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. · FEDERAL RESERVE statistica I release ·- H.3 1502) Table 1 For Release at 4:30 p.m. Eastern Time ~?u~~E~f'~~n~;~nE~Ye~~ ~~i~e~~?s~ITORY INSTITUTIONS AND THE MONETARY BASF. SEPTEMBER 17, 1992 Ayer~ges of da1ly f1gures, seasonally adJusted unless noted otherwise M1ll1ons of dollars Barr· Reserves of depository institutions total 2 Date f i.ngs of depository ins ti tuti•,ns •m the Federal Reserve, NSA nonborrowed3 nonborrowed plus exte~ded credit required e~~:~s Monetary base 6 total seasonal extended c•~edi t4 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. MAR. 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 AUG. p 49489 50324 49205 50074 49205 50074 48524 49392 965 932 332255 336897 284 251 203 223 0 0 Two weeks ending 49421 49206 49206 48471 950 332197 215 199 0 AUG. 5 19 49795 50076 49554 49828 49554 49828 48872 49251 922 825 334516 336543 241 249 222 221 0 SEP. 2p 16pe 50834 50535 50577 50215 50577 50215 49773 49854 1062 681 338302 341194 258 320 226 187 0 0 1992-JULY 22 p--preliminary 1. 2. 3. 4. 5. 6. 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.) 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 1) less unadjusted required reserves (Table 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of I l l seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adJusted currency component 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 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. l H.3 !5021 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 cash 5 Reserves of depository institutions total 2 Date nonborrowed required base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy requireCl reserves 6 surplus 7 Net carryover of reservw balances 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. MAY 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 49914 48857 49232 339865 342527 21206 21274 32145 32457 28617 28890 3528 3567 50056 49841 49106 340839 21277 32233 28779 3455 -7 Two weeks ending 1992-JULY 22 AUG. 5 19 49369 50681 49129 50432 48447 49856 339778 343978 21264 21515 31613 32687 28105 29166 3508 3521 120 53 SEP. 2p 16pe 49894 51834 49636 51514 48832 51153 341980 348036 20998 23387 32541 31625 28896 28447 3645 3177 46 79 p--p•·eliminary 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 (1) total reserves plus (2) required clearing 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 exceeCls 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.e., those whose required reserves exceed their vault cashl plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (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 1502 l 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 required3 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 49815 49240 49564 48559 48883 334093 336626 49756 49541 48805 334926 Two weeks ending 1992-JULY 22 AUG. 5 19 49052 50332 48812 50083 48130 49506 334061 338084 SEP. 2p 16pe 49530 51427 49273 51107 48469 50747 335993 342011 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 31 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 (11 break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (31, 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 Section, Division of Monetary Affairs, Board of Governor's of The Federal Reserve System, Hashington, D.C. 20551
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