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. ·
FEDERAL RESERVE statistical release
·-
H.3 1502)
Table 1
For Release at 4:30p.m. Eastern Time
~?u~~dE2~~"~~~nE!!Ye~~ ~i~e~~?s~ITORY
INSTITUTIONS
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
AND THE MONETARY BASE
total 2
9 , 1991
Borrowings of depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
Date
MAY
nonborrowed 3
nonborrowed
plus exte'.?ded
credit
required
e~~:~s
Monetary
base 6
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
310981
534
252
241
33
37
55
27
34
53
49415
49184
49270
48365
1050
310619
231
79
86
APR. p
Two weeks
ending
1991-MAR.
6
20
49154
49376
48728
49191
48778
49238
47933
48369
1221
1007
310307
310379
426
185
41
51
50
47
APR.
3
17
50032
49399
49820
49175
49882
49251
48658
48598
1374
801
312116
309959
212
224
68
70
62
76
49291
49047
49149
48048
1243
310984
244
92
103
MAY
1p
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. IAlso, 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 ter·ms 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 mar·ket impact of extended credit is similar to that of nonborrowed
reser·ves.
Excess reserves NSA equals unadjusted total reserves (Table 2, column lJ less unadjusted required reserves (Table 2, column 3).
The seasonally adjusted, break-adjusted monetary base consists of ! l l seasonally aajusted, break-adjusted total reserves plus (2) the
seasonally ad JUS ted currency component of the money stack plus ( 3 J, for all quarterly reporters on the "Report of Tr·ansaction Accounts, Other
Deposits and Vault Cash" a~ 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 satisfv current reserve requirements. (Also see footnote 3 on Table 2
and footnote 4 on table 3. J
H.3 15021
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
Date
total 2
nonborrowed
required
Monetasy
base
Reserve
balances
with
F.R. Banks 4
1990-APR.
MAY
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.
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
50321
50090
49271
313963
23528
30549
26793
3756
6
20
47857
48622
47431
48438
46637
47616
308644
311711
20228
22209
32005
30286
27629
26413
4376
3873
128
3
48938
51020
48726
50797
47564
50219
311493
315553
21949
24258
31067
30309
26989
26762
4078
3547
241
lp
49888
49644
48645
312820
23105
30689
26782
3907
50
APR. p
total
used to
satisfy
requireCI
reserves 6
surplus 7
Net
carryover
of reservw
balances
Two weeks
ending
1991-MAR.
APR.
MAY
17
p--preliminary
1.
2.
3.
4.
5.
6.
7.
8.
75
80
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 9f CRR, currency and vault ca~h figures are measured over computati9n periods ending on Mondays.
Excludes requ1red clear1ng balances and adJustments to compensate for float and 1ncludes 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 re~erve
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 co'!lputati9n period by "bound" institutions (i.e., those whose required reser..:.es exceed their vault
casl)l plus_the amount of vault c::ash apphed dur1ng the m~intenance period by "nonbound" institutions I i.e., those whose vault cash exceeds
the1r requ1red reserves) to sat1sfy current reserve requ1rements.
Tota! vault cash held by depository_insti~uti9ns '!linus tl)e a'!lo~nt applied to satisfy reserve requirements.
Con~1~ts of carryover o~ly at depos1tory_1nst1tut1on~ ma1nta1n1ng reserves on th~ basis of tw9-week '!laintenance periods. Reflects excess(+) or
def1c1t (-) reserves el1g1ble to be carr1ed forward 1nto the two-week reserve ma1ntenance per1od end1ng on the date shown.
H.3 1502 J
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
total 2
Date
nonborrowed
required 3
Monetary base 4
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
50321
5,0090
49271
310873
APR. p
Two weeks
ending
1991-MAR.
6
20
47857
48622
47431
48437
46636
47615
305784
308837
APR.
3
17
48937
51020
48725
50796
47563
50219
308674
312484
49887
49643
48644
309646
MAY
lp
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 3J 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 Ill break-adjusted total reserves plus 121 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