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FEDERAL RESERVE statistical release H.3 (502) For Release at 4:30 Eaatem Time Table 1 APRIL AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 28, 19 88 MJueted for c:hangea In , _ requl-ta' A-ages of dally figures, - l l y lldJuated un ..as noted otllerwlae Million• of dollara total" O.te 1i87-IIU. APL !Ill JOU JOLl lOG. S£ft. Reae,...a ol depository Institutions required nonborrowed nonborrowed plus extended c:redlt 1 56,325 56,9&1 57,317 56,930 56,929 57,229 56,1185 57,553 57,J62 56,658 5o,589 57,231 57,oOII 57,203 57,124 57,J60 57,2911 58,00J 57,756 57,111:.! 55,936 57,127 57,273 56,516 56,841 56,81616 57,032 57,368 57,0611 DEC. 56,852 57,9511 58,352 57,706 57,602 57,876 57,825 58,1196 57,987 57,1636 1988-JAL 1'£8. JilL 58,316 58,439 58,626 57,234 58,043 56,875 58,U9 58, :'23 59,006 59,173 ocr. IOJ. excess NSA4 Monet11ry base' Borrowings of deposllo<y institutions from the Federal Reserve, NSA total seasonal extended c:rec:llt1 2411>,3169 2116,526 2118,2311 2118,481 249,511 250,997 252,252 254,5616 256,025 J.56,681l !)J.7 993 1 ,OJS 5b,ll01 916 827 1,079 1,190 761 1, 032 793 1, 129 923 1, 029 57,606 58,2168 58,353 57,021 57,306 57,69& 1,295 1,133 929 260,245 261,259 262,403 1, 0112 1,752 57,602 56,799 57,857 58,1184 57,173 57,812 966 911 260,524 262,6166 56,189 55,555 58,683 58,832 511,089 58,480 917 693 264,095 264,461 77o 012 bl67 9'10 9i1J 625 111 91 120 19b 259 211J 279 231 189 126 93 21>'4 270 288 273 194 1J2 409 449 3911 48J 59 75 119 205 1,1678 1, 9216 111 1.d 255 1,685 2,817 J,b19 122 1216 3,211 39b 372 'fliO liBBKS BIDUG ------1988-IIAL 9 23 APL 6 20 p 5J1 2,494 --PR&LIIIII.Ull PB--PRE.LJ:IIlllR! ESTIIIATE BBSBRVES liD IIOIBTll! BASI l'IGURBS IICORPOBlf& ADJUSTIIBITS FOB DISCOITIIOITIES ASSOCIATED WITH THE IIIPL~IIEITATION OP THE IIOIBTlBI COI'fBOL lC'f AID OTBBB REGULATOR! CBAIG&S TO B&SB8VE BEQUIREIIEITS. TO ADJUST FOB DISCONTINUITIES DUB TO CHANGES IN a&SBBJB BBQUIRBBBITS OJ 8ISBRJABLE JOIDEPOSIT LIABILITIES, THE SOB OF SUCH REQUIRED R!SBRVBS ARK SUBTRACTED FBOII THE ACTUAL SIBIBS. SIBI.LAR.L!, II AD~OSTIIG 1'08 DISCOITIIOITIES II THE IIOIETlRI BlSB, REQUIRED CLBlRIIG BALANCES AND ADJUSTIIENTS TO COIIPIISATB WOR l'LOAT ALSO &81 SUBTRACTED FROII THE ACTUAL SERIES. 2/ TOTAL iBSIBJBS JOT ADJUSTED FOB DISCOITIIDITI&S COISISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BAlKS (WHICH EXCLUDE RBQUIBBD CLElBIIG BlLAICBS AID lDJOSTBBITS TO COBPEISATE FOR FLO&!') PLUS UDLT ClSH USED TO SATISFY RII:S~BVE REQUI8EBEITS. SUCH JADL!' CASH COISISTS OF ALL VAULT CASH HBLD DURING THE LAGGED COftPUTATIOI PERIOD BY IISTITUTlONS BAYING RE~UIRED RESERVE BALAICES AT FEDERAL RII:SERVB BANKS PLUS THE ABOUIT OP VAULT CASH EQUAL TO REQUIRED RESERVES DUBIIG THE ftAlNTENANCE PERIOD AT INSTITUTIOIS BAYING NO REQUIRED RESER¥~ BALANCES. 3/ EXTEIDED CREDIT CONSISTS OF BORROWING AT THE DISCOUIT WIIDOW UNDER THE TERIIS AND CONDITIOIS ESTA~LlSHEO POR THE EXTENDED CREDIT PBOGRlft TO HELP DEPOSITORY INSTITDTIOIS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. B~CAUSE THERE IS NOT THE SAllE NEED TO BEPAI SUCH BORBOWIIG PBOBPTL! lS THEBE IS WITH TRADITIOIAL SBORT-TERII ADJOSTIIII:IT CREDIT, THE ftON£1 ftABKET IftPACT OF EXTENDED CREDIT IS SlftiLAB TO THAT OF IONBOBROWED RESERVES. ~/ RESBRYE BALliCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE RRQUIBEftBNTS LESS REUUIRED RESERVES. 5/ THE BOIETABY BlSE BOT ADJUSTED FOR DISCOITIIUlTIES COISISTS or TOTAL BESEKYES PLUS BEQUld~D CLEARING dALANCES ANO ADJUSTftENTS TO COIJPJ:;ISATE POB FLOAT AT F.EDEiiAL RESERVE BAiiKS PLUS THE CURRENCY COftPOiiENT OP THE I!ION~f STOCK PLUS, fOil INSTI'fUTlONS NOT HAVZIG BBQDIBBD BESE~VE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AIIOUNT APPLlED TO SATISfY CURRENT RESEHYE BBUDIBBBBITS. AFT£8 THE IN!'BODUCT IOI OP CCR. CURIIENC! AID YAULT CAS B PIGUBJ>S ARE ftEA!;U.IliW OVER THE ftONOA Y-I:.NDI Nli COIIPUTATIOI PERIOD. THE SEASOIALLY AOJUSTED IIUiiETABf BASE COISISTS OF SEASONALLY ADJUSTED TOTAL RESERVE (WHICH INCLUDES EXCESS .kESEBVES 01 A 10'1' SEASONALLY AUJUSTED BASIS) t'LUS THE SEASOIALLY ADJUSTED COBRY.NCf COIII!O.NUT Oi' 'rHE ftONEY STOCK PLUS THE BESAIIIIG IT~BS SEASOIAL.Lf ADJUSTED AS A WHOLE. IOTB: HISI'OBICAL DATA ABE AVA.!LABLE 1"808 THE I!IONEf ANO RESERVES PROJECTIONS SECTIOII, DIVISION or ftONETAlif AFFAIRS, UOAIW OF GOJ&BIORS OP THE FBDEBlL RESERVE SISTEII, WASHINGTOI, O.C. 20551 1.'· 1/ H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not'adjusted tor ·hanges in re~rve requirem~!'t~. Averages of daill figures, _not seasonally adju_sted Millions of dollars Monetary base~ Date total 1987-UL non borrowed 57,061 59,393 58,339 58,784 58,838 58,361 59,813 61,106 61,205 62,12.1 58,1100 57,303 58,008 58,166 57,7111 58,813 60,163 60,580 61,346 62,6110 60,047 60,075 9 23 6 20 l' 11'11. au JUIB JUJ.l AUG. SBl'r. OCT. IOV. D&c. 1988-JAL ns. au. 56,53~J 56,146 58,561» surplus total required 57,329 59,020 59,977 60,282 61,0911 241l,978 249,2111 249,940 252,539 2511,671 2511,360 255,1»91 258,076 261,6711 266,161 36,1166 36,309 36,110 35,616 36,685 37,2119 37,453 61,558 59,650 58,32J 61,345 58,914 59,1116 59,573 60,093 59,036 58,169 60,610 1»2,832 57,793 59,213 35,318 31,013 23,765 23,31J8 23,681 24,369 24,613 24,644 24,8511 25 .. 587 25,431 26,b5 22,7115 23,128 23,857 23,752 211,11119 2,022 1,762 1,808 1,893 1,885 1, 899 1, 7:l6 1,730 1,679 1,706 265,789 262,598 21»3,971 37,1185 311,211 36,026 26,919 28,119 25,926 25,155 25,836 211,049 1,764 2,283 1,817 58,607 59,182 262,1150 264, 1112 35,575 35,761 25,987 26,224 23,998 24,332 1, 989 1,892 152 31 59,693 62,139 265,1112 269,660 J7,000 39,133 25,336 25,205 23,610 23,699 1,726 1,507 86 51,260 57,594 58,018 31,801 21,743 21,587 :l1,813 22,475 2~,128 r•o uus ---BIDliG 1988-aAL. UL P---l'RIU.IUIAII PI--P8BLLI21ARJ &SriaArB. 1/ IBFLIC!S ACfGAL I&SIRJB &BQUIRBaBITS, IICLUDIIG THOSB 01 IOIDBPOSIT LlABLLlTIBS, 81TH 10 ADJUSTBBITS TO BLIBIIATE fBI lrfiCTS Of DlSCOITIIUITII~ ASSOCIATED WITH IBPLBIBITATIOI 0~ THI BOIITABf COITBOL ACT 08 O!BBB &IGULATOif CHAIGIS ro a&sBRfl IBQ8I8&BIItS. 2/ COISISts OP rotA£ I&S&iJIS PLUS RIQUIBBD CLBABIIG BALAICBS AID ADJUSTBBITS TO COBPBISATB POl fLOAT lT YBDBBlL BBSBBYK BAI&S PLUS f&l CORBIICf COBPOIBif OP THB aOI&f STOC& L&SS THB lBOUIT OF fAULT CASH IOLDIIGS OP tHBIPT IIStifutlOIS THAT IS IICLUDIP II Til CUIR&ICf COSPOI&IT or TH& BOIBf STOC& l'LDS, FOB IISTI~UTIOIS lOt BlfliG BBQUIIBD RKSB&fB BALAIC&s. TUB IXCBSS Ol COII&If JA8Lr CASH OYI& fBI ABOUIT APl'LIID TO SlfiSPI CURIBif RIS&IJB BBQUIBB!IITS. APT&& THB IITBODUCTIOI OF CIR, CUIIBICI AID YAGLT CASU PIGUB!S ARB BBASD&BD OYBB THB BOIDAJ-BIDIIG COIPUTATIOI PIBIOD. 3/ &lC£UDIS IBQGIRID CLIAIIIG BAL41CBS AID lDJUSTIBifS TO COIPBISATB PO& FLOAT. •1 DA~IS MIPIB TO 21& BAIItBIAICI PIIIODS 11 MBICB TBB fAULT CASH CAl BB OS&D TO SATISPI BBS&&V& RKQUIBK4BITS. UNDER COITJaiOIAIIOOS IISIBYB RIQUIIBI&IfS• BAIIfllliC& PBIIODS BID lO DAIS APTBB fHI LAGGID COBPUTlflOI PIRIODS II IBIC8 THI BALAICJIS .UB HIU.D. 5/ IQUAL fO ALL fAULT CASH a&LD DUIIIG fHE LAGGID COBPUfATIOI P&llOD Bf liSfiTUflOIS HAJIIG &BQUIBBD IISBBYI BALliCIS Af FIDIBAL RISiafl BAliS l'LUS fHI AIOUIT OF YlULT CASH BQUAL TO BBQUI&ED IISERfES DUBIIG TUB BAIITIIAICB PBBIOD At liSfiTGriOIS 81YIIG 10 BIQUIRBD BBSBIYE BlLAIC&S. 6/ !OTlL VAULT CASH AT liS~IrDriOIS HAYIIG 10 RIQDIIBD IBSIIfl BALAICIS LISS THB AIOUIT Or fAULT CASB &QUAL TO TtiEIB IBQUIMID BBSIRYIS DUBliG TRB BAIITIIAICB PIIIOD. 11 COISISTS or CAIIIOJIB OIL! lT DIPOSlTOBf IISf!TUTIOIS 8Al1TliiiiG &ESBIJBS 01 THE BASIS OP TWO-W~Bk BAliTBIAICE P&IIOOS._ RB"ICTS IICISS (•) 08 DIPICif (-) RBSBiVBS ELIGIB~B TO BE CARBIID FOI¥ARD liTO rBB T¥D-IEB. BBSBR~B UIIUUICB PIUOD IIDUG 01 TU DA~B SHOU. Ill H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes In reaerve requirements' Averages of daily figurea, not aeaaonally adjuated Millions of dollars Date total 1987-111&. lPB. Reserves of depository institutions non borrowed Monetary base requirad 56,068 58,372 57,299 57,625 57,743 57,390 57,496 58,037 58,09l 5a,965 55,541 57,379 56,264 56,849 57,071 56.743 56,556 57,094 57,1668 58,188 55,152 57,51611 56,221 56,435 56,983 56,358 5o,703 56,909 57,17Q 57,936 251,420 .251,603 .25J,287 256,821 261,214 60,110 57,646 57,810 . 59,089 51,250 56,059 58,875 56,513 56,882 .261,202 258,193 259.931 51,232 57,820 56,695 55,896 56,266 56.,909 258,019 23 6 20 p 58,444 60,681 55,6.27 57,062 57,526 59.,988 2o1,5166 2o5,o01 Ill .JOIB .JOLI lUG. SBPT. OCT. lOY. aBC. 1988-.Jll. l'BB. au. ~111,9.25 246.06o .;l4o,8.J2 ~169,2U6 ~51,424 1'110 II&BIS &IDIIG ------1988-1118. 9 .. lPB. ..loO, no P--- PB.EI.I!Uli l i l PB--PIBLialllBI BS1'Lil1'1. 1/ l'IGUBBS B&PLBC1' lD.JUS1'11111'S lOB DlSC011'IliU11'LIS ASSOCIATED 1111'6 1'HB I!PLBIEI1'l1'IOI 01' 1'HB 10181'ABI COITBOL let liD otHBB BBGULAIOBI CR&IGIS 1'0 BBSIBII BBQUIBBIBITS.