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.· . - FEDERAL RESERVE statistica I release ·--- H.3 1502) Table 1 For Release at 4:30 p.m. Eastern Time ~?u~~dE~~l~ng~~~nE!!~~v~ ~~i~e~~~ITORY INSTITUTIONS AND THE MONETARY BASE 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 FEBRUARY 22 , 1990 nonborrowed plus ext~ded credit required e~%~s Monetaty 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. 59621 59566 59990 59066 59217 59725 59087 59238 59745 58602 58621 59068 1020 945 922 282924 283309 285083 555 349 265 330 134 84 21 21 20 59769 59329 59355 58756 1014 287615 440 47 26 1989-DEC. 27 60366 60015 60033 59348 1018 285750 351 89 19 1990-JAN. 10 24 60021 59545 59682 59246 59701 59273 58903 58704 1117 841 286600 287602 339 300 58 41 19 27 59858 59995 58993 58515 59026 58647 58648 59002 1210 992 289091 288847 865 1480 44 50 33 133 NOV. DEC. 1990-JAN. p Two weeks ending FEB. 7p 2lpe 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. I For more information, see Table 3. I 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. !Also, see footnote 3 on Table 2 and footnote 4 on Table 3. l H.3 1502 l Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve re~irements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash5 Reserves of depository institutions base Reserve balances with F.R. Banks 4 Honeta~y total used to satisfY. requireCI reserves 6 surplus 7 Net carryover of reservw balances Date total 2 nonborrowed required 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. HAY 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. 60397 60989 62810 59842 60640 62544 59378 60044 61888 284487 287347 292713 33123 33941 35436 28897 28519 28782 27275 27048 27374 1622 1472 1409 62928 62488 61914 292309 34087 30354 28841 1513 1989-DEC. 27 63033 62682 62015 294270 35131 29415 27903 1513 63 1990-JAN. 10 24 64961 62468 64622 62169 63844 61627 295762 291499 36627 34424 29695 29338 28335 28045 1360 1294 118 190 60943 60592 60078 59112 59733 59599 288997 290059 29787 30607 33327 31932 31156 29985 2171 1947 70 108 NOV. DEC. 1990-JAN. p Two weeks ending FEB. 2r~ 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 r~irements. 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 r~ired cleari~ balances and adjustments to c~sate for float at Federal Reserve Banks plus the currency c~nt 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 sat1sfy current reserve requirements. After the introduction of CRRl currency and vault cash figures are measured over computation periods ending on Mondays. Excludes reqyired c earing balances and adjustments to CQIIIP8nsate 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 re~irements. Under contemporaneous reserve r~irements, maintenance periods end 30 days after the la~ c~tation Pftriods in which the balances are held. All vault cash held during the lagged c~tation period by "bound' institutions I i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions I i.e., those whose vault cash exceeds their reqyired reserves) to satisfy current reserve requirements. Total vault cash held by depository institutions minus the amount applied to satisfy reserve requirements. Con~i~ts of carryover ~ly at depository.institution~ maintaining reserves on t~ basis of tw9-week ~intenance periods. Reflects excess (+) or dehclt 1-) reserves ehg1ble to be carr1ed forward 1nto the two-week reserve ma1ntenance per1od end1ng on the date shown. H.3 1502 J Table 3 AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for cha~s 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 60405 57884 57125 60922 58217 57980 277955 274408 275685 APR. MAY JUNE 60011 57722 58410 57722 56002 56920 59235 56691 57505 278193 277591 280187 JULY AUG. SEP. 58955 58297 58907 58261 57622 58214 57989 57412 57969 282103 281092 280705 OCT. 59140 59720 61504 58584 59371 61238 58120 58775 60582 281372 284128 289451 61433 60993 60419 288725 1989-DEC. 27 61728 61377 60711 291119 1990-JAN. 10 24 63554 60977 63215 60678 62436 60136 292268 287917 59314 59061 58449 57581 58104 58069 285278 286577 NOV. DEC. 1990-JAN. p Two weeks ending FEB. 7p 21pe p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve raqu1raments. Break-adjusted total reserves equal break-adjusted required reserves ITable 3, column 3J plus excess reserves NSA !Table 1, column 5J. To adjust required reserves for discontinuities due to ~latory cha~s in reserve requirements, a multiplicative procedure is used to estimate what r~ired reserves would have been in past ~riods had currant reserve requirements been in effect. Break-adJusted re~ired reserves includes ~ired reserves against transactions deposits and ~rsonal time and sav1ngs deposits lbut not reservable noeideposit liabilihes.) Break-adjusted monetary base ~ls 11 J break-adjusted total reserves plus I 2 J the lunadjustedJ currency COft!PO!Wilt of the money stock plus 13), 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. 20551
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