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FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30p.m. Eastern Time ~?u~~dE~~l~n~~~nE~Ye~~ ~~i~e~!~~ITORY INSTITUTIONS AND THE MONETARY BASE MAY 28 , 1992 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Borrowings of depository institutions from the Federal Reserve, NS.A Reserves of depository institutions total 2 Date nonborrowed3 nonborrowed plus exte~ded credit required exce~s Monetary base 6 total seasonal NSA extended <:redi t4 1991-APR. MAY .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 86 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 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"' 1992-.JAN. FEB. MAR. 54367 56418 57331 54133 56340 57239 54134 56342 57241 53364 55353 56302 1003 1065 1028 327681 332152 333236 233 17 22 32 1 77 91 57546 57456 57458 56408 1138 334596 90 47 ;Z 1 15 29 57656 57158 57912 57539 57103 57794 57540 57103 57798 56041 56093 56700 1616 1065 1212 333535 333671 335496 117 56 118 38 37 57 1 1 4 13p 27pe 57742 58860 57589 58703 57589 58703 57108 57372 634 1488 336011 337119 153 157 75 113 0 0 APR. p 8 30:~ ยท- 1 1 ;~ :z Two weeks ending 1992-APR. MAY p--preliminary 1. 2. 3. 4. 5. 6. 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. l Seasonally adjusted, break-adjusted total reserves equal 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 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 3). The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adJusted currency component of the money stock plus (3), 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. (Also see footnote 3 on Table 2 and footnote 4 on table 3.) H. 3 I 502 l 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 Reserve balances with F.R. Banks 4 total used to satisfy requireCI reserves 6 surplus 7 Net carryover of reserv1 balances Date total 2 nonborrowed required Monetasy base 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 50455 50365 49317 332710 22655 3~.071 27800 3271 1 15 29 56403 50238 50362 56286 50183 50244 54788 49174 49150 335892 332649 332487 27578 22885 22137 32414 30456 31643 28826 27353 28225 3588 3103 3418 -87 348 181 13p 27pe 48841 48802 48688 48645 48207 47314 333488 333159 21750 20413 30346 32069 27091 28389 3256 3680 300 -54 APR. p Two weeks ending 1992-APR. MAY 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 131 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 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 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 I i.e., those whose required 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 (+J or deficit 1-l reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H. 3 I 502 l 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 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 57552 335797 1 15 29 56278 58778 58883 56161 58722 58765 54662 57713 57671 331013 335996 335918 13p 27pe 57158 56943 57005 56786 56524 55455 336082 335770 APR. p Two weeks ending 1992-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 !Table 3, column 3) 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 egyals I l l break-adjusted total reserves plus 12) 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, Hashington, D.C. 20551
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