The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE statistical release H.3 15021 Table 1 For Release at 4:30p.m. Eastern Time 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 required 6, 1989 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed plus exte\1ded credit APRIL exce~s Monetary base 6 total 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 60173 58883 59001 58360 59929 60050 59695 59401 59333 59137 1145 1154 1035 276739 277757 278885 1662 1487 1812 76 97 139 1046 1050 1334 8 22 60835 60195 59565 58718 60357 59829 59292 59179 1543 1016 277543 277575 1270 1477 78 99 792 1111 8 22p 60706 59773 58906 58187 60156 59351 59749 59023 957 750 278468 278583 1800 1586 116 136 1250 1164 60322 58146 59821 58772 1550 279727 2176 167 1675 Date total 2 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. pe nonborrowed3 NSA seasonal extended credit 4 Two weeks ending 1989-FEB. MAR. APR. 5pe 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. I Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. I Also, see footnote 2 on Table 2 and footnote 2 on Table 3. I Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository inst1tutions 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 11 less unadjusted required reserves (Table 2, column 31. The seasonal!¥ adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 121 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 (502l Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars . Vault cash 5 Reserves of depository institutions total 2 Date nonborrowed required base Reserve balances with F.R. Banks4 Moneta~y total used to satisfy requireCI reserves 6 surplus 7 Net carryover of reservi balances 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 60277 61806 59206 58464 62323 59539 59241 281312 277655 279069 36475 32834 34690 28376 29776 27059 26993 27859 25586 1383 1917 1473 8 22 61578 60293 60308 58817 60035 59278 277505 277716 32260 32455 31488 29739 29318 27838 2170 1901 82 229 8 22p 60446 60053 58647 58467 59490 59304 277715 279399 34485 34719 27581 26738 25962 25335 1620 1403 48 85 60474 58298 58924 279761 34830 27095 25644 1451 33 1989-JAN. FEB. MAR. pe Two weeks ending 1989-FEB. MAR. APR. 5pe 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 applied 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 requirements, 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 li.e., those whose required reserves exceed their vault cas!) l plus. the amount of vault <;:ash applied during the m~intenance period by "nonbou~~~- ~!Y-'!f:t,.:*~Jll ~~~~e., those whose vault cash exceeds the1r requ1red reserves l to sat1sfy current reserve requ1rements. . · .:· '. · : ''' Total vault cash held by depository institutions minus the amount applied to satils.fy:•c:EI~J.+ve..,t-eiJ,li.r.e.beNtti/r'. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess(+) or deficit(-) reserves elig1ble to be carried forward into the two-week reserve maintenan~e perio~ ending on the date shown. H.3 ( 502 J 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 59188 60615 58070 57376 61132 58402 58153 278089 274508 275941 8 22 60328 59186 59059 57709 58785 58170 274229 274566 8 22p 59391 58919 57592 57333 58435 58169 274745 276089 59426 57250 57877 276776 1989-JAN. FEB. MAR. pe Two weeks ending 1989-FEB. MAR. APR. 5pe 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 3J plus excess reserves NSA !Table 1, column 5J. 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 (but not reservable nondeposit liabilit1es.) Break-adjusted monetary base equals I l l break-adjusted total reserves plus 12) the (unadjusted) currency component of the money stock plus 13), 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. Note: Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551
@FedFRASER