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FEDERAL RESERVE statistica I release H.3 1502) Table 1 For Release at 4:30 p.m. Eastern Time ~~~~dE~f'!.!n~~~nE~~~! ~~i~e~!:,~~ITORY INSTITUTIONS AND THE MONETARY BASE AUGUST 16 , 1990 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 total 2 Date nonborrowed 3 nonborrowed plus exte~ded credit required e~%~s Honetaty base total seasonal extended credit 4 1989-JULY AUG. SEP. 58867 58906 59289 58173 58231 58596 58279 58272 58618 57901 58021 58351 966 885 938 279957 280756 281806 694 675 693 497 490 452 106 41 22 OCT. 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 1990-JAN. FEB. MAR. 59896 60215 60297 59456 58768 58173 59482 59302 60123 58880 59227 59436 1016 989 861 287509 289714 291820 440 1448 2124 47 51 78 26 535 1950 APR. HAY JUNE 60275 59783 59732 58647 58448 58850 60051 59324 59196 59379 58820 58958 897 962 774 293540 294401 296276 1628 1335 881 122 244 311 1403 875 346 p 59317 58560 58840 58465 852 297856 757 389 280 1990-JUNE 13 27 59460 59980 58169 59414 58728 59597 58980 58960 479 1020 295148 297107 1291 566 282 329 559 183 JULY 11 25 59752 58853 59172 58021 59353 58319 58854 57999 898 854 297292 297565 581 832 359 396 182 298 AUG. 59601 58693 59112 58842 759 299567 908 429 419 JULY Two weeks ending 8p 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. (for more information, see Table 3. l Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3.) 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 r~ay 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 3). The seasonally adjusted, break-adjusted monetary base consists of 11) seasonally adjusted, break-adjusted total reserves plus 12) the seasonally adJusted currenc~ component of the money stock plus 131, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" ana for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, breakadjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. IAlso see footnote 3 on Table 2 and footnote 4 on table 3.) H.3 1502) Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve reguirements Averages of daily figures, not seasonally adjusted Millions of dollars Vault c;ashs Reserves of depository institutions total used to, satisfy requireCI reserves_6 surplus 7, Net carryover of reserv1 balances Date total2 nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 1989-..JULY AUG. SEP. 60254 59559 60126 59560 58884 59433 59288 58674 59188 285209 284063 283615 33902 32823 3'3556 28807 29364 29091 26351 26735 26570 2455 2629 2521 OCT. 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 1990-..JAN. FEB. MAR. 62931 60623 60658 62491 59175 58535 61914 59634 59797 292131 290025 292377 34090 30929 33407 31301 32489 29581 28841 29693 27251 2461 2795 2330 APR. MAY .JUNE 62512 60232 61197 60884 58897 60315 61615 59269 60423 296872 297034 300985 35409 32771 33878 29281 29812 29632 27103 27461 27318 2178 2351 2314 p 60938 60180 60086 303383 32941 30457 27996 2461 1990-..JUNE 13 27 61188 61066 59897 60500 60709 60046 300699 300618 34385 33390 28986 30097 26803 27676 2184 2421 234 -89 .JULY 11 25 61842 60477 61262 59645 60944 59623 303938 303010 33958 32383 30264 30549 27885 28094 2380 2455 170 74 AUG. 60352 59444 59593 303235 32379 30597 27973 2624 119 .JULY Two weeks ending 8p 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 re~irements. The monetary base, not break-adjusted and not seasonally adjusted, consists of 11) total reserves plus 12) required cleari~ balances and adjustments to compensate for float at Federal Reserve Banks plus 131 the currency c~nent of the money stock plus 14), for all ~rterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault c;ash exceeCis their reqyired reserves, the difference betwee~ current vault cash and the amo~t appl~ed to s~tisfy current reserve requirements. After the 1ntroduct1on of CRR, currency and vault cash f1gures are measured over computat1on per1ods end1ng 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' re~irements. Under contemporaneous reserve reguirements, maintenance periods end 30 days after the lagged computation periods in which tne balances are held. All vault cash held during the lagged co'!IPutation 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 reserves) to satisfy current reserve requirements. Total vault cash held by depository institutions minus the amount applied to satisfy reserve requirements. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance ~riods. Reflects excess I+) or deficit 1-) reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 1502) 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 1989-JULY AUG. SEP. 59044 58399 59025 58350 57725 58332 58078 57515 58087 282009 281026 280655 OCT. NOV. DEC. 59272 59869 61669 58717 59520 61404 58252 58924 60747 281344 284114 289447 1990-JAN. FEB. MAR. 61579 59199 59234 61139 57751 57110 60563 58210 58373 288671 286502 288864 APR. MAY JUNE 61047 58742 59610 59419 57408 58729 60150 57780 58836 293354 293520 297372 p 59466 58708 58614 299893 1990-JUNE 13 27 59601 59458 58310 58892 59121 58437 297036 297009 JULY 11 25 60364 59018 59784 58186 59466 58164 300521 299469 AUG. 58862 57954 58103 299730 JULY Two weeks ending 8p p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requ1rements. Break-adjusted total reserves equal break-adjusted required reserves !Table 3, column 3l plus excess reserves NSA !Table 1, column 5l. To adiust required reserves for discontinuities due to regulatory cha~s 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 lbut not reservable norideposit liabilit1es. l The break-adjusted monetary base eguals Ill break-adjusted total reserves plus 12) the (unadjusted! currency ~t of the money stock plus 13), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. Note: Historical data are available from the Money an~ Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Hash1ngton, D.C. 20551 ·
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