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FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30 p.m. Eastern Time ~~~~E~~l~n!~~nE~~~! ~!ui~e~!~~ITORY INSTITUTIONS AND THE MONETARY BASE SEPTEMBER 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~ed credit required 5 , 1991 e~%is Moneta~y base 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. MAY JUNE 49395 50068 50429 49164 49765 50089 49250 498.53 50097 . 48364 49039 49421 1031 1030 1008 310605 311479 312469 231 303 340 79 151 222 86 88 8 JULY AUG. pe 50510 51020 49904 50256 49949 50556 49605 49912 906 1108 313910 316377 607 764 317 331 46 300 50580 50269 49980 49801 49985 . 49804 49698 49328 882 941 313199 313518 601 469 290 320 .5 4 50893 50729 50002 50050 50190 50331 50024 49672 870 1057 315711 315551 892 679 351 330 188 281 51517 50722 51128 50170 1346 317999 795 320 406 Two week~S ending 1991-JULY 10 24 AUG. SEP. 7 21p 4pe 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. l 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. J 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 htelp depository institutions deal with :;ustained 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. Ex~ess reserves NSA equals unadjusted total reserves !Table 2, column~, 1-~~ un3cijusted required reserves (Table 2, column 31. The seasonally adjusted, break-adjusted monetary base consists nf •:l ~ea~onally adjusted, break-adjusted total reserves plus (2) the seasonally adJusted currency component of the money stock plus',::;,, Yoo· a.~.i quai"':erly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all thuse weekly reporters ~>Jhose vault cash exceeds their required reserves, the seasonally adjusted, breakadjusted difference between c-~1rrent vault cash and the amount app.lied t;; "'"~tisfy current reserve requirements. !Also see footnote 3 on Table 2 and footnote 4 on tablG " l H.3 I 502 l 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 Vault cashS Reserves of depository institutions base Reserve balances with -4 F.R. Banks Moneta~y used to satisf~ total requireCI reserves'· surplus 7 Net carryover of reservw balances Date total 2 nonborrowed required 1990-AUG. SEP. 60728 61452 59801 60828 59860 60543 304995 307211 32448 33303 30842 30625. 28280 28149 2562 2476 OCT. NOV. DEC. 61052 62045 59120 60642 61815 58795 60206 61098 57456 308854 312689 313700 32127 33382 30237 31515 31086 31777 28925 28663 28884 2590 2423 2893 1991-.JAN. FEB. MAR. 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. MAY .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. pe 50660 50626 50054 49862 49754 49518 319459 320141 23271 22824 31322 31779 27389 27802 3933 3977 51256 50433 50656 49964 50375 49492 320192 319216 23853 22977 31327 31351 27404 27456 3923 3895 313 49 50262 50975 49371 50296 49393 49918 318900 321052 23029 22505 31257 32499 27234 28470 4023 4029 109 -14 50391 49597 49045 319733 23126 31137 27265 3871 105 Two weeks ending 1991-.JULY 10 24 AUG. SEP. 7 2lp 4pe p--preliminary 1. 2. 3. 4. 5. 6. 7. 8. pe--preliminary estimate Reflects.actual require<:~ reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes 1n reserve requ1rements. 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 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 stock plus 141, for all quarter!~ reP9rters 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 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 co~utation ~riods in which the vault cash is held. All vault cash held during the lagged computation period by "bound' institutions ti.e., those whose required reserves exceed their vault cash! plus the amount of vault cash applied during the maintenance period by "nonbound" institutions li.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 1-l reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 I 502) Table 3 AGGREGATE RESERVES OF DEPO~ITORY Adjusted for chan~s in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars INSTITUTIONS AND THE MONETARY BASE Reserves of depository institutions Date total 2 nonborrowed required 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. HAY JUNE 50301 49062 50407 50069 48759 50067 49270 48033 49399 310858 311022 314058 JULY AUG. pe 50660 50625 50053 49861 49754 49517 316211 316828 51256 50432 50655 49964 50374 49492 316944 315985 50262 50974 49370 50295 49392 49917 315612 317759 50391 49596 49045 316375 Two weeks ending 1991-JULY 10 24 AUG. SEP. 7 Zlp 4pe p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve reqlnrements. 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 r~latory cha~es 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 deposits. The break-adjusted monetary base eguals 11) break-adjusted total reserves plus 12) the !unadjusted) currency ~t 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 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 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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