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FEDERAL RESERVE statistical release * ♦ * 9* ♦ H .3 ( 5 0 2 ) T a b le 1 F o r R e le a se a t 4 : 3 0 p . m. E a s t e r n T im e A G G R EG A TE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE A d ju s t e d f o r ch a ng es m r e s e r v e r e q u ire m e n ts 1 A v e ra g e s o f d a i l y f i g u r e s , s e a s o n a lly a d ju s te d u n le s s n o te d o th e rw is e M illio n s o f d o lla r s FEBRUARY 1 4 , 1991 B o rro w in g s o f d e p o s it o r y i n s t i t u t i o n s from th e F e d e r a l R e s e r v e , NSA R e se rve s o f d e p o s it o r y i n s t i t u t i o n s to ta l2 D a te n o n b o rro w e d 3 n onborrow ed p lu s exte n d e d c re d it4 excess NSA5 M o n e ta ry re q u ir e d to ta l seasonal e x te n d e d c r e d i t 4 1 9 9 0 -JA N . FEB . MAR. 59896 60215 60297 59456 58768 58173 59482 59302 60123 58880 59227 59436 1016 989 861 287420 289583 291620 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 293503 294628 296467 1628 1335 881 122 244 311 1403 875 346 JU L Y AUG. SEP . 59322 59746 60082 58565 58819 59457 58845 58947 59464 58460 58879 59173 862 868 909 298012 301079 304465 757 927 624 389 430 418 280 127 O C T. NOV. DEC. 59609 59763 60526 59199 59532 60200 59217 59557 60223 58763 58816 58861 847 947 1665 306381 307756 309729 410 230 326 335 162 76 18 24 23 60638 60104 60130 58455 2183 314273 534 33 27 12 26 58968 61066 58838 60562 58862 60584 58407 59144 561 1922 307268 310604 130 504 87 79 22 9 23 62751 58963 62456 58079 62477 58107 59158 58045 3592 918 313185 313044 295 884 41 28 28 61190 61000 61029 58380 2810 317647 191 35 30 1 9 9 1 -JA N . p 6 Two weeks e n d in g 1 9 9 0 -D E C . 1 9 9 1 -JA N . FEB . 6p p — p r e lim in a r y 25 22 p e — p r e lim i n a r y e s tim a te r e q u ir e m e n t s . ^ T f ^ ^ m o r e 3 i n f o r ^ t f o n l ^ e e ^ a b l e l ^ u stm ents f o r d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w i t h r e g u l a t o r y ch a n g e s i n r e s e r v e r e s e r v e s ^ V ( A1 s o ? ^ s e e W ^ t ^ f o ^ T a b l e ^ l ^ ' l ^ t n ^ t ^ Z ^ r T C b i ^ J 3') jU S t e d ’ b re a k - a d j u s te d r e q u ir e d re s e rv e s p lu s u n a d ju s te d e x c e s s b o r ro w in g s o f 3£ p o s i t o r r i ™ t 2 t 5 t ? ™ s ^ ^ -s re s e r v e s a d ju s t e d , b r e a k -a d ju s t e d t o t a l re s e rv e s le s s u n a d ju s t e d t o t a l T S T ? ; ! * . ? ; 0 * b 3 r r i W1 ,?Ska i .d is c o u n t window u n d e r th e term s and c o n d it io n s e s t a b lis h e d f o r th e e x te n d e d c r e d i t p ro g ra m to l dfra l , wJ ™ s u s ta in e d l i q u i d i t y p r e s s u r e s . Because th e re i s n o t th e same need to re p a y su ch b o r r o w in g p r o m p t ly t r a d i t i o n a l s h o r t -t e r m a d ju s tm e n t c r e d i t , th e money m arket im pa ct o f e x te n d e d c r e d i t i s s i m i l a r t o t h a t o f n o n b o rro w e d H.3 (502) Tab l e 2 A G G R E G A T E RESERVES OF DEPOSITORY IN STITU TIO N S AND THE M O N ETA R Y BASE N o t a d j u s t e d f o r ch a n g e s i n r e s e r v e r e q u ir e m e n t s 1 A v e ra g e s o f d a i l y f i g u r e s , n o t s e a s o n a lly a d ju s t e d M illio n s o f d o lla rs R e s e rv e s o f d e p o s it o r y t o t a l2 D a te n o n b o rro w e d V a u lt ca sh 5 in s titu tio n s re q u ire d M o n e ta ry base3 R e se rv e b a la n c e s w ith F . R. Banks4 to ta l u se d t o s a tis fy re q u ire d re s e rv e s 6 s u r p lu s 7 1 9 9 0 -J A N . F EB . MAR. 62931 60623 60658 62491 59175 58535 61914 59634 59797 292131 290025 292377 34090 30929 33407 31307 32501 29587 28841 29693 27251 2467 2808 2336 APR. MAY JUNE 62512 60232 61197 60884 58897 60315 61615 59269 60423 296872 297034 300985 35409 32771 33878 29284 29814 29636 27103 27461 27318 2181 2354 2318 JU L Y AUG. SEP. 60943 60728 61452 60185 59801 60828 60081 59860 60544 303387 304995 307211 32946 32448 33303 30459 30842 30625 27996 28280 28149 2462 2562 2476 O C T. NOV. DEC. 61052 62045 59120 60642 61815 58795 60206 61099 57456 308854 312689 313700 32127 33382 30237 31515 31086 31777 28925 28663 28884 2590 2423 2893 51009 50474 48826 309320 22043 33219 28966 4253 1 9 9 1 -JA N . p Net c a rry o v i o f re s e rv e b a la n c e s 8 Tw o weeks e n d in g 1 9 9 0 -D E C . 12 26 62073 58034 61943 57530 61513 56113 313977 313820 34046 28413 30293 32690 28027 29621 2266 3069 268 4 1 9 9 1 -J A N . 9 23 55074 49399 54779 48515 51481 48481 312697 308360 26198 21186 32783 32049 28876 28213 3908 3837 248 412 49252 49062 46442 307201 18866 35758 30386 5372 -2 8 FEB. 6p p — p r e lim in a r y 1. 2. 3. 4. 5. 6. 7. 8. p e — p r e l i m i n a r y e s tim a te R e f l e c t s a c t u a l r e q u i r e d r e s e r v e s , w i t h no a d ju s tm e n ts t o e l i m i n a t e th e e f f e c t s o f d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w i t h r e g u l a t o r y c h a n g e s i n r e s e r v e r e q u ir e m e n t s . R e s e rv e b a la n c e s w i t h F e d e r a l R e s e rv e Banks p lu s v a u l t c a s h u se d t o s a t i s f y r e s e r v e r e q u ir e m e n t s . T h e m o n e ta ry b a s e , n o t b r e a k -a d i u s t e d and n o t s e a s o n a ll y a d j u s t e d , c o n s is t s o f ( 1 ) t o t a l r e s e r v e s p lu s ( 2 ) r e q u i r e d c l e a r i n g b a la n c e s a nd a d ju s t m e n ts t o co m p e n sa te f o r f l o a t a t F e d e r a l R e s e rv e Banks p lu s ( 3 ) th e c u r r e n c y com ponent o f th e money s t o c k p lu s ( 4 ) , f o r a l l q u a r t e r l y r e p 9 r t e r s on th e " R e p o r t o f T r a n s a c t i o n A c c o u n t s , O t h e r D e p o s its and V a u lt C ash " and f o r a l l th o s e w e e k ly r e p o r t e r s w hose v a u l t c a s h e x c e e d s t h e i r r e q u i r e d r e s e r v e s , th e d i f f e r e n c e b e tw ee n c u r r e n t v a u l t c a s h and th e amount a p p l ie d t o s a t i s f y c u r r e n t r e s e r v e r e q u ir e m e n t s . A f t e r th e i n t r o d u c t i o n o f CRR, c u r r e n c y and v a u l t c a s h f i g u r e s a r e m easured o v e r c o m p u ta tio n p e r io d s e n d in g on M ondays. E x c lu d e s r e q u i r e d c l e a r i n g b a la n c e s and a d ju s tm e n ts t o com pen sate f o r f l o a t and in c lu d e s o t h e r o f f -b a l a n c e s h e e t " a s - o f " a d j u s t m e n t s . D a te s r e f e r t o th e m a in te n a n c e p e r io d s i n w h ic h th e v a u l t c a s h ca n be used t o s a t i s f y r e s e r v e re q u ir e m e n t s . U n d e r c o n te m p o ra n e o u s r e s e r v e r e q u i r e m e n t s , m a in te n a n c e p e r io d s end 30 d a y s a f t e r th e la g g e d c o m p u ta tio n p e r io d s i n w h ic h th e b a la n c e s a r e h e ld . A l l v a u l t c a s h h e ld d u r i n g th e la g g e d c o m p u ta tio n p e r io d b y "b o u n d " i n s t i t u t i o n s ( i . e . , th o s e whose r e q u i r e d r e s e r v e s e x c e e d t h e i r v a u l t c a s h ) p lu s th e am ount o f v a u l t 9 a sn a p p l ie d d u r in g th e m a in te n a n c e p e r io d b y "n o n b o u n d " i n s t i t u t i o n s ( i . e . , th o s e whose v a u l t c a s h e x ce e d s t h e i r r e q u i r e d r e s e r v e s ) t o s a t i s f y c u r r e n t r e s e r v e r e q u ir e m e n t s . T o t a l v a u l t c a s h h e ld b y d e p o s it o r y i n s t i t u t i o n s m in u s th e am ount a p p l ie d to s a t i s f y r e s e r v e r e q u ir e m e n t s . C o n s is t s o f c a r r y o v e r o n l y a t d e p o s it o r y i n s t i t u t i o n s m a in t a in in g re s e r v e s on th e b a s is o f tw o -w e e k m a in te n a n c e p e r i o d s . R e f l e c t s e x c e s s ( + ) o r d e f i c i t ( - ) r e s e r v e s e l i g i b l e t o be c a r r i e d f o rw a rd i n t o th e tw o -w e e k re s e r v e m a in te n a n c e p e r io d e n d in g on th e d a t e show n. H.3 (502) Table 3 A G G R E G A T E RESERVES OF DEP O SITO R Y IN STITU TIO N S AND TH E M O N E T A R Y BASE A d ju s t e d f o r c h a n g e s i n r e s e r v e r e q u ir e m e n t s 1 A v e r a g e s o f d a i l y f i g u r e s , n o t s e a s o n a lly a d ju s t e d M illio n s o f d o lla r s R e s e rv e s o f d e p o s it o r y to ta l2 D a te in s t it u t io n s n o n b o rro w e d re q u ire d 3 M o n e ta ry b a s e 4 1 9 9 0 -J A N . FEB. MAR. 61579 59199 59234 61139 57751 57110 60563 58210 58373 288671 286502 288864 APR. MAY JUN E 61047 58742 59610 59419 57408 58729 60150 57780 58836 293354 293520 297372 JU L Y AUG. SEP. 59471 59212 59813 58713 58285 59189 58609 58345 58905 299897 301462 303563 O CT. NOV. D EC . 59245 60024 62183 58834 59794 61857 58398 59078 60518 305001 308711 314030 P 62298 61764 60115 315370 12 26 60060 62507 59930 62003 59499 60585 309,984 315544 9 23 66368 60687 66073 59803 62775 59769 319503 314041 60538 60347 57727 313046 1 9 9 1 -J A N . Tw o weeks e n d in g 1 9 9 0 -D E C . 1 9 9 1 -J A N . FEB. p 1. 2. 3. 4. 6p p re lim in a r y p e — p r e l i m i n a r y e s t im a t e F ig u r e s r e f l e c t a d ju s tm e n ts f o r d i s c o n t i n u i t i e s * o r " b r e a k s " , a s s o c ia t e d w i t h r e g u l a t o r y ch a n g e s i n r e s e r v e re q u ire m e n ts . B r e a k -a d j u s t e d t o t a l r e s e r v e s e q u a l b r e a k -a d j u s t e d r e q u i r e d r e s e r v e s ( T a b l e 3 , co lu m n 3 ) p lu s e x c e s s r e s e r v e s NSA ( T a b l e 1 , c o lu m n 5 ) . T o a d j u s t r e q u i r e d r e s e r v e s f o r d i s c o n t i n u i t i e s due t o r e g u l a t o r y ch a n g e s i n r e s e r v e r e q u ir e m e n t s , a m u l t i p l i c a t i v e p r o c e d u r e i s u s e d t o e s t im a t e w h at r e g u i r e d r e s e r v e s w o u ld h a v e been i n p a s t p e r io d s ha d c u r r e n t r e s e r v e r e q u ir e m e n t s b e e n i n e f f e c t . B r e a k -a d ju s t e d r e q u i r e d r e s e r v e s in c lu d e s r e q u i r e d r e s e r v e s a g a i n s t t r a n s a c t i o n s d e p o s i t s a n d n o n p e rs o n a l tim e and s a v in g s d e p o s it s ( b u t n o t r e s e r v a b l e n o n d e p o s it l i a b i l i t i e s . ) T h e b r e a k - a d j u s t e d m o n e ta ry base e q u a ls ( 1 ) b r e a k -a d j u s t e d t o t a l r e s e r v e s p lu s ( 2 ) th e ( u n a d j u s t e d ) c u r r e n c y com pon ent 8 , i ,*moPf?y j ° 5 k p l V? fo r q u a r t e r l y r e p o r t e r s on th e " R e p o rt o f T r a n s a c t i o n A c c o u n t s , O t h e r D e p o s it s a nd V a u lt Cash a n d f o r a l l th o s e w e e k ly r e p o r t e r s whose v a u l t c a s h e x ce e d s t h e i r r e q u i r e d r e s e r v e s , th e b r e a R -a d j u s t e d d i f f e r e n c e b e tw e e n c u r r e n t v a u l t ca s h and th e am ount a p p l ie d t o s a t i s f y c u r r e n t r e s e r v e r e q u ir e m e n t s . Note: H i s t o r i c a l d ata are available from the M oney a n d Reserves Projections Section? Division of Monetary Affairs, Board of G o v e r n o r s of T h e Federal Reserve System, Washington, D.C. 20551