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FEDERAL RESERVE statistical release H.3 (502) Table 1 For Release at 4:30p.m. Eastern Time AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve re~irements 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 nonborrowed 3 nonborrowed plus exte~ed credit required FEBRUARY 16, 1989 exce~s Monetary base 6 total NSA seasonal extended credit4 1988-JAN. FEB. MAR. 59458 59573 59760 58376 59177 58009 58748 59382 59487 58163 58440 58832 1295 1133 929 260856 262068 263301 1082 396 1752 59 75 119 372 205 1478 APR. MAY JUNE 60374 60365 60637 57380 57787 57555 60004 59894 60108 59515 59325 59750 859 1040 888 265606 266816 268267 2993 2578 3083 146 246 311 2624 2107 2554 JULY AUG. SEP. 61238 61090 60995 57798 57849 58156 60336 60502 60215 60231 60137 60024 1007 953 972 270503 271144 272467 3440 3241 2839 376 423 421 2538 2653 2059 OCT. NOV. DEC. 60956 61055 60979 58657 58194 59264 60438 60516 60508 59894 59936 59939 1062 1119 1040 273772 274659 275811 2299 2861 1716 332 186 130 1781 2322 1244 60555 58893 59939 59406 1148 276752 1662 76 1046 1988-DEC. 14 28 61195 60835 59182 59488 60710 60456 60219 59754 976 1081 275576 276032 2014 1347 131 137 1529 968 1989-JAN. 11 25 60646 60344 58598 58817 59806 59845 59499 59383 1147 961 275881 277075 2048 1527 94 61 1208 1028 60879 59610 60402 59292 1587 277597 1270 78 792 1989-JAN. p Two weeks ending FEB. 8p p--preliminary 1. 2. 3. 4. 5. 6. pe--preliminary estimate Reserves and monetary base figures incorpo,rate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (For more information, see Table 3. I Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (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 re!'erves. Excess reserves NSA equals unadjusted total reserves (Table 2, column 11 less unadjusted required reserves (Table 2, column 3). The seasonal!¥ adjusted, break-adjusted monetary base consists of (11 seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adJusted currency component of the money stock plus (3), 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. (Also, see footnote 3 on Table 2 and footnote 4 on Table 3. l H.3 1502 J Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve regyirements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash5 Reserves of depository institutions base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy requirea reserves6 surplus 7 Net carryover of reservw balances Date total 2 nonborrowed required 1988-JAN. FEB. MAR. 62640 60047 60076 61558 59650 58324 61345 58914 59147 265789 262598 263979 37485 34211 36027 26966 28165 25960 25155 25836 24049 1811 2329 1912 APR. MAY JUNE 62064 60681 61991 59071 58103 58908 61205 59641 61103 268127 268899 272654 38429 36509 37907 25208 25882 25730 23636 24172 24084 1573 1710 1646 JULY AUG. SEP. 62756 61965 62153 59316 58724 59314 61749 61012 61181 275591 275033 274874 37992 36911 37213 26459 26895 26727 24763 25054 24940 1696 1841 1787 OCT. NOV. DEC. 61915 62407 63739 59616 59546 62023 60853 61287 62699 275775 278653 283176 36421 36997 37830 27198 26745 27197 25494 25410 25909 1705 1335 1288 63478 61816 62330 281326 36487 28376 26991 1385 1988-DEC. 14 28 63491 63631 61477 62284 62515 62550 281758 284188 38363 37106 26316 27927 25128 26525 1188 1403 12 147 1989-JAN. 11 25 65403 62759 63355 61232 64256 61798 285079 279990 38724 36517 27904 27414 26679 26242 1225 1172 146 143 61626 60357 60039 277564 32315 31488 29311 2177 76 1989-JAN. p Two weeks ending FEB. 8p 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 re~ired cleari~ 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 appliea 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. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Under contemporaneous reserve requirements, maintenance periods end 30 days after the lagged comp,utation periods in which the balances are held. All vault cash held during the lagged computation period by "bound' institutions I i.e., those whose required reserves exceed their vault cashl plus the amount of vault cash applied during the maintenance period by "nonbound" institutions li.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 excess (+)or deficit 1-l reserves elig1ble to be carried forward into the two-week reserve maintenance peri~ endin~ on the date shown. H.3 1502 J 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 1988-JAN. FEB. MAR. 61199 58663 58851 60117 58267 57099 59904 57530 57922 262006 259010 260772 APR. MAY JUNE 60947 59454 60679 57954 56876 57596 60088 58414 59791 265007 265732 269442 JULY AUG. SEP. 61467 60591 60654 58027 57350 57815 60460 59638 59683 272411 271734 271567 OCT. 60541 61155 62427 58241 58294 60711 59479 60035 61387 272442 275482 279891 62287 60625 61138 278101 1988-DEC. 14 28 62206 62253 60193 60907 61230 61172 278363 281006 1989-JAN. 11 25 64265 61552 62217 60025 63118 60591 281814 276822 60373 59103 58785 274283 NOV. DEC. 1989-JAN. p Two weeks ending FEB. 8p 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 I Table 1, column 5 J. . To adjust required reserves for discontinuities due to r~latory cha~s in reserve requirements, a multiplicative procedure is used to estimate what r~ired reserves would have been in past periods had current reserve requirements been in effect. Break-adJusted reqyired reserves includes ~ired reserves against transactions deposits and nonpersonal time and sav1ngs deDosits lbut not reservable ~sit liabilihes. J Break-adjusted monetary base ~Is 11) break-adjusted total reserves plus 12) the !unadjusted) currency component of the money stock plus 13J, 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. Nota: Historical data are available from \he Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Hashington, D.C. 20551
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