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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~ng~¥~nE~~~~ ~!ui~e~!:,?s~ITORY INSTITUTIONS AND THE MONETARY BASE JUNE 27 , 1991 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 exte2ded credit required e~~A~s Moneta~y base total seasonal extended credit 4 1990-MAY JUNE 47962 47896 46627 47014 47503 47360 46999 47122 962 774 283970 285758 1335 881 244 311 875 346 JULY AUG. SEP. 47636 47973 48261 46879 47046 47637 47159 47174 47643 46774 47106 47353 862 868 909 287418 290458 293803 757 927 624 389 430 418 280 127 6 OCT. NOV. DEC. 47942 48244 49104 47532 48014 48779 47550 48039 48802 47096 47297 47440 847 947 1665 295941 297553 299785 410 230 326 335 162 76 18 24 23 1991-JAN. FEB. MAR. 49466 49611 49566 48932 49359 49325 48958 49393 49378 47298 47802 48387 2168 1809 1179 305152 309438 310982 534 252 241 33 37 55 27 34 53 49395 50069 49164 49766 49250 49854 48365 49039 1030 1030 310605 311479 231 303 79 151 88 49245 50003 50200 49001 49689 49901 49104 49817 49960 48048 49033 49081 1198 970 1120 310920 310946 312056 244 314 299 92 138 165 103 128 59 50020 50760 49737 50446 49745 50454 49284 49448 736 Bll 311447 3B071 283 314 176 242 8 APR. MAY p 86 Two weeks ending 1991-MAY 1 15 29 JUNE 12p 26pe p--preliminary 1. 2. 3. 4. 5. 6. 9 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 1l less unadjusted required reserves !Table 2, column 3J. The seasonally adjusted, break-adjusted monetary base consists of Ill 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 I 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 Date total 2 nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 1990-MAY JUNE 60232 61197 58897 60315 59269 60423 297034 300985 32771 33878 29814 29636 27461 27318 2354 2318 JULY 60943 60728 61452 60185 59801 60828 60081 59860 60544 303387 304995 307211 32946 32448 33303 30459 30842 30625 27996 28280 28149 2462 2562 2476 NOV. DEC. 61052 62045 59120 60642 61815 58795 60206 61099 57456 308854 312689 313700 32127 33382 30237 31515 31086 31777 28925 28663 28884 2590 2423 2893 1991-JAN. FEB. MAR. 50992 48551 48586 50458 48299 48345 48824 46743 47408 309303 308531 311040 22023 19827 21734 33220 33477 30896 28969 28724 26853 4250 4753 4043 50301 49063 50070 48760 49271 48033 313946 314251 23508 22287 30558 30724 26793 26776 3765 3948 49842 49438 48477 49598 49124 48178 48645 48469 47358 312752 314481 313789 23061 22907 21363 30709 30344 31239 26781 26532 27114 3928 3813 4125 52 220 152 50147 50411 49864 50097 49411 49099 316616 310890 24032 23401 29791 30930 26115 27010 3676 3919 204 -1 AUG. SEP. OCT. APR. MAY p total used to satisfy requireCI reserves 6 surplus 7 Net carryover of reservw balances Two weeks ending 1991-MAY 1 15 29 JUNE 12p 26pe 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 121 required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus 131 the currency c~onent 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 reqyired 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 cash l plus the amount of vault cash applied during the maintenance period by "nonbound" institutions I i.e., those whose vault cash exceeds their re~ired reserves) to satisfy current reserve requirements. Total vault cash held by depository institutions minus the amount applied to satisfy reserve requirements. Consists of carryover onl¥ at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess 1+1 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 I 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 nonborrCIWed required 3 Monetary base4 1990-MAY JUNE 46959 47890 45624 47008 45996 47116 282872 286879 JULY AUG. SEP. 47810 47632 48107 47052 46705 47483 46948 46764 47199 289372 290982 293067 OCT. NOV. DEC. 47554 48418 50579 47143 48188 50253 46707 47471 48914 294426 298440 304041 1991-JAN. FEB. MAR. 50756 48551 48586 50222 48299 48345 48587 46742 47407 306025 305743 308188 50301 49063 50069 48760 49270 48033 310858 311022 49842 49438 48477 49598 49124 48178 48644 48468 47357 309581 311287 310510 50147 50410 49864 50097 49411 49099 313463 313680 APR. MAY p Two weeks ending 1991-MAY 1 15 29 JUNE 12p 26pe 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 31 plus excess reserves NSA ITable 1, column 51. 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 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, Washington, D.C. 20551
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