The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE statistical release
For Release at 4:30 p.m. Eastern Time
H.3 15021
Table 1
AGGREGATE RESERVES OF
DEPO~ITORY
Adjusted for cha~s in reserve ~irements
Ave~ of daily figures, s-sonally adjusted
Millions of dollars
W~less
INSTITUTIONS AND THE MONETARY BASE
OCTOBER 24, 1991
noted otherwise
Borrowings of depository institutions
from the Federal Reserve, NSA
Reserves of depository institutions
nonborrowed
plus ext~
credit
required
excels
NSA
Honetaty
base
total
seasonal
47637
47532
48014
48778
47644
47550
48039
48801
47353
47096
47297
47440
909
847
947
1664
293804
295941
297553
299785
624
410
230
326
418
335
162
76
6
18
24
23
49611
48932
49359
49325
48958
49566
49393
49378
47297
47803
48387
2169
1808
1179
305152
309438
310982
534
252
241
33
37
55
27
34
53
49395
50068
50429
49164
49765
50089
49250
49853
50097
48364
49039
49421
1031
1030
1008
310605
311479
312469
231
303
340
79
151
222
88
50510
51002
51281
49904
50238
50635
49949
50538
50937
49605
49916
50351
906
1086
929
313910
316310
318016
607
764
645
317
331
287
46
300
302
50731,
50052
50333
49671
1061
315539
679
330
281
18
4
51456
51220
50662
50392
51067
50888
50184
50488
1273
732
317808
317034
795
828
320
269
406
496
2
51293
51462
50910
51172
50951
51179
50248
50397
1045
1065
319231
319360
383
290
296
228
41
7
Date
total 2
1990-SEP.
OCT.
NOV.
DEC.
48262
47942
48245
49104
1991-JAN.
FEB.
4"J466
HAR.
APR.
HAY
JUNE
JULY
AUG.
SEP.
nonborrowed 3
extended credit 4
86
8
Two weeks
ending
1991-AUG. 21
SEP.
OCT.
16p
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. I
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. I
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 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 121 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" ana 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 sa{isfy current reserve requirements. !Also see footnote 3 on Table 2
and footnote 4 on table 3. l
H.3 15021
Table 2
AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve reguirements
Averages of daily figures, not seasonally adjusted
Millions of dollars
Vault cashs
Reserves of depository institutions
total 2
Date
nonborrowed
required
base
Reserve
balances
with
F.R. Banks 4
Moneta~y
total
used to
satisfy
requirei:l
reserves 6
surplus 7
Net
carryover
of reservw
balances
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
3i777
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
3'17253
23508
22287
23685
30556
30720
30524
26793
26776
26722
3764'
3944
3801
JULY
AUG.
SEP.
50660
50607
51127
50054
49843
50482
49754
49521
50198
319459
320071
320694
23271
22810
23447
31322
31779
31549
27389
27798
27680
3933
3981
3869
50977
50298
49917
321038
22508
3.2499
28469
4030
-14
49536
51351
49058
51447
319536
322442
23077
24771
31137
31015
27254
27408
3883
3608
98
195
49782
51690
~6~~~
319041
323513
22025
23471
32310
32333
28140
28509
4170
3824
. 88
Two weeks
ending
1991-AUG. 21
SEP.
4
18
50331
52179
OCT.
2
16p
50165
51980
p--prel iminary
1.
2.
3.
4.
5.
6.
7.
8.
123
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 r~irements.
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 13) the currency c~onent of the money stock plus 14), for all ~rterly
reporters on the "Report of Transaction Accounts, Other Depgsits and Vault Cash" and for all those weekly reporters whose vault cash exceei:ls
their re~ired 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 req~,~ired 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
reguirements, maintenance periods end 30 days after the lagged computation periods in which the vault cash is held.
All vault cash held during the lagged C9J!IPUtation period by "bound" institutions I i.e., those whose reguired reserves exceed their vault
cash J plus the amount of vault cash applied during the maintenance period by "nonbound" institutions I i.e. > those whose vault cash exceeds
their reqyired reserves) to satisfy current reserve req~,~irements.
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 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 1502 l
Tabla 3
AGGREGATE RESERVES OF
DEPO~ITORY
Adjusted for changes in reserve requirements
Averages of daily figures, not seasonally adjusted
Millions of dollars
INSTITUTIONS AND THE MONETARY BASE
Reserves of depository institutions
Data
total 2
nonborrowad
required3
Monetary basa 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
50301
49062
50407
50069
48759
50067
49270
48033
49399
310858
311022
314058
JULY
AUG.
SEP.
50660
50607
51127
50053
49843
50481
49754
49521
50197
316211
316760
317373
1991-AUG. 21
50977
50298
49916
317747
SEP.
4
18
50330
52178
49536
51351
49058
51447
316181
319177
OCT.
2
16p
50165
51979
49782
51689
49120
50915
315666
320118
Two weeks
ending
p--praliminary
1.
2.
3.
4.
pa--praliminary estimate
Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve
raqu1ramants.
Break-adjusted total reserves equal break-adjusted required reserves !Table 3, column 3) plus excess reserves NSA
!Tabla 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 ~n effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions
depos1ts.
The break-adjusted monetary base e~als 11) 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 the Honey and Reserves Projections Section, Division of Monetary Affairs, Board
of Governors ot The Federal Reserve System, Hashington, D.C. 20551
@FedFRASER