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FEDERAL RESERVE statistical release For Release at 4:30 p.m. Eastern Time H.3 15021 Table 1 AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE JANUARY 30, 1992 Adjusted for changes in reserve re~irements 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 total2 Date nonborrowed 3 nonborrowed plus exte~ded credit required excegs NSA Moneta&y base total seasonal extended credit 4 1990-DEC. 49104 48778 48801 47440 1664 299785 326 76 23 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 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 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. 51816 52695 53752 51556 52587 53560 51567 52588 53561 50734 51802 52773 1083 892 979 320551 322286 324780 261 108 192 211 86 38 12 1991-NOV. 27 52823 52721 52722 51889 934 322243 103 84 2 DEC. 11 25 53414 54050 53305 53934 53305 53935 52809 52846 605 1203 323875 325269 110 116 45 41 1 1 53678 53999 53157 53863 53158 53863 52537 53056 1141 944 325298 327489 521 136 22 13 1 0 NOV. DEC. e. l l Two weeks ending 1992-JAN. 8 22p 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. IFor more information, see Table 3.) 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. J 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 11 less unadjusted required reserves !Table 2, column 31. The seasonally adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 121 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 1·able 2 and footnote 4 on table 3. J H.3 1502 l 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 cash5 Reserves of depository institutions total 2 Date nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 total used to sati'sfy required reserves 6 surplus 7 Net carryover of reserv1 balances 1990-DEC. 59120 58795 57456 313700 30237 31777 28884 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. DEC. 51584 53057 55531 51323 52949 55339 50501 52165 54552 322712 326880 333612 23197 25004 26660 32305 31718 32513 28386 28053 28872 3919 3664 3641 1991-NOV. 27 52979 52877 52045 326519 24155 32665 28825 3841 186 DEC. 11 25 54446 55687 54337 55571 53842 54484 331169 334434 26839 26133 31093 33284 27607 29554 3486 3730 158 -67 57157 55905 56636 55769 56016 54961 336173 333107 27558 26177 33318 33180 29599 29728 3719 3452 120 27 Two weeks ending 1992-JAN. 8 22p p--preliminary 1. 2. 3. 4. 5. 6. 7. 8. pe--preliminary estimate Reflects.actual requirec;l reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes 1n reserve requ1rements. 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 I l l 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 re~rters 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 c~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 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 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 required 3 Monetary base4 50253 48914 304040 306020 305728 308163 Date total 2 nonborrowed 1990-DEC. 50578 1991-JAN. FEB. MAR. 50749 48530 48551 50215 48278 48310 48580 46722 47372 APR. MAY JUNE 50248 48996 50323 50017 48693 49983 49218 47966 49315 310820 310973 313998 JULY SEP. AUG. 50559 50492 50994 49953 49727 50349 49654 49406 50065 316139 316680 317284 OCT. NOV. DEC. 51434 52886 55376 51173 52778 55184 50351 51993 54397 319145 323057 329350 1991-NOV. 27 52807 52704 51872 322686 DEC. 11 25 54260' 55491 54150 55375 53655 54287 327062 329987 57157 55884 56636 55748 56016 54940 332056 328825 Two weeks ending 1992-JAN. 8 22p 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 cha~es in reserve requirements, a multiplicative procedure is used to estimate what re~ired reserves would have been in past periods had current reserve requirements been ~n effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions depos1ts. The break-adjusted monetary base e~als 11) break-adjusted total reserves plus (2) 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, ~ashington, D.C. 20551
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