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.· . - FEDERAL RESERVE statistica I release ·- H.3 1502) Table 1 For Release at 4:30 p.m. Eastern Time ftGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve reguirements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Date nonborrowed3 nonborrowed plus exte~ded credit required 6, 1991 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions total 2 JUNE e~~:~s Moneta~y base total seasonal extended credit4 1990-APR. MAY JUNE 48202 47962 47896 46574 46627 47014 47978 47503 47360 47306 46999 47122 897 962 774 282627 283970 285758 1628 1335 881 122 244 311 1403 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 APR. 49395 49164 49250 48365 1030 310605 231 79 86 3 17 50032 49397 49820 49174 49882 49249 48658 48597 1374 801 312116 309989 212 224 68 70 62 76 1 15 29p 49245 50005 50208 49001 49691 49909 49104 49819 49968 48048 49033 49078 1198 972 1130 310920 310953 312069 244 314 299 92 138 165 103 128 59 Two weeks ending 1991-APR. MAY p--prE!liminary 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. J 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 1l less unadjusted required reserves ITable 2, column 31. The seasonally adjusted, break-adjusted monetary base consists of (1l seasor.ally adjusted, break-adjusted total reserves plus 121 the seasonally adjusted currency comr>onent of i:he money stock plus ( 3l, for all quarter·ly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash'' and for all those w&ekly 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 r-equirements. I Also see footnote 3 on Table 2 and footnote 4 on table 3. I H.3 1502 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 Reserves of depository institutions Vault cash5 total used to satisfy requirea reserves6 surplus 7 Date total2 nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 1990-APR. 62512 60232 61197 60884 58897 60315 61615 59269 60423 296872 297034 300985 35409 32771 33878 29284 29814 29636 27103 27461 27318 2181 2354 2318 AUG. SEP. 60943 60728 61452 60185 59801 60828 60081 59860 60544 303387 304995 307211 32946 32448 33303 30459 30842 30625 27996 28280 28149 2462 2562 2476 OCT. 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 APR. 50301 50070 49271 313946 23508 30558 26793 3766 3 48938 51019 48726 50795 47564 50218 311493 3.15580 21949 24257 31067 30309 26989 26762 4078 3547 80 241 1 49842 49441 48486 49598 49127 48187 48645 48469 47356 312752 314486 313804 23061 22909 21371 30710 30345 31240 26781 26532 27114 3929 3813 4125 52 220 153 MAY JUNE JULY Net carryover of reservr balances Two weeks ending 1991-APR. MAY 17 15 29p 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 (3) 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 exceei:ls their reguired 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.e., those whose reguired reserves exceed their vault cashl 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-week maintenance periods. Reflects excess (+)or deficit (-) reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 (502 l 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 base4 1990-APR. MAY JUNE 49059 46959 47890 47431 45624 47008 48162 45996 47116 282666 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 APR. 50301 50069 49270 310858 3 17 48937 51018 48725 50795 47563 50218 308674 312512 1 15 29p 49842 49440 48485 49598 49126 48186 48644 48468 47355 309581 311293 310523 Two weeks ending 1991-APR. MAY 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 ITable 3, column 3J plus excess reserves NSA (Table 1, column 5J. 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 !n effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions depos1ts. The break-adjusted monetary base eguals Ill break-adjusted total reserves plus 12l 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, O.C. 20551
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