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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 l e J ,,.,, 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 A d ju s t e d f o r 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 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 n o n b o rro w e d 3 re q u ire d - 4, 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 no n b o rro w e d p lu s e x te n d e d c r e d it* 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 1 9 8 9 -N O V . DEC . 59646 60033 59297 59767 59318 59787 58701 59110 945 922 283222 284946 349 265 134 84 21 20 1 9 9 0 -J A N . FEB. MAR. 59896 60215 60297 59456 5 8 768 58173 59482 59302 60123 58880 5 9227 59436 1016 989 861 287509 289714 291820 440 1448 2124 47 51 78 26 535 1950 APR . MAY JU N E 60275 59783 59732 5 8 647 5 8 448 58850 60051 59324 59196 59379 58820 58958 897 962 774 293540 294401 296276 1628 1335 881 122 244 311 1403 875 346 JU L Y AUG. SEP. 59322 59746 60082 58565 5 8 819 5 9 457 58845 58947 59464 58460 58879 59173 862 297860 301121 304780 757 927 624 389 430 4 18 280 127 909 O C T. NOV. 59 609 59763 5 9 199 59533 59217 59558 58763 58816 847 947 306545 307678 410 230 335 162 18 24 868 6 Tw o w eeks e n d in g 59148 58751 58776 58498 650 307255 397 307 26 NOV. 14 28 59733 59906 59451 59713 59476 59738 58751 58940 982 966 307297 308107 282 193 195 140 25 25 DEC. 12 26p 58979 61121 58849 60617 58874 60639 58407 59146 572 1975 307350 309935 130 5 04 87 79 25 1 9 9 0 -0 C T . 31 p — p re lim in a r y 1. 2. 3. 4. 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 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 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 ire m e n ts . ( 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 ll y 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 , 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 . ) , .. A , 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 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 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 9 ns from 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 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 i o n s e s t a b l i s h e d f o r th e e x te n d e d c r e d i t p ro g r a m t o h e l p 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 . Because t h e r e i s n o t th e same ne e d t o re p a y s u c h b o r r o w i n 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. 6. ____________ ^ __ ________ ____ _____ ^ ____i_______ _ . ___ _____ ^ ______ ,______ _ , _ ___ _ ________ ______________ . . O th e r D e p o s it s and ^ a u l t C a s h " ancl 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 am ount a p p l i e 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 ana fo o tn o te 4 on t a b le 3 . ) H.3 (502) Table 2 A G G R E G A T E RESERVES O F D EP O S ITO R Y IN S TITU 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 ch 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 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 i t o r y to ta l2 D a te n o n b o rro w e d V a u lt ca sh 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 . B ank s 4 to ta l used to 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 -N O V . D EC . 60989 62810 60640 62544 60044 61888 287189 292554 33941 35436 29549 29812 27048 27374 2502 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 JUN E 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. 61052 62046 60642 61816 60206 61099 308854 312689 32127 33383 31516 31086 28925 28663 2591 2423 31 60121 5 9724 59471 307791 31365 31422 28756 2666 2 28 N O V. 14 28 62114 61972 61832 61779 61132 61006 312236 312958 33821 32848 30653 31633 28293 29125 2361 2509 69 185 DEC . 62084 58090 61954 57586 61513 56115 313977 313861 34057 28466 30294 32690 28027 29624 2267 3066 268 Tw o w eeks e n d in g 1 9 9 0 -O C T . 12 26p p — p r e lim in a r y X, 2. 3. 4. 5. 6. 7. 8. 10 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 11» 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 . x 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 s e d t o s a t i s f y re 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 lly 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 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 and V a u l t C ash " 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 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 betw 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 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 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 c a s h f i g u r e s a r e m easu re d 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 co m p e n sa te 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 c a n be used 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 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 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 i n w h ic h th e b a la n c e s a r e h e l d . . . . » «. x 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<?se 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 l u s th e am ount o f v a u l t c a s h a p p l i e 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 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 ire d r e s e rv e s ) to s a t i s f y c u r r e n t re s e rv 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 i t o r y i n s t i t u t i o n s m in us 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 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<3-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 or d e f i c i t ( - ) r e s e r v e s e l i g i b l e t o be c a r r i e d fo 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 te show n. H .3 (502) Table 3 A G G R E G A T E RESERVES O F D EPO SITO RY 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 lly 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 i t o r y to ta l2 D a te in s titu tio 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 -N 0 V . D EC . 5 9869 61669 59520 61404 589 2 4 60747 284114 2 89447 1 9 9 0 -J A N . FEB. MAR. 61579 59199 59234 61139 57751 57110 60563 58210 58373 288671 286502 288 8 64 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 586 0 9 58345 58905 2 99897 301462 303563 O C T. NOV. 59245 60025 58834 59795 58398 59078 305001 308712 Tw o weeks e n d in g 1 9 9 0 -O C T . 31 58145 57748 5749 5 3 038 16 NOV. 14 28 60102 59942 59820 5 9749 59120 58976 3 08 2 6 8 3 08972 DEC . 12 60071 62562 59941 62058 59500 60587 309993 31 5 59 5 26p p — p r e lim in a r y 1. 2. 3. 4. p e — p r e l i m i n a r y e s t im a t e F i g 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 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 ch a n g e s i n r e s e r v e re q u ire m e n ts . 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 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* c o lu m n 3 ) p l u 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 v e s f o r d i s c o n t i n u i t i e s du e t o r e a u l a t o r y ch a n g e s i n r e s e r v e re q u ire m e n ts * 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 at r e g u i r e d r e 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 r e q u ir e m e n t s b e e n 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 an d n o n p e r s 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 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 ase e q u a ls ( 1 ) 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 ( u n a d j u s t e d ) c u r r e n c y co m p on e nt o f th e m oney 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 ts * O t h e r D e p o s it s a n d V a u l t C a s h " a n d 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 ce e d s t h e i r r e q u i r e d r e s e rv 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 am ount 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 . Note: H i s t o r i c a l d a t a a r e available from the M o n e y a n d Reserves Projections Section* Division of Monetary Affairs* B o a r d of G o v e r n o r s of T h e Federal Reserve System* Washington* D.C. 20551
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