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FEDERAL RESERVE statistical release 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 A G G R E G A TE RESERVES OF DEPOSITO RY IN STITU TIO N S AND TH E M O N ETA R Y BASE A d ju s t e d f o r c h a n g e s i n r e s e r v e r e q u ir e m e n t s 1 A v e ra 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 R e s e rv e s o f d e p o s it o r y D a te to t a l2 A P R IL 2 6 , 1990 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 in s t it u t io n s 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 re q u ire d e x ce s s NSA5 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 98 9 -M A R . APR. MAY JUNE 59929 59374 58831 58597 58117 57084 57111 57107 59451 58791 58308 58024 59023 58575 57796 57692 906 799 1035 905 278177 278198 278526 279020 1813 2289 1720 1490 139 213 345 431 1334 1707 1197 917 JU L Y . AUG. SEP. 58867 58906 59289 58173 58231 58596 58279 58272 58618 57901 58021 58351 966 885 938 279957 280756 281806 694 675 693 4 97 490 452 106 41 22 O C T. NOV. DEC. 59640 59646 60033 59085 59297 59767 59106 59318 59787 58620 58701 59110 1020 945 922 282786 283222 284946 555 349 265 330 134 84 21 21 20 1 9 9 0 -J A N . FEB . MAR. 59896 60215 60295 59456 58768 58172 59482 59302 60122 58880 59227 59438 1016 989 857 287509 289714 291818 440 1448 2124 47 51 78 26 5 35 1950 Tw o weeks e n d in g 1 9 9 0 -F E B . 21 60233 58753 58886 59265 968 289316 1480 50 133 MAR. 7 21 60303 60262 58337 58083 60178 60078 59506 59524 797 737 291167 291320 1967 2179 60 75 1841 1 995 APR. 4 18p 60337 60313 58180 58431 60145 60107 59271 59629 1066 684 292969 293180 2157 1882 96 100 1965 1676 p --p r e lim in a r y 1. 2. 3. 4. 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 ir 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 . ) ^ 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 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 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 e s from th e F e d e r a l R e s e rv e . E x te n d e d c r e d i t c p o n sists o f b o r r o w in g a t th e d is c o u n t window u n d e r th e te rm s and c o n d i t io n s e s t a b l i s h e d f o r th e e x te n d e d c r e d i t p ro q ra m t o h e lp d e p o s i t o r y i n s t i t u t i o n s d e a l w i t h s u s t a in e d l i q u i d i t y p r e s s u r e s . B ecau se t h e r e i s n o t th e same nee d t o re p a y s u c h b o r r o w in g p r o m p t ly a s t h e r e i s w i t h t r a d i t i o n a l s h o r t - t e r m a d ju s tm e n t c r e d i t , th e money m a rk e t im p a ct o f e x te n d e d c r e d i t i s s i m i l a r t o t h a t o f n o n B o rro w e d 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 i r e d r e s e r v e s ( T a b l e 2 , c o 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 j u s t e d t o t a l r e s e r v e s p lu s ( 2 ) th e s e a s o n a ll y a d j u 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 a nd 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 x ce e d s t h e i r r e q u i r 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 s h and th e amount a p p l ie d to 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 se e f o o t n o t e 3 o n T a b l e 2 and f o o t n o t e 4 on t a b l e 3 . ) H.3 (502) Table 2 A G G R E G A TE RESERVES O F D EPO SITO R Y IN S TITU TIO N S AND THE M O N ETA R Y BASE N o t a d j u s t e d f<?r ch a n g e s i n r e s e r v e re q u ire m e n ts A v e r a g e s o f d a i l y f i g u r e s , n o t s e a s o n a ll y a d ju s t e d M illio n s o f d o lla r s R e s e rv e s o f d e p o s i t o r y to ta l2 D a te n o n b o rro w e d in s t it u t io n s re q u ire d V a u lt ca s h 5 M o n e ta ry base3 R e se rv e b a la n c e s w ith F . R. Banks* to ta l u se d t o s a tis fy r e q u ire d re s e rv e s 6 s u r p lu s 7 1 9 8 9 -M A R . APR. MAY JUNE 60161 61310 58916 59587 58349 59021 57196 58097 59255 60511 57881 58681 278759 281377 280448 283087 34572 35854 33204 33852 27882 27613 28111 28088 25589 25456 25712 25735 2293 2158 2398 2352 JU L Y AUG. SEP. 60254 59559 60126 59560 58884 59433 59288 58674 59188 285209 284063 283615 33902 32823 33556 28807 29364 29091 26351 26735 26570 2455 2629 2521 O C T. NOV. DEC. 60397 60989 62810 59842 60640 62544 59378 60044 61888 284328 287189 292554 33123 33941 35436 29910 29549 29812 27275 27048 27374 2636 2502 2439 1 9 9 0 -J A N . FEB. MAR. 62931 60623 60657 62491 59175 58533 61914 59634 59800 292131 290025 292374 34090 30929 33407 31301 32489 29581 28841 29693 27250 2461 2795 2331 Net c a rry o v e r o f re s e rv e b a la n c e s 8 Tw o w eeks e n d in g 1 9 9 0 -F E B . 21 60553 59073 59585 290342 30597 32780 29956 2824 116 MAR. 7 21 60430 60734 58463 58556 59633 59997 290614 292780 32724 33730 30220 29259 27706 27004 2514 2255 69 37 4 60706 63357 58549 61475 59640 62673 293039 298625 33432 36442 29585 28931 27274 26916 2311 2015 39 129 APR. 18p p — p r e lim in a r y 1. 2. 3. 4. 5. 7. 8. p e — p r e l i m i n a r y e s t im a t e R e f l e c t s a c t u a l r e q u i r e d r e s e r v e s , w i t h no 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 , 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 ir e m e n t s . R e s e rv e b a la n c e s w i t h F e d e r a l R e s e rv e Banks p lu s v a u l t c a s h u se d to s a t i s f y r e s e r v e r e q u ir e m e n t s . T h e m o n e ta ry b a s e , n o t b r e a k - a d i u s t e d and n o t s e a s o n a lly a d j u s t e d , c o n s is t s o f ( 1 ) t o t a l r e s e r v e s p lu s ( 2 ) r e q u i r e d c l e a r i n g b a la n c e s a n d a d ju s t m e n t s t o co m p e n sa te f o r f l o a t a t F e d e r a l R e s e rv e Banks p lu s ( 3 ) th e c u r r e n c y com ponent o f th e money s t o c k p lu s ( 4 ) > f o r a l l q u a r t e r l y re p < ? rte rs o n 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 th e r D e p o s it s and V a u lt C ash " and f<pr a l l th o s e w e e k ly r e p o r t e r s w hose v a u l t c a s h e x c e e d s t h e i r r e q u i r e d r e s e r v e s , th e d i f f e r e n c e betw een c u r r e n t v a u l t c a s h and th e amount a p p l ie d to 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 i r e m e n t s . A f t e r t h e i n t r o d u c t i o n o f CRR, c u r r e n c y and v a u l t ca sh f i g u r e s a re m easured o v e r c o m p u ta tio n p e r io d s e n d in g on M ondays. E x c lu d e s r e q u i r e d c l e a r i n g b a la n c e s and a d ju s tm e n ts to com pen sate f o r f l o a t and in c lu d e s o t h e r o f f -b a l a n c e s h e e t " a s - o f " a d ju s t m e n t s . D a te s r e f e r t o th e m a in te n a n c e p e r io d s i n w h ic h th e v a u l t c a s h ca n be used to s a t i s f y r e s e r v e r e q u ir e m e n t s . U n d e r co n te m p o ra n e o u s r e s e r v e r e q u i r e m e n t s , m a in te n a n c e p e r io d s end 30 days a f t e r th e la g g e d c o m p u ta tio n p e r io d s i n w h ic h th e b a la n c e s a r e h e l d . A l l v a u l t c a s h h e ld d u r i n g th e la g g e d c o m p u x a tip n p e r io d b y "b o u n d " i n s t i t u t i o n s ( i . e . , th o s e whose r e q u i r e d r e s e r v e s e x c e e d t h e i r v a u l t c a s h ) p lu s th e am ount o f v a u l t c a s h a p p l ie d d u r in g th e m a in te n a n c e p e r io d b y "n o n b o u n d " i n s t i t u t i o n s ( i . e . , th o s e w hose v a u l t c a s h e x c e e d s t h e i r re q u ire d re s e rv e s ) to s a t i s f y c u r re n t re s e rv e re q u ire m e n ts . T o t a l v a u l t c a s h h e ld b y d e p o s i t o r y i n s t i t u t i o n s m inus th e am ount a p p lie d to s a t i s f y r e s e r v e r e q u ir e m e n t s . C o n s is t s o f c a r r y o v e r o n l y a t d e p o s it o r y i n s t i t u t i o n s m a in t a in in g r e s e rv e s on th e b a s is o f tw o -w e e k m a in te n a n c e p e r i o d s . R e f l e c t s e x c e s s ( ♦ ) o r d e f i c i t ( - ) r e s e r v e s e l i g i b l e t o be c a r r i e d f o rw a rd i n t o th e tw o -w eek r e s e r v e m a in te n a n c e p e r io d e n d in g on th e d a te show n. H.3 (502) Table 3 ft?uS.EEAJi£,E?„E^ SLi“!E£?IT0RY 5 5 2 in s t it u t io n s a n d t h e m o n e t a r y b a s e A v e r a g e s o f d a i l y f i g u r e s , n o t s e a s o n a lly a d ju s t e d M illio n s o f d o lla rs R e s e rv e s o f d e p o s i t o r y D a te to ta l2 in s t it u t io n s n o n b o rro w e d r e q u ire d 3 M o n e ta ry b a s e 4 57105 57791 58011 59282 56750 57580 275420 278038 277464 280070 58078 57515 58087 282009 281026 280655 58252 58924 60747 281344 284114 289447 60563 58210 58375 288671 286502 288862 1 98 9 -M A R . APR. MAY JUNE 58918 60081 57786 58485 JU L Y AUG. SEP. 59044 58399 59025 O CT. NOV. D EC. 59272 59869 61669 59520 1 9 9 0 -JA N . FEB. MAR. 61579 59199 59232 61139 57751 56066 56995 58350 57725 58332 58717 61404 57109 Two w eeks e n d in g 1 9 9 0 -F E B . 21 59146 57666 58177 286903 MAR. 7 59048 59322 57082 57143 58251 58584 287012 289399 5 9235 61909 57079 60027 58169 61225 289404 295257 21 APR. 4 18p p — p r e lim in a r y r e q u ir e m e n t s ? 0 ^ a d i u stm e " t s p e — p r e l i m i n a r y e s t im a t e 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 f T a b i r i f c o f ^ 0^ 1 re S e rv e S e q u a l b r e a k -a d j u s t e d r e q u ir e d r e s e r v e s ( 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 a m u ltip lic a tiv e re s e rv e 5 u n a i; xim ® ana s a v in g s d e p o s it s (b u t n o t r e s e r v a b l e n o r id e p o s it l i a b i l i t i e s V t r a n s a c i --------T h e b r e a k -a d j u s t e d m o n e ta ry base e q u a ls ( 1 ) b r e a k -a d i u s t e d t o t a l r o c o m / a e n l i ip ( 9 I f ■ J I . . . 1 ___I i __________ _
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