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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 DEPOSITORY IN STITU TIO N S AND TH E M O N E TA R Y BASE JANUARY 1 0 , 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 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 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 rs to t a l2 D a te 60033 1 9 8 9 -D E C . n o n b o rro w e d 3 59767 59787 re q u ire d 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 th 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 n o n b o rro w e d p lu s e x te n d e d c re d it4 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 59110 922 284946 265 84 20 287509 289714 291820 440 1448 2124 47 51 78 26 535 1950 122 1403 87 5 346 1 9 9 0 -J A N . FEB. MAR. 59896 60215 60297 59456 58768 58173 59482 59302 60123 58880 59227 59436 1016 989 861 APR. MAY JUNE 60275 59783 59732 58647 58448 58850 60051 59324 59196 59379 58820 58958 897 962 774 293540 294401 296276 1628 1335 881 244 311 JU L Y AUG. SEP. 59322 59746 60082 58565 58819 59457 58845 58947 59464 58460 58879 59173 862 297860 301121 304780 757 927 624 389 430 418 280 127 909 O C T. NOV. D E C . pe 59609 59763 60515 59199 59532 60189 59217 59557 60212 58763 58816 58870 847 947 1644 306545 307678 309139 410 230 326 335 162 76 18 24 23 14 28 59733 59906 59451 59713 59476 59738 58751 58940 982 966 307297 308107 282 193 195 140 25 25 12 26p 58968 61068 58838 60564 58862 60586 58407 59148 561 1920 307339 309908 130 504 87 79 25 62675 62380 62401 59203 3472 311308 296 41 22 868 6 Tw o w eeks e n d in g 1 9 9 0 -N Q V . D EC . 1 9 9 1 -J A N . 9pe p — p r e lim in a r y 1. 22 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 nd 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 ir 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 . ) 2. 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 lu 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 on T a b le 2 and f o o t n o t e 2 on T a b le 3 . ) 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 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 n s from th e F e d e r a l R e s e rv e . 4. 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 io n s e s t a b l i s h e d f o r t h 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 ecause t h e r e i s n o t th e same nee d t 9 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 . 5. 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 ) . 6. 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 base 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 l u s ( 2 ) th e s e a s o n a ll 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 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 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 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 ca sh 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 o n T a b l e 2 a na 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 DEPO SITO RY IN STITU 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 r s - .. .a ............ ......._ R e s e rv e s o f d e p o s i t o r y to t a l2 D a te n o n b o rro w e d V a u lt ca s h 5 in s t it u t io n s re q u ire d M o n e ta ry base3 R e se rv e b a la n c e s w ith F. R. Banks4 to ta l u se d t o 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 8 9 -D E C . 62810 62544 61888 292554 35436 29812 27374 2439 1 9 9 0 -J A N . FEB. MAR. 62931 60623 60658 62491 59175 58535 61914 59634 59797 292131 290025 292377 34090 30929 33407 31301 32489 29581 28841 29693 27251 2461 2795 2330 APR. MAY JUNE 62512 60232 61197 60884 58897 60315 61615 59269 60423 296872 297034 300985 35409 32771 33878 29281 29812 29632 27103 27461 27318 2178 2351 2314 JU L Y AUG. SEP. 60943 60728 61452 60185 59801 60828 60081 59860 60544 303387 304995 307211 32946 32448 33303 30457 30843 30622 27996 28280 28149 2460 2563 2473 O C T. NOV. D EC. pe 61052 62045 59110 60642 61815 58784 60206 61099 57465 308854 312689 313346 32127 33382 30268 31516 31086 31777 28925 28663 28841 2591 2423 2936 14 28 62114 61972 61832 61779 61132 61006 312236 312958 33821 32848 30653 31633 28293 29125 2361 2509 69 185 12 26p 62073 58037 61943 57533 61513 56117 313975 313833 34046 28414 30294 32690 28027 29623 2267 3067 268 4 55001 54705 51529 310473 26393 32783 28608 4175 283 Tw o weeks e n d in g 1 9 9 0 -N O V . D EC. 1 9 9 1 -JA N . 9pe p — p r e lim in a r y 1. 2. 3. 4. 5. 6. 7. 8. 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 ch 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 . 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 re 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 ll y 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 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 n d a d ju s t m e n t s t o co m p e n sa te 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 com ponent o f th e money s t o c k p lu s ( 4 ) , f o r a l l q u a r t e r l y re p < p rte rs o n th 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 and V a u l t C a sh " 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 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 , th e d i f f e r e n c e b etw ee n c u r r e n t v a u l t c a s h and th e amount a p p lie 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 f t e r t h e i n t r o d u c t i o n <pf CR R, 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 easured 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 t o com pen sate f o r f l o a t and in c lu d e s o t h e r o f f - b a l a n c e s h e e t " a s - o f " a d ju 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 i n w h ic h th e v a u l t c a s h ca n be u sed 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 co n te m p o ra n e o u s r e s e r v e r e q u ir e m e n t s , m a in te n a n c e p e r io d s end 30 d a ys a f t e r th e la g g e d c o m p u ta tio n p e r io d s in w h ic h th e b a la n c e s a r e h e l d . A l l v a u l t c a s h h e ld d u r i n g th e la g a e d c o m p u ta tiO T p e r io d b y "b o u n d " i n s t i t u t i o n s ( i . e . , th o s e whose 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 c a s h ) p lu s th e am ount o f v a u l t c a s h a p p l ie d d u r in g th e m a in te n a n c e p e r io d b y "n o n b o u n d " i n s t 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 ) 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 . 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 in s t i t u t i< p n s m in u s 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 . C o n s is t s o f c a r r y o v e r o n l y 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 r v e s on th e b a s is o f tw o -w e e k m a in te n a n c e p e r i o d s . R e f l e 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 e e k r e s e r v e m a in te n a n c e p e r io d e n d in g on th e d a t e show n. H.3 1502) Table 3 A G G R E G A T E RESERVES O F DEPOSITORY IN STITU TIO N S 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 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 it 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 3 M o n e ta ry b a s e 4 1 9 8 9 -D E C . 61669 61404 60747 289447 1 9 9 0 -J A N . FEB. MAR. 61579 59199 59234 61139 57751 57110 60563 58210 58373 288671 286502 288864 APR . MAY JUN E 61047 58742 59610 59419 57408 58729 60150 57780 58836 293354 293520 297372 JU LY AUG. SEP. 59471 59212 59813 58713 58285 59189 58609 58345 58905 299897 301462 303563 O C T. NOV. D E C . pe 59245 60024 62172 58834 59794 61847 58398 59078 60528 305001 308711 313680 14 28 60102 59942 59820 59749 59120 58976 308268 308972 12 60060 62509 59930 62005 59499 60589 309982 3 15569 66295 66000 62824 317266 Tw o w eeks e n d in g 1 9 9 0 -N O V . DEC. 26p 1 9 9 1 -J A N . p 9pe p r e lim in a r y p e — p r e l i m i n a r y e s t im a t e 1 r e q u ir e m e n t s 0 0 * a d j u s *men*s *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 ch a n g e s i n 2. B r e a k -a d ju s t e d t o t a l r e s e r v e s e q u a l 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 ( T a b l e 3 , co lu m n 3 ) p lu s e x c e s s r e s e r v e s NSA ( T a b l e 1 , c o lu m n 5 ) . T o a d j u s t r e q u i r e d r e s e r y e s f o r d i s c o n t i n u i t i e s due t o r e q u l a t o r y ch 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 , 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 s e d t o e s t im a t e w h a t r e g u i r e d re s e r v e s w o u ld h a v e 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 re q u ir e m e n t s 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 r e s e r v e s i n c lu d e s r e q u i r e d r e s e r v e s a g a i n s t t r a n s a c t i o n s d e p o s i t s a na n o n p e rs o n a l tim e a n d 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 l e 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 b a s e e q u a ls ( 1 ) b r e a k -a d ju s t e d t o t a l r e s e r v e s p lu s ( 2 ) th e (u n a d j u s t e d ) c u r r e n c y com pon e nt 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 th 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 nd C a sh 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 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 , 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 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 . 3. re s e rv e Note: Historical data a r e a v a i l a b l e from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of T h e Federal Rese r v e System, Washington, D.C. 20551
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