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FEDERAL RESERVE statistical release
H.3 1502J
Table 1
For Rele'ase at 'r(:30 p.m. Eastern Time
!'d'fu~~dE~~l~n~~~nE~~~~ ~~,li~e~!:,?s~ITORY INSTITUTIONS AND THE MONETARY BASE
ocTOBER 11 , 1991
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
1990-SEP.
OCT.
NOV.
DEC.
48262
47942
48245
49104
47637
47532
48014
48778
47644
47550
48039
48801
1991-JAN.
FEB.
MAR.
49466
49611
49566
48932
49359
49325
APR.
MAY
JUNE
49395
50068
50429
JULY
AUG.
SEP. p
exce~s
Monetary
base 6
total
seasonal
47353
47096
47297
47440
909
847
947
1664
293804
295941
297553
299785
624
410
230
126
418
335
162
76
6
18
24
23
48958
49393
49378
47297
47803
48387
2169
1808
1179
305152
309438
310982
534
252
241
33
37
55
27
34
53
49164
49765
50089
49250
49853
50097
48364
49039
49421
1031
1030
1008
310605
311479
312469
231
303
340
79
151
222
86
88
8
50510
51002
51283
49904
50238
50637
49949
50538
50939
49605
49916
50354
906
1086
929
313910
316310
318019
607
764
645
317
331
287
46
300
302
1991-AUG. Zl
50731
50052
50333
49671
1061
315539
679
330
281
SEP.
4
18
51456
51220
50662
50392
51067
50888
50184
50488
1273
732
317808
317034
795
828
320
269
406
496
OCT.
2p
16pe
51298
51550
50915
51260
50956
51266
50254
50386
1044
1163
319239
319666
383
290
296
228
41
7
NSA
extended credit 4
Two weeks
ending
p--preliminary
1.
2.
4
5.
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 tota!.
borrowings of depository inst1tutions from ~he Federal Reserve.
Extend~d cr~dit consists of borrowing at the discount window under the terms and conditions established for the extended credit program to
help deposito,~¥ institutions deal witt. sustained liquidity pressures, Ber.ause there is not the same need to repay such borrowi~ promptly
a~ there is t<~i th tradi tiona! short-term C~~djustmen·t credit, the mc>ney market impact of extended credit is similar to that of nonoorrowed
reserves.
Excess reserves NSA equals unadjusted total reserves ITable 2, column l l less unadjusted t'equired reserves !Table 2, column 31.
The seasonally adjusted, break-adjusted monetary base consists of I l l seasonally adjusted, breal<.-adjusted total reserves plus i 2: l the
seasonally ad Jus ted currency component of the lf•oney stock plus (!I, for all qua i-ter ly reporters on the "Report of Transact ion Accoun{s, Other
Del?osits and Vault Cash" ani:! for aU those weekly reporters whose yauH: cash.r.xceeds their required r~serves, the seasonally adjusted, break··
adJusted d1 fferel'"'CEl between current vault cash and the amount apphed to sahsfy curr·ant reserve requ1rements. I Also see footncn:e 3 on Table 2
and footnote 4 on table 3. I
H.3 I 502)
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
total 2
Date
nonborrowed
required
base
Reserve
balances
with
F.R. 8anks 4
Moneta~y
total
used to
satisfY.
requirect
reserves 6
surplus 7
1990-SEP.
OCT.
NOV.
DEC.
61452
61052
62045
59120
60828
60642
61815
58795
60543
60206
61098
57456
307211
308854
312689
313700
33303
32127
33382
30237
30625
31515
31086
31777
28149
28925
28663
28884
2476
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. p
.50660
50607
51129
50054
49843
50484
49754
49521
50200
319459
320071
320700
23271
22810
23450
31322
31779
31549
27389
27798
27680
3933
3981
3869
Net
carryover
of reservr
balances
Two weeks
ending
50977
50298
49917
321038
22508
32499
28469
4030
-14
SEP.
4
18
50331
52179
49536
51351
49058
51447
319536
322442
23077
24771
31137
31015
27254
27408
3883
3608
98
195
OCT.
2p
16pe
50170
52067
49787
51777
49127
50904
319057
323800
22031
23575
32310
32333
28139
28493
4171
3840
88
135
1991-AUG. 21
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 (1) total reserves plus 12) required cleari~ balances and
adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterlY.
reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceects
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 reserve requirements. Under contemporaneous reserve
requirements, maintenance periods end 30 days after the lagged c~tation ~riods in which the vault cash is held.
All vault cash held during the lagged Cl?f!IPUtation period by "bound' institutions I i.e., those whose required reserves exceed their vault
cash) plus the aiiiOU"'t of vault cash applied during the maintenance period by "nonbound" institutions I 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 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
total 2
Date
nonborrowed
required 3
Monetary base 4
1990-SEP.
OCT.
NOV.
DEC.
48107
47554
48418
50578
47483
47143
48188
50253
47199
46707
47471
48914
293067
294426
298440
304040
1991-JAN.
FEB.
MAR.
50756
48551
48586
50222
48299
48345
48586
46743
47407
306025
305743
308188
APR.
HAY
JUNE
5o3o1
49062
50407
50069
48759
50067
49270
48033
49399
310858
311022
314058
.JULY
AUG.
SEP. p
50660
50607
51129
50053
49843
50483
49754
49521
50200
316211
316760
317376
50977
50298
49916
317747
Two weeks
ending
1991-AUG. 21
SEP.
4
18
50330
52178
49536
51351
49058
51447
316181
319177
OCT.
2p
16pe
50170
52067
49787
51777
49126
50904
315674
320404
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 31 plus excess reserves NSA
(Table 1, column 5).
To adjust required reserves for discontinuities due to r~latory 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 in effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions
deposits.
The break-adjusted monetary base ~ls 111 break-adjusted total reserves plus 121 the (unadjusted) currency component
of the money stock plus ( 3 I, for all quarterly r~orters 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 Honey and Reserves Projections Section, Division of Monetary Affairs, Board
of Governors of The Federal Reserve System, Hashington, D.C. 20551
@FedFRASER