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.· . - FEDERAL RESERVE statistica I release ·- H.3 15021 Table 1 For Release at 4:30p.m. Eastenn Time ~?u~~dE~~l~n~~~nE~Ye~! ?e~i~e~!:,~~ITORY INSTITUTIONS AND THE MONETARY BASE FEBRUARY 15 , 1990 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 total 2 Date nonborrowed3 ;,onborrowed plus exte';lded credit required eN~~~s Moneta~y base total seasonal extended credit 4 1989-JAN. FEB. MAR. 60370 60260 59854 58708 58773 58041 59754 59823 59376 59226 59106 58896 1145 1154 957 276811 277466 278392 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 278483 278580 278939 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 279967 280761 281910 694 675 693 497 490 452 106 41 22 OCT. NOV. DEC. 59621 59566 59990 59066 59217 59725 59087 59238 59745 58602 58621 59068 1020 945 922 282924 283309 285078 555 349 265 330 134 84 21 21 20 59786 59346 59372 58756 1030 287618 440 47 26 1989-DEC. 13 27 59577 60366 59427 60015 59448 60033 58818 59348 759 1018 283897 285743 151 351 87 89 22 19 1990-JAN. 10 24 60021 59552 59682 59252 59701 59279 58903 58704 1117 848 286588 287593 339 300 58 41 19 27 59920 59055 59088 58652 1268 289141 865 44 33 1990-JAN. p Two weeks ending FEB. 7p p--preliminary 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. I Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository inst1tutions from the Federal Reserve. · Extended credit consists of borrowing 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 11 less unadjusted required reserves !Table 2, column 31. The seasonally adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 121 the seasonally adJusted currency component of the money stock plus 131, 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. l H.3 15021 Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in ~eserve reguirements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash5 Reserves of depository institutions total used to satisfy requireCI reserves' surplus 7 Net carryover of reserv1 balances Date total 2 nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 1989-JAN. FEB. MAR. 63468 60693 60212 61806 59206 58400 62323 59539 59255 281344 277700 279003 36475 32834 34623 28385 29787 27071 26993 27859 25589 1393 1928 1482 APR. MAY JUNE 61288 58911 59587 58998 57191 58097 60511 57881 58681 281599 280638 283276 35832 33199 33852 26760 27184 27161 25456 25712 25735 1304 1471 1425 JULY AUG. SEP. 60254 59559 60126 59560 58884 59433 59288 58674 59188 285389 284230 283779 33902 32823 33556 27851 28362 28089 26351 26735 26570 1499 1627 1519 OCT. NOV. DEC. 60397 60989 62810 59842 60640 62544 59378 60044 61888 284487 287347 292707 33123 33941 35436 28897 28519 28782 27275 27048 27374 1622 1472 1409 62945 62505 61915 292315 34104 30354 28841 1513 1989-DEC. 13 27 61908 63033 61757 62682 61149 62015 290097 294263 35399 35131 27821 29415 26509 27903 1312 1513 161 63 1990-JAN. 10 24 64961 62475 64622 62175 63844 61627 295749 291497 36627 34430 29695 29338 28335 28045 1360 1294 118 190 61005 60140 59737 289046 29847 33327 31158 2169 72 1990-JAN. p Two weeks ending FEB. 7p 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 requirements. 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 required 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 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 required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. Date~ refer to t~e maintenanc~ periods in which the vault cash can be u~ed to ~atisfy re~erve requirements. Under contemporan~ous.r~·~rve regu1rements, ma1ntenan~e p$rlods end 30 days ~fter t~e lagged compu~at14?n p~r1ods.1n wh1ch the balances.are held. . . ;;, '; ' : .,· All vault cash held dur1ng the lagged computahon per1od by "bound" 1nshtuhons l1.e., those whose regu1red reserves excejitcj·the1r'vault cash! plus the amount of vault cash applied during the maintenance period by "nonbound" institutions I i.e., tho~a wtlose 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 excess (+)or deficit (-) reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 IS02) Table 3 AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 nonborrowed required 3 Monetary base 4 1989-JAN. FEB. MAR. 62067 .59371 .58938 6040.5 .57884 .57125 60922 .58217 .57980 2779SS 274408 27568.5 APR. MAY JUNE 60011 57722 58410 57722 .56002 .56920 5923.5 56691 57.505 278193 277591 280187 JULY AUG. SEP. S89SS 58297 .58907 .58261 57622 .58214 57989 57412 57969 282103 281092 28070.5 OCT. NOV. DEC. 59140 59720 61.504 .58584 59371 61238 58120 5877.5 60582 281372 284128 28944.5 61450 61010 60420 288728 1989-DEC. 13 27 60631 61728 60480 61377 59872 60711 286786 291112 1990-JAN. 10 24 63SS4 60984 6321.5 60684 62436 60136 292256 287908 59376 58511 58108 285328 1990-JAN. p Two weeks ending FEB. 7p p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", as~ociated with regulatory changes in reserve requirements. Break-adjusted total reserves equal break-adjusted required reserves !Table 3, column 3) plus excess reserves NSA !Table 1, columnS). To adjust required reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what re~uired reserves would have been in past periods had current reserve requirements been in effect. Break-adJusted required reserves includes required reserves against transactions deposits and nonpersonal time and sav1ngs deposits lbut not reservable nondeposit liabilit1es.) Break-adjusted monetary base equals 11) breaK-adjusted total reserves plus 12) the (unadjusted) currency comP.onent of the money stock plus (3), 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 Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Hashington, D.C. 205.51
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