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FEDERAL RESERVE statistical release H.3 1502) Table 1 AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements 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 Date total 2 nonborrowed3 nonborrowed plus exte~ded credit required 1988-MAR. APR. MAY JUNE 59760 60374 60365 60637 58009 57380 57787 57555 59487 60004 59894 60108 JULY AUG. SEP. 61238 61090 60995 57798 57849 58156 OCT. NOV. DEC. 60956 61055 60979 1989-JAN. FEB. MAR. p APRIL 20, 1989 exce~s Monetary base 6 total seasonal extended credit 4 58832 59515 59325 59750 929 859 1040 888 263301 265606 266816 268267 1752 2993 2578 3083 119 146 246 311 1478 2624 2107 2554 60336 60502 60215 60231 60137 60024 1007 953 972 270503 271144 272467 3440 3241 2839 376 423 421 2538 2653 2059 58657 58194 59264 60438 60516 60508 59894 59936 59939 1062 1119 1040 273772 274658 275811 2299 2861 1716 332 186 130 1781 2322 1244 60545 60487 60111 58883 59001 58299 59929 60050 59633 59401 59333 59154 1145 1154 958 276739 277757 278718 1662 1487 1813 76 97 139 1046 1050 1334 NSA Two weeks ending 1989-FEB. 22 60195 58718 59829 59179 1016 277575 1477 99 1111 MAR. 8 22 60706 59753 58906 58167 60156 59331 59749 59019 957 735 278468 278519 1800 1586 116 136 1250 1164 APR. 5p 19pe 60140 58716 57964 56135 59639 58104 58835 58427 1306 289 279250 278466 2177 2582 167 190 1675 1970 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. l Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions 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 l l less unadjusted required reserves (Table 2, column 31. 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 131, for institutions whose vault cash exceeds their required reserves, the seasonally adJusted, break-adjusted excess of current vault cash over the amount applied to satisfy current reserve requirements. (Also, see footnote 3 on Table 2 and footnote 4 on Table 3. l H.3 15021 Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve reguirements 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 Net carryover of reservw balances Date total 2 nonborrowed required 1988-MAR. APR. MAY JUNE 60076 62064 60681 61991 58324 59071 58103 58908 59147 61205 59641 61103 263979 268127 268899 272654 36027 38429 36509 37907 25960 25208 25882 25730 24049 23636 24172 24084 1912 1573 1710 1646 JULY AUG. SEP. 62756 61965 62153 59316 58724 59314 61749 61012 61181 275591 275033 274874 37992 36911 37213 26459 26895 26727 24763 25054 24940 1696 1841 1787 OCT. NOV. DEC. 61915 62407 63739 59616 59546 62023 60853 61287 62699 275775 278653 283176 36421 36997 37830 27198 26745 27197 25494 25410 25909 1705 1335 1288 63468 60693 60215 61806 59206 58402 62323 59539 59257 281312 277655 278947 36475 32834 34626 28376 29776 27059 26993 27859 25589 1383 1917 1470 1989-FEB. 22 60293 58817 59278 277716 32455 29739 27838 1901 229 MAR. 8 22 60446 60034 58647 58448 59490 59299 277715 279336 34485 34702 27581 26738 25962 25332 1620 1406 48 85 APR. 5p 19pe 60291 61397 58115 58815 58986 61107 279437 283300 34633 36225 27095 26339 25658 25172 1437 1167 15 329 1989-JAN. FEB. MAR. p Two weeks ending 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 total reserves plus required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus the currency component of the money stocK plus, for institutions whose vault cash exceeds their required reserves, the excess of current vault cash over the amount appliea 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 reguirements, maintenance periods end 30 days after the lagged computation periods in which the balances are held. . . All vault cash held during the lagged computation period by "bound" institutions I i.e., those whose reguired 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. -~fleet~ exc~ss (+)or deficit 1-l reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown·.. ·; ·. :, '::;-.,• H.3 1502) 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 1988-MAR. APR. MAY JUNE 58851 60947 59454 60679 57099 57954 56876 57596 57922 60088 58414 59791 260772 265007 265732 269442 JULY AUG. SEP. 61467 60591 60654 58027 57350 57815 60460 59638 59683 272411 271734 271567 OCT. NOV. DEC. 60541 61155 62427 58241 58294 60711 59479 60035 61387 272442 275482 279891 62277 59556 59126 60615 58070 57314 61132 58402 58169 278089 274508 275774 1989-JAN. FEB. MAR. p Two weeks ending 1989-FEB. 22 59186 57709 58170 274566 MAR. 8 22 59391 58900 57592 57314 58435 58165 274745 276025 APR. 5p 19pe 59243 60374 57067 57792 57937 60084 276299 279957 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 includes required reserves against transactions deposits and nonpersonal time and sav1ngs deposits lbut not reservable nondeposit liabilit1es.) Break-adjusted monetary base equals (11 break-adjusted total reserves plus 121 the (unadjusted) currency component of the money stock plus 131, for institutions whose vault cash exceeds their required reserves, the break-adjusted excess of current vault cash over the amount applied to satisfy current reserve requirements. DigitizedNote: for FRASER 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
@FedFRASER