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FEDERAL RESERVE statistical release For release at 4:30 PM EST December 20, 1990 B.3 (502) SPECIAL NOTICE This release will appear on Friday, December 28 and Friday, January 4, at the regular time, instead of the usual Thursday publication dates. Thursday publication will resume on January 10. FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30 p.m. Eastern Time AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE DECEMBER 20, 1990 Adjusted for cha~s in reserve regyirements 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 total 2 Date nonborrowed 3 nonborrowed plus exte~d credit required e~Ais Moneta~y base total seasonal extended credit4 1989-NOV. DEC. 59646 60033 59297 59767 59318 59787 58701 59110 945 922 283222 284946 349 265 134 84 21 20 1990-JAN. FEB. MAR. 59896 60215 60297 59456 58768 58173 59482 59302 60123 58880 59227 59436 1016 989 861 287509 289714 291820 440 1448 2124 47 51 78 26 535 1950 APR. MAY JUNE 60275 59783 59732 58647 58448 58850 60051 59324 59196 59379 58820 58958 897 962 774 293540 294401 296276 1628 1335 881 122 244 311 1403 875 346 JULY AUG. SEP. 59322 59746 60082 58565 58819 59457 58845 58947 59464 58460 58879 59173 862 868 909 297860 301121 304780 757 927 624 389 430 418 280 127 6 OCT. 59609 59778 59199 59547 59217 59572 58763 58814 847 963 306545 307695 410 230 335 162 18 24 1990-0CT. 17 31 59910 59148 59509 58751 59522 58776 58926 58498 984 650 305859 307255 401 397 345 307 13 26 NOV. 14 59733 59921 59451 59728 59476 59752 58751 58937 982 984 307297 308128 282 193 195 140 25 25 DEC. 12p 59091 58961 58986 58402 689 307461 130 87 25 NOV. p Two weeks ending 28 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. I For more information, see Table 3. l 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. l 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 ~ay 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 equals unadjusted total reserves (Table 2, column 1) 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 currenc~ component of the money stock plus 13), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" ana 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 H.3 1502) 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 base Reserve balances with F.R. Banks4 Honeta~y total used to satisfY. requireCI 6 reserves surplus 7 Net carryover of reserv1 balances Date total 2 nonborrowed required 1989-NOV. DEC. 60989 62810 60640 62544 60044 61888 287189 292554 33941 35436 29549 29812 27048 27374 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 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. 61052 62061 60642 61831 60206 61098 308854 312706 32127 33399 31516 31086 28925 28662 2591 2424 1990-0CT. 17 31 62004 60121 61603 59724 61021 59471 310459 307791 32833 31365 31673 31422 29171 28756 2502 2666 117 228 NOV. 14 28 62114 61989 61832 61796 61132 61005 312236 312978 33821 32865 30653 31633 28293 29124 2361 2510 69 185 DEC. 12p 62199 62069 61510 314088 34174 30294 28025 2269 266 NOV. p Two weeks ending 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 r~irements. The monetary base, not break-adjusted and not seasonally adjusted, consists of I l l total reserves plus 121 required cleari~ balances .nd adjustments to compensate for float at Federal Reserve Banks plus 13) the currency co~onent of the money stock plus 14), for all quarterlY. r~rters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeCfs their regyired 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 requirements. Under contemporaneous reserve requirements, maintenance ~riods end 30 days after the lagged co~tation periods in which the balances are held. All vault cash held during the lagged computation period by "bound' institutions I i.e., those whose reguired 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 r~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 (+) or deficit 1-J reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 1502) 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 base 4 1989-NOV. DEC. 59869 61669 59520 61404 58924 60747 284114 289447 1990-JAN. FEB. MAR. 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 297372 JULY AUG. SEP. 59471 59212 59813 58713 58285 59189 58609 58345 58905 299897 301462 303563 OCT. NOV. p 59245 60039 58834 59809 58398 59076 305001 308729 1990-0CT. 17 31 60335 58145 59934 57748 59351 57495 306709 303816 NOV. 14 28 60102 59957 59820 59764 59120 58973 308268 308993 DEC. 12p 60183 60053 59494 310103 Two weeks ending p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figur:es 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 ITable 1, column 5J. To adjust required reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what r~ired 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 sav1ngs deposits I but not reservable nondeposit liabilit1es.) The break-adjusted monetary base equals Ill break-adjusted total reserves plus 12) the lunadjustedl currency component of the money stock plus 13), 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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