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.· - FEDERAL RESERVE statistica I release ·- H.3 1502) Table 1 For Release at 4:30p.m. Eastern Time ~?u~~dE~~l~n~~~nE~~~! ~~i~e~!~~ITORY INSTITUTIONS AND THE MONETARY BASE .JANUARY 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 9 , 1992 nonborrowed3 nonborrowed plus exte~ded credit required e~~~~s 48801 47440 1664 299785 326 76 23 534 252 241 33 37 55 27 34 53 Monetary base 6 total seasonal extended credit4 1990-DEC. 49104 48778 1991-.JAN. FEB. MAR. 49459 49590 49530 48925 49338 49289 48952 49372 49342 47290 47782 48351 2169 1808 1179 305147 309422 310956 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. DEC. pe 51816 52695 53759 51556 52587 53567 51567 52588 53567 50734 51802 52769 1083 892 990 320551 322286 324845 261 108 192 211 86 38 12 1 1 52390 52823 52276 52721 52278 52722 51476 51889 913 934 321965 322243 114 103 98 84 2 2 53414 54051 53305 53935 53305 53936 52809 52852 605 1199 323876 325342 110 116 45 41 1 1 53708 53188 53188 52502 1206 325463 521 21 1 Two weeks ending 1991-NOV. 13 27 DEC. 11 25p 1992-.JAN. 8pe p--preliminary 1. 2. 3. 4. 5. 6. pe--preliminary estimate Reserves and monetary base figures incorpOI'ate 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. I 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 I l l seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adJusted currency component of the money 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 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 1502 l Table 2 AGG~EGATE RESE~VES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adJusted for changes 1n reserve regu1rements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cashs Reserves of depository institutions total used to satisfy requirea reserves 6 surplus 7 Net carryover of reserv1 balances Date total 2 nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 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. pe 51584 53057 55538 51323 52949 55346 50501 52165 54548 322712 326881 333680 23197 25004 26666 32305 31717 32512 28386 28053 28872 3919 3663 3640 52820 52979 52706 52877 51907 52045 326280 326519 25494 24155 30841 32664 27326 28825 3515 3840 241 186 54446 55688 54337 55572 53842 54490 331171 334504 26839 26136 31092 33283 27607 29552 3485 3731 158 -67 57185 56665 55979 336356 27582 33317 29604 3713 125 Two weeks ending 1991-NOV. 13 27 DEC. 11 25p 1992-JAN. 8pe 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 121 required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus 131 the currency component of the money stock plus 141, 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:fs 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 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 I i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. Total vault cash held by deposi~ory 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 required 3 total2 nonborrowed 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. pe 51434 52886 55382 51173 52778 55190 50351 51993 54393 319145 323057 329415 52654 52807 52540 52704 51740 51872 322533 322686 54260 55492 54150 55376 53655 54293 327063 330055 57185 56664 55979 332233 Data Monetary basa4 Two weeks ending 1991-NOV. 13 27 DEC. 1992-JAN. 11 25p 8pe 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 ITable 3, column 3J plus excess reserves NSA !Table 1, column 5). 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 ~n affect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions dapos1ts. The break-adjusted monetary base eguals I l l break-adjusted total reserves plus 12J 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 currant 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
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