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. · FEDERAL RESERVE statistica I release ·- H.3 1502) Table 1 For Release at 4:30p.m. Easter·n Time AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve reguirements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars OCTOBER 1, 1992 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 nonborrowed3 nonborrowed plus exte'4ded credit required e~s:~s Monetary base 6 total 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 38 302 12 1 1 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 1 APR. MAY 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 0 0 JULY AUG. SEP. pe 49489 50322 51343 49205 50071 51055 49205 50071 51055 48524 49387 50318 965 935 1024 332255 336879 341379 284 251 287 203 223 194 0 0 0 5 19 49795 50076 49554 49828 49554 49828 48872 49251 922 825 334516 336539 241 249 222 221 0 0 2 16p 30pe 50828 50580 52179 50570 50259 51921 50570 50259 51921 49760 49828 50889 1067 752 1290 338259 340635 342570 258 321 259 226 187 196 0 0 0 seasonal extended credit4 2 2 2 Two weeks ending 1992-AUG. SEP. 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. l 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 winda~ 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 seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves plus 121 the seasonally adJusted currency component of the money stock plus (31, 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. l H.3 1502) Table 2 ~Cj~~~f:f'L~ ~~~e~~~~~e~f r~:Urr2~~~9RY INSTITUTIONS AND THE MONETARY BASE Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash 5 Reserves of depository institutions base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy requireCI reserves 6 surplus 7 Net car·ry:'- ·e1· of res. "'jl bal;;nc"'s Date total 2 nonborrowed required 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 199Z-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. pe 49823 50162 51519 49538 49911 51231 48857 49227 50494 339865 342507 346034 21206 21272 22648 32145 32457 32343 28617 28890 28871 3528 3567 3472 5 19 49369 50681 49129 50432 48447 49856 339778 343974 21264 21515 31613 3268"/ 28105 29166 3508 3521 120 53 2 16p 30pe 49887 51879 51392 49629 51558 51134 48820 51126 50102 341934 347472 345182 20991 23441 22092 32541 31625 33033 28896 28438 29301 3645 3187 3732 46 54 -40 Two weeks ending 1992-AUG. SEP. p--preliminary l. 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 wi·th 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 (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus ( 3 l the cur1·ency component of the money stock plus ( 4 l, for ~·11 q·.:arter 1,, reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault casi1 exce s their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. After t1a 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" adjush~ents. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Under contemporaneous reservn 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.e., those whose required reserves exceed their vault cashl plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (i.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 (-) 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 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 Data 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. MAY JUNE 50015 48622 49245 49925 48468 49016 48877 47622 48333 327448 328368 330935 JULY AUG. SEP. pa 49524 49813 51111 49240 49562 50824 48559 48878 50087 334093 336607 339931 5 19 49052 50332 48812 50083 48130 49506 334061 338080 2 16p 30pe 49524 51472 50977 49266 51152 50718 48457 50720 49686 335950 341448 338983 Two weeks ending 1992-AUG. SEP. 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 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 (1) break-adjusted to~al reserves plus !2) 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
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