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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 R ESERVES OF D EP O SITO RY IN STITU TIO NS AND TH E M O N E TA R Y BASE 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 ir e m e n t s 1 A v e ra 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 ju 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 to ta l2 n o n b o rro w e d 3 FEBRUARY 7, n o n b o rro w e d p lu s e x te n d e d c re d it4 r e q u ir e d 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 6 0 297 59456 58768 58173 59482 59302 60123 58880 59227 59436 1016 989 861 287420 289583 291620 440 1448 2124 47 51 78 26 535 1950 APR. MAY JUNE 60275 59783 5 9 732 58647 58448 58850 60051 59324 59196 59379 58820 58958 897 962 774 293503 294628 296467 1628 1335 881 122 244 311 1403 875 346 JU L Y AUG. SEP. 5 9 322 597 4 6 60082 58565 58819 59457 58845 58947 59464 58460 58879 59173 862 298012 301079 304465 757 927 624 389 430 4 18 280 127 909 O C T. NOV. DEC. 59609 5 9763 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 60614 60080 60106 58434 2179 313032 5 34 33 27 12 26 58968 61066 58838 60562 58862 60584 58407 59144 561 1922 307268 310604 130 504 87 79 9 23p 62751 58964 62456 58080 62477 58108 59158 58046 3592 918 313185 313052 295 884 41 28 22 61097 60907 60937 58299 2798 312826 190 35 30 1 9 9 1 -J A N . pe 1991 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 D a te E a s t e r n T im e 868 6 Tw o w eeks e n d in g 1 9 9 0 -D E C . 1 9 9 1 -J A N . FEB. 6p e p — p re lim in a r y 1. 2. 3. 4. 5. 6. 25 22 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 re 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 . ) 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 lly 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 , s e e f o o t n o t e 2 on T a b le 2 and f o o t n o t e 2 on T a b le 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 r e s e r v e s e q u a l 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 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 T 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 i s c o u n t window 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 lis h e d f o r th e e x te n d e d c r e d i t p ro g ra m t o h e lp 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 e ca u se t h e r e i s n o t th e same ne ed t o r e p a y s u c h b o r r o w in g p r o m p t ly 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 c t 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 b o rro 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 r e s e r v e s ( T a b l e 2 , co 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 l l 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 a s e c o n s is t s o f ( 1 ) 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 p lu s ( 2 ) th 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 t o 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 on 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 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 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 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 ie 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 on T a b l e 2 and fo o tn o te 4 on t a b le 3 . ) H.3 (502) Table 2 A G G R E G A TE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE N o t a d ju s t e d f o r ch ang es in r e s e rv e r e q u ir e m e n t s 1 A v e ra 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 lly a d ju s t e d M illio n s o f d o lla r s R e s e rv e s o f d e p o s it o r y in s t i t u t i o n s D a te t o t a l2 nonborrow ed r e q u ir e d V a u lt c a s h 5 M onetary base* R eserve b a la n c e s w it h F . R . B ank s 4 to ta l u se d to s a tis f y r e q u ir e 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 -JA 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 JUNE 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 . 60 943 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. DEC. 61052 62045 59120 60642 61815 58795 60206 61099 57456 308854 312689 313700 32127 33382 30237 31515 31086 31777 28925 28663 28884 2590 2423 2893 pe 50985 50451 48806 308115 22042 33219 28943 4276 1 9 9 0 -D E C . 12 26 62073 58034 61943 57530 61513 56113 313977 313820 34046 28413 30293 32690 28027 29621 2266 3069 268 4 1 9 9 1 -JA N . 9 23p 55074 49399 54779 48515 51481 48482 312697 308370 26198 21187 32783 32049 28876 28213 3908 3836 248 412 49160 48970 46363 302514 18864 35757 30296 5460 -2 1 i9 9 1 -J A N . Two weeks e n d in g FEB . p 1. 2* 3. c* 5. 7. 8. 6 pe p re 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 to e lim in 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 ch a ng es m r e s e r v e r e q u ire m e n ts . R e s e rv e b a la n c e s w i t h F e d e ra l R e serve Banks p lu s v a u l t cash used to s a t i s f y r e s e r v e re q u ire m e n t s . Th e m o n e ta ry b a s e , n o t b r e a k -a d iu s t e d and n o t s e a s o n a lly a d ju s t e d , c o n s is t s o f ( 1 ) t o t a l re s e rv e s p lu 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 nd a d ju s tm e n ts t o com pensate f o r f l o a t a t F e d e r a l R e s e rv e Banks p lu s ( 3 ) th e c u r r e n c y component o f th e money s to c k p lu s ( 4 ) , f o r a l l q u a r t e r l y r e p o r t e r s on th e " R e p o rt o f T r a n s a c t io n A c c o u n ts , O th e r D e p o s its and V a u lt C ash " and f o r a l l th o se w e e k ly r e p o r t e r s whose v a u l t ca sh 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 , th e d i f f e r e n c e betw een c u r r e n t v a u l t cash and th e amount a p p lie d to 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 f t e r th e 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 ca sh f i g u r e s a re measured o v e r c o m p u ta tio n p e r io d s e n d in g on M ondays. 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 to com pensate f o r f l o a t and in c lu d e s o th e r o f f -b a la n c e s h e e t " a s - o f " a d ju s tm e n ts . D a te s r e f e r to th e m a in te n a n c e p e r io d s i n w h ic h th e v a u l t cash can be used to s a t i s f y re s e rv e r e q u ir e m e n t s . U n d e r co n te m p oran e ou s r e s e r v e £®9u l r e *J1®n t s , m a in te n a n c e p e r io d s end 30 da ys a f t e r th e la g g e d computaticpn p e r io d s i n w h ic h th e b a la n c e s a re h e ld . uXa U i d u r in g th e la g g e d c o m p u ta tio n p e r io d by "bound" i n s t i t u t i o n s ( i . e . , those whose r e q u ir e d r e s e r v e s ex cee d t h e i r v a u l t c a s h ) p lu s th e am ount o f v a u l t cash a p p l ie d d u r in g th e m ain tenance p e r io d by "nonb ound" i n s t i t u t i o n s ( i . e . , th o s e whose v a u l t ca sh 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 ) to s a t i s f y c u r r e n t r e s e r v e re q u ire m e n ts . T o t a l v a u l t c a s h h e ld b y d e p o s it o r y i n s t i t u t i o n s m inus th e amount a p p lie d to s a t i s f y re s e rv e re q u ire m e n ts . C o n s is t s o f c a r r y o v e r o n ly a t d e p o s it o r y i n s t i t u t i o n s m a in t a in in g re s e rv e s on th e b a s is o f tw<D-week m a in te n a n c e p e r io d s . R e f le c t s e x c e s s ( + ) o r d e f i c i t ( - ) r e s e r v e s e l i g i b l e to be c a r r i e d f o rw a rd i n t o th e tw o-w eek r e s e rv e m a in te n a n ce p e r io d e n d in g on th e d a te shown. H.3 (502) Tab l e 3 A G G R E G A TE RESERVES OF DEPOSITORY INSTITUTIONS AND THE M O N ETAR Y BASE A d ju s t e d f o r ch a n g e s i n re s e r v e re q u ir e m e n t s 1 A v e ra 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 lly a d ju s te d M illio n s o f d o lla r s R e se rve 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 bo rro w ed re q u ire d 3 M o n e ta ry 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. DEC. 59245 60024 62183 58834 59794 61857 58398 59078 60518 305001 308711 314030 pe 62274 61740 60095 314130 12 26 60060 62507 59930 62003 59499 60585 309984 315544 9 23p 66368 60687 66073 59803 62775 59770 319503 314049 60446 60256 57649 308227 1 9 9 1 -JA N . Two weeks e n d in g 1 9 9 0 -D E C . 1 9 9 1 -J A N . FEB . 6pe p — p re lim in a r y 1. 2. 3. 4. p e — p r e l i m i n a r y e s tim a te F ig u r e s r e f l e c t 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 te d w i t h r e g u l a t o r y changes i n r e s e r v e r e q u i r e m e n ts . B r e a k -a d ju s t e d t o t a l re s e rv e s e q u a l b r e a k -a d ju s t e d r e q u ir e d re s e rv e s ( T a b l e 3 , colu m n 3 ) p lu s e x ce ss r e s e r v e s NSA ( T a b l e 1 , co lu m n 5 ) . T o a d j u s t r e q u i r e d re s e rv 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 i n r e s e r v e r e q u ir e m e n t s , a m u l t i p l i c a t i v e p r o c e d u r e i s u se d to e s tim a te w hat r e g u ir e d re s e r v e s w o u ld have been i n 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 e q u ir e m e n ts been i n e f f e c t . B r e a k -a d ju s t e d r e q u i r e d re s e rv e s in c lu d e s r e q u i r e d re s e r v e s a g a in s t t r a n s a c t i o n s d e p o s it s and n o n p e rs o n a l tim e and s a v in g s d e p o s it s (b u t n o t r e s e r v a b le n o n d e p o s it l i a b i l i t i e s . ) T h e b r e a k -a d j u s t e d m o n e ta ry base e q u a ls ( 1 ) b r e a k -a d ju s t e d t o t a l re s e rv e s p lu s ( 2 ) th e ( u n a d ju 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 on th e "R e p o rt o f T r a n s a c t i o n A c c o u n t s , O th e r D e p o s its and V a u l t C a s h " and 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 cash exceeds t h e i r r e q u i r e d r e s e r v e s , th e b r e a k -a d j u s t e d d i f f e r e n c e betw ee n c u r r e n t v a u l t cash and th e amount a p p lie d to s a t i s f y c u r r e n t r e s e r v e re q u ir e m e n t s . Note: Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of G o vernors of The Federal Reserve System, Washington, D.C. 20551
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