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FEDERAL RESERVE statistica I release
H.3 15021
Table 1
For Release at 4:30p.m. Eastern Time
~fu~~dE~~l~,!!~~nE!!Ye~~ ~~i~e~~?s~ITORY INSTITUTIONS AND THE MONETARY BASE
MARcH
!:i, 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
total z
Date
nonborrowed 3
nonborrowed
plus extended
credit 4
required
e~~A~s
Honetaty
base
total
seasonal
extended credi t4
1991-FEB.
HAR.
49590
49530
49338
49289
49372
49342
47782
48351
1808
1179
308938
310291
252
241
37
55
34
53
APR.
HAY
JUNE
49344
50000
50345
49112
49697
50005
49198
49785
50013
48313
48970
49337
1031
1030
1008
310226
311265
312470
231
303
340
79
151
222
88
JULY
AUG.
SEP.
50410
50886
51147
49804
50121
50502
49849
50422
50804
49505
49800
50219
906
1086
929
314216
316683
318496
607
764
645
317
331
287
46
300
302
OCT.
51816
52695
53752
51556
52587
53560
51567
52588
53561
50734
51802
52774
1083
892
979
320928
323133
325222
261
108
192
211
86
38
12
1
54367
56417
54133
56339
54134
56341
53364
55345
1003
1072
327681
332150
233
17
1
2
8
22
53679
53973
53158
53837
53158
53837
52540
53060
1138
913
325925
327019
521
136
22
13
0
5
1'Jp
55591
56567
55461
56498
55463
56499
54567
55397
1023
1170
330271
332591
130
69
20
22
2
2
56620
56557
56560
55662
958
332473
63
24
3
NOV.
DEC.
1992-JAN.
FEB. pe
77
86
8
1
22
Two weeks
ending
1992-JAN.
FEB.
HAR.
4pe
p--preliminary
1.
2.
3.
4.
5.
6.
1
pe--preliminary estimate
Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve
requirements. !For more information, see Table 3.)
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 instttutions 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 31.
The seasonally adjusted, break-adjusted monetary base consists of I l l 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" and for all those weekly reporters whose vault cash exceeds their required reserves, the seasonal!~ 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 1502J
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 cashs
Reserves of depository institutions
tota1 2
Date
nonborrowed
required
Monetasy
base
Reserve
balances
with
F.R. Banks 4
Net
total
used to
satisfy
requireCf
reserves 6
surplus 7
carryover
of reserv1
balances
1991-FEB.
MAR.
48551
48586
482CJ9
48345
46743
47407
308531
311040
1CJ827
21734
33486
30889
28724
26853
4762
4036
APR.
HAY
JUNE
50301
49063
50407
50070
48760
50068
4CJZ70
48033
4CJHCJ
313"46
314251
317253
23508
22287
23685
30555
30718
30523
26793
26776
26722
3762
3942
3800
JULY
AUG.
SEP.
50660
50607
51127
50054
49843
50482
4CJ754
4CJ521
501CJ8
319460
320074
3206CJ8
23271
22810
23447
31317
31779
31536
27389
27798
27680
3928
3981
3856
OCT.
NOV.
DEC.
51584
53057
55532
51323
52"49
55340
50501
52165
54553
322712
326880
333611
231CJ7
25004
26659
32299
31714
32513
28386
28053
28872
3913
3661
3641
5581Z
55237
55579
55160
54809
54166
3330"4
3331 CJl
25416
24914
34136
34220
30396
30323
3740
3897
8
22
57158
55879
56637
55743
56020
54%6
336167
333064
27557
26147
33318
33157
29601
29732
3717
34Z5
120
25
5
19p
54511
55603
54381
55534
53488
54434
330408
334400
22374
25111
36386
34356
32137
30492
4250
3864
30
68
55088
55025
54130
332889
25908
32946
29180
3766
238
1992-JAN.
FEB. pe
Two weeks
ending
1992-JAN.
FEB.
MAR.
4pe
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 IZJ r~ired claari~ balances and
adjustments to compensate for float at Federal Reserve Banks plus 131 the currency component of the money stoCk plus 141, for all ~rtarly
reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash axe-as
their required reserves, the difference between current vault cash and the amount applied to satisfy currant rasarva requirements. After the
introduction of CRR{ currency and vault cash figures are measured over computation periods ending on Mondays.
Excludes required c earing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjust_,ts.
Oates 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 c~utation period by "bound" institutions I i.e. , those whose required reserves exceed their vault
cash I 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 I+) 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 J
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-FEB.
MAR.
48530
48551
48278
48310
46722
47372
305728
308163
APR.
HAY
JUNE
50248
489%
50323
50017
48693
49q83
49218
47966
49315
310820
310973
313998
JULY
AUG.
SEP.
50559
50492
50994
49953
49727
50349
49654
49406
50065
316139
316680
317284
OCT.
NOV.
DEC.
51434
52886
55377
51173
52778
55185
50351
51993
54398
319145
323057
329349
55790
55172
55557
55095
54787
54100
328750
328577
8
22
57158
55858
56637
55722
56020
54945
332051
328783
5
19p
54470
55541
54341
5547Z
53447
54371
325764
329847
55006
54943
54047
328207
1992-JAN.
FEB. pe
Two~s
ending
1992-JAN.
FEB.
MAR.
4pe
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
!Table 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 eguals I 1 I break-adjusted total reserves plus I 2 I the I unadjusted) currency COIIIPOfWnt
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 Honey and Reserves Projections Section, Division of Monetary Affairs, Board
of Governors of The Federal Reserve System, Hashington, D.C. 20551
@FedFRASER