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FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30 p.m. Eastern Time ~?u~~dE~~l~ng~~~nE~Ya~! ~!ui~e~!~~ITORY INSTITUTIONS AND THE MONETARY BASE FEBRUARY 27 , 1992 Averages of daily figWres, seasonally adjusted unless noted otherwise Millions of dollars Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed3 nonborrowed plus exte~ded credit required excefs NSA Honeta~y base total 49459 49590 49530 48925 49338 49289 48952 49372 49342 47290 47782 48351 2169 1808 1179 305095 308938 310291 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 310226 311265 312470 231 303 340 79 151 222 88 JULY AUG. SEP. 50410 50886 51147 49804 50121 50502 49849 50422 50804 49505 49800 50219 906 1086 929 314216 316683 318496 607 764 645 317 331 287 :soo OCT. NOV. DEC. 51816 52695 53752 51556 52587 53560 51567 52588 53561 50734 51802 52774 1083 892 979 320928 323133 325222 261 108 192 211 86 38 12 1 1 1992-JAN. 54367 54133 54134 53363 1003 327696 233 17 1 1991-DEC. 25 54050 53934 53935 52846 1203 325695 116 41 1 1992-JAN. 8 22 53679 53973 53158 53837 53158 53837 52540 53060 1138 913 325927 327031 521 136 22 13 1 0 5 19p 55591 56604 55461 56535 55463 56536 54566 55396 1024 1208 330302 332654 130 69 20 22 2 2 Date total 2 1991-JAN. FEB. MAR. seasonal extended credit4 86 8 46 :so2 Two weeks ending FEB. p--preliminary 1. 2. 3. 4. 5. 6. pe--preliminary estimate Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. !For more information, see Table 3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. !Also, see footnote 2 on Table 2 and footnote 2 on Table 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. 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. Excess reserves NSA equals unadjusted total reserves !Table 2, column 1) less unadjusted required reserves !Table 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of 11) seasonally adjusted, break-adjusted total reserves plus 12) the seasonally adJusted currency 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. !Also see footnote 3 on Table 2 and footnote 4 on table 3.) H.3 !502l Table 2 ~CfS~u~f:f'L~ ~~~e~~~~~e~~ r~g~~2~~~9RY INSTITUTIONS AND THE MONET'ARY BASE Averages of daily figures, not seasonally adjusted Millions of dollars Vault cashs Reserves of depository institutions base Reserve balances with F.R. Banks 4 Honeta~y total used to satisfy requirel:l reserves 6 surplus 7 Net carryover of reservw balances Date total 2 nonborrowed required 1991-JAN. FEB. MAR. 50992 48551 48586 50458 48299 48345 48823 46743 47407 309303 308531 311040 22023 19827 21734 33231 33486 30889 28969 28724 26853 4262 4762 4036 APR. HAY JUNE 50301 49063 50407 50070 48760 50068 49270 48033 49399 313946 314251 317253 23508 22287 23685 30555 30718 30523 26793 26776 26722 3762 3942 3800 JULY AUG. SEP. 50660 50607 51127 50054 49843 50482 49754 49521 50198 319460 320074 320698 23271 22810 23447 31317 31779 31536 27389 27798 27680 3928 3981 3856 OCT. NOV. DEC. 51584 53057 55532 51323 52949 55340 50501 52165 54553 322712 326880 333612 23197 25004 26659 32299 31714 32513 28386 28053 28872 3913 3661 3641 1992-JAN. 55812 55579 54809 333109 2.5416 34136 30396 3740 1991-DEC. 25 55687 55571 54484 334434 26133 33284 29.5.54 3730 -67 1992-JAN. 8 22 57158 55879 56637 .5.5743 .56020 .54966 336169 333076 27.5.57 26147 33318 33157 29601 29732 3717 3425 120 25 5 19p 54511 55640 54381 55571 .53487 54433 330441 334464 22375 25148 36386 34356 32136 30492 4251 3864 30 70 Two weeks ending FEB. p--preliminary 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 re~irements. The monetary base, not break-adjusted and not seasonally adjusted, consists of !1J total reserves plus !2l required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus !4J, 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 shr.et "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 comp,utation periods in which 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 cashl plus the amount of vault cash applied during the maintenance period by "nonbound" institutions !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 J 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-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. DEC. 51434 52886 55377 51173 52778 55185 50351 51993 54398 319145 323057 329349 1992-JAN. 55790 55557 54787 328764 1991-DEC. 25 55491 55375 54287 329987 1992-JAN. 8 22 57158 55858 56637 55722 56020 54945 332053" 328795 5 19p 54470 55578 54341 55509 53446 54370 325794 329911 Two weeks ending FEB. 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 3J plus excess reserves NSA !Table 1, column 5J. To adjust required reserves for discontinuities due to regulatory cha~es in reserve requirements, a multiplicative procedure is used to estimate what ~equired 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 13J, 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 betwcgn 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 Fedetal Reserve System, Washington, D.C. 20551
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