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FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30 p.m. Eastern Time fd?u~~dE~!'l~ng~~~nE~~~! ~~i~e~!?s~ITORY NOVEMBER 29 , 1991 INSTITUTIONS AND THE MONETARY BASE 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 Date total 2 nonborrowed 3 nonborrowed plus exte~ded credit required eNs:~s MonetaEy base total seasonal 1990-0CT. NOV. DEC. 47942 48245 49104 47532 48014 48778 47550 48039 48801 47096 47297 47440 847 947 1664 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 47297 47803 48387 2169 1808 1179 305152 309438 310982 534 252 241 33 37 55 27 34 53 APR. MAY JUNE 49395 50068 50429 49164 49765 50089 49250 49853 50097 48364 49039 49421 1031 1030 1008 310605 311479 312469 231 303 340 151 222 79 86 88 8 JULY AUG. SEP. 50510 51002 51281 49904 50238 50635 49949 50538 50937 49605 49916 50352 906 1086 929 313910 316313 318020 607 764 645 317 331 287 46 300 302 OCT. p 51967 51706 51718 50884 1083 320666 261 211 12 51293 51406 52582 50910 51116 52357 50951 51123 52371 50249 50390 51415 1044 1016 1167 319233 319356 322080 383 290 225 296 228 191 41 7 14 52555 52971 52441 52868 52443 52870 51640 51932 914 1039 322084 322120 114 103 98 85 2 2 extended credit4 Two weeks ending 1991-0CT. z 16 30 NOV. 13p 27pe p--preliminary 1. 2. 3. 4. 5. 6. pe--preliminary estima'l:e Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. I 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. 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 1) less unadjusted required reserves !Table 2, column 3). The seasonal!¥ adjusted, break-adjusted monetary base consists of I l l seasonally adjusted, break-adjusted total reserves plus 12) 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" 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. !Also see footnote 3 on Table 2 and footnote 4 on table 3.) 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 cash5 Reserves of depository institutions base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy requirea reserves 6 surplus 7 Net carryover of reservg balances Date total2 nonborrowed required 1990-0CT. NOV. DEC. 61052 62045 59120 60642 61815 58795 60206 61098 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 48823 46743 47407 309303 308531 311040 22023 19827 21734 33220 33477 30895 28969 28724 26853 4250 4753 4043 APR. MAY JUNE 50301 49063 50407 50070 48760 50068 49270 48033 49399 313946 314251 317253 23508 22287 23685 30556 30720 30524 26793 26776 26722 3764 3944 3801 JULY AUG. SEP. 50660 50607 51127 50054 49843 50482 49754 49521 50198 319460 320074 320698 23271 22810 23447 31322 31779 31549 27389 27798 27680 3933 3981 3869 OCT. p 51584 51323 50501 322720 23197 32305 28386 3919 50165 51924 51357 49782 51634 51133 49122 50908 50191 319042 323495 322216 22024 23418 22980 32310 32333 32381 28141 28506 28377 4169 3827 4004 88 122 149 52820 52955 52706 52852 51906 51915 326288 326282 25494 24170 30841 32664 27326 28784 3515 3880 241 196 Two weeks ending 1991-0CT. 2 16 30 NOV. 13p 27pe 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 re~irements. The monetary base, not break-adjusted and not seasonally adjusted, consists of Ill total reserves plus 12l required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) 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 exceeas their reqyired 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 co~utation 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 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 (+)or deficit 1-l reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 (502) 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 base 4 1990-0CT. NOV. DEC. 47554 48418 50578 47143 48188 50253 46707 47471 48914 294426 298440 304040 1991-JAN. FEB. MAR. 50756 48551 48586 50222 48299 48345 48586 46743 47407 306025 305743 308188 APR. MAY JUNE 50301 49062 50407 50069 48759 50067 49270 480~3 49399 310858 311022 314058 JULY SEP. AUG. 50660 50607 51127 50053 49843 50481 49754 49521 50198 316211 316764 317377 OCT. p 51583 51322 50500 319259 50165 51923 51357 49782 51633 51132 49121 50908 50190 315667 320111 318678 52819 52954 52706 52851 51905 51915 322655 322565 Two weeks ending 1991-0CT. 2 16 30 NOV. 13p 27pe p--prel iminary 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 5). To adjust required reserves for discontinuities due to regulatory cha~s in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been ~n effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions depos1ts. The break-adjusted monetary base eguals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), 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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