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FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30 p.m. Eastern Time ~?u~~dE~f-l~n~~~nE~~~~ ~~i~e~!:,?s~ITORY INSTITUTIONS AND THE MONETARY BASE AUGUST 10 , 1989 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed plus exte~ded credit required 57618 57663 57985 60157 60316 60043 60862 60853 60706 58562 57991 58990 1989-JAN. FEB. MAR. 60370 60260 59854 APR. MAY JUNE exce~s Monetary base 6 total seasonal extended credit4 60051 59950 59852 1007 953 972 270308 270979 272420 3440 3241 2839 376 423 421 2538 2653 2059 60343 60314 60234 59800 59733 59666 1062 1119 1040 273659 274380 275501 2299 2861 1716 332 186 130 1781 2322 1244 58708 58773 58041 59754 59822 59376 59226 59106 58896 1145 1154 957 276784 277553 278615 1662 1487 1813 76 97 139 1046 1050 1334 59463 58740 58350 57174 57019 56860 58880 58217 57776 58686 57709 57445 776 1031 905 278675 278329 279056 2289 1720 1490 213 345 431 1707 1197 917 58698 58004 58110 57714 983 279981 694 497 106 58462 58149 56336 57184 57993 57471 57565 57249 897 901 278642 279365 2126 965 388 467 1657 287 JULY 12 26p 58966 58460 58249 57779 58395 57869 57976 57421 989 1040 279788 280061 717 681 483 509 146 90 AUG. 58720 58045 58100 57908 812 280219 676 497 55 Date total 2 1988-JULY AUG. SEP. 61058 60903 60824 OCT. NOV. DEC. JULY pe nonborrowed3 NSA Two weeks ending 1989-JUNE 14 28 9pe 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.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. IAlso, see footnote 2 on Table 2 and footnote 2 on Table 3. l 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 ITable 2, column ll less unadjusted required reserves (Table 2, column 3). The seasonal!¥ adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 12) the seasonally adJusted currency component of the money stock plus 13), 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. IAlso, see footnote 3 on Table 2 and footnote 4 on Table 3. l · H.3 ( 502 J Table 2 AGGREGATE RESERVES OF DEPOSITCf>RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve reguirements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash5 Reserves of depository institutions total 2 Date nonborrowed required base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfY. requireCJ reserves 6 surplus 7 Net carryover of reservw balances 1988-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 1989-JAN. FEB. MAR. 63468 60693 60212 61806 59206 58400 62323 59539 59255 281312 277655 278943 36475 32834 34623 28376 29776 27059 26993 27859 25589 1383 1917 1470 APR. MAY JUNE 61288 58911 59587 58998 57191 58097 60511 57881 58681 281521 280540 283272 35832 33199 33851 26746 27166 27151 25456 25712 25735 1290 1454 1416 60254 59561 59271 285357 33908 27851 26347 1504 59909 59054 57783 58089 59012 58154 283648 282390 34608 32950 26607 27630 25301 26104 1306 1526 270 185 61056 59847 60339 59166 60067 58808 286814 284484 34865 33416 27607 27948 26191 26432 1416 1517 144 36 59471 58796 58659 284301 32987 28166 26484 1682 205 JULY pe Two weeks ending 1989-JUNE 14 28 JULY 12 26p AUG. 9pe p--prel iminary 1. 2. 3. 4. 5. 6. 7. 8. pe--preliminary estimate Reflects.actual require~ reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes 1n reserve requ1rements. 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 applie~ 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 reguirements, maintenance periods end 30 days after the lagged comp,utation periods in which the balances are held. All vault cash helq during the lagged computation period by "bound' institutions I i.e., those whose reguired reserves exceed their vault cash) plus the amount· of vault cash applied during the maintenance period by "nonbound" institutions I i.e., those whose vault cash exceeds their required reserve~> ( to' .s<~tisfy 9urrent reserve requirements. Total vault cash held by ~~ository lnstitutions minus the amount applied to satisfy reserve requirements. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+)or deficit 1-J reserve~ elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 15021 Table 3 AGGREGATE RESERVES OF DEPO~ITORY Adjusted for changes in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars INSTITUTIONS AND THE MONETARY BASE Reserves of depository institutions Date total 2 nonborrowed required 3 Monetary base 4 1988-JULY AUG. SEP. 61353 60461 60506 57914 57220 57666 60346 59508 59534 272314 271620 271439 OCT. NOV. DEC. 60372 60963 62213 58073 58102 60497 59310 59844 61173 272293 275317 279710 1989-JAN. FEB. MAR. 62067 59371 58938 60405 57884 57125 60922 58217 57980 277923 274363 275625 APR. MAY JUNE 60011 57722 58410 57722 56002 56920 59235 56691 57505 278115 277493 280183 58954 58260 57971 282069 58787 57841 56662 56876 57890 56940 280684 279235 JULY 12 26p 59759 58556 59043 57875 58770 57516 283320 281359 AUG. 58137 57461 57325 281059 JULY pe Two weeks ending 1989-JUNE 14 28 9pe p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes 1n reserve requirements. Break-adjusted total reserves equal break-adjusted required reserves !Table 3, column 3) plus excess reserves NSA !Table 1, column 51. 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 savings deposits lbut not reservable nondeposit liabilities. J Break-adjusted monetary base equals Ill break-adjusted total reserves plus 121 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 The Federal Reserve System, i;;:1shington, D.C. 20551 of Governors
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