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.· . - FEDERAL RESERVE statistica I release ·- H.3 1502) Table 1 For Release at 4:30 p.m. Eastern Time AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for cha~s in reserve r~irements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Borrowings of cleposi tory insH tutions from the Fed8ral Reserve,. NSA Reserves of depository institutions total 2 Date SEPTEMBER 10, 1992 nonborrowed 3 nonborrowad plus ext~d credit required eN~%fs Honetaty base total seasonal extended credit4 1991-AUG. SEP. 43282 43487 42517 42841 42818 43143 42196 42558 1086 929 309132 310929 764 645 331 287 300 302 OCT. NOV. DEC. 44138 44785 45601 43877 44677 45409 43889 44678 45410 43055 43893 44623 1083 892 979 313281 315332 317254 261 108 192 211 86 38 12 1 1 1992-JAN. FEB. HAR. 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. HAY 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. p 49489 50325 49205 50074 49205 50074 48524 49383 965 942 332255 336922 284 251 203 223 0 0 Two weeks ending 1992-JULY 8 22 49265 49421 48810 49206 48810 49206 48224 48471 1041 950 329813 332197 455 215 187 199 1 0 AUG. 5 19 49795 50074 49554 49825 49554 49825 48872 49250 922 824 334516 336592 241 249 222 221 0 0 50839 50581 50581 49750 1089 338310 258 226 0 SEP. 2p 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. !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 ll less unadjusted required reserves !Table 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adJusted currency co~t of the money stock plus ( 3 l, for all quar-terly reporters on the "Report of Tr·::msaction 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 satisfy current reserve requirements. IAl~n see footnote 3 on Table 2 and footnote 4 on table 3. I H.3 1502 J 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 base Reserve balances with F.R. Banks 4 Honeta~y total used to satisfy requireCI reserves 6 surplus 7 Date total 2 nonborrowed required 1991-AUG. SEP. 50607 51127 49843 50482 49521 50198 320074 320698 22810 23447 31779 31536 27798 27680 3981 3856 OCT. NOV. DEC. 51584 53057 55532 51323 52949 55340 50501 52165 54553 322712 326880 333611 23197 25004 26659 32299 31714 32513 28386 28053 28872 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. HAY 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. p 49823 50165 49538 49915 48857 49223 339865 342551 21206 21276 32145 32457 28617 28890 3528 3567 Net carryover of reservw balances. Two weeks ending 1992-JULY 8 22 49924 50056 49469 49841 48884 49106 338260 340839 21014 21277 32589 32233 28910 28779 3679 3455 193 -7 AUG. 5 19 49369 50679 49129 50430 48447 49855 339778 344024 21264 21513 31613 32687 28105 29166 3508 3521 120 53 49899 49641 48810 341987 21004 32541 28895 3646 46 SEP. 2p 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 at Federal Reserve Banks plus 13) the currency component of the money stock plus 14), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceei:fs 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 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! plus the amount 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 (+J or deficit 1-l 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 Date total 2 nonborrowed required 3 Monetary base4 1991-AUG. SEP. 42885 43279 42121 42634 41799 42350 309185 309682 OCT. NOV. DEC. 43667 44861 46975 43406 44753 46783 42584 43969 45996 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. p 49524 49816 49240 49565 48559 48874 334093 336650 Two weeks ending 1992-JULY 8 22 49650 49756 49195 49541 48610 48805 332672 334926 AUG. 5 19 49052 50329 48812 50081 48130 49505 334061 338130 49536 49278 48447 336000 SEP. 2p 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 51. 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 I l l break-adjusted total reserves plus 121 the (unadjusted) currency component of the money stock plus 131, 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 Money and Reserves Projections of Governors of The Federal Reserve System, Washington, D.C. 20551 s~ction, Division of Monetary Affairs, Board
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