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FEDERAL RESERVE statistical release H.3 (5011 Telllet P&BID£BJ_ 19, 1987 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adtuated for chMOM In , _ ,.qul.--t•' _..n, lldjultld unlell noted Olhelwlle Mllllonl oldoll8rl A¥~n~QN of dally ...... total" Date Reeervw of Clepolltory lnltltutlon• NqUifed nonborrowed plul extended CNCIIt' ncM...,o•ad 726 746 978 1,369 55,575 1,ooe 242,035 :;&,508 55,9741 55,953 55,244 845 1,194 5o,714 55,356 1,511 45,509 45,873 4ct,5113 46,934 48,261 49,079 50,121 50,911 51,371 52,056 53,489 :;5,1111 44,771 45,272 45,968 46,474 47,739 48, 511& 49,579 50,579 51,083 51,655 5:.!,845 54,269 56,61U 56,063 5&,288 28 p 1ll 56,798 so,U8 56,293 5!i,750 11 PE 56,813 56,1149 BAL APL BAY JUIB JU.I.I AUG.. S&PT. ocr. lOY. D.BC. 1987-JAL PI _. 7111 872 1,008 841 152 821 45,012 1&5,381 46,025 46,300 111,671 48,549 119,742 50,446 50,801 51,559 53,071 54,811 r&a. MIA•. llorrowlng• of depolltory ln1tltutlon1 from the Federal " - - • NSA extended credit total 218,120 219,507 221,236 222,260 224,867 226,512 228,352 230,599 231,691 233,461 236,061 238,8114 45,782 lt6,265 116,786 111,192 48,553 49,352 50,483 51,318 51,809 52,401 53,823 55,638 1986--JAL -- Moneteryi!Ue' 1,011 992 &18 718 8111 838 9011 no 710 884 761 893 876 803 36 56 68 13 94 108 116 144 :tr518 634 584 Sl1 318 38 ... 580 34 225 241,248 2112,1t12 505 689 28 ,;us 36 221 243,673 1&25 !i6 265 131 99 10. 465 570 497 JOl TliO li.BBilS IBDUG -----1987-JAL na. P---PBBLZiliABl PB--PI!LlBXIAil IS!IBATB 1/ BBSBIY.BS AID BOIBTlll BAS.B PIGUBBS IICOBPOIATI lDJUSTBBBfS POB DISCOITIBUITI.BS lSSOCXlTBD liiTH TUB IBP£BBIITlTIOI 0P !H.B BOIITlll COITIOL lCT AID OfHBB RBGULATOBI CBAIG&S TO B.BSBBJI B.BQDIBIB.BITS. TO ADJUST POl DlSCOITIIDITIBS DUB TO CHliGBS II IBSBIYB IBQUJB.BBIBTS 01 BBSBB'flBLB IOJDEPOSIT LIABILITIES, THI SUB or SUCH IBQUIIID BIS&If&S All SD8%&ACTBD raoB THE ACTUAL SBBIBS •. SIBILAILI, II lDJOSTIBG roa DISCOITIBOITIBS IB THE BOIBTARI BlSB, iBQUIBBD CLEAIIIG BlL.liCBS l8D lDJOSTBBJ•s ro COBPBISlTB POB rLOlT ALSO lBE SUBTRACTED FROB THI ACTUAL SIBIIS. 2/ TOTAL I.BSBBJ.BS lOT ADJUSTBD roB DISCOBTIIDITIES COISISTS or BBSBIJ.B BALAICBS liiTB rBDBRAL iiSII'f& Bli&S (IBICH IXCLUDB IIQOIIBD CLEARIIG BALliCIS l8D ADJOSTBBITS TO COIPBISATB roa rLO&r) PLUS 'fAULT CASH DSID TO SlTISPf &&SIRJB IBQUIIBBBBTS. SUCH fAULT CASH COBSISTS or lLL flOLT CASH 8&LD OUIIIG THB LAGGBD COBPUflTIOI PBBIOD 81 IISTITUTIOBS.BlfiBG IBQDIIBD IBSEifB BlLliCBS lT rEDBIAL BBSBI'fB·BAIKS PLOS TBB ABOUBT or 'flOLT CASH EQUAL TO iBQUIBBD BISBIJBS DUBIJG TBI BAIITBIANCB PBBIOD lT lBSTITUTlOIS Bl'flBG 80 RBQUIBED BBSEifB BlLliC&S. l/ BITBID&D CBIDIT COISISTS or BOBBOVIIG lT Til DISCOUIT BIIDOll UIDBI TH.B T&IBS AID COIDI!IOBS BSTABLISIBD POl THB BJTIBDBD CRIDEr PBOGill ro BBLP DBPOSITORI IIS!ITDTIOJS DIAL liiTB SUSTlii&D LIQUIDITY PBBSSOBIS. BECAUSE !BIBB IS lOT THB SlaB 8110 TO BIPll SUCI BOBBOIIIG PIOBPTLI lS THEil IS liTH TllDITIOIAL SHOIT-TBRB lDJUSTBBIT CIIDIT, fBI 10811 lll&lr IBPICT o• BITBIDED CIBD%! IS SIBILAB TO THAT Of NOIBOIIOIID IBSBIJBS. 4/ IISBBWB BlLlJCBS liTH rBDIBlL BBSBifl BAlKS PLUS fAULT ClSH USBD TO SlTISPI BBSIIfB IIQUIIBIBITS LBSS RIQUIIID IIS&IJBS. 51 TIE IOIITlBI BlSI BOT ADJUSTED POB DISCOifl88ITIB$ COISISTS or TOflL IISJBYBS PLUS IIQUIIBD CLEllliG BlLA8CES AID lD~USTIBITS TO COIPINSATB POB rLOlT lT PBDBBAL IBSBifB BllllS PLUS THB CUIREICI COBPOBBIT or THE 80181 STOCK LESS T81 IBODIT or flDLT ClSH BOLDIIGS or TBIIPT IISTITUTlOJS THAT IS IICLU»ED II TBB COBBIICI OOBPOIBIT or THB lOlBI STOC& PLUS, POl IISTITOTIOIS lor BAJIIG RBQUIIBD RBS.BR'fl BALIICBS, THB EXCESS OP CUBIJif 'fAULT CASH OJEB rHB lBOUIT lPPLIBD TO SATISFY CUBa&B~ BIS&RfE BIQUIB&ft&JTS. lfTBB THE IITBODUCTIOI or CBB, CUBBIJCY IND VAULT CASH riGUBBS liB B&lSUB&» OVXI TUB B08DAY-MIDING C08POTATION PIIIOD. PIIOI TO CBB1 ALL COBPOIEITS or THB IOIETABI BASE OTHER TBlJ BXCBSS BBSEBVBS lBB SBlSOIALLl ADJUSTED AS l IBOLB, RATHEl THAI 8! COBPOIBNT, AID EXCESS BESEBVES IS lDDED OJ l NOT SElSONlLLf lDJUSTIO BASIS. ArTER CBB, THE S&lSOIALLI ADJUSTED SBBIES C08SlSTS or SElSOIALLI ADJUSTED TOTAL BESEBV&S (liHICH INCLUDES BXCBSS BESEBVBS 01 A JOT SEASOIALLY lDJUSrED BASIS) PLUS THE SkASOilLLl ADJUSTED CUBBEICY COIPOJEKT OF THB SONEI STOC~ PLUS TBB BBBAIBING ITEBS SEASONALLY ADJUSTED AS A liHOLE. IOTB: HISTORICAL DATA ARE AJllLlBLB FROft THE BliKIIb SECTION, DIVISION OP IBSBlBCH AND STATISTICS, BOIRD OF GOYEBNORS OF !HI FEDERAL BESEIVB SfSTEB, VlSUINGTOI, D.c. 20551 H.3 (!502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE · No~:!ciJustad for0changes ir! -~·~!equir!'men_t~} A-eges of daily ligures, not seasonally ad)uslea Millions of dollars Monetary base• Date toteI non borrowed Reserve with F.R. required surplus8 : total lfl,960 166,5117 167,195 48,799 168,396 49,845 51,023 51,277 53,189 516,b23 St.,J99 59,560 167,190 45,&64 46,1635 47,906 lf7,520 49,01&2 50,282 50,405 52,180 53,782 55,t.l67 58,733 46,9169 45,555 116,318 48,081 47,581 169,007 50,118 50,5.3d 52,1663 S.J,877 55,4£1 58,191 :.!21,1660 219,476 221,602 224,826 22t.,089 229,562 232,535 233,315 235,067 231,251 2161,267 2ll1, 101 26,213 2-lf,594 27,038 28,808 28,255 29,1601 30,306 30,165 31,92.2 32,941 3-ll,&03 37,360 24,250 24,953 22,611 22,231 22,16116 22,804 23,098 23,1151 23,3816 23,153 23,516J 21f,071 21,687 21,953 20,158 19,991 20,140 20,1l416 20,111 21,11.2 21,267 21,676 21,595 22, 19!1 2,563 3,000 2,519 2,2160. 2,333 2,360 2,381 2,339 2,111 2,078 1,9167 1,872 59,671 59,091 58,603 2166,770 36,589 25,0169 23,082 1,967 1987-JlL. 14 28 p 61,525 58,236 61,020 57,5117 60,680 57,0~~ 2169,603 244,334 38,110 35,227 24,583 25,026 22,815 23,009 1, 768 2,020 485 113 PI B. 57,716 57,292 56,199 2164,916 33,043 21,321 24,674 2,653 125 1986--J&L FBB. liAR. API. Ill I JUD JUJ.I lOCh SBII'T. ocr. IOf. DBC.. 1987--Jll. P.B flO IIIBKS I IDUG ------ 11 P.B P--- PIBJ.UZJ Ull PB--PI&LIIIIlll BS!IIl!l. 1/ IIPLBC!S £C!UlJ. IISIRf.B IEQUIREIBI!S, IICLUDIIG THOSE 01 IOIDBPOSIT LilBlJ.I!I.BS, II!B 10 ADJUS!IBJrS ro BLIIIIA!B !HB &FPBC!S Ol DISCOI!IIUITIBS ASSOCIATED ilTK IIPLBIBirltiOI OP THE !OIBT&al COITROL lC! oa O!KBI IEGUL£!011 CHAIGBS TO BESBBfE IBQUIBIBEITS. 2/ COISISTS Ol TOTAL BBSIBYBS PLUS IBQUIRBD CLEARIIG BALAICBS liD ADJUS~ftBISS TO COIPBISATB lOB PLOAT AT lBDIBAL BBSBBYB BANKS PLUS THE CUIIBICI COftPOIBIT OP TBB ftOHBI STOCK ~ISS THE &BOUlT OP fAULT CASH HOLDIIGS Ol ~HILPT IISfi!U!IONS THAT IS IICLUDBD II THE CUBBIICl COftPONBIT OP TH& ftOIEI STOCK PLUS, lOR IISTI!U%1015 lOT BlfiiG REQUIRED BBSBRVE BALliCBS• TBI BlCESS Of CUIBBIT fAULT CASH OJER THE l!OUIT APP~ID TO SATISPI COIBBIT RESERVE REQUIBE!BITS. APTER THE IITBODUCTIOI OP CBB, CUBIBICI lND fAULT CASH PIGURES ARB BEASUIID OfBB THB IOIDAI-BHDIIG COftPUTl!IOI PBIIOD. ll EICLUDBS BEQUIBBD CLBAIIIG BALAICBS AID lDJUSTftBITS TO CO!PBISATB FOB PLOA~ 4/ DATES REPBR TO THE IAIITEIAICE PBBIODS IN WHICH THE fAULT CASH CAl BB USED TO SAfiSPI a•sBBfB IBQUll&aiiTS•. UMDBI COITIBPOBABEOUS RBSEIVI IEQUIRBftBITS# lliNTgiANCB PERIODS BID 30 DAIS APTER TftB LAGGED CO!PUTATIOI PBIIODS IN IHICK THE BALANCES liB HELD. 5/ EQUAL TO ALL fAULT CASH HELD DUBIIIG THE LAGGED COIIPUTATIOI PERIOD Bt IISTITUTIOIS H.lfiiiG R~UIBID BBSBBVI: BALUCBS l! PBDBBlL BISERVE BAlKS PLUS THE AftOUNT OP VAULT CASH EQUAL TO REQUIRED RBSBIYES DUliNG THE ftAIITBIAICB PBBIOD AT IISTITDriOIIS HAVING NO RBUUIRBD RESERVE BALAICBS. 6/ TOTAL VAULT CASH AT lNSTITUTlOIS HAVING NO REUUliED IBSBRVE BALAICBS LESS THE AftOUJr Ol VAULT CASH EQUAL TO THEIB BIQUIBBD BESEBJES DURING THE lliiTBIANCE PEHIOD. 7/ COISISTS OF CARRYOVER OHLI AT DEPOSITORY INSTlTUTIOIS ftAINTAliiNG RESERJBS 08 THB BASIS OF TWO-lEEK ftAIITBIAICE PERIODS•. REFLECTS EXCESS (•) OR DEllCIT (-) &£SERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWD-WE~K BESEBfE IIAlltENAJCE PERIOD ENDING OR TH~ DATE SHOWN. H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes In reserve requirements 1 Averages of daily figures, not seasonally adjueted Millions of dollars Date total Reserve• of depository institution• non borrowed Monetary base required 56,338 46,00.2 44,587 4S,442 41,135 46,874 48,267 49,409 49,882 50,821 51,595 53,129 55,796 ~4..1,041 58,252 57,672 57,185 242,824 14 28 p e»0,200 56,733 59,695 56,044 59,355 55,539 245.,650 240,495 11 P.l 56,253 5~,829 54,73b 240,505 1986--Jllll. PEB. Ill&. lPB. II AI JOIIB JULI lf7 ,01.3 lf5,579 46,260 ~n,853 47,688 49,105 50,313 50,622 51,546 52,341 511,107 57,165 AUG. SEPT. OCT. IIOV. .DEC. 1987--Jll. PB _____ __ 46,243 44,696 4$,499 46,961 46,812 48,302 4!1,573 49,749 50,538 51,500 53,355 218,643 216,678 2Hi,876 222,042 223,59.J 226.91.l 230,008 230,155 231,512 ~33 .. 040 236,9111 iiBKS BIDIIG ..._ ~UO 1987--JlB. PEB. P---RBBLIIIXIlBY PB--PiELLilllllllY ESTI!ATE. 1/ PIGUBBS REFLECT ADJUSTHKBTS POi DISCOiiTIHDITI~S lSSOCilrED il!B %8B XftPLIIIBITlTXOI OP TUB IIOHBTlil COHTBOL ACT liD OTBBB iEGULlTOBY CBABGES tO BESEBYE BBQUiiBIIEITS.