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FEDERAL RESERVE statistical release
H.3 15021
Table 1
For Release at 4:30p.m. Eastern Time
~?u~~dE~f'~nJ!~'nE~~~~ ~i~_!!,~~ITORY INSTITUTIONS AND THE MONETARY BASE
JULY 16 , 1992
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
nonborrowed
plus ext~
credit
required
·~:ts
Honetaty
base
total
s-sonal
extended credit 4
1991-JUNE
JULY
AUG.
SEP.
42710
42845
43282
43487
42370
42238
42517
42841
42377
42284
42818
43143
41701
41939
42196
42558
1008
906
1086
929
305003
306794
309132
310929
340
607
764
645
222
317
331
287
4b
300
OCT.
NOV.
DEC.
44138
44785
45601
43877
44677
45409
43889
44678
45410
43055
43893
44623
1083
892
979
313281
315332
317254
261
108
192
211
86
38
12
1
1
1992-JAN.
FEB.
MAR.
46186
47746
48476
45953
47668
48385
45954
47670
48386
45183
46681
47447
1003
1065
1028
319695
323411
324512
233
77
91
17
22
32
1
2
2
APR.
HAY
JUNE
p
49001
49494
49240
48911
49339
49011
48913
49339
49011
47863
48494
48321
1137
1000
920
326500
328584
329677
90
155
229
47
98
149
2
0
0
13
27
49032
50138
48879
49981
48879
49981
48404
48641
628
1497
327619
329415
153
157
75
113
0
0
JUNE 10
24
48743
49572
48591
49384
48591
49384
48269
48400
474
1172
328810
330177
152
188
125
150
0
0
JULY
49296
48841
48841
48222
1074
329952
455
187
1
8
30~:
Two weeks
ending
1992-HAY
8p
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. l
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 !Table 2, column l l less unadjusted required reserves !Table z, column 3J.
The seasonally adjusted, break-adjusted monetary base consists of I l l seasonally adjusted, break-adjusted total reserves plus 121 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 repodet·s whose vault cash exceeds their required reserves, the seasonally adjusted, breakz,djus ted di f fer·ence between current vault cash and {hr :·lWJun{ "i'l) 1 ied to satisfy current reserve requirements. (Also see footnote 3 on Table 2
and footnote 4 on table 3. I
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
Vault cashs
Reserves of depository institutions
total 2
Date
nonborrowed
required
base
Reserve
balances
with
F.R. Banks 4
Moneta~y
total
used to
satisfy
requireCI
reserves 6
surplus 7
Net
carryover
of reserv1
balances
1991-JUNE
JULY
AUG.
SEP.
50407
50660
50607
51127
50068
50054
49843
50482
49399
49754
49521
50198
317253
319460
320074
320698
23685
Z3271
22810
23447
30523
31317
31779
31536
26722
27389
27798
27680
3800
3928
3981
3856
OCT.
NOV.
DEC.
51584
53057
55532
513Z3
52949
55340
50501
52165
54553
322712
326880
333611
23197
25004
26659
32299
31714
32513
28386
28053
28872
3913
3661
3641
1992-JAN.
FEB.
MAR.
55812
55238
56282
55579
55161
56191
54809
54174
55254
333094
333190
335817
25416
24918
28057
34135
34218
31647
30396
30320
28225
3739
3897
3422
APR.
MAY
JUNE
50455
48825
49503
50365
48670
49274
49318
47825
48583
332694
333792
336467
22655
21071
21230
31071
31197
31729
27800
27754
28273
3271
3442
3455
13
27
48836
48774
48683
48617
48209
47277
333419
333760
21746
20356
30346
32069
27091
28418
3256
3651
300
-54
JUNE 10
24
48965
49693
48814
49505
48492
48521
335112
336602
21374
21206
30909
31946
27591
28487
3318
3459
302
-61
49956
49501
48882
338407
21044
32589
28912
3677
195
p
Two weeks
ending
1992-MAY
JULY
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 re~irements.
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 13l the currency component of the money stock plus 14l, for all quarterly
reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeCis
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.
Oates 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 "bounc;f" 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 depository institutions minus the amount applied to satisfy reserve requjrements.
Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+)or
deficit 1-l reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown.
H. 3 I 502)
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 base4
1991-JUNE
JULY
AUG.
SEP.
42737
42918
42885
43279
42397
42311
42121
42634
41729
42012
41799
42350
306520
308608
309185
309682
OCT.
NOV.
DEC.
43667
44861
46975
43406
44753
46783
42584
43969
45996
311490
315146
321065
1992-JAN.
FEB.
MAR.
47346
46848
47685
47113
46770
47594
46343
45783
46657
320429
320379
322691
APR.
MAY
JUNE
p
50015
48622
49252
49925
48468
49023
48877
47622
48332
327448
328368
330970
13
27
48647
48568
48494
48411
48019
47071
327935
328391
JUNE 10
24
48733
49439
48581
49251
48259
48267
329694
331090
JULY
49681
49226
48608
332814
Two weeks
ending
1992-MAY
8p
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 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 11) break-adjusted total reserves plus 121 the (unadjusted) 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 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