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FEDERAL RESERVE statistical release H .3 ( 5 0 2 ) T a b le 1 F o r R e le a s e a t 4 :3 0 p .m . E a s t e r n T im e ft?uS?dEP A I E RESERVES O F D EP O SITO R Y IN S TITU TIO N S AND TH E M O N ETA R Y BASE A d ju s t e d f o r 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 1 £Y?*Tages 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 rw is e 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 i t o r y D a te to ta l2 JANUARY 1 1 , 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 in s titu tio n s n o n b o rro w e d 3 n o n b o rro w e d p lu s e x te n d e d c r e d it4 r e q u ir e d 1990 excess NSA5 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 8 8 -D E C . 60706 58990 60234 59666 1040 275503 1716 130 124 4 1 9 8 9 -J A N . FEB . MAR. 60370 60260 5 98 5 4 58708 58773 58041 59754 59823 59376 59226 59106 58896 1145 1154 957 276815 277598 278676 1662 1487 1813 76 97 139 1046 1050 1334 APR. MAY JUNE 5 9463 58740 5 8350 57174 57020 56860 58881 58217 57776 58687 57709 57445 776 1031 905 278753 278427 279060 2289 1720 1490 213 345 431 1707 1197 917 JU L Y AUG. SEP. 586 9 8 5 8753 592 23 58004 58079 58530 58110 58120 58552 57733 57869 58285 966 885 938 280014 280288 282045 694 675 693 4 97 490 452 106 41 22 O C T. NOV. DEC . p e 59621 59566 599 9 9 59066 59217 59734 59087 59238 59753 58602 58621 59081 1020 945 918 282703 283003 285363 555 349 265 330 134 84 21 21 20 15 29 59396 59725 59124 59284 59144 59307 58515 58716 881 1009 282350 283578 272 441 147 115 20 23 13 27p 59577 60381 59427 60030 59448 60049 58818 59344 759 1037 283929 286026 151 351 87 89 22 19 lO p e 60033 59694 59713 59013 1020 287701 340 58 19 r e g u la t o r y changes in re s e rv e Tw o w eeks e n d in g 1 9 8 9 -N O V . D EC . 1 9 9 0 -J A N . p — p r e lim in a r y 1. p e — p r e l i m i n a r y e s tim a te re q u ire m e n ts . ^ F o ^ m o r i ^ in f o r m a t io n ^ s e e ^ T a b le 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 2. f ^ S 3^ ^ T i b ^ : 1^ ^ ^ * S S 1^ • S * T S l M i U •t •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 3. o f ^ d e p o s 1 t o r y 3^ n s t ^ t u t i o n s ° f r o m 1" t h e ^ F e d e r a lBR e s e rv e SeaS° " a l l y ^ 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 4. 5. 6. h e lo d e D o s - i t o r u a s 5 h p rS re s e rv e s . l e s s u n a d ju s t e d to ta l i +,*,+i *5® - d i 5 c °Y n * . 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 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 i 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 s e t h e r e i s n o t th e same need t o re p a y s u c h b o r r o w in a p r o m p t lv 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 § o rro w e d unj?d j H ? t e 2 Jjjo ta l r e s e r v e s ( T a b l e 2 , co lum 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 ) . 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 ! I a ! o n a l & e d i t e d ^ r e a k ^ S ^ o l o L m° " Gy <3 ) > f o r i n s t i t u t i o n ^ 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 ^ e d ^ V e s e r v e f , t h e f o o t n o t e % o n T a b l e ’ 2 and f o o i n o t e V S ^ T a b l e §“ 'Jr e n t v a u l t c a s h o v e r *he am ouni a p p l ie 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 l s o , s e e H.3 (502) Table 2 A G G R E G A TE RESERVES OF D EP O S ITO R Y IN S TITU TIO N S AND TH E 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 R e s e rv e s o f d e p o s it o r y t o t a l2 D a te n o n b o rro w e d V a u lt c a s h 5 in s titu tio n s re q u ire d M o n e ta ry base3 R e s e rv e b a la n c e s w ith F .R . B a n k s 4 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 8 -D E C . 63739 62023 62699 283178 37830 27197 25909 1288 1 9 8 9 -J A N . FEB. MAR. 63468 60693 60212 61806 59206 58400 62323 59539 59255 281344 277700 279003 36475 32834 34623 28376 29776 27059 26993 27859 25589 1383 1917 1470 APR. MAY JU N E 6 1288 58911 5 95 8 7 58998 57191 58097 60511 57881 58681 281599 280638 283276 35832 33199 33852 26746 27166 27151 25456 25712 25735 1290 1454 1416 JU L Y AUG. SEP. 60254 5 9 559 60126 59560 58884 59433 59288 58674 59188 285389 284230 283779 33902 32823 33556 27851 28358 28085 26351 26735 26570 1500 1622 1515 O C T. NOV. D E C . pe 60397 60989 62815 59842 60640 62550 59378 60044 61897 284487 287350 292822 33123 33941 35446 28900 28519 28782 27275 27048 27370 1625 1471 1413 61020 60968 60748 60527 60139 59958 287012 287772 34468 33394 27907 29156 26552 27574 1355 1582 282 114 61908 63040 61757 62689 61149 62002 290102 294263 35399 35140 27821 29415 26509 27900 1312 1516 161 63 64982 64642 63962 296621 36668 29695 28314 1380 134 Tw o w eeks e n d in g 1 9 8 9 -N O V . 15 29 DEC. 13 27p 1 9 9 0 -J A N . lO p e p — p r e lim in a r y 4. 5. 7. 8. p e — p r e l i m i n a r y e s t im a t e 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 li 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 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 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 . . T h e m o n e ta ry b a s e , n o t b r e a k -a d j 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 i s t s o f t o t a l r e s e r v e s p lu s 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 t m e n t s t o c o 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 th e c u r r e n c y com ponent o f th e money s to c k p l u s , f o r i n s t i t u t i o n s whipse 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 e x c e s s o f c u r r e n t v a u l t c a s h o v e r th e am ount a p p l ie 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 t h 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 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 onda ys. ,c 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 t f 7 b a la 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 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 . 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 i r 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 y s a f t e r th e la g g e d c o m p u ta tiip n p e r io d s i n 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 g e d c o m p u ta tio n 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 wh<pse 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 _ c a s h ) p l u s th e am ount o f v a u l t c a s n a p p l ie d d u r i n 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 . , t h 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 . • x 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 in u s th e am ount a p p l ie 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 *i C o n s i s t s o f c a r r y o v e r o n l y a t d e p o s i t o r y i n s t i t u t i o n s m a in t a in in g r e 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 r w a r d 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 (5 0 2 ) A G G R E G A T E R ESER VES O F D EP O S ITO R Y IN S TITU TIO N S AND TH E M O N E TA R Y BASE 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 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 re q u ire d 3 M o n e ta ry b a s e 4 60497 279711 62213 61173 1 9 8 8 -D E C . 62067 59371 58938 60405 57884 57125 60922 58217 57980 277955 1 9 8 9 -J A N . FEB. MAR. APR . MAY JU NE 60011 57722 58410 57722 56002 56920 59235 56691 57505 278193 277591 280187 JU L Y AUG. SEP. 58955 58297 58907 58261 57622 58214 57989 57412 57969 282103 281092 280705 O CT. N OV. DEC. pe 59140 59720 61513 58584 59371 61248 58120 58775 60595 281372 284130 2 89588 15 29 59813 59639 59541 59198 58932 58630 283873 284468 13 27p 60631 61744 60480 61393 59872 60707 286791 291121 63234 293311 63574 62554 lO p e 274408 275685 Tw o w e e ks e n d in g 1 9 8 9 -N O V . DEC. 1 9 9 0 -J A N . p e — p r e l i m i n a r y e s t im a t e a rry p — p rre e liim i m iin na y F i g u r e s r e f l e c t a d ju s t m e n t s 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 2. B r e a ^ -a d ju s t e d 3. r e q u i r e d 'r e s e r v e s p r o c e lu r e 4. 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 ir e d r e s e r v e s f o r d is c o n t in u it ie s is used Jo d e p o s i t s a nd n o n p e r s o n a l tim e a h d , say ^ 9 g B r e a k - a d ju s t e d m o n e ta ry b a s e e q u a ls ( 1 ) £ ^ e to r e g u l a t o r ^ c h a o g e s r e q u i r e d re s e r v e s r e a k - a d ju 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 i n c lu d e s in re s e rv e r e q u ir e d ^ ^ to ta l^ s e rv e ^ p lu s t e d t o t a l re s e i v e s p re s e rv e s a g a in s t t ra n s a c t io n s T jT T t h e ( u n a d j u s t e d ) ^ r r ®n c y k c o "jPo n ? n i r e s e r v e s , th e b r e a k - a d j u s t e d r e q u i r e d * * 5: s r s ^ f v s i i ? m * ., H i s t o r i c a l d,t . , r . . v . i l . b l . f ro. <h. M= n . y .nd R.,.rv.. Proj.ojio™, S ~ « « . of G ov e r n o r s of T h e Federal Reserve System* Washington, D.C. 20551 of Aff.ir,, B o . r d
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