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.· . - FEDERAL RESERVE statistica I release ·- H.3 t-S02J' 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 reguirementsT Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars total 2 nonborrowed3 3, 1992 Borrowings of depository instituiions from the Federal Reserve, NSA Reserves of depository institutions Date JANUARY nonborrowed plus exte~ded credit required e~~~~s Monetary basf! 6 total seasonal extended credit4 1990-NOV. DEC. 48245 49104 48014 48778 48039 48801 47297 47440 947 1664 297553 299785 230 326 162 76 24 1991-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 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. 51816 52694 51556 52586 51567 52587 50734 51802 1083 891 320551 322291 261 108 211 86 12 1 1991-0CT. 30 52426 52202 52215 51259 1167 321956 225 191 14 NOV. 13 27 52390 52823 52276 52721 52278 52722 51476 51889 913 934 321966 322250 114 103 98 84 2 2 DEC. 11 25p 53405 54053 53295 53937 53296 53938 52810 52835 595 1218 323885 325372 110 116 45 41 1 1 23 27 Two weeks ending 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. I For more information, see Table 3. I 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. 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 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 ITable 2, column 11 less unadjusted required reserves ITable 2, column 31. The seasonal!¥ adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 12) the seasonally adJusted currency component of the money stock plus 131, 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 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. I H.3 f.502J Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for chauges in reserve reglJiretnents Ave~ of daily fi!P-Jres~ not seasonally adjusted Millions of dollars Vault cash 5 Reserves of depository institutions Date total2 nonbori"OIIoled required HonetasY base Reserve balances with F.R. Banks 4 total used to satisfy require<t reserves 6 surplus 7 Net carryover of reservw balances 1990-NDV. DEC. 62DI't5 59120 61815 58795 61098 57456 312689 313700 33382 30237 31086 31777 28663 28884 2423 2893 1991-JAN. FEB. HAR. .50992 48551 48586 5DI't58 48299 48345 48823 46743 47407 309303 308531 311040 22023 19827 21734 33220 33477 30895 28969 28724 26853 4250 4753 4043 APR. ....., 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. MJY. .53056 51.584 51323 52948 50501 52165 322712 326885 23197 25003 32305 31717 28386 28053 3919 3664 1991-ocT. 30 51357 51133 50191 322203 22980 32381 28377 4004 149 MJY. 13 27 52820 52979 52706 52877 51907 52045 326281 326526 25494 24155 30841 32664 27326 28825 3515 3840 241 186 54437 55689 54328 55573 53843 54472 331179 334530 26837 26149 31092 33283 27600 29540 3492 3743 158 -66 Two Ml!l!ks ...ling DEC. 11 l5p ' p-1H"Sliminary ll.. 2. !.,. 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 requi.--,ts. Reserve balances Mith Federal Reserve Banks plus vault cash used to satisfy reserve requirements. The nonetary base, not break-adjusted and not seasonally adjusted, consists of Ill total reserves plus 12) required clearing balances and adjustnents to co.pensate for float at Federal Reserve Banks f?lus ( 3) the currency component of the money stock plus ( 4 l, for all quarterly naporters on the "Report of Transaction Accoo..r~ts, Other Depos1 ts and Vault Cash" and for all those weekly reporters whose vault cash exceeas their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. After the introduction of CIIR., 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 ~~aintenance periods in Nhich the vault cash can be used to satisfy reserve requirements. Under contemporaneous reserve M!gl.lir-emslts, ..aintenance periods end 30 days after the lagged conp.~tation periods in which the vault cash is held. All vault cash held during the lagged CCllllpUtation period by "bould" institutions I i.e., those whose required reserves exceed their vault cash) plus the anotnt of vault caSI\ applied during the maintenance period by "nonbound" institutions I i.e., those whose vault cash exceeds their req~.~ired reserves 1 to satisfy current reserve requirements. Total vaUlt cash held by depository institutions minus the aiiiOU'It 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 15021 Table 3 AGGREGATE RESERVES OF DEPO~ITORY Adjusted for cholnges in reserve requi.--..ts Ave~~ of daily fi~7 not seasonally adjusted Hillions of dOllars INSTITUTIONS AND THE MONETARY BASE Reserves of depository institutions Date total 2 nonborrowed required 3 Monetary base4 ].990-IIIJV. DEC. 48418 50578 48188 50253 47471 48914 298440 304040 1.991-.JAN. 50749 48530 48551 50215 48278 48310 48580 46722 47372 306020 305728 308163 50248 48996 50323 50017 48693 49983 49218 47966. 49315 310820 310973 313998 50559 50492 50994 49953 49727 50349 49654 49406 50065 316139 316680 317284 51434 52885 51173 52777 50351 51993 319145 323062 1.991.-ocT. 30 51205 50981 50038 318560 NOV. 13 52654 52807 52540 52704 51740 51872 322534 322693 DEC. 11 2!ip 54251 55493 54141 55377 53656 54275 327073 330081 FEB. ... HAR. APR. HAY .JlA..Y MJG. SEP. OCT. NOV. TMO lllll!eks &'lding 27 p--prelillinary l.. 2. 3. 4. pe--preliminary estimate Figuras reflect adjus~ts for discontinuities, or "breaks", associated with regulatory changes in reserve requ1..-,ts. Br8ak-adjusted total reserves equal break-adjusted required reserves I Table 3, coll.lllrl 3 l plus excess reserves NSA (Table 17 col....-a 5). T~~ ~ired reserves for discontinuities due to r~latory cha~s in reserve requirements, a multiplicative proc is used to esti.ate what ~ired reserves would have been in past periods had current reserve requirements bea'l in effect. Break-adjusted requi..ed reserves are equal to break-adjusted required reserves against transactions ~its. 1h8 braak-ad~ted .anetary base egl.lals ( 1) break-adjusted total reserves plus I 2) the (unadjusted) currency component of the~ stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and vault CaSh" and for all those weekly reporters WhOse vault cash excBeds their required reserves, the break-adjusted difference be"-' current vault cash and the amount applied to satisfy current reserve requirements. Note: Historical data are available from the Honey and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of ~ Federal Reserve System, Washington, D.C. 20551
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