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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 T E RESERVES O F D EPO SITO R Y IN S TITU TIO N S AND TH E M O N ETA R Y BASE A d ju s t e d f o r 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 1 A v e ra g e s ° t 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 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 r e d it* excess NSA 5 re q u ire d M o n e ta ry 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 JUN E 60297 60275 59783 59732 58173 58647 58448 58850 60123 60051 59324 59196 59436 59379 58820 58958 861 897 962 774 291620 293503 294628 296467 2124 1628 1335 881 244 311 JU L Y AUG. SEP. 59322 59746 60082 58565 58819 59457 58845 58947 59464 58460 58879 59173 862 909 298012 301079 304465 757 927 624 389 430 418 280 127 O C T. NOV. DEC. 59609 59763 60526 59199 59532 60CJG 59217 59557 60223 58763 58816 58861 847 947 1665 306381 307756 30^29 410 230 326 335 162 76 18 24 23 60838 61338 61448 60304 61086 61207 60331 61119 61260 58670 59527 60251 2168 1811 1197 314472 318774 320197 534 252 241 33 37 55 27 34 53 6 20 61546 61468 61356 61289 61385 61316 58825 59715 2721 1753 317992 318301 191 179 35 37 30 27 6 20 p 60953 61266 60527 61081 60577 61128 59724 60255 1229 10 11 320189 320329 426 185 41 51 50 47 61950 61738 61800 60533 1417 320034 212 68 62 1 9 9 1 -J A N . FEB. MAR. pe 1991 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 5, 868 78 122 1950 1403 875 3 46 6 Tw o w eeks e n d in g 1 9 9 1 -F E B . MAR. APR . 3pe p — p re 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 a nd 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 c h 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 . ) 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 ll y 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 tn o te 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 r e s e rv 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 m s t i t u t i 9 ns from th e F e d e r a l R e s e rv e . E> 1/ V A M M A M 1 V « A A K a a*. X — _ ____ ____ L . * _ I __ I II fl I I• ■ ■ ■ a • • ■ mm ■■ 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 r e s e r v e s ( T a b l e 2 , co lu m n 1 ) le s s u n a d ju s t e 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 ll y 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 l u s ( 2 ) t h 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 .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 t h e r D e p o s it s a nd v a u l t C ash 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 , 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 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 ca s h and th e am ount 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 se e f o o t n o t e 3 o n T a b l e 2 a n d 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 OF DEPOSITORY INSTITUTIONS AND THE M O N ETA R Y BASE N o t a d j u s t e d f o r 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 1 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 rs R e s e rv e s o f d e p o s it o r y to ta l2 D a te n o n b o rro w e d in s tit u t io n s re q u ire d V a u lt ca sh 5 M o n e ta ry base3 R e se rve b a la n c e s w ith F . R . B ank s 4 to ta l u se d to s a tis fy r e 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 JUNE 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 2336 2181 2354 2318 JU L Y AUG. SEP. 60943 60728 61452 6Q185 59801 60828 60081 59860 60544 303387 304995 307211 32946 32448 33303 30459 30842 30625 27996 28280 28149 2462 2562 2476 O CT. NOV. D EC. 61052 62045 59120 60642 61815 58795 60206 61099 57456 308854 312689 313700 32127 33382 30237 31515 31086 31777 28925 28663 28884 2590 2423 2893 50992 48554 48587 50458 48302 48346 48824 46743 47390 309303 308529 310293 22023 19830 21746 33220 33477 30896 28969 28724 26841 4250 4753 4054 6 20 49160 48687 48970 48508 46439 46934 307106 309075 18776 20049 35759 33341 30384 28638 537 5 4703 -1 6 3 95 6 20p 47866 48627 47440 48443 46637 47617 308641 311726 20237 22213 32005 30286 27629 26414 4376 3872 128 75 48928 48716 47511 309370 21973 31067 26955 4112 88 1 9 9 1 -J A N . FEB. MAR. pe Tw o w eeks e n d in g 1 9 9 1 -F E B . MAR. APR. 3pe p --p r e lim in a r y 1. 2. 3. 4. 5. 6* 7. 8. p e - - p r e l i m i n a r y e s tim a te 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 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 . 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 ca sh u sed to s a t i s f y re s e r v e re 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 j 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 nd a d ju s tm e n ts to co m pen sate f o r f l o a t a t F e d e r a l R e se rve 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 r e p o r t e r s on th e “ R e p o rt o f T r a n s a c t i o n A c c o u n ts , O th e r D e p o s its and V a u lt C ash " 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 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 ca sh and th e amount a p p lie 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 f t e r th 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 pensate 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 j u 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 in w h ic h th e v a u l t ca s h can 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 ir e m e n t s , m a in te n a n c e p e r io d s end 30 da ys 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 in w h ic h th e b a la n c e s a r e h e ld . A l l v a u l t ca sh h e ld d u r in g th e la g g e d c o m p u ta tio 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 amount o f v a u l t ca s h a p p l ie d d u r in g the m a in te n a n c e p e r io d by "nonb ou nd" i n s t i t u t i o n s ( i . e . , th o s e whose 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 reserves) to s a t i s f y c u r r e n t re s e r v e r e q u ir e m e n t s . 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 amount 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 to be c a r r i e d fo rw a rd i n t o th e tw o-w eek re 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 A G G R E G A T E RESERVES O F DEPO SITO R Y IN S TITU TIO N S AND TH E M O N ETA R Y BASE A d ju s t e d f o r 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 1 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 rs 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 non b o rro w e d re q u ire d 3 M o n e ta ry b a s e 4 1 9 9 0 -M A R . APR. MAY JU N E 59234 61047 58742 59610 57110 59419 57408 58729 58373 60150 57780 58836 288864 293354 293520 297372 JU L Y AUG. SEP. 59471 59212 59813 58713 58285 59189 58609 58345 58905 299897 301462 303563 O C T. NOV. DEC. 59245 60024 62183 58834 59794 61857 58398 59078 60518 305001 308711 314030 62501 60295 60329 61967 60043 60088 60333 58484 59132 315572 315334 317369 6 60901 60429 60710 60250 58179 58676 3 13397 315979 6 59607 60370 59181 60186 58378 59360 3 15659 318878 3pe 60671 60459 59254 316381 1 9 9 1 -J A N . FEB. MAR. p e Tw o w e e ks e n d in g 1991-F E B . 20 MAR. 20p APR . p — p re 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 q u ir e m e n t s 0 0 ^ a d j u s *fnen‘ls 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 f T a b l e 3 l ^ Uco lu m n ° 5 ^ ^ r e s e r v e s e q u a l b r e a k -a d ju s t e d re q u ire d re s e rv e s 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 ( T a b l e 3 , colu m n 3 ) p lu s e x c e s s r e s e r v e s NSA T o a d j u s t r e q u i r e d r e s e r v e s f o r d i s c o n t i n u i t i e s due to 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 , a m u l t i p l i c a t i v e p r o c e d u r e i s u se d t o e s t im a t e w h a t r e q u i r e d re s e r v e s w o u ld h ave been i n p a s t p e r io d s had 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 been m e f f e c t . B r e a k -a d ju s t e d r e q u ir e d r e s e r v e s in c lu d e s r e q u i r e d r e s e r v e s a g a i n s t t r a n s a c t i o n s t? P ° 2 x na n o n p e rs o n a l tim e and 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 n d e p o s it l i a b i l i t i e s . ) ^ m o n e ta ry b ase e q u a ls ( 1 ) b r e a k -a d iu s t e d t o t a l r e s e r v e s p lu s ( 2 ) th e ( u n a d j u s t e d ) c u r r e n c y com ponent v L l+ ? L p l V? I l U f ° r m 1 qu a r * ? r l y r ® P o rte rs 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 th o s e w e e k ly r e p o r t e r s whose v a u l t ca 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 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 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 . Note: Historical, data a r e available from the Money and Reserves Projections Section, Division of M o netary Affairs, Board of G o v e r n o r s of The Federal Reserve System, Washington, D.C. 20551
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