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FEDERAL RESERVE statistical release RE■ H .3 ( 5 0 2 ) T a b le 1 F o r R e le a s e a t 4 : 3 0 p . m. , E a s t e r n T im e AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE A d j u s t e d f o r c h a n g e s m r e s e r v e r e q u ir e m e n t s 1 A v e r a g e s o f d a i l y f i g u r e s * s e a s o n a ll y a d ju s t e d u n le s s n o te d o t h e r w is e M illio n s o f d o lla rs A P R IL 2 5 , B o r r o w in g s o f d e p o s i t o r y i n s t i t u t i o n s fro m th e F e d e r a l R e s e r v e , NSA R e s e rv e s o f d e p o s it o r y i n s t i t u t i o n s D a te to ta l2 n o n b o rro w e d 3 n o n b o rro w e d p lu s e x te n d e d c re d it4 1991 re q u ire d excess NSA 5 M o n e ta ry base6 to ta l seasonal e x te n d e d c r e d i t 4 1 9 9 0 -M A R . APR. MAY JU N E 48112 48202 47962 47896 45988 4 6574 46627 47014 47938 47978 47503 47360 47251 47306 46999 47122 861 897 962 774 280613 282627 283970 285758 2124 1628 1335 881 244 311 JU L Y AUG . SEP. 47636 47973 48261 46879 47046 47637 47159 47174 47643 46774 47106 47353 862 909 287418 290458 293803 757 927 624 389 430 418 280 127 O C T. NOV. DEC. 47942 48244 49104 47532 48014 48779 47550 48039 48802 47096 47297 47440 847 947 1665 295941 297553 299785 410 230 326 335 162 76 18 24 23 1 9 9 1 -J A N . FEB. MAR. 49466 49611 49566 48932 49359 49325 48958 49393 49378 47298 47802 48390 2168 1809 1176 305152 309438 310982 534 252 241 33 37 55 27 34 53 868 78 1950 1403 875 346 122 6 Tw o w eeks e n d in g 1 9 9 1 -F E B . 20 49651 49472 49498 47897 1753 308965 179 37 27 MAR. 6 20 49154 49376 48728 49191 48778 49238 47933 48369 12 2 1 1007 310307 310379 426 185 41 51 50 47 3 17p 50033 49442 49821 49218 49883 49294 48666 48595 1367 847 312116 310005 212 68 224 70 62 76 APR . p — p r e lim in a r y 1. 2 . 3. 4. 5. 6. p e — p r e l i m i n a r y e s t im a t e R e s e rv e s and m o n e ta ry b a s e f i g u r e s i n c o r p o r a t e a d ju s tm e n ts f o r d i s c o n t i n u i t i e s * o r " b r e a k s " , a s s o c ia t e d w i t h r e g u l a t o r y ch a n g e s i n r e s e r v e r e q u i r e m e n t s . ( F o r m ore i n f o r m a t i o n , see T a b le 3 . J S e a s o n a lly a d j u s t e d , b r e a k - a d j u s t e d t o t a l r e s e r v e s e q u a l s e a s o n a lly a d j u s t e d , b r e a k -a d j u s t e d r e q u i r e d r e s e r v e s p lu s u n a d ju s t e d e x c e s s r e s e r v e s . ( A l s o , see f o o t n o t e 2 on T a b le 2 and f o o t n o t e 2 on T a b le 3 . ) S e a s o n a lly a d j u s t e d , b r e a k - a d j u s t e d n o n b o rro w e d re s e r v e s e q u a l s e a s o n a lly a d j u s t e d , b r e a k -a d j u s t e d t o t a l r e s e r v e s le s s u n a d ju s t e d t o t a l b o r r o w in g s o f d e p o s i t o r y i n s t i t u t i o n s from th e F e d e r a l R e s e rv e . ______ i : x ________ i _ l l _ x. i______________ : _________ ± i l _ -i_ ____________i - i • , . . . . . . - . . . , .. . . . . . re s e rv e s . E x c e s s r e s e r v e s NSA e q u a ls u n a d ju s t e d t o t a l re s e r v e s ( T a b l e 2 , colu m n 1 ) le s s u n a d ju s te d r e q u ir e d r e s e r v e s ( T a b l e 2 , co lu m n 3 ) . T h e s e a s o n a ll y a d j u s t e d , b r e a k -a d j u s t e d m o n e ta ry base c o n s is t s o f ( 1 ) s e a s o n a lly a d j u s t e d , b r e a k -a d ju s t e d t o t a l r e s e r v e s p l u s ( 2 ) th e s e a s o n a l l y a d ju s t e d c u r r e n c y com ponent o f th e money s to c k p lu s ( 3 ) , f o r a l l q u a r t e r l y r e p o r t e r s on th e " R e p o r t o f T r a n s a c t i o n A c c o u n t s , O t h e r D e p o s it s and V a u l t C a s h " and f o r a l l th o s e w e e k ly r e p o r t e r s whose v a u l t c a s h e xce e ds t h e i r r e q u ir e d r e s e r v e s , th e s e a s o n a ll y a d j u s t e d , b r e a k a d j u s t e d d i f f e r e n c e b e tw e e n c u r r e n t v a u l t c a sh and th e amount a p p l ie d t o s a t i s f y c u r r e n t r e s e r v e r e q u ir e m e n t s . ( A l s o see f o o t n o t e 3 on T a b l e 2 an d f o o t n o t e 4 on t a b l e 3 . ) H.3 (502) Table 2 N ot a d ju s te d M i l l 'S ; °> f(p r ch a n g e s i n S l l S ! r | ,0 U r “ re s e rv ^ £ E f ° S n ; p RY IN S TITU TIO N S AND TH E M O N ETA R Y BASE ’ ~ t R e s e rv e s o f d e p o s i t o r y D a te t o t a l2 in s t it u t io n s n o n b o rro w e d V a u lt ca sh 5 re q u ire d M o n e ta ry base3 R e se rv e b a la n c e s w ith F . R . Banks4 to ta l u se d t o s a tis fy re q u ire d re s e rv e s 6 s u r p lu s 7 Net c a rry o v e r o f re s e rv e b a la n c e s 8 1 9 9 0 -M A R . APR. MAY JUN E 60658 62512 60232 61197 58535 60884 58897 60315 59797 61615 59269 60423 292377 296872 297034 300985 33407 35409 32771 33878 29587 29284 29814 29636 27251 27103 27461 27318 JU L Y AUG. SEP. 2336 2181 2354 2318 60943 60728 61452 60185 59801 60828 60081 59860 60544 303387 304995 307211 32946 32448 33303 30459 30842 30625 27996 28280 28149 O C T. NOV. D EC . 2462 256? 2476 61052 62045 59120 60642 61815 58795 60206 61099 57456 300854 312689 313700 32127 33382 30237 31515 31086 31777 28925 28663 28884 1 9 9 1 -J A N . FEB. MAR. 2590 2423 2893 50992 48551 48587 50458 43299 48346 48824 46743 47411 309303 308531 311040 22025 19827 21734 33220 33477 28969 20724 26852 4250 4753 4043 48687 48508 46934 309076 20049 33341 28638 4703 3 95 20 47857 48622 47431 48438 46637 47616 308644 311711 20228 22209 32005 30286 27629 26453 4376 3873 3 17p 128 75 48939 51063 48727 50840 47572 311492 315601 21951 24306 31067 26988 26758 4079 3551 80 238 30896 Tw o w eeks e n d in g 1 9 9 1 -F E B . 20 MAR, APR. 6 50216 p"~ p r e l irn ins try p e — preliminary estimate w i* IS i reporters 4 , 5, 6, 30309 a d ju s tm e n ts to e l i m i n a t e th e e f f e c t s o f d i s c o n t i n u i t i e s , 9n the “Report of Transa c t i o n Accounts, O t h e r ‘ oSp^its'^ and Vaul* I St ?« '- s s g r 's s ; r e q u i r e m e n t s , maintenance periods end 30 davs after the laaaed c r m n u la t t n n f°5A S thexr required reserves) to satisfy current reserve requirements nonbound n l ^ a f d e p o s i ^ e perlod bV 1 gserve °?4W5ssy:h.,< -..-o f r e q u i r e m e n t s . Under contemporaneous reserve institutions (i.e., those whose vault cash exc e e d s amount applied to satisfy reserve requirements. d e f i c i t (-) reserves e ligible to be carried forward i n t o ' t h e ' t w ^ w e i r r e f l r v e ^ plus n r Plus f cW ins ® moP ?m y s *°ck tor bal3nces all q u a r tand erly g s s ^ f ^ ^ i 3 K & 5 s * s s 5 ^ ir ,S !fS r!£ J o A l i s t s Uof carryover o "b r e a k s " , associated wit h regulatory n ^ ^ fp ^ ^ d ^ i ^ n^ f 5 adS ? Q i& , ? efleCtS G *Ce S S '+ ’°r H.3 (502) Table 3 A d ju s t e d f o r c h a n g e s i n M if li^ s r e s e n t 2 J :u i ? e S l? s ? , T 0 R Y IN S TITU TIO N S AND TH E M O N ETA R Y BASE o f d o i k r s i 9 U r e S ’ n 0 t SeaS°n a l l y a d j u s t e d R e s e rv e s o f d e p o s i t o r y i n s t i t u t i o n s D a te t o ta l2 n o n b o rro w e d re q u ire d 3 M o n e ta ry b a s e 4 1 990-M A R . APR. MAY JUNE 47170 49059 46959 47890 45046 47431 456 2 4 4 7 008 46309 48162 45996 47116 JU L Y AUG. SEP. 277965 282666 282872 286879 47810 47632 48107 47052 467 0 5 47483 46948 46764 47199 O C T. NOV. DEC. 289372 290982 293067 47554 48418 50579 47143 48188 50253 46707 47471 48914 29442.6 298440 304041 1 9 9 1 -J A N . FEB. MAR. 50756 48551 48586 50222 482 9 9 48345 48587 46742 47410 306025 305743 308188 Tw o w eeks e n d in g 1 9 9 1 -F E B . 20 48686 4 8507 46933 MAR. 6 306335 20 47857 48622 47431 4 8 437 46636 47615 3 17p 3 05784 3 08837 48938 51063 48726 5 0839 47571 50216 308674 312531 APR . p — p re lim in a r y — — -------------------- —■-------■----------- — --------------------------- — -----------------------------------p e — p r e l i m i n a r y e s t im a t e l * r e q u ir e m e n t s ? * ^ a d i u s *m ents f o r d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w i t h r e g u l a t o r y ch a n g e s i n 2‘ ? ^ b i ; a? r!o !u m n ° 5 K re s e P V e s ec>u a l b r e a k - a d j u s t e d r e q u i r e d r e s e r v e s re s e rv e ( T a b l e 3 , co lu m n 3 ) p lu s e x c e s s r e s e r v e s NSA p r o c e | u r e i s Cu s e d d t o ee f t im a t e ° w h a t S r e q m ? e d t r e l e ^ s t w o u l i Uh a v e r ^e e n a i n eD a s t r e s ? r ^ e r e q u ir e m e n t s , a m u l t i p l i c a t i v e f e S s i t s 6 " 6 0 * - B r e a k - a d j u S t ed r e q u ir e d r e s e r v e s a r e e q u a l to b r e a k - a d j u § t ! d o f th e m o n e y ^ s to c k p l u s * ? ? ) , b f o r a ? l ^ u a r t o r l ^ r e p o r i e r V a u l t C a s h " a n d f o r a l l th o s e w a e k lC d i f f e r e n c e b e tw e e n c u r r e n t v a u l t c J h t h e 1'' Rsdo r +**0f PT US ( 2 ) . t he ( u n a d j u s t e d ) c u r r e n c y com pon e nt th S ReP ° r t o f T r a n s a c t i o n A c c o u n t s , O t h e r D e p o s it s a n d • aKd th e am ount a p p l ie d 8 t o s a t H f y c u r r e n t e ? e ^ r v e r r l q ^ i r e m e t ^ t s . b r e a ^ a d j u s t e d o f G o v e r n o J s do f aT h e e F e d e r a lbR e s e rv S S y f t e ^ ^ a f h i n g t o n ^ ^ C ^ ^ S B l 10" 5 S e C t i °n ’ D i v i s i o n o f M o n e ta ry A f f a i r s , B o a rd
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