The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE statistical release H.3 15021 Table 1 For Release at 4:30 p.m. Eastern Time ~?u~~dE~~l~n!~~nE!!Ya~~ ~~i~e~?s~ITORY INSTITUTIONS AND THE MONETARY BASE JuLY 23 , 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 nonborrowed3 nonborrowed plus exte~ded credit required e~~~~s Monetary base 6 total 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 ~00 ~02 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. MAY JUNE 49001 49494 49234 48911 49339 49004 48913 49339 49005 47863 48494 48321 1137 1000 912 326500 328584 329650 90 155 229 47 98 149 2 0 0 329415 157 113 0 0 0 1 0 Date total 2 1991-JUNE JULY AUG. SEP. p seasonal extended credit 4 8 46 Two weeks ending 1992-MAY 27 50138 49981 49981 48641 1497 JUNE 10 24 48743 49571 48591 49383 48591 49383 48269 48400 474 1171 328810 330169 152 188 125 150 JULY 49264 49468 48809 49253 48810 49253 48225 48407 1039 1061 329837 332533 455 215 187 199 8p 22pe 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 res.erve 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 !Table 2, column 11 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 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. !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 cash 5 Reserves of depository institutions base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy requirea reserves 6 surplus 7 Net carryover of reservx balances· Date total 2 nonborrowed required 1991-JUNE JULY AUG. SEP. 50407 50660 50607 51127 50068 50054 49843 50482 49399 49754 49521 50198 317253 319460 320074 320698 23685 23271 22810 23447 30523 31317 31779 31536 26722 27389 27798 27680 3800 3928 3981 3856 OCT. NOV. DEC. 51584 53057 55532 51323 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 p 50455 48825 49496 50365 48670 49267 49318 47825 48584 332694 333792 336439 22655 21071 21224 31071 31197 31729 27800 27754 28273 3271 3442 3456 27 48774 48617 47277 333760 20356 32069 28418 3651 -54 JUNE 10 24 48965 49692 48814 49504 48492 48521 335112 336594 21374 21205 30909 31946 27591 28487 3318 3459 302 -61 JULY 49924 50102 49469 49887 48885 49041 338289 341130 21016 21327 32589 32230 28908 28776 3681 3454 193 2 Two weeks ending 1992-MAY 8p 22pe 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 12J required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus 13) the currency component of the money stock plus 14), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits 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 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 I i.e., those whose required reserves exceed their vault cashJ 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-we~k maintenance periods. Reflects excess (+)or deficit 1-J reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H. 3 I 502 l 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 p 50015 48622 49245 49925 48468 49016 48877 47622 48333 327448 328368 330942 27 48568 48411 47071 328391 JUNE 10 24 48733 49438 48581 49250 48259 48267 329694 331082 49650 49802 49195 49587 48611 48741 332696 335261 APR. MAY JUNE Two weeks ending 1992-MAY JULY 8p 22pe 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 3l 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 tr-ansactions deposits. The break-adjusted monetary base eguals Ill break-adjusted total reserves plus 12) 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, Hashington, D.C. 20551
@FedFRASER