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FEDERAL RESERVE statistical release H.3 15021 Table 1 For Release at 4:30p.m. Eastern Time AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve reguirements Averaoes of daily figures, seasonally adjusted unless noted otherwise Millions of dollars OCTOBER 3, 1991 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed plus exte'4ded credit required eN~A~s Monetary base 6 total seasonal extended credit 4 Date total 2 1990-SEP. OCT. NOV. DEC. 48262 47942 48245 49104 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 1991-JAN. FEB. MAR. 49466 49611 49566 48932 49359 49325 48958 49393 49378 47297 47803 48387 2169 1808 1179 305152 309438 310982 534 252 241 33 37 55 27 34 53 APR. HAY JUNE 49395 50068 50429 49164 49765 50089 49250 49853 50097 48364 49039 49421 1031 1030 1008 310605 311479 312469 231 303 340 79 151 222 86 88 8 JULY AUG. SEP. pe 50510 51002 51283 49904 50238 50638 49949 50538 50940 49605 49916 50339 906 1086 945 313910 316310 317720 607 764 645 317 331 287 46 300 302 Zl 7 50893 50731 50002 50052 50190 50333 50024 49671 870 1061 315711 315539 892 679 351 330 188 281 4 18p 51456 51204 50662 50376 51067 50872 50184 50485 1273 719 317808 317029 795 828 320 269 406 496 51319 50936 50977 50220 1099 318497 383 297 41 nonborrowed 3 Two weeks ending 1991-AUG. SEP. OCT. 2pe p--preliminary 1. 2. 3. 4. 5. 6. pe--preliminary estimate Reserves end monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (for more information, see Tabla 3.1 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 seasonall¥ adjusted, break-adjusted monetary base consists of I l l seasonally adjusted, break-adjusted total reserves plus 121 the seasonally ad]usted currency component of the money stock plus 131, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and ~ault Cash" an~ 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. I H.3 150ZJ Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve regyirements Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Vault cash5 base Reserve balances with F.R. Banks 4 Honeta~y total used to satisfY. requireCI reserves 6 surplus7 Net carryover of reserv1 balances Date total 2 nonborrowed required 1990-SEP. NOV. OEC. 61452 61052 62045 5'Jl20 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. HAR. 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. HAY 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. pe 50660 50607 51130 50054 49843 50485 49754 49521 50186 319459 320071 320396 23271 22810 23452 31322 31779 31549 27389 27798 27679 3933 3981 3870 21 7 50262 50977 49371 50298 49393 49917 318900 . 321038 23029 22508 31257 32499 27234 28469 4023 4030 109 -14 4 18p 50331 52163 49536 51335 49058 51444 319536 322445 23077 24756 31137 31015 27254 27407 3883 3609 98 195 50192 49809 49093 318292 22054 32310 28138 4171 96 OCT. Two weeks ending 1991-AUG. SEP. OCT. 2pe p--preliminary 1. z. 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 I l l total reserves plus 121 required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus 131 the currency component of the money stock plus 141, for all quarterlY. reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeCis their regyired reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. After the introduction of CRRi currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required c earing 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 computation period by "bound" institutions I i.e. , those whose required reserves exceed their vault cash J plus the amount of vault casft applied during the maintenance period by "nonbound" institutions I i.e., those whose vault cash exceeds their re~ired 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 cha~s 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. HAR. 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. pe 50660 50607 51130 50053 49843 50485 49754 49521 50185 316211 316760 317068 7 21 50262 50977 49370 50298 49392 49916 315612 317747 4 18p 50330 52162 49536 51335 49058 51444 316181 319173 50192 49809 49093 314909 Two weeks ending 1991-AUG. SEP. OCT. 2pe p--preliminary 1. z. 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 fTable lr column 5). To adjust required reserves for discontinuities due to regulatory changes in reserVe requirements, a multiplicative procedure is used to estimate what re~ired 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 egyals fl) break-adjusted total reserves plus 12) the funadjusted) currency c~t of the money stock plus (3), 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. Nota: 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
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