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FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30 p.m. Eastern Time ~~~~dEf~J!r!~'nE~~~~ 2~i~!!~~ITORY INSTITUTIONS AND THE MONETARY BASE Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars required 9 , 1990 Borrowings of ~sitory institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed plus exte~ded credit AUGUST exceis Honetaty base total seasonal extended credit4 57901 58021 58351 966 885 938 279957 280756 281806 694 675 693 497 490 452 106 41 . 22 59106 59318 59787 58620 58701 59110 1020 945 922 282786 283222 284946 555 349 265 330 134 84 21 21 20 59456 58768 58173 59482 59302 60123 58880 59227 59436 1016 989 861 287509 289714 291820 440 1448 2124 47 51 78 26 535 1950 60275 59783 59732 58647 58448 58850 60051 59324 59196 59379 58820 58958 897 962 774 293540 294401 296269 1628 1335 881 122 244 311 1403 875 346 59320 58563 58843 58464 856 297867 757 389 280 59460 59980 58169 59414 58728 59597 58980 58960 479 1020 295146 297096 1291 566 282 329 559 183 JULY 11 25p 59752 58872 59172 58040 59353 58338 58854 57987 898 885 297275 297569 581 832 359 396 182 298 AUG. 59572 58664 59083 58863 709 299651 908 429 419 Date total 2 1989-JULY AUG. SEP. 58867 58906 59289 58173 58231 58596 58279 58272 58618 OCT. NOV. DEC. 59640 59646 60033 59085 59297 59767 1990-JAN. FEB. MAR. 59896 60215 60297 APR. HAY JUNE JULY pe nonborrowed 3 NSA Two weeks ending 1990-JUNE 13 27 8pe p--preliminary 1. 2. 3. 4. s. 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 roquired reserves plus unadjusted excess reserves. I Also, see footnote 2 on Table 2 and footnote 2 on Table 3. J Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of ~sitory 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 e~ls unadjusted total reserves ITable 2, column lJ less unadjusted required reserves ITable 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 12) the seasonally adJusted currency c~nt of the money stock plus 13), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" an~ 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.J H.3 1502 l Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash 5 Reserves of depository institutions Date total 2 nonborrowed required Honetasy 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 33556 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. HAY JUNE 62512 60232 61197 60884 58897 60315 61615 59269 60423 296872 297034 300978 35409 32771 33878 29281 29812 29632 27103 27461 27318 2178 2351 2314 60940 60182 60084 303395 32949 30460 27991 2469 61188 61066 59897 60500 60709 60046 300698 300607 34385 33390 28986 30097 26803 27676 2184 2421 -89 61842 60493 61262 59661 60944 59608 303920 303010 33958 32401 30264 30552 27885 28092 2380 2460 170 74 60325 59417 59617 303328 32377 30604 27948 2656 136 JULY pe total used to satisfy required reserves 6 surplus 7 Net carryover of reservw balances Two weeks ending 1990-JUNE 13 27 JULY 11 25p AUG. 8pe p--preliminary 1. 2. 3. 4. s. 6. 7. 8. 234 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 adj~sted, consists of Ill total reserves plus 121 required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus 131 the currency co~ent of the money stock plus 14), for all quarterly repc;~rters on the "Report of Transaction Accounts, Other Depc;~s its and Vault Cash" and for all those weekly reporters whose vault cash exceeds their r~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 req~,~ired 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 requirements, maintenance periods end 30 days after the lagged c~utation ~riods in which the balances are held. All vault cash held during the lagged COI!!Pl!tation pt;~riod by "bound' institutions I i.e., those whose required reserves exceed their vault cashl plus the amount of vault cash applied during the maintenance period by "nonbound" institutions I i.e., those whose vault cash exceeds their re~ired 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 l+l or deficit 1-J reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 I 502) Table 3 AGGREGATE RESERVES OF DEPO~ITORY Adjusted for cha~s 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" 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. HAR. 61579 59199 59234 61139 57751 57110 60563 58210 58373 288671 286502 288864 APR. HAY JUNE 61047 58742 59610 59419 57408 58729 60150 57780 58836 293354 293520 297364 59468 58711 58613 299904 59601 59458 58310 58892 59121 58437 297034 296998 JULY 11 25p 60364 59037 59784 58205 59466 58152 300503 299473 AUG. 58832 57924 58124 299814 JULY pe Two weeks ending 1990-JUNE 13 27 8pe p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Break-adjusted total reserves equal break-adjusted required reserves !Table 3, column 3.) plus excess reserves NSA (Table 1, column 5). To adjust required reserves for discontinuities due to regulatory cha~s 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 re~ired reserves against transactions d~sits and ~ersonal time and sav1ngs deposits lbut not reservable nondeposit liabilit1es.) The break-adjusted monetary base egyals Ill break-adjusted total reserves plus 12) the lunadjustedl currency component of the money stock plus I 3), 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 Honey and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Hashington, D.C. 20551
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