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FEDERAL RESERVE statistica I release Fo~ H.3 1502) Table 1 Release at 4:30 p.M. Eastern TiMe fd?u~~Ef~l~,!~~nE~~~,! ~~i~e~!:,~~ITORY INSTITUTIONS AND THE MONETARY BASE DECEMBER 28 , 1990 Ave~ages of daily figu~es, seasonally adjusted unless noted otherwise Millions of dolla~s Rese~es of deposito~ Bo~~owings of ~sito~y institutions f~om the Fed8~al Rase~•• NSA institutions nonbo~~owed plus ext~d Honetaty base total 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 58850 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 59464 58460 58879 59173 862 868 909 297860 301121 304780 757 927 624 389 430 418 280 127 6 59609 59763 59199 59533 59217 59557 58763 58815 847 948 306545 307678 410 230 335 162 18 24 1990-0CT. 31 59148 58751 58776 58498 650 307255 397 307 26 NOV. 14 28 59733 59906 59451 59713 59476 59738 58751 58940 982 966 307297 308107 282 193 195 140 25 25 DEC. 12p 26pe 58974 61182 58844 60678 58868 60700 58398 59071 575 2111 307350 309355 130 504 87 79 25 22 Date total 2 1989-NOV. DEC. 59646 60033 59297 59767 59318 59787 58701 59110 1990-JAN. FEB. MAR. 59896 60215 60297 59456 58768 58173 59482 59302 60123 APR. HAY 58647 J~E 60275 59783 59732 58448 JULY AUG. SEP. 59322 59746 60082 OCT. NOV. p nonbo~~owed 3 c~edit ~equi~ed e~:~s seasonal extended credit 4 Two weeks ending p--p~elimina~y 1. 2. 3. 4. s. 6. pe--p~elimina~y estimate Rese~es and moneta~y base figu~es ineo~po~ate adjustments fo~ discontinuities, o~ "b~-ks", associated with ~lato~ changes in reserve ~equi~ements. IFo~ mo~e info~mation, see Table 3.1 Seasonally adjusted, b~eak-adjusted total rese~es ~1 seasonally adjusted, b~eak-adjusted ~equi~ed rese~es plus unadjusted excess ~ese~es. I Also, see footnote 2 on Table 2 and footnote 2 on Table 3. I s-sonally adjusted, b~eak-adjusted nonbo~~owed ~ese~es equal seasonally adjusted, b~eak-adjusted total ~ese~es less unadjusted total bo~~owings of geposito~y inst1tutions f~om the Fede~al Rese~ve. Extended c~edit consists of bo~~owi~ at the discount window unde~ the te~ms and conditions established fo~ the extended credit progra. to help deposito~y institutions deal with sustained liquidity p~essures. Because the~e is not the same need to ~~y such bor~ing promptly as there is with traditional sho~t-te~m adjustment c~edit, the money market impact of extended c~edit is simila~ to that of nonbor~ow&d ~ese~es. Excess ~ese~es N~A &ql.!als unadjusted total ~ese~es !Table 2, column 11 less unadjusted ~equi~ed rese~es !Table 2, column 3J. The seasonal!¥ adJusted, b~eak-adjusted moneta~y base consists of 111 seasonally adjusted, b~eak-adjusted total rese~es plus 12) the seasa.,ally adJusted cu~~ency component of the money stock plus I 31, fo~ all quarte~ly reporters on the "Repo~t of T~ansaction Accounts, Other Depos1ts and Vault Cash" an~ for all those weekly r~~te~s whose vault cash exceeds thei~ ~equi~ed ~ese~es, the seasonally adjusted, breakadjusted diffe~ence between cu~rent vault cash and the amount applied to satisfy cu~~ent rese~e ~equi~ements. !Also see footnote 3 on Table 2 and footnote 4 on table 3.) H.3 1502J Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve reguirements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash5 Reserves of depository institutions Reserve balances with F.R. Banks 4 total used to satisfy requirect 6 reserves su,..,lus 7 Net carryover of reserv1 balances Date total2 nonborrowed required Honetasy base 1989-NOV. DEC. 60989 62810 60640 62544 60044 61888 287189 292554 33941 35436 29549 29812 27048 27374 2502 2439 1990-JAN. FEB. 62931 60623 60658 62491 59175 58535 61914 59634 59797 292131 290025 292377 34090 30929 33407 31301 32489 29581 28841 29693 27251 2461 2795 2330 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 62046 60642 61816 60206 61098 308854 312689 32127 33383 31516 31086 28925 28663 2591 2423 1990-0CT. 31 60121 59724 59471 307791 31365 31422 28756 2666 228 NOV. 14 28 62114 61972 61832 61779 61132 61006 312236 312958 33821 32848 30653 31633 28293 29125 2361 2509 185 DEC. 12p 26pe 62079 58128 61949 57624 61504 56017 313975 313215 34053 28513 30294 32690 28026 29616 2268 3074 268 10 HAR. APR. HAY JUNE NOV. p Two weeks ending p--preliminary 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", associated 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 seasonally adjusted, consists of I l l total reserves plus 12) ~ired cleari~ balances .nd adjustments to compensate for float at Federal Reserve Banks plus 131 the currency c~onent of the money stock plus 14), for all ~rterlY. reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeCis 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 cotnpensate for float and includes other off-balance sheet "as-of" adjust~~~~~nts. Dates refer to the maintenance periods in Which the vault cash can be used to satisfy reserve requirements. Under contemporaneous reserve r~irements, maintenance periods end 30 days after the lagged c~tation ~riods in which the balances are held. · All vault cash held during the lagged COI!'P\-!tation period by "bound' institutions I i.e., those whose reguired reserves exceed their vault cashJ plus the amount of vault cash applied during the maintenance period by "nonbound'' ins~itutions I i.e., those whose vault cash exceeds their re~ired reserves) to satisfy current reserve reqyirements. Total vault cash held by d~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~riods. 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 Adjusted for changes 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 base4 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 60025 58834 59795 58398 59077 305001 308712 1990-0CT. 31 58145 57748 57495 303816 NOV. 14 28 60102 59942 59820 59749 59120 58976 308268 308972 DEC. 12p 26pe 60066 62620 59936 62116 59491 60509 309993 315011 Two weeks ending 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 ITable 3, column 3) plus excess reserves NSA ITable 1, column 5). To adiust required reserves for discontinuities due to r~latory cha~s in reserve requirements, a MUltiplicative procedure is used to estimate what required reserves would have been in past JM!riods had current reserve requirements been in effect. Break-adJusted ~ired reserves includes required reserves against transactions deposits and n~rsonal time and sav1ngs deposits lbut not reservable nond~sit liabilit1es.) The break-adjusted monetary base eguals Ill break-adjusted total reserves plus 121 the lunadjustedl currency ~~t of the money stock plus 131, 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 br-k-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, Washington, D.C. 20551
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