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FEDERAL RESERVE statistical release * * * * * * F o r R e le a s e a t 4 : 3 0 p .m . H .3 ( 5 0 2 ) T a b le 1 A G G R E G A T E RESERVES O F D EP O S ITO R Y IN STITU TIO N S AND TH E M O N E TA R Y BASE FEBRUARY 2 1 , 1991 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 i r 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 , s e a s o n a ll y a d j u s t e d u n le s s n o te d o t h e r w is e M illio n s o f d o lla r s B o r r o w in g s o f d e p o s i t o r y i n s t i t u t i o n s fro m t h e F e d e r a l R e s e r v e , NSA R e s e rv e 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 no n b o rro w e d p lu s e x te n d e d c re d it4 re q u ire d E a s t e r n T im e excess NSA 5 M o n e ta ry base6 to ta l seasonal e x te n d e d c r e d i t 4 1 9 9 0 -J A N . FEB. MAR. 59896 60215 60297 59456 5 8 768 58173 59482 59302 60123 58880 59227 59436 1016 989 861 287420 289583 291620 440 1448 2124 47 51 78 26 535 1950 APR . MAY JUN E 60275 59783 59732 58647 58448 58850 60051 59324 59196 59379 58820 58958 897 962 774 293503 294628 296467 1628 1335 881 12 2 244 311 1403 87 5 346 JU L Y AUG. SEP. 59322 59746 60082 58565 5 8 819 59 4 5 7 58845 58947 59464 58460 58879 59173 862 757 927 624 389 4 30 41 8 280 127 909 298012 301079 304465 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 p 60631 60096 60123 58454 2176 314265 5 34 33 27 1 9 9 0 -D E C . 26 61066 60562 60584 59144 1922 310604 504 79 22 1 9 9 1 -J A N . 9 23 62751 58979 62456 5 8 095 62477 58123 59158 58042 3592 937 313185 313060 295 884 41 28 22 61135 61075 60944 60896 60974 60922 58384 59146 2751 1929 317590 314888 191 179 35 37 30 26 1 9 9 1 -J A N . 868 6 Tw o w eeks e n d in g FEB. 6p 2 Ope p — p re lim in a r y 1. 2 . 3. 4. 5. 6. 28 p e — p r e l i m i n a r y e s t im a t e R e s e rv e s a n d m o n e ta ry b a s e f i g u r e s i n c o r p o r a t e 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 c h a n g e s i n r e s e r v e r e q u i r e m e n t s . ( F o r m ore i n f o r m a t i o n , see T a b le 3 .1 S e a s o n a lly a d j u s t e d , 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 s e a s o n a ll y a d j u s t e d , 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 p l u s u n a d ju s t e d e x c e s s r e s e r v e s . ( A l s o , se e f o o t n o t e 2 o n T a b le 2 and f o o t n o t e 2 on T a b l e 3 . ) S e a s o n a lly a d j u s t e d , b r e a k - a d j u s t e d n o n b o rro w e d re s e r v e s e q u a l s e a s o n a ll y a d j u s t e d , 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 l e s s u n a d ju s t e d t o t a l b o r r o w in g s o f d e p o s i t o r y i n s t i t u t i o n s fro m th e F e d e r a l R e s e rv e . E x te n d e d c r e d i t c o n s i s t s o f b o r r o w in g a t th e d is c o u n t w indow u n d e r th e te rm s and c o n d i t i o n s e s t a b l i s h e d f o r th e e x te n d e d c r e d i t p ro g r a m t o h e l p d e p o s i t o r y i n s t i t u t i o n s d e a l w i t h s u s t a in e d l i q u i d i t y p r e s s u r e s . B ecau se t h e r e i s n o t th e same n e e d t o re p a y s u c h b o r r o w i n g p r o m p t l y a s t h e r e i s w i t h 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 a rk e t im p a 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 o o rr o w e d re s e rv e s . E x c e s s r e s e r v e s NSA e q u a ls u n a d ju s t e d t o t a l re s e r v e s ( T a b l e 2 , c o lu m n 1 ) le s s u n a d ju 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 2 , c o lu m n 3 ) . T h e s e a s o n a ll y a d j u s t e d , b r e a k - a d j u s t e d m o n e ta ry b ase c o n s is t s o f ( 1 ) s e a s o n a lly a d j u s t e d , 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 l u s ( 2 ) t h e s e a s o n a l l y a d j u s t e d c u r r e n c y com ponent o f th e money s to c k p lu s ( 3 ) , f o r a l l q u a r t e r l y r e p o r t e r s o n t h 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 it s a n d v a u l t C a s h " ana 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 , t h e s e a s o n a l l y a d j u s t e d , b r e a k 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 c a s h and th e amount a p p l i e 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 l s o se e f o o t n o t e 3 o n *T a b l e 2 a n a f o o t n o t e 4 on t a b l e 3 . ) H.3 (502) Table 2 A G G R E G A T E RESERVES O F DEP O SITO R Y IN S TITU 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 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 ll y 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 i t 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 V a u lt ca sh 5 M o n e ta ry base3 R e s e rv e b a la n c e s w ith F . R . Banks* to ta l used to s a tis fy re q u ire d re s e rv e s 6 s u r p lu s 7 Net c a rry o v e r o f re s e rv e b a la n c e s 8 1 9 9 0 -J A N . FEB. 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 JUN E 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. D EC . 61052 62045 5 9120 60642 61815 58795 60206 61099 57456 308854 312689 313700 32127 33382 30237 31515 31086 31777 28925 28663 28884 2590 2423 2893 p 51001 50467 48825 309311 22031 33219 28970 42 4 9 1 9 9 0 -D E C . 26 5 8034 57530 56113 313820 28413 32690 29621 3069 4 1 9 9 1 -J A N . 9 23 55074 4 9415 54779 48531 51481 48478 312697 308373 26198 21193 32783 32049 28876 28222 3908 3828 248 412 6p 2 Ope 4 9197 4 8747 49006 48568 46446 46819 307145 306223 18810 20086 35758 33340 30387 28661 5371 4 67 8 -1 6 407 1 9 9 1 -J A N . Tw o w eeks e n d in g FEB. p — p r e lim in a r y 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 m 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 lly 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 l u 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 n d a H l l l c t m o n 'f c +n 1 4- 4- C . 1 r » _ _ ______ &____Ix _ _ 1 ____i -T \ J.I____________________________ ______________ I r ii I \ , . . . . T . _ exceeds 4. 5. 7. 8. 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 easu re d o v e r co m p u ta tiip n p e r io d s e n d in g on M ondays. 016,1X5• A fte r* th e 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 co m p e n sa te f o r f l o a t and in c lu d e s o t h e r o ? 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 m w h ic h th e v a u l t c a s h ca n be u se 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 . 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 ------ 1 ™ ------------XL~ 1 ------------------------- 1 ------------------------------------ * - J - ' ' ' ‘ th e b a la n c e s a r e h e l d . 2 wh<?se 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 ^ i --------- , 7 '' --------------- t — — .w«= K« , ury in s u i t u t i o n s ( i . e . , th o s e 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 ) 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 i t o r y ^ i n s t i t u t i o n s m inus 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 . Co nsists of c a r r y o v e r only at d e p o s i t o r y institutions main t a i n i n g reserves on the basis of two-week maintenance periods. Refl e c t s e x c e s s ( +) or deficit (-J reserves e l i gible to be car r i e d forward into the two-week reserve maintenance per i od e n ding on the date shown. H.3 (502) Table 3 f t^ G+RA G A I E RESERVES O F DEPOSITO RY IN S TITU TIO N S AND TH E M O N E TA R Y BASE A d ju s t e d f o r changes in r e s e r v e re 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 , not s e a s o n a lly a d ju s te d M illio n s o f d o lla r s R eserves o f d e p o s it o ry in s t i t u t i o n s D ate to t a l2 nonborrowed r e q u ir e d 3 M onetary 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 JUNE 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 C T. NOV. D EC. 59245 60024 62183 58834 59794 61857 58398 59078 60518 305001 308711 314030 62291 61757 60114 315362 1 9 9 1 -J A N . p Two weeks en d in g 1 9 9 0 -D E C . 26 62507 62003 60585 315544 1 9 9 1 -J A N . 9 23 66368 60703 66073 59819 62775 59766 319503 314057 6p 2 Ope 60482 60034 60292 59855 57731 58105 312989 312564 FEB. p 1‘ p r e lim in a r y pe— p r e lim in a r y e s tim a te re q u irem en ts? ® * a d j ustm 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 ith r e g u la t o r y changes in r e s e r v e 2’ ? T a b le a 1 ^ c o l u m n ° 5 l 1 r e s e r v e s e<* J al b r e a k -a d ju s t e d r e q u ir e d r e s e r v e s 3. To a d ju s t r e q u ir 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 to r e g u la t o r y changes in r e s e r v e re q u ire m e n ts , a m u l t i D l i c a t i v a p ro c e d u re i s u sed to e s tim a te what re q u ir e d r e s e rv e s w ould have been in p a s t p e r io d s had c u r r e n t r e s e r v e r£ ?J S 1 .1menA*, ln B r e a k -a d ju s te d r e q u ir e d r e s e r v e s in c lu d e s r e q u ir e d r e s e r v e s a g a in s t t r a n s a c t io n s d e p o s it s and n o n p e rso n a l time and s a v in g s d e p o s it s (b u t not r e s e r v a b le n o n d ep o sit l i a b i l i t i e s . ) The b r e a k - a d ju s t e d m onetary b a s e e q u a ls ( 1 ) b r e a k -a d iu s t e d t o t a l r e s e r v e s p lu s ( 2 ) the (u n a d ju s t e d ) c u rre n c y component V a u lt*C a sh "^ a n d °? o r^ a V ? + k i ’ 0 kl q u a r*® r l y ( p o r t e r s on the "R e p o rt of T ra n s a c tio n A cco u n ts, O th er D e p o s i t ^ ^ d ^ (T a b le 3 , column 3 ) p lu s e x c e s s r e s e r v e s NSA D iv is io n of H o r .».r y * « . i r . , B o ard
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