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FEDERAL RESERVE statistical release
H.3 1502)
Table l
For Release at 4:30p.m. Eastern Time
t .. GGREGATE 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
Borrowings of depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
total 2
Date
nonborrowed3
JANUARY 16, 1992
nonborrowed
plus exte~ded
credit
required
eN~A~s
Monetary
base 6
48801
47440
1664
299785
326
76
23
33
37
55
27
34
53
total
seasonal
extended cr•~di t4
1990-DEC.
49104
48778
1991-JAN.
FEB.
MAR.
49459
49590
49530
48925
49338
4928<1
48952
49372
49342
47290
47782
48351
2169
1808
1179
305147
309422
310956
534
252
241
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
50Ct22
50804
49505
49800
50219
906
1086
929
313838
316229
317926
607
764
645
317
331
287
46
300
302
OCT.
NOV.
DEC. p
51816
52695
53756
51556
52587
53564
51567
52588
53565
50734
51802
52771
1083
892
985
320551
322286
324811
261
108
192
211
86
38
12
1
1
1991-NOV. 13
27
52390
52823
52276
52721
52278
52722
51476
51889
913
934
321965
322243
1Ft
103
98
84
2
DEC. 11
25
53414
54054
53305
53938
53305
53939
52809
528(+6
605
1207
323876
325309
110
116
45
41
1
53689
53168
53169
525:?7
1162
325364
521
22
1
Two weeks
ending
J.992-JAN.
8p
p--preliminary
l.
2.
3.
2
l
pe--preliminary estima·ce
Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve
requirements. (For more information, see Table 3. l
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.)
Seasonallv ad jus ted, b1'eak -ad jus ted nonborr-owed reserves equal season<.'llly· ad jus ted, break--adjusted total reser-ves less unadjusted total
borrowings of. deposi ~ory ins h tuti9ns f•-om the_ Federal ~eserve.
. .
.
.
.
Extended cred1t cons1sts o·f borrow1nq at the d1scount w1ndow under the terms and concht1ons established for the extendea cred1t progr-am to
help depos i ·tory ins ti ·tutions deal with sustained 1 iquidi ty pressures. Because there is not the same need to repay such borrcr.·•ing promptly
as ·there is with t1-adi tional short--ten" ad jus tmen·t credit, the money marke·t impact of exJccnded credit is similar to that of nonbor-rowed
reservec-..
Excess reserves NSA equals unadjusted total reserves (Table 2, column 1 l less unadJusted t'eaui red reserves ( Taole 2, column 3 1.
The seasonally adjusted, break-adjusted monetary base consists of I l l seasonally adjusted, break-adjusted total reserves plLIS 12) the
seasonally adjusted currency component of the money stock plus i 3) ,. for· all quarterly reporters or. the "Report o-F Transad.1on J\coounts, Other
Deposits and Vault Cash" and for all those weel<.ly reporters ~<hose val1:d Gash exceeds their required reserves, the seasonally adjusted, breal~
ad.iusted difference between curr·ent vault cash and the amou;y{: c1poliec! to satisfy cur~'CiY( t"C.S2f"Ve requireme!·d:s. f t\ls.::.r SD£ ·foc.fn•:Jt8 3 on Table 2
and foo'i:note r+ on table 3. l
·
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 cash5
Date
total 2
nonborrowed
required
Monetasy
base
Reserve
balances
with
F.R. Banks 4
1990-DEC.
59120
58795
57456
313700
30237
31777
28884
2893
309303
308531
311040
22023
19827
21734
33220
33477
30895
28969
28724
26853
4250
4753
4043
total
used to
satisfy
requirei:l
reserves 6
surplus 7
Net
carryover
of reservi
balances
1991-JAN.
FEB.
MAR.
50992
48551
48586
50458
48299
48345
48823
46743
47407
APR.
MAY
JUNE
50301
49063
50407
50070
48760
50068
49·270
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.
DEC. p
51584
53057
55535
51323
52949
55343
5050i
52165
54550
322712
326881
333643
23197
25004
26664
32305
31717
32512
28386
28053
28872
3919
3663
3640
1991-NOV. 13
27
52820
52979
52706
52877
51907
52045
326280
326519
25494
24155
30841
32664
27326
28825
3515
3840
241
186
DEC. 11
25
54446
55691
54337
55575
53842
54484
331171
334473
26839
26137
31092
33283
27607
29554
3485
3729
158
-67
57168
56647
56006
336239
27570
33317
29598
3719
120
Two weeks
ending
1992-JAN.
8p
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 13J the currency component of the money stock plus 14J, 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 perioi:ls 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
cashl 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 (-) reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown.
H.3 (502)
Table 3
DEPO~ITORY
Adjusted for changes in reserve requirements
Averages of daily figures, not seasonally adjusted
Millions of dollars
AGGREGATE RESERVES OF
INSTITUTIONS AND THE MONETARY BASE
Reserves of depository institutions
Date
total 2
nonborrowed
required 3
Monetary base 4
1990-DEC.
50578
50253
48914
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.
DEC. p
51434
52886
55380
51173
52778
55188
50351
51993
54395
319145
323057
329380
1991-NOV. 13
27
52654
52807
52540
52704
51740
51872
322533
322686
DEC. 11
25
54260
55495
54150
55379
53655
54287
327063
330025
57167
56646
56006
332122
Two weeks
ending
1992-JAN.
8p
p--preliminary
1.
2.
3.
4.
pe--prelimina-ry 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 5l.
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 Ill break-adjusted total reserves plus 12l 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 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
@FedFRASER