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.· . - FEDERAL RESERVE statistica I release ·- H.3 15021 Table 1 For Release at 4:30 p.m. Eastern Time 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 total 2 nonborrowed 3 3, 1992 Borrowings of depository institutions from the Federal Reserve, NS.~ Reserves of depository institutions Date DECEMBER nonborrowed plus exte~ded credit required e~~:~s Moneta~y base total seasonal extended credit4 1991-0CT. NOV. DEC. 44138 44785 45601 43877 44677 45409 43889 44678 45410 43055 43893 44623 1083 892 979 313281 315332 317254 261 108 192 211 86 38 12 1992-JAN. FEB. MAR. 46186 47746 48476 45953 47668 48385 45954 47670 48386 45183 46681 47447 1003 1065 1028 319695 323411 324512 233 77 91 17 22 32 L 2 2 APR. MAY JUNE 49001 49494 49234 48911 49339 49005 48913 49339 49005 47863 48494 48321 1137 1000 913 326500 328584 329642 90 155 229 47 98 149 I) I) JULY AUG. SEP. 49489 50322 51346 49205 50071 51058 49205 50071 51058 48524 49387 50352 965 935 994 332255 336865 341545 284 251 287 203 223 193 0 0 0 OCT. 53143 53000 53000 52069 1074 345627 143 114 0 1992-SEP. 30 52187 51928 51928 51004 1182 342969 259 196 0 OCT. 14 28 52674 53499 52490 53382 52490 53382 51525 52428 1149 1071 344712 346257 185 118 146 95 f) f) NOV. 11 25p 53666 54364 53600 54227 53600 54227 52937 53000 728 1364 346955 348776 66 138 53 37 0 L L ;2 Two W"!oks ending p--preliminary 1. 2. 3. 4. 6. f) pe--preliminary estimate Res'!trves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in rest!rve reauirements. !For more information, see Table 3. I SP.asonally 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 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 h~lp ~eoositorv institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly ~s t~re is wilh traditional short-term adjustment credit, the money market impact of extended credit is similar to that of nonborrowed J~~~~ ~eserves NSA equals unadjusted total reserves !Table 2, column 11 less unadjusted required reserves !Table 2, column 31. -·hq ~q~sonally ~djusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 121 the seasOI'"lally adjusted currency component of the money stock plus 131, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposit~, and Vault Cash" anCJ for- all those wenkly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, breakadjus.ted di.fferen ..ce be.. h~een current vauli: cash and the amount applied to satisfy current reserve requirements. I Also see footnote 3 on Table 2 ?nrl +l'")n+r\"i)tl'"-1 (~ ~,.., +;:.h J p ~ ~ 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 Vault cashs Reserves of depository institutions base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy requirei:l reserves 6 surplus 7 Net carryover of reservw balances · Date total 2 nonborrowed required 1991-0CT. NOV. DEC. 51584 53057 55532 51323 52'149 55340 50501 52165 54553 322712 326880 333611 231'17 25004 2665'1 32299 31714 32513 28386 28053 28872 3913 3661 3641 1992-JAN. FEB. MAR. 55812 55238 56282 55579 55161 56191 5480'1 54174 55254 333094 333190 335817 25416 24'118 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 4'1538 49911 51234 48857 49227 50527 339865 3424'14 346207 21206 21272 22627 32145 32457 32343 28617 28890 28894 3528 3567 3448 OCT. 53136 52993 52062 349829 23626 32992 29510 3482 51399 51140 50217 345600 22048 33033 29351 3682 -29 OCT. 14 28 53248 52821 53064 52704 52099 51750 349845 349301 23810 23031 32929 33334 29438 29790 3491 3544 184 220 NOV. 11 25p 54075 54844 54009 54706 53347 53479 352217 354822 25535 25738 31689 33447 28540 29106 3150 4341 335 100 Two weeks ending 1992-SEP. 30 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 exceei:ls 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 reguirements, 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 li.e., those whose required 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 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 (-) 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 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 1991-0CT. NOV. DEC. 43667 44861 46975 43406 44753 46783 42584 43969 45996 311490 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. 52664 52521 51591 343673 1992-SEP. 30 50982 50723 49799 339401 OCT. 14 28 52790 52346 52605 52228 51640 51274 343743 343125 NOV. 11 25p 53562 54306 53496 54168 52834 52941 345908 348480 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 ~:otal reserves equal break-adjusted required reserves !Table 3, column 3) plus excess reserves NSA I Table 1, column 5 J. To adjust requir·ed reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative procedure is usod 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-adjus·ted monetary base eguals Ill break-adjusted total reserves plus 12l 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 betw1!en 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, ~ashington, D.C. 20551
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