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FEDERAL RESERVE statistical release H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time ~?u~~dE~~l~n~~~nE!!~~! ~~i~e~!~~ITORY INSTITUTIONS AND THE MONETARY BASE SEPTEMBER 26 , 1991 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 total 2 Date nonborrowed3 nonborrowed plus exte~ded credit required exce~s NSA Monetary base 6 total seasonal extended credit4 1990-AUG. SEP. 47973 48262 47046 47637 47174 47644 47106 47353 868 909 290458 293804 927 624 430 418 127 6 OCT. NOV. DEC. 47942 48245 49104 47532 48014 48778 47550 48039 48801 47096 47297 47440 847 947 1664 295941 297553 299785 410 230 326 335 162 76 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. NAY 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. 50510 51003 49904 50239 49949 50539 49605 49915 906 1088 313910 316296 607 7&4 317 331 46 300 50269 49801 49804 49328 941 313518 469 320 4 Two weeks ending 1991-JULY 24 AUG. 7 21 50893 50731 50002 50052 50190 50333 50024 49071 87(i 1061 315711 315539 892 679 351 330 188 281 SEP. 4 18p 51460 51216 50665 50389 51071 50884 50182 5048& 1278 731 317766 317043 795 828 320 269 406 496 p--preliminary 1. 2. 3. 4. 5. 6. pe--preliminary estimate Reserves and monetary base figures incm·porate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (For more information, see Table 3. l Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required r-eserves plus unadjusted excess i'eserves. (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 (1} 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.} H.3 1502) 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 cash5 Reserves of depository institutions base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy requirea reserves 6 surplus 7 Date total 2 nonborrowed required 1990-AUG. SEP. 60728 61452 .59801 60828 59860 60543 304995 307211 32448 33303 30842 30625 28280 28149 2.562 2476 OCT. NOV. DEC. 610.52 62045 .59120 60642 61815 .5879.5 60206 61098 .574.56 308854 312689 313700 32127 33382 30237 31.51.5 31086 31777 2892.5 28663 28884 2.590 2423 2893 1991-JAN. FEB. MAR. .50992 48.551 48586 .50458 48299 48345 48823 46743 47407 309303 308531 311040 22023 19827 21734 33220 33477 30895 28969 28724 268.53 42.50 47.53 4043 APR. MAY JUNE 50301 49063 50407 50070 48760 50068 49270 48033 49399 313946 314251 317253 23.508 22287 23685 30556 30720 30524 26793 26776 26722 3764 3944 3801 JULY AUG. 50660 50609 50054 49844 49754 49521 319459 320056 23271 22811 31322 31779 27389 27798 3933 3981 Net carryover of reservw balances Two weeks ending 50433 49964 49492 319216 22977 31351 27456 3895 49 7 21 50262 50977 49371 50298 49393 49917 318900 321038 23029 22.508 31257 32499 27234 28469 4023 4030 109 -14 4 l.8p 50334 52176 49540 .51348 490.56 51445 319491 322459 23081 24770 31137 31015 27254 27406 3883 3610 98 194 1991-JULY 24 AUG. SEP. 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 changElS 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 12) required cleari~ 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 exceeas their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. After the intr~juction 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 regui1·ements, 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 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. Consi•ds of carryover only at depository institutions 1naintaining 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 t502l 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 reqt.li red 3 Monetary base 4 1990-AUG. SEP. 47632 48107 46705 47483 46764 47199 290982 293067 OCT. NOV. DEC. 47554 48418 50578 47143 48188 50253 46707 47471 48914 294426 298440 304040 1991-JAN. FEB. HAR. 50756 48551 48586 50222 48299 48345 48586 46743 47407 306025 305743 308188 APR. MAY JUNE 50301 49062 50407 50069 48759 50067 49270 48033 49399 310858 311022 314058 JULY AUG. 50660 50608 50053 49844 49754 49520 316211 316746 50432 49964 49492 315985 Two weeks ending 1991-JULY 24 AUG. 7 21 50262 50977 49370 50298 49392 49916 315612 317747 SEP. 4 18p 50334 52175 49539 51348 49056 51445 316138 319187 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 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 in effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. The break-adjusted monetary base e~als t1l break-adjusted total reserves plus t2) the (unadjusted) currency component of the money stock plus t3), 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, Hashington, D.C. 20551
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