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FEDERAL RESERVE statistical release H.3 1502) Table 1 AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve r~irements Averages of daily figures, seasonally adjusted unless noted Millions of dollars DECEMBER otherwi~e Borrowings of depository institutions from the Federal Reserve, NSA Reserves C?f depository institutions nonborrowed plus ext~ed credit required 7, 1989 excefs Monetaty base total seasonal extended credit4 59800 59733 59666 1062 1119 1040 273659 274380 275503 2299 2861 1716 332 186 130 1781 2322 1244 59754 59822 59376 59226 59106 58896 1145 1154 957 276815 277598 278675 1662 1487 1813 76 97 139 1046 1050 1334 57174 57019 56860 58880 58217 57776 58686 57709 57445 776 1031 905 278753 278427 279059 2289 1720 1490 213 345 431 1707 1197 917 58698 58753 59223 58004 58078 58530 58110 58120 58552 57733 57869 58285 966 885 938 280014 280288 282044 694 675 693 497 490 452 '106 41 22 59621 59066 59087 58602 1020 282702 555 330 Zl 4 18 59160 59660 58263 59007 58287 59026 58165 58734 996 926 282847 282230 898 653 453 342 25 19 1 15 29p 59722 59396 59705 59377 59124 59264 59399 59143 59287 58594 58526 58718 1128 870 987 283167 282351 283574 345 272 441 280 147 115 23 20 23 Date total 2 1988-0CT. NOV. DEC. 60862 60853 60706 5856l 57991 58990 60343 60314 60234 1989-JAN. FEB. MAR. 60370 60260 59854 58708 58773 58041 APR. MAY J~E 59463 58740 58350 JULY AUG. SEP. OCT. nonborrowed 3 NSA Two weeks ending 1989-0CT. NOV. p--preliminary 1. 2. 3. 4. 5. 6. pe--preliminary esti~~~ate Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (for more infor~~~ation, see Table 3.) Seasonally adjusted, break-adjusted total reserves e~l seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (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 depository institutions 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 r~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 l l less unadjusted required reserves (Table 2, column 3). The seasonal!¥ adjusted, break-adjusted monetary base consists of (1) se~son~lly.adjusted, break-adjusted total r~serves_plus (2) the seasonally adJusted currency component of the money stock plus (31, for 1nst1tut1ons whose vault cash exceeds the1r requ1red reserves, the seasonally adJusted, break-adjusted excess of current vault cash over the amount applied to satisfy current reserve requirements. (Also, see footnote 3 on Table 2 and footnote 4 on Table 3. I H.3 (502) Table 2 . ·- -:;,_. ~·------ Reser-ves of d~pository Vault cash 5 institutions - tutal 2 Dale nonborrowed r·equ.ired Mopeta~y oase -~-•- _.,_,u ~-~-·-.,._,...,.-_.,=._,._-,==-·---...,--.-~----- used to satisfy Reserve balances with F.R. Banko; <I required~. t'oioo;er-ves·· total s;.wplus 7 Net carryover of reservw l:.alc.nces ---~--~-. 1988-0CT. NOV. DEC. 61915 62407 63739 59616 59546 62023 60853 61287 62699 275775 278653 283178 36421 36997 37830 27198 26745 27197 25494 25410 25909 1705 1335 1288 1989-JAN. FEB. MAR. 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. MAY JUNE 61288 58911 59587 58998 57191 58097 60511 57881 58681 281599 280638 283276 35832 33199 33852 26746 27166 27151 25456 25712 25735 1290 1454 141:6 JULY AUG. SEP. 60254 59559 60126 59560 58884 59433 59288 58674 59188 285389 284230 283779 33902 32823 33556 27851 28358 28085 26351 267J5 26570 1500 1622 1515 OCT. 60397 598'+2 59378 284487 33123 28900 27Z75 1625 4 18 59338 61112 58441 60459 58343 60186 281982 286181 32643 33581 28298 29096 26695 27531 1603 1565 135 111 1 15 29p 59955 61020 60948 59610 60748 60507 58827 60150 59960 283433 287013 287768 32778 34469 33376 28875 27907 29156 27177 26551 27572 1698 1356 1584 150 282 113 Two weeks ending 1989-0CT. NOV. ----.---------- 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 r~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 reqyired 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 applieCI 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~,rired clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. Oates refer to the maintenance P.eriods in Which the vault cash can be used to satisfy reserve re~irements. Under contemporaneous reserve reguirements, maintenance ~riods end 30 days after the lagged comp,utation periods in which the balances are held. All vault cash held during the lagged compt1tation ~riod by "bound' institutions (i.e., those whose reguired reserves exceed their vault cashl plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their required .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·:~~ess (+)or deficit 1-l 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 Date total 2 nonborrowed required3 Monetary base 4 1988-0CT. NOV. DEC. 60372 60963 62213 58073 58102 60497 59310 59844 61173 272293 275317 279711 1989-JAN. FEB. MAR. 62067 59371 58938 60405 57884 57125 60922 58217 57980 277954 274408 275685 APR. HAY Jl.to!E 60011 57722 58410 57722 56002 56920 59235 56691 57505 278193 277591 280187 JULY AUG. SEP. 58955 58297 58907 58261 57622 58214 57989 57412 57969 282103 281092 280705 OCT. 59140 58584 58120 281372 4 18 58106 59904 57208 59251 57110 58978 278862 281044 1 58635 59813 59619 58290 59541 59178 57507 58943 58632 280345 283874 284464 Two weeks ending 1989-0CT. NOV. 15 29p p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve req~Jl rements • Break-adjusted total reserves equal break-adjusted required reserves !Table 3, column 3) plus excess reserves NSA !Tabla 1, column 5). To adjust 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 periods had current reserve requirements been in affect. Break-adJusted r~ired reserves includes r~ired reserves against transactions dePosits and nonpersonal time and sav1ngs dePosits lbut not reservable norideposit liabilit1es.) Break-adjusted monetary base ~ls 11) 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 data are available from the Honey and Reserves Projections Section, Division of Monetary Affairs, Board http://fraser.stlouisfed.org/ of Governors of The Federal Reserve System, Hashington, D.C. 20551 Federal Reserve Bank of St. Louis
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