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FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30p.m. Eastern Time ~?u~~E~f'l~nfe~~nE!!~~! ~!ui~e~?s~ITORY INSTITUTIONS AND THE MONETARY BASE FEBRUARY 23 , 1989 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 nonborrowed plus exter;:ded credit required exceis NSA Monetaty base total 58376 59177 58009 58748 59382 59487 58163 58440 58832 1295 1133 929 260856 262068 263301 1082 396 1752 59 75 119 372 205 1478 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 274658 275811 2299 2861 1716 332 186 130 1781 2322 1244 60550 58888 59934 59402 1148 276747 1662 76 1046 1988-DEC. 28 60835 59488 60456 59754 1081 276031 1347 137 968 1989-JAN. 11 25 60646 60342 58598 58815 59806 59843 59499 59371 1147 972 275880 277070 2048 1527 94 61 1208 1028 60860 60201 59591 58724 60383 59835 59300 59165 1560 1036 277581 277453 1270 1477 78 99 792 1111 Date total 2 1988-JAN. FEB. MAR. 59458 59573 59760 APR. MAY JUNE 1989-JAN. p nonborrowed 3 seasonal extended credit 4 Two weeks ending FEB. 8p 22pe 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. J Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. IAlso, see footnote 2 on Table 2 and footnote 2 on Table 3. J 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 l l less unadjusted required reserves !Table 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of I l l seasonally adjusted, break-adjusted total reserves plus 12) the seasonally adJusted currency component of the money stock plus 13), 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.) 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 cashs Reserves of depository institutions base Reserve balances with F.R. Banks 4 Honeta~y total used to satisfy requirea reserves 6 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. HAY 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 63473 61811 62325 281320 36482 28376 26992 1384 63631 62284 62550 284188 37106 27927 26525 1403 147 65403 62757 63355 61230 64256 61786 285079 279985 38724 36514 27904 27414 26679 26243 1225 1171 146 143 61607 60304 60337 58828 60047 59269 277546 277647 32295 32413 31488 29739 29312 27891 2176 1847 82 234 1989-JAN. p Two weeks ending 1988-DEC. 28 1989-JAN. 11 25 FEB. 8p 22pe p--preliminary 1. 2. 3. 4. 5. 6. 7. 8. pe--preliminary estimate Reflects_actual require<;! reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes 1n reserve r~u1rements. 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 reqyired 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 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. Oates 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 co~tation 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 cash l plus the amount of vault cash applied during the maintenance period by "nonbound" institutions I i.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 l+l or deficit 1-l reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 1502) 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 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 62282 60620 61134 278096 1988-DEC. 28 62253 60907 61172 281006 1989-JAN. 11 25 64265 61550 62217 60023 63118 60579 281814 276817 60353 59193 59084 57716 58793 58157 274266 274447 NOV. DEC. 1989-JAN. p Two weeks ending FEB. 8p 22pe 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 !Table 3, column 3) plus excess reserves NSA !Table 1, column 5). To adjust required reserves for discontinuities due to regulatory cha~s in reserve requirements, a multiplicative procedure is used to estimate what required 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 ~arsenal time and sav1ngs deposits !but not reservable nondeposit liabilit1es.) Break-adjusted monetary base equals 11) breaK-adjusted total reserves plus 12) the !unadjusted) currency component 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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