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FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30 p.m. Eastern Time ~?u~~dE~~l~n~~~nE!!~~! ~~i~e2,~~1TORY INSTITUTIONS AND THE MONETARY BASE DECEMBER 28 , 1989 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 Date total 2 nonborrowed 3 nonborrowed plus exte~ded credit required e~~~~s Moneta~y base total seasonal extended credit 4 1988-NOV. DEC. 60853 60706 57991 58990 60314 60234 59733 59666 1119 1040 274381 275503 2861 1716 186 130 2322 1244 1989-.JAN. FEB. MAR. 60370 60260 59854 58708 58773 58041 59754 59823 59376 59226 59106 58896 1145 1154 957 276815 277598 278676 1662 1487 1813 76 97 139 1046 1050 1334 APR. MAY .JUNE 59463 58740 58350 57174 57020 56860 58881 58217 57776 58687 57709 57445 776 1031 905 278753 278427 279060 2289 1720 1490 213 345 431 1707 1197 917 .JULY AUG. SEP. 58698 58753 59223 58004 58079 58530 58110 58120 58552 57733 57869 58285 966 885 938 280014 280288 282045 694 675 693 497 490 452 106 41 22 OCT. NOV. p 59621 59567 59066 59217 59087 59238 58602 58621 1020 945 282703 283003 555 349 330 134 21 21 59722 59396 59725 59377 59124 59284 59399 59144 59307 58594 58515 58716 1128 881 1009 283167 282350 283578 345 272 441 280 147 115 23 20 23 59579 60382 59428 60031 59450 60049 58814 59360 765 1022 283922 286336 151 351 87 89 22 19 Two weeks ending 1989-NOV. 1 15 29 DEC. 13p 27pe p--prel iminary 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. (for more information, see Table 3.) 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.) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of 9ePository inst1tutions from the Federal Reserve. Extended credit consists of borrowiryg 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 equals unadjusted total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves plus 12) the seasonally adJusted currency component of the money stock plus 13), for institutions whose vault cash exceeds their required reserves, the seasonally adJusted, break-adjusted excess of current vault cash over 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 J Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve re~irements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cashs Reserves of depository institutions base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy requirea reserves 6 surplus 7 Net carryover of reservw balances Date total 2 nonborrowed required 1988-NOV. DEC. 62407 63739 59546 62023 61287 62699 278653 283178 36997 37830 26745 27197 25410 25909 1335 1288 1989-JAN. FEB. 63468 60693 60212 61806 59206 58400 62323 59539 59255 281344 277700 279003 36475 32834 34623 28376 29776 27059 26993 27859 25589 1383 1917 1470 APR. 61288 58911 59587 58998 57191 58097 60511 57881 58681 281599 280638 283276 35832 33199 33852 26746 27166 27151 25456 25712 25735 1290 1454 1416 AUG. 60254 59559 60126 59560 58884 59433 59288 58674 59188 285389 284230 283779 33902 32823 33556 27851 28358 28085 26351 26735 26570 1500 1622 1515 OCT. 60397 60989 59842 60640 59378 60044 284487 287350 33123 33942 28900 28519 27275 27048 1625 1471 59955 61020 60968 59610 60748 60527 58827 60139 59958 283433 287012 287772 32778 34468 33394 28875 27907 29156 27177 26552 27574 1698 1355 1582 150 282 114 61908 63040 61758 62689 61143 62019 290095 294576 35401 35139 27821 29415 26508 27902 1313 1513 161 60 MAR. MAY JUNE JULY SEP. NOV. p Two weeks ending 1989-NOV. 1 15 29 DEC. 13p 27pe p--preliminary 1. 2. 3. 4. s. 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 ~irements. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. The monetary base, not break-adjusted and not seasonally adjusted, consists of total reserves plus r~ired clearing balances and adjustments to compensate for float at Federal Reserve Banks plus the currency component of the money stock plus, for institutions whose vault cash exceeds their required reserves, the excess of current vault cash over the amount appliea 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 C9f11Pensate 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 reguirements, maintenance periods end 30 days after the lagged comp,utation ~riods in which the balances are held. All vault cash held during the lagged C91!1PUtation period by "bound' institutions (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 reqyired reserves) to satisfy current reserve re~irements. Total vault cash held by de~sitory 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 cha~s in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions required3 Monetary base 4 58102 60497 59844 61173 275317 279711 62067 59371 58938 60405 57884 57125 60922 58217 57980 277955 274408 275685 60011 57722 58410 57722 56002 56920 59235 56691 57505 278193 277591 280187 AUG. 58955 58297 58907 58261 57622 58214 57989 57412 57969 282103 281092 280705 OCT. 59140 59720 58584 59371 58120 58775 281372 284130 58635 59813 59639 58290 59541 59198 57507 58932 58630 280344 283873 284468 60632 61745 60482 61394 59867 60723 286784 291424 Date total 2 nonborrowed 1988-NOV. DEC. 60963 62213 1989-.JAN. FEB. APR. . HAR. HAY .JUNE .JULY SEP. NOV. p ' Two weeks ending 1989-NOV. 1 15 29 DEC. 13p 27pe p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures 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 5). To adiust required reserves for discontinuities due to regulatory cha~s in reserve requirements, a multiplicative pr~re is used ~o estimate what r~ired reserves would hav~[J been in pas~ ~riods had current reserve . requ1rements been 1n effect. Break-adJusted re~1red reserves 1ncludes requ1red reserves aga1nst transact1ons dePosits and nonpersonal time and sav1ngs deposits lbut not reservable norideposit liabilit1es.J Break-adjusted monetary base ~ls (1) break-adjusted total reserves plus 12) the (unadjusted) currency component of the money stock plus 13), for institutions whose vault cash exceeds their required reserves, the break-adjusted excess of current vault cash over the amount applied to satisfy current reserve requirements. Note: Historical da.ta 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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