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FEDERAL RESERVE statistical release
H.3 1502)
Table 1
For Release at 4:30 p.m. Eastern Time
~~~~dE2fl~ng~~~nE~Ye~~ ~~i~e~~?s~ITORY INSTITUTIONS AND THE MONETARY BASE
MAY 2 1, 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
nonborrowed
plus exte'.?ded
credit
required
e~~~~s
Monetary
base 6
total
49112
49697
50005
49198
49785
50013
48313
48970
49337
1031
1030
1008
310226
311265
312470
231
303
340
79
151
222
86
50410
50886
51147
49804
50121
50502
49849
50422
50804
49505
49800
50219
906
1086
929
314216
316683
318496
607
764
645
317
331
287
4b
300
OCT.
NOV.
DEC.
51816
52695
53752
51556
52587
53560
51567
52588
53561
50734
51802
52774
1083
892
979
320928
323133
325222
261
108
192
211
86
38
,_
1"'
1
1
1992-JAN.
FEB.
MAR.
54367
56418
57331
54133
56340
57239
54134
56342
57241
53364
55353
56302
1003
1065
1028
327681
332152
333236
233
77
91
17
22
32
2
2
57547
57457
57458
56408
1139
334599
90
47
2
57230
57155
57157
56721
508
333171
75
29
2
38
37
57
1
1
4
75
0
Date
total 2
1991-APR.
MAY
JUNE
49344
50000
50345
JULY
AUG.
SEP.
APR. p
nonborrowed 3
seasonal
extended c:redi t4
sa
a
30:~
1
Two weeks
ending
1992-MAR. 18
APR.
1
15
29
57656
57158
57913
57539
57103
57795
57540
57103
57798
56041
56093
56699
1616
1065
1214
333535
333671
335501
117
56
118
MAY
13p
57745
57592
57592
57107
638
336018
153
p--preliminary
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. I
2.
Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess
reserves. IAlso, see footnote 2 on Table 2 and footnote 2 on Table 3. I
3.
Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total
borrowings of depository inst1tutions from the Federal Reserve.
4.
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 3).
5.
The seasonal!¥ adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 121 the
6.
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 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. I
1.
n.;, I!>Ui:: J
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
Reserves of depository institutions
Vault cashs
base
Reserve
balances
with
F.R. Banks 4
Moneta~y
total
used to
satisfy
required
reserves6
surplus 7
Date
total 2
nonborrowed
required
1991-APR.
MAY
JUNE
50301
49063'
50407
50070
48760
50068
49270
48033
49399
313946
314251
317253
23508
22287
23685
30555
30718
30523
26793
26776
26722
3762
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
50456
50366
49317
332712
22655
31071
27800
3271
APR. p
Net
carryover
of reserv~
balances
Two weeks
ending
56509
56434
56001
336577
29111
30564
27398
3166
188
APR.
1
15
29
56403
50238
50363
56286
50183
50245
54788
49174
49149
335892
332649
332492
27578
22885
22138
32414
30456
31643
28826
27353
28225
3588
3103
3418
-87
348
181
MAY
13p
48844
48691
48206
333491
21752
30346
27092
3255
307
1992-MAR. 18
p--preliminary
I.
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 12) 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 exceeds
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 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) 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 only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess I+) or
deficit 1-) 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
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
1991-APR.
MAY
JUNE
50248
48996
50323
50017
48693
49983
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
1992-JAN.
FEB.
MAR.
55790
55173
56170
55557
55095
56079
54787
54108
55142
328750
328580
331051
58690
58600
57551
335799
56402
56327
55894
331891
APR. p
Two weeks
ending
1992-MAR. 18
APR.
1
15
29
56278
58778
58884
56161
58722
58766
54662
57713
57670
331013
335996
335923
MAY
13p
57161
57008
56523
336089
p--preliminary
l.
2.
3.
4.
pe--preliminary estimate
Figu':,'eS reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve
requ1rements.
Break-adjusted total reserves equal break-adjusted required reserves !Table 3, column 3) plus excess reserves NSA
!Table 1, column 5).
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 l l break-adjusted total reserves plus 12) 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, D.C. 20551
@FedFRASER