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FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30p.m. Eastem Time ~?u~~dE2f'l~n~~~nE!!~~~ ~~i~e~!~~ITORY INSTITUTIONS AND THE MONETARY BASE Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars AUGUST 17 , 1989 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 nonborrowed3 nonborrowed plus exte~ded credit 1988-JULY AUG. SEP. 61058 60903 60824 57618 57663 57985 60157 60316 60043 60051 59950 59852 1007 953 972 270308 270979 272420 3440 3241 2839 376 423 421 2538 2653 2059 OCT. NOV. DEC. 60862 60853 60706 58562 57991 58990 60343 60314 60234 59800 59733 59666 1062 1119 1040 273659 274380 275501 2299 2861 1716 332 186 130 1781 2322 1244 1989-JAN. FEB. MAR. 60370 60260 59854 58708 58773 58041 59754 59822 59376 59226 59106 58896 1145 1154 957 276784 277553 278615 1662 1487 1813 76 97 139 1046 1050 1334 APR. MAY JUNE 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 p 58702 58008 58115 57731 972 279987 694 497 106 1989-JUNE 14 28 58462 58149 56336 57184 57993 57471 57565 57249 897 901 278642 279365 2126 965 388 467 1657 287 JULY 12 26 58967 58461 58250 57780 58396 57870 57976 57419 990 1043 279789 280060 717 681 483 509 146 90 58743 58068 58123 58016 727 280258 676 497 55 JULY required e~SA~s Monetary base 6 total seasonal extended credit 4 Two weeks ending AUG. 9p 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.) 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.) 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 wilh 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 1) less unadjusted required reserves (Table 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of 11) seasonally aajusted, break-adjusted total reserves plus (2) 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. !Also, see footnote 3 on Table 2 and footnote 4 on Table 3.) H.3 15021 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 cash 5 Reserves of depository institutions base Reserve balances with F.R. Banks 4 Honeta~y total used to satisfy requireCJ reserves 6 surplus 7 Nat carryover of reserv1 balances Date total 2 nonborrowed required 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. HAY JUNE 61288 58911 59587 58998 57191 58097 60511 57881 58681 281521 280540 283272 35832 33199 33852 26746 27166 27151 25456 25712 25735 1290 1454 1416 p 60259 59565 59287 285363 33907 27851 26352 1499 1989-JUNE 14 28 59909 59054 57783 58089 59012 58154 283648 282390 34608 32950 26607 27630 25301 26104 1306 1526 270 185 JULY 12 26 61057 59849 60340 59168 60067 58806 286814 284484 34866 33416 27607 27948 26191 26433 1416 1516 144 36 AUG. 59492 58817 58765 284344 32981 28166 26512 1655 201 JULY Two weeks ending 9p 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 cleariryg 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 perio~s 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 I i.e., those whose required 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 periods. Reflects ell<qess).+l or deficit 1-l reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. . : H.3 !502 l 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 total 2 Date nonborrowed required 3 Monetary base 4 1988-JULY AUG. SEP. 61353 60461 60506 57914 57Z20 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 p 58959 58265 57987 282076 1989-JUNE 14 28 58787 57841 56662 56876 57890 56940 280684 279235 JULY 12 26 59760 58557 59044 57876 58770 57514 283321 281358 58159 57483 57431 281098 JULY Two weeks ending AUG. 9p p--preliminary 1. z. 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 3) plus excess reserves NSA !Table 1, column 51. To adjust required reseryes for discont~nuities due to regulatory cha~ges in res~rve requirements, a multiplicative procedure 1s used to est1mate what requ1red reserves would have been 1n past per1ods 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 Ill breaK-adjusted total reserves plus 121 the !unadjusted) currency component of the money stock plus 131, 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, Hashington, D.C. 20551
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