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FEDERAL RESERVE statistical release H.3 Tabl For Release at 4:30 p.m. Eastern Time ~?uS~dE~~l~,J!~~nE!!!~ ~~i~e~!:,~~ITORY INSTITUTIONS AND THE MONETARY BASE 9 , 1992 JULY 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 nonborrowecl plus exte~ded credit required eNS:~s Moneta~y base total seasonal 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 :~oo :~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 49250 48911 49339 49021 48913 49339 49021 47863 48494 48310 1137 1000 940 326500 328584 329493 90 155 229 47 98 149 2 0 0 49032 50138 48879 49981 48879 49981 48404 48641 628 1497 327619 329415 153 157 75 113 0 0 48743 49577 48591 49389 48591 49389 48269 48397 474 1180 328810 330172 152 188 125 150 0 0 49332 48877 48877 48174 1158 329046 456 187 1 Data total 2 1991-JUNE JULY AUG. SEP. pe extended credit4 8 46 Two weeks ending 1992-MAY 13 27 JUNE 10 24p JULY 8pe 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 institutions 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 (Table 2, column 3J. The seasonal!¥ 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 131, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" ana 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 ana footnote 4 on table 3. l H.3 I 502 I Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve reguirements Averages of daily figures, not seasonally adjusted Millions of dollars · Vault cash 5 Reserves of depository institutions total 2 Date nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 total used to satisfy requireCI reserves 6 surplus 7 Net carryover of reservw balances 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 50455 48825 49512 50365 48670 49283 49318 47825 48572 332694 333792 336276 22655 21071 21234 31071 31197 31729 27800 27754 28278 3271 3442 3451 48836 48774 48683 48617 48209 47277 333419 333760 21746 20356 30346 32069 27091 28418 3256 3651 300 -54 48965 49698 48814 49510 48492 48518 335112 336600 21374 21211 30909 31946 27591 28487 3318 3459 302 -61 49990 49535 48832 337462 21056 32589 28934 3654 226 APR. MAY JUNE pe Two weeks ending 1992-MAY 13 27 JUNE 10 24p JULY 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 I l l total reserves plus 121 required cleari~ 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 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. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Under contemporaneous reserve reguirements, 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 reguired 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 1-1 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 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 50015 48622 49261 49925 48468 49032 48877 47622 48321 327448 328368 330779 48647 48568 48494 48411 48019 47071 327935 328391 JUNE 10 24p 48733 49444 48581 49256 48259 48264 329694 331086 JULY 49717 49262 48559 331872 pe Two weeks ending 1992-MAY 13 27 8pe p--preliminary 1. 2. 3. 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 ITable 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 transactions deposits. The break-adjusted monetary base equals Ill break-adjusted total reserves plus 12l the (unadjusted) currency component of the money stock plus 13l, 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
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