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FEDERAL RESERVE statistical release H.3 1502! Table 1 For Release at 4:30p.m. Eastern Time ~?u~~E~f'l~n~~~nE~Ye~! ~~i~e~!?s~ITORY INSTITt;TIONS AND THE MONETARY BASE OCTOBER 15 , 1992 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~ded credit required eN~A~s Monetary base 6 total 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 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 2 2 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 2 0 0 JULY AUG. SEP. p 49489 50322 51351 49205 50071 51064 49205 50071 51064 48524 49387 50347 965 935 1005 332255 336879 341591 284 251 287 203 223 193 0 50076 49828 49828 49251 825 336539 249 221 0 50828 50579 52199 50570 50258 51941 50570 50258 51941 49760 49783 50994 1067 795 1205 338259 340627 343032 258 321 259 226 187 196 0 0 0 52667 52482 52482 51552 1115 344928 185 146 0 Date total 2 1991-SEP. OCT. NOV. DEC. 43487 44138 44785 45601 1992-JAN. FEB. 11AR. nonborrowed3 seasonal extended credit4 0 0 Two weeks ending 1992-AUG. 19 SEP. 2 16 30p OCT. 14pe 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.) 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 o· Table 3.) 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 seasonally adjusted, break-adjusted monetary base consists of 11) 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 cashs 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. p 49823 50162 51527 49538 49911 51239 48857 49227 50522 339865 342507 346256 21206 21272 22632 32145 32457 32343 28617 28890 28895 3528 3567 3448 50681 50432 49856 343974 21515 32687 29166 3521 53 49887 51876 51412 49629 51556 51153 48820 51081 50207 341934 347460 345669 20991 23439 22060 32541 31625 33033 28896 28438 29352 3645 3187 3681 46 54 -29 53241 53057 52127 350052 23812 32929 29430 3499 191 total used to satisfy requirea reserves 6 surplus 7 Net carryover of reserv! balances Two weeks ending 1992-AUG. 19 SEP. 2 16 30p OCT. 14pe 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 ~t Federal Reserve Banks P.lus 13) the currency component of the money stock plus 141, for all quarterly reporters on the "Report of Transac·hon Accounts, Other Depos1ts and Vault Cash" and for all those weekly reporters whose vault cash exceeas ~heir req~ired reserves, the difference betwee~ current vault cash and the amou~t appl~ed to s~tisfy current reserve requirements. After the 1ntroduct1on of CRR, currency and vault cash f1gures are measured over computat1on per1ods end1ng on Mondays. · Excludes required clearing balances and adjustments to compensate for float and includes ot:.er 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 reguirements, maintenance periods end 30 days after the lag_,ed computation periods in which the vault cash is held. All vault cash held during the lagged computation period by "b~:>und" institutions li.e., those whose required reserves exceed their vault cashl plus the amount of vault cash Clpplied during the maint,~nance period by "nonbound" institutions li.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. Total vault cash held by depos.i tory institutions minus the amount applied to satisfy r-eserve requirements. Consists of carryover only at depository ins\itutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess l+l 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 Date total 2 nonborrowed required 3 Monetary base4 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. p 49524 49813 51118 49240 49562 50831 48559 48878 50114 334093 336607 340153 50332 50083 49506 338080 49524 51470 50994 49266 51150 50736 48457 50675 49789 335950 341439 339467 52782 52598 51668 343946 Two weeks ending 1992-AUG. 19 SEP. 2 16 30p OCT. 14pe p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", associa·ted with regulatory changes in reserve requirements. Break-adjusted total reserves equal break-adjusted required reserves ITable 3, column 3l plus excess reserves NSA ITable 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 Ill break-adjusted total reserves plus 12l the lunadjustedl 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 applie~ 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 Reser-ve System, Hashington, D.C. 20551
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