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FEDERAL RESERVE statistica I release H.3 (5021 Tabla 1 For Release at 4:30 p.m. Eastern Time e.?u~~E~~J!,!~fnE!!!!.~~ ~~i~!,!~~ITORV INSTITUTIONS AND THE MONETARY BASE 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 nonborrowed plus ext~ credit required DEcEteER 13 , 1990 Honetaty base total seasonal 945 922 283222 284946 349 265 134 84 21 20 58880 59227 59436 1016 989 861 287509 289714 291820 440 1448 2124 47 51 78 26 535 1950 60051 59324 59196 59379 58820 58958 897 962 774 293540 294401 296276 1628 1335 881 122 244 311 1403 875 346 58565 58819 59457 58845 58947 ,9464 58460 58879 59173 862 868 909 297860 301121 304780 757 927 624 389 430 418 280 127 6 59609 59800 59199 59569 59217 59594 58763 58822 847 978 306545 307764 410 230 335 162 18 24 59910 59148 59509 58751 59522 58776 58926 58498 984 650 305859 307255 401 397 345 307 13 26 NOV. 14 28p 59733 59980 59451 59787 59476 59811 58751 58938 982 1042 307297 308197 282 193 195 140 25 25 DEC. 12pa 59006 58876 58900 58509 497 308006 130 87 25 Date total 2 1989-NOV. DEC. 59646 60033 59297 59767 59318 59787 58701 59110 1990-.JAN. FEB. HAR. 59896 60215 60297 59456 58768 58173 59482 59302 60123 APR. HAY .JUNE 60275 59783 59732 58647 58850 58448 .JULY AUG. SEP. 59322 59746 60082 OCT. NOV. pa nonborrowad3 eNsC:fs extended credit 4 Two weeks ending 1990-0CT. 17 31 p--praliminary 1. 2. 3. 4. 5. 6. pe--praliminary 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. 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 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 borrowi~ 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 nonborrow&d reserves. Excess reserves NSA equals unadjusted total reserves ITable 2, column 11 less unadjusted required reserves (Table 2, column 31. The seasonal!~ adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adjusted currency compor:~ent of the money stock plus 131, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" anij 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. I H.3 15021 Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve r~irements Averages of daily figures, not seasonally adjusted Millions of dollars . . Vault cash 5 Reserves of depository institutions Reserve balances with F.R. Banks 4 total used to satisfY. requireCI reserves 6 surplus 7 Net carryover of reserv1 balances Date total2 nonborrowecl required Honeta§Y base 1989-NOV. DEC. 60989 62810 60640 62544 60044 61888 287189 292554 33941 35436 29549 29812 27048 27374 2502 2439 1990-JAN. FEB. HAR. 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 300985 35409 32771 33878 29281 29812 29632 27103 27461 27318 2178 2351 2314 JULY AUG. SEP. 60943 60728 61452 60185 59801 60828 60081 59860 60544 303387 304995 307211 32946 32448 33303 30457 30843 30622 27996 28280 28149 2460 2563 2473 OCT. NOV. pe 61052 62083 60642 61853 60206 61106 308854 312752 32127 33422 31516 31086 28925 28661 2591 2425 62004 60121 61603 59724 61021 59471 310459 307791 32833 31365 31673 31422 29171 28756 2502 2666 117 228 NOV. 14 28p 62114 62048 61832 61855 61132 61006 312236 313005 33821 32925 30653 31633 28293 29124 2361 2510 185 DEC. 12pe 62115 61985 61618 314586 34111 30294 28004 2290 272 Two weeks ending 1990-0CT. 17 31 p--prel iminary 1. 2. 3. 4. 5. 6. 7. 8. 69 pe--preliminary estimate Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", assoc!ated with regulatory changes in reserve r~irements. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve r~irements. The monetary base, not break-adjusted and not •-sonally adjusted, consists of I 11 total reserves plus ( 2 I r~ired cl-ri~ balances and adjustments to compensate for float at Federal Reserve Banks plus 131 the currency ~t of the money stock plus 141, for all ~rterlY. r~rters on the "Report of Transaction Accounts, Other D~sits and Vault Cash" and for all those weekly rt!IPOrters whose vault cash exceeCis their req,~ired reserves, the difference between current vault cash and the aiiiOU'lt applied to satisfy current reserve requirements. After the introduction of CRRf currency and vault cash figures are measured over ~tation periods ending on Mondays. Excludes req~,~ired c earing balances and adjustments to CQ~~~P&nsate 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 r~irements, maintenance ~riods end 30 days after the la~ conputation ~riods in which the balances are held. All vault cash held during the laaaed ~tation ~riod by "bcx.nd" institutions I i.e., those whose reguired reserves exceed their vault cash) plus the aiiiOU'lt of vault casll applied during the maintenance period by "nonbound" institutions I i.e., those whose vault cash exceeds their re~ired reserves) to satisfy current reserve r~irements. Total vault cash held by depository institutions minus the aiiiOU'lt applied to satisfy reserve requirements. Consists of carryover only at ~sitory institutions maintaining reserves on the basis of two-week maintenance~riods. Reflects excess I+) or deficit I-) reserves elig1ble to be carried forward into the two:week reserve maintenance period ending on the date shown. H.3 1502 I 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 total2 nonborrowed required3 1989-NOV. DEC. 59869 61669 59520 61404 58924 60747 284114 289447 1990-.JAN. FEB. HAR. 61579 59199 59234 61139 57751 57110 60563 58210 58373 288671 286502 288864 JUNE APR. HAY 61047 58742 59610 59419 57408 58729 60150 57780 58836 293354 293520 297372 ..JULY AUG. SEP. 59471 59212 59813 58713 58285 59189 58609 58345 58905 299897 301462 303563 OCT. NOV. pe 59245 60062 58834 59831 58398 59084 305001 308797 60335 58145 59934 57748 59351 57495 306709 303816 NOV. 14 28p 60102 60016 59820 59823 59120 58974 308268 309062 DEC. 12pe 60100 59970 59603 310648 Monetary base~ Two weeks ending 1990-0CT. 17 31 p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjust.-,ts for discontinuities, or "breaks", associated with regulatory changes in reserve raqui,...._,ts. Break-adjusted total reserves equal break-adjusted required reserves !Tabla 3, colUIIIIl 31 plus excess reserves NSA !Tabla 1, column 51. To adjust required reserves for discontinuities due to r~latory cha~s in reserve requirements, a multiplicative procedure is used to estimate what r~ired reserves would have been in past f)t!riods had current reserve ~irements been in affect. Break-adJusted ~ired reserves includes required reserves against transactions ~sits and ~rsonal tima and sav1ngs deoosits lbut not reservabla ~sit liabilit1es. I The break-adjust8d monetary base eg~,~als I 1) br-k-adjusted total reserves plus I 2 I the h.nadjusted I currency co111pouant of the money stock plus 131, for all quarterly ~rters on the "Report of Transaction Acc01.nts, Other Deposits and Vault Cash" and for all those weakly repc~rters whOse vault cash axcitads their required reserves, the break-adjusted difference between current vault cash and the a11101.nt 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 SystBIII, Hashington, D.C. 20551
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