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For""'- II 4:30 ~ 11me
H.3 (!021
Tillie 1
lUGUSI'
6, 1987
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY &UE
Ad)u..ed lor chenon In -
requl-11 1
A-eoe• of delly Ito-, - l l y ed)u-'ed un.... noted olherwl•
Mllllona of doll.,.
Dele
totel'
AeMrYM of depoaltory lnatltutlona
required
nonbofloWed
nonbofrowed plua
ell1encled credlt1
exc-
Monelery .,....
NSA'
1986-JUIE
JULI
lUG.
SBP.l'.
OCT.
lOY.
DJIC.
49,726
50,690
51,501
52,302
53,225
54,489
56,166
48,923
49,950
50,628
51,294
52,384
53,131
55,340
49,454
50,3:.t8
51,0911
51,864
5.2,.881
511,155
55,643
48,795
49,780
so. 761
51,576
52,.1179
53,.511
54,798
931
910
740
726
746
978
1,369
226,9.U
228,605
230,8261
232,281
234,.4:.t6
236,.875
239,.513
803
741
872
1,.008
841
752
827
1987--JU.
PBB..
!IlL
lPB..
56,884
56,813
56,852
57,954
!>8,352
57,706
56,304
56,311
56,325
56,961
57,.J17
56,930
56,529
56,600
56,589
57,604
57,203
55,816
55,662
55,936
57,127
57,273
56,516
1,068
1,.211
916
827
1,079
1,19Q
242,.431
.21U,970
244,.563
246,586
248,372
248,481
580
li56
527
993
1,035
176
3
17
58,507
51,332
57,413
56,697
57,710
5o,950
51,313
56,528
1,134
8011
248,977
247,814
1
15 p
29 PB
57,925
57,453
51,133
57,070
56,758
57,082
57,358
57,018
57,214
56,306
56,989
56,708
1,620
1164
1,025
249,081
248,863
250,003
Ill(
JUIB
57,2~1
--
llonowlnoa of depoaltory l"-'ltutlona
from the Federel , . . _ , NSA
extended credit'
toter
108
116
141&
137
99
7Q
38
531
378
465
570
1197
418
303
34
71
225
283
9l
~611
12Q
196
259
.aea
1,094
us
226
230
297
254
85b
696
65.2
298
271
294
289
261
133
370
273
TID IIBBI.S
BIDIBG
-----1987-JUU
JOLt
P---PBJILIIIIIlBI
PB--PBBLiftlllBI BSTIBlTB
1/ RBSBiiBS liD BOBETlii BlSB 'IGURBS IICOBPOBlTB lDJUSTBRITS POB DISCOITIIDITIBS lSSOCllTBD liTH TKB liPLBIIBITlTIOI QP THB
BOIBTlBI COITBOL lCT liD OTHER BBGULlTOBI CUAIGJIS TO BBSERYB BBQUIRBftBITS. TO ADJUST POR DISCOITIIUITIBS DUB TO CBAIG&S II
RBSBBYB REQUIRBIIEITS 01 RBSBRIABLB IOBDBPOSIT LIABILITIES, THB SUB 0, SUCH RBQUIRBD RBS&RfBS ARE SUBTilCT&D ,ROB TBB lCTU~
SJIBIBS. SIIIILABLI, II lDJUSTIIG '08 DISCOITIIOITIBS II THJI ftOI&TlBI BlSB, R&QUiaBD CL&AR~IG B&LliCBS ~ID AAJUSTII&ITS TO
COSPEISATB POB 'LOAT ALSO ABE SUBTRACTED 'BOll THE ACTUAL SEBIBS.
2/ TOTlL RBSBBYBS lOT ADJUSTED ,08 DISCOITIIOITIBS COMSISTS OP BESBBfB BALAIC&S VITB PBDIBlL R&s!BY& BAi&5 (IIICB &JCLUDI
RBQUIRED CLJIARIIG Bl~ABCBS liD ADJDSTBBHTS TO COftPBISATE POB ,LOAT) PLUS flULT CASH USBD TO SlTIS,I &BSBBVJI B&QUIRBBBISS.
SUCH YlULT ClSB COISISTS 0' lLL fAULT CASU HBLD DUBliG THB LAGGED OOBPUTATIOI PERIOD Bl IISTITUTIOIS HlYIIG BBQUIRBD RIS&RfB
BALAICBS AT PBDEBAL BBSBBY& BAlKS PLUS THE AIIOUMT 0' fAULT CASH BQUA~ TO BBQUIBBD RBSBRJBS DUBIBG THE ftlliTBIAICI P&BIOD AT
IISTITUTIOIS HAYIIG 10 BBQOIBED RESEBYB BALAICES.
3/ EXTBIDBD CREDIT COBSISTS OP BORROWING AT THE DlSCOUJT lliDOW UIDBB THE TBBBS AID COIDITIOIS &STABLISHBD POB TBB BBTIIDI8
CREDIT PBOGBAft TO HELP DEPOSITOBI IISTITOTIOMS DBAL WITH SUSTAIIED ~IQUIDITI PBBSSUBES. BBCAUSB THJIBB IS lOT TBB SAl& I&&D 10
BEPAX SUCH RGBROWIIG PBOIIPTLI AS THEBE IS ilTH TBlDITIOilL SUORT-TBBB lDJUSTB&IT CBBDIT, THE !lOlBI BAB&BT IBPACT o• &IT&ID&D
CREDIT l~ SlftlLAB TO THAT OP MOIBOiiOW&D BESBBI&S.
II/ RBSERYE BALAICES liTH PEDEBA~ RBSBBYE BliKS P~US YlULT CASH USBD TO SATISPI R&S&BIE R&QUIBBBBITS ~S RBQUIRBD Rlsa&I&S.
5/ 1'HB ftOIBTABI BlSB JOT ADJUSTBD POB DISCOITIIfUITI.BS COISISTS OP 1'0TlL BES"EBVBS PLUS IEQUIIlBD C.I.BARUG BALAICBS liD ~D.JII-Stlllft!S
TO COBPEISATB lOR 'LOAT lT ,BDERAL HESEBfE BAlKS PLUS THE CURBENCI COSPOJEIT OP TH& BOIEI STOCK LBSS THB l!IOUI1' OP fAULT ClSB·
BOLDIIGS OP TUBIFT IISTITUTIOBS THAT IS IHCLUUBD IH THE CDRRJINCI COBPOIENT OP THE BOIEX STOCK PLUS, lOB IISTITUTIOIS lOT llfiiG
BBQUIBBD BBSEBfE BALAICBS, TH~ BICESS OF CURRENT YAU~T CASH OJEB THE ABOUNT APPLIED TO SATIS'I CUBHBIT BESJIBfB BBQUII&aEITS.
APTBB THE INTRODUCTION UP CBH, CUBB~RCI AND VAULT CASH FlGUB~ ARE BEASUBED OV&B THE ftORDAI-&HDING CQIIPUTlTIOI PBiiOO.
PBIOB TO CRR, ALL CO!POKENTS OF THE ~ONETABI HlSE OTHER THAN BICESS RESERVES ARB SBASOIALLI ADJOSTBD AS A WUOLB, BlTIBR TBAI
81 COSPOBENT, ARD EXCBS~ RESERVES LS ADDED OR A NOT SEA~OIALLI ADJUSTED BASIS. APTER CRI,. IHB S~ASOIALLI ADJUSTID SBIIBS
COISISTS OF SEASONALLI ADJUSTED TOTAL BESEBVBS (IIUICH INCLUDES EICESS liBSI::BVES 01 A lOT SEASOULLI ADJUSTED BASIS). PLUS 1'HI
SEASONALLY ADJUSTED CUBBENCI COftPOHENT OF THE ftONEI STOCK PLUS TUB REftAIRING ITEBS SEASONALLI ADJUSTED AS l MUOLI.
NOTE: HISTORICAL DATA ARE AVAILABLE FROft THE BANKlJG SECllON, DLflSIOH OF RESEARCH ~NO STATISTICS, BOARD OF GOJEBNORS 0, TUI
H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY
INSTITUTIONS AND THE MONETARY BASE
1
Not adjusted for. changes in re~rve require.~n~
Averages of daily figures, not seasonally adjusted
Millions of dollars
'·
.
Monetary
base~
Date
total
1986--JUIB
JUl.l
AUG.
SEPT.
oct.
JOY.
DEC.
1987--JAL
I'ES.
II AB.
APR.
IIU
JUIB
nonborrowed
Reserve balances
with F.R. Banks'
119,007
50,118
50,538
52,4&3
53,877
229,&75
surplus•
1
total
required
reserves''
29,499
30,313
JO, Hi5
31,922
32,947
34,803
37,360
22,804
23,098
23,451
2J,381f
23,753
23,54.J
24,071
20,4.J9
2U,716
21,11..1
21,267
21,67tt
21,595
22,199
2,.l6S
2,381
2,339
2,111
required
49,938
51,029
51,277
53,189
54,623
56,399
59,560
119,135
50,288
50,1105
52,180
53,782
55,647
58,133
58,191
241,267
2117,707
59,668
57,060
57,061
59,393
59,088
56,503
56,534
58,400
58,339
51,303
58,784
58,008
58,600
55,849
56,146
58,566
57,260
57,594
24&,752
244,220
2114,978
2169,2111
249,9110
252,539
36,584
33,625
35,318
37,807
36,466
36,309
25,0169
25,889
23,759
23,353
23,693
24,380
23,0811
.l3,1635
21,74.J
21,587
.l1,87.l
22,1l75
1,96S
2,451l
2,016
1,767
1,82q
1,905
58,176
59,117
57,082
58,1182
57,01t2
58,3 1J
250,316
253,446
36,018
37,145
24,094
23,668
22,158
21,97.:.1
1,936
1,696
58,567
57,711
58,857
57,595
56,947
59,088
57,222
252,074
256,086
253,1194
35,1&15
31,0811
25,215
24,238
25,029
23,092
2,123
2.l,l&69
22,997
1,770
152
1&91
2,031
lt8
5~,421
23~.546
233,315
235,0&7
231,251
2,018
1,9117
1,872
TVO V.EBlS
EIDIIG
------1987-JUJB
3
11
dULl
1
15
p
29 PI
59,552
58,2111
35,250
P---PREl.IJIUABl
PE-PRELIIIIIARJ ESTIIIATE.
1/ RBPl.BCTS ACTUAL RESERVE RBQUIREBBITS, IICLUDIIG THOSE 01 IOIDBPOSIT l.IABLLITlBS, liTH 10 ADJOSTaBifS SO BLlliiiATE
THB EFFECTS OP DISCOITIIUITIES ASSOCIATED liTH IBPI.BIIEITATION 01' THE BOIETARJ COITROL ACT OR OTHER RBGUl.ATOBf
CHAIGES TO RESERVE RBQULREIIERTS.
2/ COISISTS OF TOTAL RESERVES PLUS REQUIRED CLEARIIG 8ALAICES AND ADJUSTIIEITS TO COBPBISATB FOB FLOAT AT FEDERAL BBSBBfr.
BANKS PLUS THE CURREICJ COftPONEIT 01' THE BONEI STOCK LESS THE ABOUBT 01' IADLT CASH HOLDIIGS 01'. T~II'2 ~NSTLTUTLOIS THAT
IS I NCLUD.BD II TRE CURREBCJ COftPOIBBT OF THE ftOIEl STOCK PLUS, FOR INSTITO'IIOIS I.OT, lf~JIIG: BEQUlil.BII B&SEilVE BAL.UC&S, SHB
EXCESS OF CURREJT IAULT CASH OVER THE AftOURT APP~~BD TO SATLSI'l CURRENT RESEBY&·a«QOiBEaBJTS. AF~&a THE IBTRODUCT.IOI 0P
CBR, CURRENCY ARD fAULT CASH FIGURES ABE ftEASUBED OVER THE IIONDAl-EIDIIIG CQftl'IJ,SATIOI "J.)JAI~OD.
3/ EXCLUDES REQUIRED CLEARIIG BALAICES AND ADJUSTftBNTS TO COIIPENSATE FOB FLOAT.:
.
' / DATES aBFEB TO THE IIAIITEIAICE PERIOQS IN WHICH THE fAULT CASH CAN BE USED TO SAT!SFI RESBBIE BBQUIR~ft&ITS. UNDER
CONTBIIPORAUOUS BESEUE BEQUIRBftBITS, ftUMTENUCl! PEBIODS END 30 DlJS AFTER THE LAGGED COIIPUrATIOI PBJIIODS
II WHLCH THE BALANCES ABE HELD.
5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COftPUTATION PERIOD 81 INSTITUTIONS HAYING RBQUJRED~&S.BRIB BALAICBS
AT FEDERAL USERY& BANKS PLUS TUB AftOUNT OF YAULT CASH l!QUAL TO REQUIRED RESEBQS ~UiliJif" T,H,i AUN,EllliCE PERIOD AT
IISTITUTIOIS HUIIG 110 REQUIRED BESERY.E BALAIICES.
{. ~ ~ <; 'I' t
6/ TOTAl. VAULT CASH AT LIISTITUTIONS HAYING NO BE~UlBED RESEBYE BALAICES LESS TH.B~IIOUtr 01' VAUl.T CASH BQUAL TO THEIR
REQUIRED RESERVES DURING THB IIAIMTBIIol!ICE PERIOD.
1/ CONSISTS OF CARBIOJEB ONLY AT DEPOSITOR! INSTiTUTIONS ftAINTAINIIG RESERYES ON THE BASIS OF TWO-W&&& AAIITBIAICB
PERIODS. REFLECTS EXCESS (+) 08 DEFICIT (-) RESERVES ELIGlB~E TO BE CARRIED FORBARD INTO THE TVQ-BBEK &BSRRIB
IIAlMTENANCE FERlOD EBDlNG ON THE DATE SHOWN.
H.3 (502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements 1
Averages of daily figures, not seasonally adjusted
Millions of dollars
·
Date
total
1986--JOU
JOLJ
AUG.
SBP~.
OCT.
IIOV.
DEC.
1987-Jll.
.PBB.
1118.
lPB.
llll
JOIB
Reserves of depository institutions
nonborrowed
Monetary base
required
49,645
50,769
51,082
52,019
5.2,826
54,591
57,636
48,84.2
50,028
50,210
51,011
51,984
53.84Q
5fa,809
48,714
49,859
50,343
51,293
52,080
53,6U
56,2o1
4.10,539
.231,218
234,068
233,605
231,1191
.216.J,630
56,731
56,088
5o,068
58,312
57,299
57,625
58,151
55,532
55,541
51,319
5o,2o4
56,849
57,6o3
5ll,877
55,152
57,544
5&,221
56,435
.243,.1622
.240,811
241,925
246,065
.2461,831
.l49,286
56,874
57,956
55,781
57,321
55,740
51,152
4!4o,9.J4
.250, 114
57,442
58,487
57,085
56,587
57,791
56,434
55,823
58,023
56,060
.248,931
U7,i~1
TWO II.BBKS
UD.IIG
-----1987-JOIB
3
17
JOU
1
15 p
29 PE
25~ 1 92b
250.• 094
P--- PB E1. Illllll BY
BSTIIIlTB.
.PIGUBBS BB.PLECT lDJOSTIIBITS .POi DISCOIXIIOITIBS lSSOCilTBD III%H THE .IIIPLBIIBIITl'l.IOI OP THB IIOIBTAKI COMriOL lCr
liiD OTHER BBGULlTOBI CHliGBS TO iBSEiYB BBUUiiEIIBIITS.
PB--PBE~IIIlllBY
1/
@FedFRASER