 47966 49315 310820 310973 313998 JULY AUG. SEP. 50559 50492 50994 49953 49727 50349 49654 49406 50065 316139 316680 317284 OCT. NOV. p 51434 52886 51173 52778 50351 51993 319145 323063 1991-0CT. 30 51205 50981 50038 318560 NOV. 13 27 52654 52807 52540 52704 51740 51872 322534 322693 DEC. llp 25pe 54264 55496 54155 55380 53653 54263 327078 329917 Two weeks ending 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 3) plus excess reserves NSA !Table 1, column 5!. 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 I l l break-adjusted total reserves plus 12) 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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