The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE statistical release
H.3 1502)
Table 1
For Release at 4:30p.m. Eastern Time
AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for cha~s in reserve re~irements
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
.
total 2
nonborrowed 3
nonborrowed
plus exte~ded
credit
required
2, 1991
Borrowings of d~ository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
HAY
exce~s
NSA
Honetaty
base
total
s-sonal
extended credit4
1990-APR.
HAY
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
310981
534
252
241
33
37
55
34
53
49419
49188
49273
48383
1035
309968
231
79
86
49154
49376
48728
49191
48778
49238
47933
48369
1221
1007
310307
310379
426
185
41
51
so
1374
800
312116
309956
212
224
68
70
62
76
1210
309484
243
92
102
APR. pe
27
Two weeks
ending
1991-HAR.
APR.
HAY
6
20
3
17p
lpa
p--praliminary
1.
2.
3.
4.
5.
6.
50032
49394
49820
49171
49882
49246
48658
48594
49303
49060
49162
48093
47
pe--praliminary estimate
Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve
requirements. (for more information, sea Table 3.1
Seasonally adjusted, break-adjusted total reserves eqyal seasonally adjusted, break-adjusted required reserves plus unadjusted excess
reserves. !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 r~ay 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 e~als unadjusted total reserves !Table 2, column 1l less unadjusted required reserves !Table 2, column 3).
The seasonally adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus (2) 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" an~ 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. !Also see footnote 3 on Table 2
and footnote 4 on table 3. l
H.3 l502l
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
·
Reserves of depository institutions
Vault cashs
Date
total 2
nonborrowed
required
Honetasy
base
Reserve
balances
with
F.R. Banks 4
1990-APR.
HAY
.JUNE
62512
60232
61197
60884
58897
60315
61615
59269
60423
296872
297034
300985
35409
32771
33878
29284
29814
29636
27103
27461
27318
2181
2354
2318
.JULY
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.
HAR.
50992
48551
48586
50458
48299
48345
48824
. 46743
47408
309303
308531
311040
22023
19827
21734
33220
33477
30896
28969
28724
26853
4250
4753
4043
50325
50094
49289
313300
23532
30549
26793
3756
6
20
47857
48622
47431
48438
46637
47616
308644
311711
20228
22209
32005
30286
27629
26413
4376
3873
128
75
3
17p
. 48938
51016
48726
50792
47564
50215
311493
315551
21949
24255
31067
30309
26989
26761
4078
3548
80
241
49901
49658
48691
311293
23118
30689
26783
3906
57
APR. pe
total
used to
satisfy
requireCI 6
reserves
surplus 7
Net
carryover
of reservx
balances
Two~s
ending
1991-HAR.
APR.
HAY
1pe
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 r~irements.
Reserve balances with Federal Reserve Banks plus vault cash used to satisfy r·eserve reqt,~irements.
The monetary base. not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required cleari~ balances and
adjustments to compensate for float at Federal Reserve Banks plus !3) the currency component of the money stock plus l4l. for all quarterly
re~rters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeCis
their r~ired 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 req~,~ired 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
r~irements. 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 C91!1Putation period by "bound' institutions (i.e., those whose reguired reserves exceed their vault
cashJ plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (i.e. • those whose vault cash exceeds
their r~ired reserves) to satisfy current reserve requirements.
Total vault cash held by de~sitory 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 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
totd2
nonborrowed
required3
Monetary base4
1990-APR.
HAY
JUNE
49059
46959
47890
47431
4.5624
47008
48162
4.5996
47116
282666
282872
286879
JULY
AUG.
SEP.
47810
47632
48107
470.52
4670.5
47483
46948
46764
47199
289372
290982
293067
OCT.
NOV.
DEC.
47.554
48418
5057i)
47143
48188
.50253
46707
47471
48914
294426
298440
304041
1991-JAN.
FEB.
HAR.
50756
48551
48586
50222
48299
48345
48587
46742
47407
306025
305743
308188
50324
50094
49289
310210
6
20
47857
48622
47431
48437
46636
47615
305784
308837
3
17p
48937
51015
4872.5
50792
47.563
5021.5
308674
312481
49900
496.57
48690
308119
APR. pe
Two weeks
ending
1991-HAR.
APR.
HAY
1pe
p--praliminary
1.
2.
3.
4.
pe--preliminary estimate
Figures reflect adjustments for discontinuities, or "br•eaks", associated with 'regulatory changes in reserve
requ1rements.
Break-adjusted total reserves equal break-adjusted required reserves ITable 3, column 3l plus excess reserves NSA
ITable 1, column 5).
To adiust required reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative
procedure is used to estimate what re~ired 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 {1) break-adjusted total reserves plus (2) 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 Heney and Reserves Projections Section, Division of Monetary Affairs, Board
of Governors of The Federal Reserve System, Hashington, D.C. 20551
@FedFRASER