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FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30p.m. Eastern Time tcl?uc;1~dE~f-l~n~~~nE~Ye~v~ ~~i~e~~?s~ITORY INSTITUTIONS AND THE MONETARY BASE .JUNE 25 , 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 Moneta~y base total seasonal 42389 42710 42086 42370 42174 42377 41359 41701 1030 1008 303734 305003 303 340 151 222 88 JULY AUG. SEP. 42845 43282 43487 42238 42517 42841 42284 42818 43143 41939 42196 42558 906 1086 929 306794 309132 310929 607 764 645 317 331 287 46 300 302 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 49001 49495 48911 49340 48913 49340 47863 48494 1137 1001 326500 328585 90 155 47 98 2 0 1992-APR. 29 49376 49258 49261 48164 1212 327391 118 57 4 MAY 49032 50138 48879 49981 48879 49981 48404 48641 628 1497 327619 329415 153 157 75 113 0 0 48747 49643 48595 49455 48595 49455 48269 48481 478 1162 328822 330140 152 188 125 150 0 0 Date total 2 1991-MAY JUNE APR. MAY p extended credit 4 8 Two weeks ending 13 27 JUNE lOp 24pe 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. 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. l 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 2, column 3). The seasonal!¥ 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 13), 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 and footnote 4 on table 3. l H.3 1502 l Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve re~irements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash 5 Reserves of depository institutions Date total 2 nonborrowed requjred Monetasy base Reserve balances with F.R. Banks 4 1991-MAY .JUNE 49063 50407 48760 50068 48033 49399 314251 317253 22287 23685 '30718 30523 26776 26722 3942 3800 .JULY AUG. SEP. 50660 50607 51127 50054 49843 50482 49754 49521 50198 319460 320074 320698 23271 22810 23447 31317 31779 31536 27389 27798 27680 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 50365 48671 49318 47825 332694 333793 22655 21071 31071 31197 27800 27754 3271 3442 1992-APR. 29 50362 50244 49150 332466 22137 31643 28225 3418 181 13 27 48836 48774 48683 48617 48209 47277 333419 333760 21746 20356 30346 32069 27091 28418 3256 3651 300 -54 48970 49764 48818 49576 48492 48602 335127 336573 21379 21299 30909 31946 27591 28466 3318 3480 302 -58 APR. MAY p total used to satisfy requirea reserves 6 surplus 7 Net carryover of reserv! balances Two weeks ending MAY .JUNE lOp 24pe 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 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 comp,utation 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 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-l reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 15021 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 Date total 2 nonborrowed required 3 Monetary base 4 1991-MAY JUNE 41622 42737 .41319 42397 40592 41729 303706 306520 JULY AUG. SEP. 42918 42885 43279 42311 42121 42634 42012 41799 42350 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 50015 48623 49925 48468 48877 47622 327448 328369 1992-APR. 29 50192 50074 48980 327531 MAY 48647 48568 48494 48411 48019 47071 327935 328391 48737 49510 48585 49322 48259 48348 329706 331059 APR. MAY p Two weeks ending 13 27 JUNE lOp 24pe 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 I Table 3., column 3 l plus excess reserves NSA (Table 1, column 5J. To adiust 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 Ill break-adjusted total reserves plus 12) the (unadjusted) currency component of the money stock plus 13J, 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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