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. -
FEDERAL RESERVE statistica I release
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H.3 1502)
Table 1
For Release at 4:30p.m. Eastern Time
~?u~~E~!'l~n~~~nE!!~~~ ~!ui~e~!:,~~ITORY INSTITUTIONS AND THE MONETARY BASE
ocToBER 22 ,. 1992
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
Borrowings of depository ins t i tut ic•ns
from the Federal Reserve, NSA
Reserves of depository institutions
nonborrowed
plus exte~ded
credit
required
eN~:~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
49489
50322
51347
49205
50071
51060
49205
50071
51060
48524
49387
50342
965
935
1006
332255
336865
341548
284
251
287
203
223
193
0
0
0
50076
49828
49828
49251
825
336530
249
221
0
50828
50579
52190
50570
50258
51932
50570
50258
51932
49760
49783
50983
1067
795
1207
338236
340593
342977
258
321
259
226
187
196
0
52681
52496
52496
51525
1156
344755
185
146
0
Date
total 2
1991-SEP.
OCT.
NOV.
DEC.
43487
44138
44785
45601
1992-.JAN.
FEB.
MAR.
AUG.
SEP.
nonborrowed 3
seasonal
extended cr·edi t4
Two weeks
ending
1992-AUG. 19
SEP.
2
16
30
OCT. 14p
p--preliminary
1.
2.
3.
4.
5.
6.
0
0
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 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 ll less unadjusted required reserves !Table 2, column 3l.
The seasonal!¥ adjusted, break-adjusted monetary base consists of Ill 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" ana for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, brE!akadjusted 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 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
Reserves of depository institutions
+.otal 2
Date
Vault cashs
nonborrowed
required
MonetaF
base
Reserve
balances
with
F.R. Banks 4
total
used to
satisfy
requirei::l
reserves 6
surplus 7
Net
carryover
of reserv~
balances
1991-SEP.
OCT.
NOV.
DEC.
51127
51584
53057
55532
50482
51323
529£!9
55340
50198
50501
.52165
54553
320698
322712
326880
333611
23't47
23197
25004
26659
31536
32299
31714
32513
27680
28386
28053
20872
3856
3913
3661
3641
1992-JAN.
FEB.
MAR.
55812
55238
56282
55579
55161
56191
54809
54174
55254
33309ft
333190
335817
25416
24918
28057
34135
34218
31647
30396
30320
28225
3739
3897
3422
APR.
MAY
JUNE
50455
ft8825
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
51523
49538
49911
51236
48857
49227
50517
339865
342494
346212
21206
21272
22629
32145
32457
32343
28617
28890
28894
3528
3567
3448
50681
50432
49856
343965
21515
32687
29166
3521
53
49887
51876
51403
49629
51556
51144
48820
51081
50196
341910
347427
345611
20991
23439
22052
32541
31625
33033
28896
28438
29351
3645
3187
3682
46
54
-29
53255
53071
52099
349888
23809
32929
29446
3483
188
Two weeks
ending
1992-AUG. 19
SEP.
2
16
30
OCT. 14p
p--preliminary
I.
2.
3.
4.
5.
6.
7.
8.
pe--pre1iminary estimate
Reflects actual required reserves, with no adjustments to eliminate '.:he effects of d:i.sccntinu.i. ties;, or "breaks", associated ~•i th regulatory
chanc:8S in t·ese'rve requirements.
Reserv" balances with Federal Reserve Bao"lks plus vault cash used to satisfy reserve re.qu:i.r·eme;,{s.
The mone·(ar'f !lase, not break-adjusted and no{ seasonally adjusted, consists of ( 1) total reserves plus ( 2 l required clearing balances and
adjustments Jw compens<~te for float at Federal Reserve Banks plus ( 3 l the currency component of -~he r.1oney stock plus ( 4), for all quarterly
repor-l:ors on the "Report of Tro.nsaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceei:ls
their requi;·ed reserves, th.;. difference be-l:ween 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 balanc<-lS and adjustments to compensate for float and includes other off-balance sheet "as-of" adjus·bnents.
Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Under contemporaneous reserve
reguir·ements, 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
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 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 I 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
total 2
Date
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.
49524
49813
51114
49240
49562
50827
48559
48878
50109
334093
336594
340110
50332
50083
49506
338071
49524
51470
50986
49266
51150
50727
48457
50675
49778
335926
341406
339412
52796
52612
51640
343783
Two weeks
ending
1992-AUG. 19
SEP.
2
16
30
OCT. 14p
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 woula 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 12) 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 ~he Money and Reserves Projections Section, Division of Monetary Affairs, Board
of Governors of The Federal Reserve System, Hashington, D.C. 20551
@FedFRASER