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FEDERAL RESERVE statistical release For Releasee en, '*':•11-F".,..-~ .....ern Time H. 3 ( 502 I Table 1 ~?u~~dE~!'l~n~~~nE!!~~! ~!ui~e~!~~ITORY INSTITLTIONS AND THE MONETARY BASE NOVEMBER s, 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';lded credit required eNsA~s Honeta~y base total Date total 2 1991-SEP. OCT. NOV. DEC. 43487 44138 44785 45601 42841 43877 44677 45409 43143 43889 44678 45410 42558 43055 43893 44623 929 1083 892 979 310929 313281 315332 317254 645 261 108 192 287 211 86 38 1992-JAN. FEB. MAR. 46186 47746 48476 45953 47668 48385 45954 47670 48386 45183 46681 47447 1003 1065 1028 319695 323411 324512 233 77 91 17 22 32 2 2 APR. HAY JUNE 49001 49494 49234 48911 49339 49005 48913 49339 49005 47863 48494 48321 1137 1000 913 326500 328584 329642 90 155 229 47 98 149 2 0 0 JULY 49489 50322 51346 49205 50071 51058 49205 50071 51058 48524 49387 50352 965 935 994 332255 336865 341545 284 251 287 203 223 193 0 0 0 50828 50579 52187 50570 50258 51928 50570 50258 51928 49760 49783 51004 1067 795 1182 338236 340593 342969 258 321 259 226 187 196 (I (l (I 52672 53411 52488 53294 52488 53294 51520 52432 1152 979 344716 346175 185 118 146 95 () () AUG, SEP. nonborrowed3 1992 seasonal extended c:redi t 4 302 u 1 1 l Two weeks ending 1992-SEP. 2 16 30 OCT. 14 28p 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. I For more information, see Table 3. J Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusterl required reserves plus unadjusted excess reserves. I Also, see footnote 2 on Table 2 and footnote 2 on Table 3. J Seasonally adjusted, break-adjusted nonborrowed reserves eq~al 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 11 less unadjusted required reserves (Table 2, column 31. The seasonally 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 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. !Also see footnote 3 on Table 2 and footnote 4 on table 3.1 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 Date total 2 nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 1991-SEP. OCT. NOV. DEC. 51127 51584 53057 55532 50482 51323 52949 55340 50198 50501 52165 54553 320698 322712 326880 333611 23447 23197 25004 26659 31536 32299 31714 32513 27680 28386 28053 28872 3856 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 APR. MAY JUNE 50455 48825 49496 50365 48670 49267 49318 47825 48584 332694 333792 336431 22655 21071 21223 31071 31197 31729 27800 27754 28273 3271 3442 3456 JULY AUG. SEP. 49823 50162 51521 49538 49911 51234 48857 49227 50527 339865 342494 346207 21206 21272 22627 32145 32457 32343 28617 28890 28894 3528 3567 3448 49887 51876 51399 49629 51556 51140 48820 51081 50217 341910 347427 345600 20991 23439 22048 32541 31625 33033 28896 28438 29351 3645 3187 3682 46 54 -29 53246 52734 53062 52616 52094 51754 349848 349222 23809 22945 32929 33334 29437 29789 3492 3545 184 217 total used to satisfy required reserves6 surplus 7 Net carryover of reservti balances Two weeks ending 1992-SEP. 2 16 30 OCT. 14 28p 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 ~he 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 reser•.·e requirements. Under contemporaneous reserve requirements, maintenance periods end 30 days after the lagqed comp,utation periods in which the vault cash is held. All vault cash held during the lagged computation period b~ "bound' institutions I i.e., those whose required reserves exceed their vault cash) 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 maint~ining reserves on the basis of two-week maintenance periods. Reflects excess I+J or deficit 1-J reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 15021 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 1991-SEP. OCT. NOV. DEC. 43279 43667 44861 46975 42634 43406 44753 46783 42350 42584 43969 45996 309682 311490 315146 321065 1992-JAN. FEB. MAR. 47346 46848 47685 47113 46770 47594 46343 45783 46657 320429 320379 322691 APR. HAY JUNE 50015 48622 49245 49925 48468 49016 48877 47622 48333 327448 328368 330935 JULY AUG. SEP. 49524 49813 51113 49240 49562 50825 48559 48878 50118 334093 336594 340105 49524 51470 50982 49266 51150 50723 48457 50675 49799 335926 341406 339401 52788 52258 52603 52140 51635 51278 343746 343043 Two weeks ending 1992-SEP. 2 16 30 OCT. 14 28p 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 I Table 3, column 3J plus ·excess reserves NSA !Table 1, column 5J. 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 121 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 rese.·ves, 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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