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FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30 p.m. Eastern Time ~?u~~E2~l~ng~~~nE!!Ye~~ ~!ui~e~!:,?s~ITORY INSTITUTIONS AND THE MONETARY BASE AuGusT 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 nonborrowed3 nonborrowed plus extended credit 4 required 58597 58867 58906 59289 57107 58173 58231 58596 58024 58279 58272 58618 57692 57901 58021 58351 OCT. NOV. DEC. 59640 59646 60033 59085 59297 59767 59106 59318 59787 1990-JAN. FEB. MAR. 59896 60215 60297 59456 58768 58173 APR. MAY JUNE 60275 59783 59730 30 2 , 1990 Monetary base 6 total seasonal 905 966 885 938 279020 279957 280756 281806 1490 694 675 693 431 497 490 452 917 106 41 22 58620 58701 59110 1020 945 922 282786 283222 284946 555 349 265 330 134 84 21 21 20 59482 59302 60123 58880 59227 59436 1016 989 861 287509 289714 291820 440 1448 2124 47 51 78 26 535 1950 58647 58448 58849 60051 59324 59195 59379 58820 58958 897 962 772 293540 294401 296267 1628 1335 881 122 244 311 1403 875 346 59925 58202 59300 58913 1011 295258 1723 278 1098 JUNE 13 27 59460 59980 58169 59414 58728 59597 58980 58960 479 1020 295146 297096 1291 566 282 329 559 183 JULY 11 25p 59736 58853 59156 58021 59337 58319 58857 57996 879 857 297249 297547 581 832 359 396 182 298 Date total 2 1989-JUNE JULY AUG. SEP. eN~:~s extended credit4 Two weeks ending 1990-MAY p--preliminary pe--prel iminary 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. !Also, see footnote 2 on Table 2 and footnote 2 on Table 3. I 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. 4. 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. 5. Excess reserves NSA equals unadjusted total reserves !Table 2, column 11 less unadjusted required reserves !Table 2, column 31. 6. The seasonally adjusted, break-adjusted monetary base consists of I l l seasonally adjusted, break-adjusted total reserves plus 121 the seasonally adJusted currency component of the money stock plus 131, 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 seasonally adjusted, breakadjusted difference between current vault cash and .the amount applied to satisfy current reserve requirements. !Also see footnote 3 on Table 2 and footnote 4 on table 3. I 1. 2. 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 cash5 Reserves of depository institutions Reserve balances with F.R. Banks 4 total used to satisfy requireCI reserves 6 surplus 7 Net carryover of reserv~ balances Date total 2 nonborrowed required Monetasy base 1989-JUNE JULY AUG. SEP. 59587 60254 59559 60126 58097 59560 58884 59433 58681 59288 58674 59188 283087 285209 284063 283615 33852 33902 32823 33556 28088 28807 29364 29091 25735 26351 26735 26570 2352 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 61195 60884 58897 60314 61615 59269 60423 296872 297034 300975 35409 32771 33877 29281 29812 29632 27103 27461 27318 2178 2351 2314 30 59537 57815 58526 296715 31269 30852 28268 2584 230 JUNE 13 27 61188 61066 59897 60500 60709 60046 300698 300607 34385 33390 28986 30097 26803 27676 2184 2421 234 -89 JULY 11 25p 61825 60474 61245 59642 60946 59617 303894 302987 33941 32386 30264 30552 27885 28088 2380 2464 170 76 Two weeks ending 1990-MAY p--preliminary 1. 2. 3. 4. 5. 6. 7. 8. pe--preliminary estimate Reflects actual required reserves, with no adjustments to eliminate the effect!> 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. ยท The monetary base, not break-adjusted and not seasonally adjusted, consists of Ill total reserves plus 12) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus 131 the currency component of the money stock plus 14), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeC:Is their re~ired reserves, the difference between current vault cash and 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 reguirements, 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 reguired reserves exceed their vault cashJ 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 excess (+)or deficit 1-J reserves elig1ble to be carried forward into the two-week reserve rnaintenance period ending on the date shown. H.3 15021 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-JUNE JULY AUG. SEP. 58485 59044 58399 59025 56995 58350 57725 58332 57580 58078 57515 58087 280070 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 59609 59419 57408 58727 60150 57780 58837 293354 293520 297362 30 58007 56285 56996 293169 JUNE 13 27 59601 59458 58310 58892 59121 58437 297034 296998 JULY 11 25p 60348 59018 59768 58186 59469 58161 300478 299450 Two weeks ending 1990-MAY p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requiraments. Break-adjusted total reserves equal break-adjusted required reserves !Table 3, column 31 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 reguired 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. I The break-adjusted monetary base eguals Ill break-adjusted total reserves plus 121 the (unadjusted) currency component of the money stock plus 131, 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 and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Hashington, D.C. 20551
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