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FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30p.m. Eastern Time ~~~~E~fl~ng~~~nEY!Ye~~ ~!ui~e~!:,~~ITORY INSTITUTIONS AND THE MONETARY BASE sEPTEMBER 24 , 1992 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed plus extended credit 4 required e~~!~s Honeta·y baseb total Date total 2 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. 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. 49489 50325 49205 50074 49205 50074 48524 49388 965' 937 332255 336890 284 251 203 223 0 0 1992-JULY 22 49421 49206 49206 48471 950 332197 215 199 0 AUG. 5 19 49795 50076 49554 49828 49554 49828 48872 49251 922 825 334516 336539 241 249 222 221 0 0 SEP. 2 16p 50836 50556 50579 50235 50579 50235 49763 49824 1073 732 338290 340632 258 321 226 187 0 0 nonborrowed3 seasonal extended credit4 Two weeks ending p--preliminary 1. 2. 3. 4. 5. 6. pe--preliminary estimate Reserves and monetary base figures incorporat~ adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. I For more information, see Table 3.) 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 11) 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" and for all those weekly reporters whose vault cash exceeds their -equired reserves, the seasonally adjusted, breakadjusted 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 15021 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 total 2 Date Vault cashs nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 total used to satisf),' requireCI reserves6 surplus 7 1991-AUG. SEP. 50607 51127 49843 50482 495Zl 50198 320074 320698 22810 23447 31779 31536 27798 27680 3981 3856 OCT. NOV. DEC. 51584 53057 55532 51323 52949 55340 50501 5Zl65 54553 322712 326880 333611 23197 25004 26659 32299 317.4 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 Zl071 21223 31071 31197 31729 27800 27754 28273 3271 3442 3456 JULY AUG. 49823 50165 49538 49915 48857 49229 339865 342520 21206 21275 32145 32457 28617 28890 3528 3567 Net carryover of reservw balances Two weeks ending 50056 49841 49106 340839 21277 32233 28779 3455 -7 AUG. 5 19 49369 50681 49129 50432 48447 49856 339778 343974 21264 21515 31613 32687 28105 29166 3508 3521 120 53 SEP. 2 16p 49896 51854 49638 51534 48823 51122 341965 347469 21000 23417 32541 31625 28896 28H8 3645 3187 46 58 1992-JULY 22 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 131 the currency component of the money stoc~ plus (41, 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 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 li.e., those whose required reserves exceed their vault cashl 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 (+I or deficit 1-l reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 !502l 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 base 4 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. 49524 49816 49240 49565 48559 48879 334093 336619 Two weeks ending 1992-JULY 22 49756 49541 48805 334926 AUG. 5 19 49052 50332 48812 50083 48130 49506 334061 338080 SEP. 2 16p 49532 51448 49275 51127 48460 50716 335981 341446 p--prel iminary 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 5l. 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 requi~ements been in effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. The break-adjusted monetary base agyals (ll break-adjusted total reserves plus (2) the (unadjusted! 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 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 Governors of The Federal Reserve System, Washington, D.C. 20551
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