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FEDERAL RESERVE statistical release
H.3{5021
Table 1
4:30 E:aatem TirM
For FBBBOAI~
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
11 1 1988
Adjusted for changes In NQUI,_nta'
,.,.,. . of dally flguree, _ . u y adjueted unless notad otherwlae
MillionS of dollars
total
Data
1987--JU.
PBS.
IIAL
API.
llU
JUIE
JOJ.I
AUG.
SEPT.
OC'f.
lOY.
DEC.
1988--JAL u
ReaeMie of depoeltorv Institutions
required
nonbonowad plue
nonbonowacl
ex1andad cracllt'
··~
NSA
Monetary
baae'
4
llonowlnga of depository lnatltutlona
from the Federal
NSA
aeaaonal
mandad cracllt'
total
Re-.
56,8811
56,1173
56,85.2
57,9511
58,352
57,706
57,t>0.2
57,1176
57,825
58,496
57,987
57,tU6
56,304
56,317
56,3.25
56,961
57,311
56,930
56,929
57,229
56,885
51,553
57,362
56,o58
56,529
56,600
56,589
57,231
57,6011
51,203
57,1211
57,360
57,294
58,003
57,756
57,11l2
55,816
55,662
55,936
57,127
51,213
56,516
56,8111
56,844
51,032
57,368
57,064
56,1107
1, 068
1,211
916
827
1, 0,79
1,190
761
1,032
193
1,129
923
I, 0,29
242,1131
243,970
.2411,563
.246,586
248,37.2
248,4S1
249, 11!»7
250,798
251,85.2
254,352
256,079
256,70.2
993
1,035
716
672
647
940
943
625
777
58,338
57,257
57,628
51,033
1,305
260,300
57,9611
58,610
56,020
58,103
56,505
58,1l35
56,657
57,306
1,307
1,305
58,602
58,315
58,459
57,300.
1,302
580
556
Jll
71
91
120
196
259
283
279
231
189
1.26
us
93
283
.2611
270
288
273
194
132
409
449
394
ll83
1,082
59
312
259,2tH
261,089
1,9115
508
66
Sll
332
260,965
287
55
144
521
TVO WEEKS
BIDIIG
----1988-JAL
PEB.
13
27
p
10 PI
485
P---PB&LIIliiAIY
PE--PIELIIliNABY ESTIIlATE
1/ IBSEIVBS AID llOIBTABY BASI 1IGOBES IIC08POB4TE AOJUSTKEITS POB DISCOITIIUITIBS ASSOCIATED WITH THE l&PJ.EilEITATION QP THE
llOIBTABI COITIOJ. ACT liD OTHBB BEGULATOBY CSliGES TO IBSEIVB IBQOIBBKENTS. TO ADJUST POi DISCOITINUITIBS DOE TO CHli~BS II
B&SBIVB IBQUIBBilEITS 01 BBSEBYlBLB IOIDBPOSIT LIABILITIBS, THE SUS OP SUCH REQUIRED IBSEIVIS ABE SUBTBlCTBD PIOil THB ACTUAL
SBBIBS. SIBZLABLI, II ADJUSTIIG fOB DISCOITIIUITIBS II THI llONETAII BAS!, BBQUIIBD CLEllliG BAJ.AICIS AID ADJOSTft~lfS TO
COBPBISATB FOB PLOAT ALSO ARB SU8TIACTBD PBOK TBK ACTUAL SEII&S.
2/ TOTAL IBSBBJBS lOT ADJDSTID POi DISCOITIIOITIBS COIS1ST~ OP RBSEIVB BALANCES WITH PBD!BAL l!SIBVI BAlKS (WHICH EXCLUDB
IBQUIHID CLBAIING BALAICBS liD ADJ8SfKEITS TO COIPBISlTB FOB FLOAT) PLUS VAULT CASH OSBD TO SATISFI BBSBBVE BEQUIIBIEITS.
SUCH YAOJ.T CASH COISISTS Of ALL VAULT CASH HBLD DURIIG THE LAGGED COBPUTlT~OI PBBIOD BY IISTITUTIOIS .BAVIIG BBQOI&BD IBSEIVB
BlLliCBS AT PBDBBAJ. IESBIYB BAlKS PLUS TBI lBOOIT OP VAULT CASH EQUAL TO IBQUIIBD IESIIVIS DOIIIG TBB BAIITEIAICB PERIOD At
IIStiTUTIOIS HAVIIG 10 RBQDIIBD kESEBVB BALAICIS.
3/ BXtBIDBD CIBDIT COISISTS OP BOBhOBING AT THE DISCOUNT WINDOW UIDEI THE TEIIlS liD COIDITIOIS ESTABLISHED FOB TBI BITIIDBD
CHIDIT PBOGIAil TO HELP DBPOSITOBl liSTITUTlONS DIAL WITH SUSTliiBD LIQUIDIT~ PIBSSOBES. BE~lUSB TBBII IS lOT THE SABI IBBD TO
BBPAI SUCH BOBROWliG PROBPTLl l~ THERE IS BIT~ ~ilDlTIONlL SHORT-TBBK AD~DSTftEIT CREDIT, THE KONEf BABKIT IKPACT OP EXTENDED
CIEDIT. IS SISILll TO THAT OF NONdOIBOWED IESEiJIS.
4/ RBSIIVB BlLliCBS WITH PEDBhAL NESBIVK SliKS PLUS VAULT CASH USED TO SlTISFI IESEBVI IEQUIIBIIITS LESS IEQUIIBD BESBBVBS.
51 TBE IOIBTAIY BASE lOT ADJUSTED fOR DISCONTINUltiKS COISISTS OF TOTAL iKSEiVES PLUS IBQDIBED CLBABI»G BALAICBS AID ADJUSTKENTS
TO COBPBNSATB 101 FLOAT AT FEDEBAL RESERVE BAlKS PLUS THB CURRENCY COKPOIEIT OP THE llOIIY STOCK LESS THE lBOOIT OP VAULT CASH
HOLDliGS OP TKBllT IIST1TUTIOIS THAT IS lNCLU~ID II THE CUiRENCl COIPONERT OF THE ftONEY STOCK PLUS, 'DB lNSTITOTIOIS NOT HAVING
RI~UIBEO BBSBIVI BALAICES, THE EXCESS 01 CURR~NT VAULT CASH OVEk THE l80UNT APPLIED TO SATISFI CUBIEIT IESEBVB REQDIIEKENTS.
ArTBB THE IlriODOCT~OI OF CRR, CUiBEBCY ABD VAULT CASK PIGUiES ABE llEASUIED OVBB THE BOIDAI-BMDIBG C08PUTlTIOI P&BlOD.
PB!Ol TO Cll, ALL COBPONEITS Of lHI KOIBTlil BASE OTHER THAN EXCESS RESERVES liE SElSOilLLY ADJUSTED AS A MHOLB, RATHBI THAN
81 COBPO.BIT, liD EXCESS BESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. ArTER CRI, TH& SEASOBAJ.J.Y lD~OSTBD SIIXIS
CONSISTS or SBlSOIALLY ADJVSTED TOTAL IESBRVES (WHICB INCLUD&s EXCESS IESBBVES o• A lOT SBlSOIALLY ADJUSTED BASIS) PLUS THE
SEASOIAJ.LY lDJUSTBD CORIIICY CO!POIBBT OP THE SOlEY STOCK PLUS THE RB81IBIIG ITEBS SBlSOilLLI ADJUSTED AS l WHOLE.
BOtE: HISTORICAL DATA ARE AYllLl8LE fBOil THE BANKING SECTION, DifiSION OP RESEARCH AND STATISTICS, BOARD or GOVEBMORS OP THE
PIDIBlL lBSBBVB SISTI!, WASHIIGTOM, D.C. 20551
H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
1
Not adjusted for changes In re~~ere~lr_ement51,
Aveieges ol daiiy figures, !'Ot seasonal~)! adju~ted.
Millions of dollars
Monetary
base3
total
non borrowed
total
required
59,668
57,060
57,061
59,393
58,3J9
58,7811
58,838
58,361
59,813
h1,106
61,205
62,123
59,088
56,503
56,5311
58,1100
57,303
58,008
58,166
57,714
58,873
60,163
60,580
61,346
58,600
55,8119
56,14ft
58,566
57,260
57,594
58,078
57,329
59,0:.!0
59,971
60,282
61,094
2116,752
2411,220
21111,971
249,241
2119,9410
252, 5J9
254,o71
254,.l60.
255,691
258,076
261,673
26h,161
36,5811
33,625
35,318
62,663
61,581
61,358
265,742
1J
27 p
641,112
61,80
62,168
61,355
62,805
o0,558
10 P.&
60,753
60,467
59,452
1987-Jll.
FIB.
1111.
API.
Ill I
JOII
JOLt
lOG.
SEPT.
ocr.
JOY.
.OIC.
1988-Jll. PI
25,0119
25,889
23,759
23,353
23,69J
211,380
24,631
24,6119
211,8b0
25,596
23,0811
26,155
21,743
21,587
21,873
22,1175
22,728
22,7115
23,1:.!8
:.!3,857
23,752
24,449
1,965
2,11511
2,016
1, 767
1,820
1,905
1,903
1,9011
1,732
1, 739
1,680
1, 706
37,507
26,919
25,156
1, 763
268,553
264,123
39,115
26,5hft
26,533
211,937
211,8111
1,629
1,693
169
31,022
262,274
33,784
29,417
26,969
2,4118
275
31,801
36,1666
36,309
36, 110
35,616
36,685
37,249
37,1153
37,673
25,1U2
23,435
t'VO IBBU
IIDIIG
-----1988--Jll.
1'18.
P---PIBJ.llll.U&l
PI--PIILIIIIIARI &St'liAl'l.
11 BBILBCTS lCt'OlL I&SI&YI 8BQOIIB!IITS, IICLODII~ THOSB 01 IOIDIPOSIT LIABILITIES, liTH 10 lDJOS~IIt'S TO ILI.Illllt'l
t'BI EFFECTS OF DISCOITIIDITIIS lSSOCllTID VITM lliPLEIIIITlt'IOI OP TBI liOIBTlii COITIOL ACT OR OTHER &EGULATORI
CBAIGBS TO I&SIIfl IIQUIBillllt'S.
2/ COJSISTS Of' TOTAL IISIIY~ PLUS BEQDIIID CLEliiiG BlLAIC&S liD lDJUSTliiiTS TO COIIPIISlt'E POl PLOlT AT PIDIIAL &ISIIYI
BliiS PLUS TBI CURRIICI COIIPOIIIT OF THB liOKBY STOCI LBSS THE lliOUIT OP ~DLT CASH BOLDIJGS OP THRIFT IISTI.TOTIOIS THAT
IS IICLUDID II TBB CUMBBICI COliPOIEIT Of' THE !OIEI STOCK PLUS, POl IIS!ITUTIOIS lOT HAYIIG BIQUIBED IISEIYE BALliCJS, rHI
EICISS OF CORBEIT Y&ULT CASH OYBI TBI lAODIT lPP~BD TO SATISFY CURIEKT B&sBBYB BEQUIBB!BITS. AI'TII THI IITIODOCTIOI 01'
CRI, CUIRBICI liD YlOLT CASH PIGUBBS liB ftElSURBD OYBB TH& BOJDll-BIDIIG COliPUTATIOI PE&lOD.
l/ &ICLDDBS IBQOI.BED CLIABIIG BAL&ICES liD ADJUSTftBJTS TO COliPBJSATB lOB FLOAT.
4/ DlTBS BBPIB TO TBB B&IIt'BilJCE PERIODS II WHICH THE I&DLT CASH CAl BE USED TO SATISFY IBSBRY& IEQUII&liiJTS. UIDBI
COJTiliPOIAIIOUS BISIIYB IIQDIBBliBITS, !AIITRIAICB PERIODS BID 30 DAIS APTBB THE LlGGID COAPOTlTIOI PB&IODS
II IIHICH TB.B BlLUC&S liB H&LD.
5/ BQOAL TO ALL YlDLT CASH H&LD DUIIJG THB LAGGID COliPOTlTIOJ PBBIOD BI IISTit'UTIOIS HlYliG RIQOIBED IJS&IYB BALlJCIS
AT F&DBRlL BBSIBYE BAlKS PLUS THE AliOUIT OP VAULT CASH BQUlL TO IBQOIBID BBSEBYES DDBIIG THI IIAIITIIAICB PIIIOD AT
IISTITUTIOIS HlYIIG 10 RBQUIIID BESERYB B&LliiCES.
&I TOTAL YlULr ClSB AT IIS'liTOTIOJS HlYUG 10 BBQDIBED BES.UfE BALUIC&S LBSS THE UOUIIT OF YlULT CASH &QUAL TO THill
BBQUIRED RISIBlES DUIIKG THE BliiTBilJCB PIIIOD.
7/ CONSISTS OP CABB!OYII OILY lT DEPOSITORY IISTlTVTIOHS ftliiTAIKIJG &ESEBIIS 01 THI BASIS OP TWO-VEIK llliiTBIAJCI
PERIODS. REFLECTS BICZSS (+) OR DBPICIT (-) BKSERVBS ILIGIBLB TO BE CA&RlED POBWAID INTO THE TWG-WBIK IESEIYB
BAIITBHAHCB PERIOD ENDIIG OH THE OATB SHOWI.
12
H.3 (502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes In reaerve requirements•
Averagee of dally figures, not Maaonally adjusted
Millions of dollars
Date
total
1981-.JU.
I'BS.
IU.
Reserves of depository Institutions
nonborrowed
Monetary base
required
58,731
56,088
56,068
58,372
57,299
57,625
57,743
57,J90
57,496
58,037
58,09J
58,965
58,151
55,532
55,541
57,379
56,264
56,8169
57,071
56,74.J
56,55fa
57,094
57,4ft8
58,188
57,663
54A,877
55,152
57,544
56,22.1
56,U5
56,98J
56,J58
56,JOJ
56,909
57,11Q
57,936
4!40,817
4!41,925
246,066
24ft,831
.l49,28ft
.l51,1tl4
251,420
251,ft0l
253,287
256,821
261,214
60,193
59,111
sa,888
l61,11t.S
21 ,
1J
61,670
59,366
59,725
58,859
60,J6J
51,062
2ti4,064
259,4169
10 PB
58,287
58,000
56,985
257,591
&Pl.
IAI
.JUII
.JULY
AUG.
SBP'r.
ocr.
IOJ.
DBC.
1988-.JAI. PI
2113,422
'riiO IIBIS
BID ZIG
------1988-.JAI.
1'18.
1--- PBBJ.llllUII
PB--PIILIIIIAII &s'riiA'rl.
1/ I'IGUIBS III'LIC'r AD.JUS'riBI'rS 1'08 DISCOI'riiUI'riMS &SSOCIA!ID llfB 'rHB I&PLIIII'r&%101 01' 'rBB IOIB'rA81 COI'r80L lC'r
liD Grl&l IBGULA'rOI'f CB&IG&S 'fO IISBifl ·IBQOIBBIBITS.
@FedFRASER