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FEDERAL RESERVE statistical release FEDERAL RESERVEi3~"'"'30 Eaetem,. H.3 (6021 Teble 1 OFP.HILADELP.HIA•uAar s, 1989 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND 'f'HE MONETARY BASE Adjusted for changes In requ~ta' A-age• of dally figures, seaaonalty edjueted un.... noted_,.. Millions of dotlara Date total" .....,... of depeeltory lnetltutlone .-borrowed not~piue required extended oredtt• NSA' 1987--JIOV. DEC. 59,053 58,722 58,428 57,944 58,l>U 58,1128 58,129 57,693 1988--JAII. Ft:B. liAR. AP&. 59,458 59,573 59,760 60,374 1>0,365 60,637 b 1,:0!38 &1,090 1>0,995 &0, 956 b 1,055 58,376 59,177 58,009 57,180 57. "/87 57,555 57,798 57,849 58,156 58,657 58,194 58,7118 59,382 59,487 60,0011 59,11911 60,108 60,331> 60,502 60,.l15 60,1138 &0,516 58, 163 58,440 58,832 59,515 59, 3.l5 59,750 60,231 60,1J7 60,024 59,894 59,936 lllf JUliE JULr AUG. :iBPT. ocr. !lOY. - Monetaly ~~ue• Borrowlnp of depoeitory lnetltutlone from the F-al .....,., NSA tol8l extended ONCIII" _.. 923 1,029 256,938 257,9.l8 1>25 1,295 1, 13 3 929 859 1,040 888 1,007 953 972 1,062 1, 119 260,721 262,019 263,315 265,809 266,9211 268,309 270,621> 271,200 272,441> 273,731 2711,473 1,0112 396 1,752 2,993 2,578 171 3,0113 3,440 3,241 l,839 2,299 2,861 59 75 119 146 246 311 376 423 421 332 186 DBC. ---~- 394 483 372 205 1,478 2,624 2,107 2,554 2,538 2,653 2,059 1, 781 2,322 I 1'110 IIBBitS BJIDIIG ---------1988-JIOV. . 126 93 2 16 30 60,870 &1,508 60,&28 58,517 58,275 58,066 61,113 59,929 59,74 2 59,905 S9,9911 1,128 1,603 635 274,071> 274,61>9 274,334 2,353 J,233 2,5&2 285 180 178 1,931 2,838 1,863 14 28 p b 1,208 &0,871 59,194 59,524 60,723 1>0,49<! 60,219 59,742 ~88 1,128 275,711 275,910 2,014 1,347 131 137 1,529 968 &0,~48 I -- P---PHELIIIIBAI!J P8--PBELIIIIBABJ ESTIRATB 1/ HBSBBYBS AIID IOIBTABJ BASE FIGURES IHCOBPOBATE ADJ•lSTIBJTS POB DISCOITI~~ITIES ASSOCIATED WITH THE IIIPLBftENTATIOI OP THB ftOHBTABf COITI!OL ACT AID OTHBB BBGULATO&J CHAIGBS TO BBSBBVB BBQUII!BftBSTS. TO ADJUST POl DISCOIITIIUITIBS DUB TO CHAIGBS II BBSBBYB RBQUIRBftBHTS 01 RBSBBflBLB IOIDBPOSIT LlABILITIBS, THB SOft OP SOCB BBQUIBED BBSBBVBS liB SUBTBACTBD PROS THB ACTUAL SBBIBS. SiftiLABLJ, II ADJDSTIIG FOB DISCONTIIUI:!ES II THB KOIIBTARJ BASE, RBQUIBBD CLBABIMG BAJ.AICES AID ADJOSTftEITS TO COIPBHSATB POR PLOAT ALSO ARB SUBTRACTBD PROS THB ACTUAL SERIES. 2/ TOTAL RESBBYBS lOT ADJUSTED POR DISCONTINUITIES COISISTS OF BBSEBVB BlLABCi, MITB PBDBBAL RBSEBYE BlllltS (MHICH BICLODB BBQUIRBD CLBABIIG BALAJICBS AIID ADJUSTftBITS TO COftPBBSATE POi FLOAT) PLUS YlOLT CASB USBD TO SlTI:iPJ BBSBBVB IBQUIBBKBITS. SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HBLD DUBIBG THE LAGGED COftPUTATIOR PERIOD BJ INSTITOTIOIIS HlfiiG IBQUIBBD BBSBBVB BALAICBS AT FEDERAL RESERVE BAlKS PLUS THE AftOUHT OF VAULT CASH BQUAL TO REQUIRED RESERVBS DURIIG THE RAINTEIANCB PERIOD lT IIS'l'ITOtlONS BAYIIG 110 REQUIRED BBSBBYB BltLUCES. 3/ BXTEID&p CBBDIT CONSISTS OP BORROWING AT THE DISCOUNT VINDOV UNDER THE TEBBS AND COIDITIOBS BST~8LISH&D POR TRB BITBHDBD CREDIT ~BOGBAft TO HELP DBPOSITOBI IMSTITOTIOJIS DEAL VITH SUSTAIIBD-LIQUIDITJ PRESSURES. BECAUSE THBBB IS NOT THB SlftE IBBD TO REPAY SUCH BOBROVIHG PROftPTLY AS THEB~ IS WITH TBADITIOIAL SHOBT-TBBft ADJUSTBENT CBBDIT, THE BOHBI ftAIKET Ift~ACT OP BITBNDBD CREDIT IS SiftiLAI TO THAT OP IOHBORROWBD RESERVES. 4/ BBSBBY~ BALAICES WITH FEDERAL RBSERYE BANKS PLUS VAULT CASH USED TO SATI~FI RESERVE QEQUIBEftBITS LESS REQUIRED BBSEBVES. 5/ THB IOBETABT BASE BOT ADJUSTED roa DISCONTINUITIES CObSISTS CP TOTAL BES~RYES PLUS REQUIRED CLEAIIHG BALAICES AND ADJDSTIENTS TO COftPENSATB FOB FLOAT AT FEDERAL RESERVE Bl~KS PLUS THE CURRENCY COBPONENT OF THE RONEI STOCK PLUS, FOB IISTITOTIOHS lOT BltYING REQUIBBD BESERVB BALA~CES, THE EXCESS OF CURRENT VAULT CASH OYER THE AIIOONT APPLIED TO :ilTISFI CURBEIIT RESERVE BEUUIB~KENTS. AFTER THE INTRODUCTION OF CCR, CURRENCY ABO VAULT CASH FIGURES ARE REASUBED OYER THB ftONDAY-EIDIIG COftPUTATIOI PBRIOD. THE SEASOHALLY ADJUSTED KOMETlRY BASE CONSISTS or SEASONALLY ADJUSTED TOTAL BBSBRYE (WHICH INCLUDES XXCBSS RESEBYBS OH A BOT SEASOIALLY ADJUSTED BASIS) PLUS TBB SEASONALLY ADJUSTED CURRENCY CORPONENT OP THE BOlEY STOCK PLUS THE BEftliiiNG I7EKS St:ASONALLY ADJUSTED AS A 4HOLE. HOTE: HISTORICAL DATA ARE AVAILABLE FllOII THE I!ONEY AND ''!!SERVES PIIOJECTIONS SECTION, DIVISION OF "OIIt:TABY AFFAIRS, BOliO OP GOYEBIOilS or THE FEDERAL RESERVE SYSTEK. WASHIN~TON, u.~. 20551 H.3 (502) • Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE No~-;djuated for, changes In r88e,..e r8Qulrements. A_-agea of daliy figures, nofseasiinally edjust&a Millions of dollars - ·· · •• il Monetwy base~ Date total non borrowed Resarve balanc! with F.R. Bank& ' required total 1987--NOJ. DEC. 61,205 b2,123 60,580 61,3116 60,282 61,0911 261,6711 266,1b1 37,1153 37,673 25,1131 26,155 1988--Jlll. FEB. 62,6110 b0,0117 60,076 62,064 60,681 61,991 b2,756 61,965 b2,153 61,915 62,407 61,558 59,b50 58,J211 59,071 !)8,103 58,908 59,316 58,7211 59,3111 59,1>16 59,5116 61,3115 58, 91<1 59,1117 61,205 59,6111 61,103 t>1,H9 b1,012 61,181 b0,853 b 1,2117 265,789 262,598 263,979 268, 127 2611,899 272,6511. 275,591 27$,033 2711,8711 275,775 278,653 37,1185 311,211 36,027 38,1129 36,$09 37,907 37,992 36,911 37,213 36,1121 36,997 26,919 28,119 25,9:.16 25,200 25,873 25,717 26,1179 26,895 26,726 27,196 26,7116 ..!5,15!) 25,836 24,0119 2l,6J6 211,174! 211,084 211,71>3 25,054 211,9110 25,4911 25,1110 1, 764 2,283 1,817 1,564 1, 700 1,632 1, 715 1, 8111 1,786 1,702 1,335 b1,387 b3,16$ 61,795 59,035 59,932 59,233 b0,260 61,562 b 1, 160 2711,818 279,320 .278,535 36,078 38,1113 35,981 26,825 26, 2:.!1 27,259 25,309 25,0U 25,8111 1,516 1,200 1,11116 b3,503 63,662 61,1190 62,316 6.!,515 6.!,5311 281,769 2811,248 38,375 37,150 26,316 27,9:.17 .l5,128 ..!6,513 1, 1811 1,415 1111. lPR. lilY JURE JULY AUG. SEPT. OCT. NOV. 1,679 1, 706 TIIO IIE£KS BIDING ---------1988--NOV. DEC. 2 16 30 111 28 p P--- PBBL Ill I I Ut PB--PIBLIIIllllBY ESTIIUTE. 1/ REFLECTS ACTUAL RESERVE BEQUIBEIIEITS, INCLODIIG THOSE 01 NOMDBPOSIT LIABILITIES, liTH NO lDJUSTNEKTS TO ELIIIINATE THE EFFECTS OF DISCORTIRUITIBS ASSOCIATED WITH IIIPLEIIEITATIOI OF THE IIOIBTAII CONTROL ACT OB OTHER REGULATORY CHAIGBS TO RESERVE BBQUIBBIIBITS. 2/ CONSISTS OF TOTAL BBSERYBS PLUS IBQUIRBD CLEARING BALliCES lND lDJUSTIIEITS TO COIIPBISATB FOR FLOAT AT FEDERAL RESERVE BlHKS PLUS THE CURRENCY COIIPON!HT OF THE IIOIBI STOCK LESS THE AROUIT OF VAULT CASH HOLDIM~S Of THRIFT IRSTITUTIOIS THAT IS INCLUDED 18 THE CUBRBICI COIIPOJEIT OF THE BONEr STOCK PLUS, FOR IISTITOTIONS NOT ftlVIIG REQUIRED RESERVE BALlJCBS, THE EXCESS OF CURRENT VAULT CASH OYBR THE AIIOOJT lPPLIBD TO SATISFY CUBREIT RESERVE BEQUIBEIIEITS. AFTER THE IJTBODDCTIOI OF CRR, CURBBICI AND VAULT CASH FIGURES AlB RBASURBD OYER THE IIOIDAt-ENDING COIIPUTATION PERIOD. )/ EXCLUDES REQUIRED CLEARIIG BlLliCBS AID ADJUSTMENTS TO CORPBISATB FOB FLOAT. ~/ DATES REFER TO THE MllMTEiliiCB PERIODS Ill IIHIL:H THE fAULT CASH CU BE USED TO SATISFY •BBSERYB REQD'lBBIIEITS. UNDER COHTEIIl'ORlliEOUS I<BSEBVE RBQUIBEIIBITS, IIUIITEHANCE PEUODS EIID 30 PUS AFTEII THE L'&GGED Cbii,PUTUION PERIODS U IIHICH THE BALARCES ARB HELD. .' . . . · '"' . · .. 5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED L:OIIPU~ATIOH PENIOD BY IMSTITUTIONS HA9IIIG KBUUIRED RESERVE BALANCES AT fEDERAL RESERVE BANKS PLUS THB AROUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE RAIMTEIAMCB PERIOD AT lNSTlTDTIONS HlVIHG NO REQUIRED RESERVE BALANCES. 6/ TOTAL VAULT CASH AT lliSTITUTIOIIS HAYING NO REQUIRED IIESERVE BALANCES LESS THE liiOUNT Of YlULT CASH EQUAL TO THEil! BE~UIRED RESEI<VES DUBIN~ THE IIAlHTENANCE PERIOD. 1/ COHSISTS OF CaRRYOVER ONLY AT DEPOSITORY INSTITUTIONS ftAINTAIMIRG RESERVES OR THE BASIS OF TIIO-IIIEK RAINTEIAICE PERIODS. R~~LECTS EXCESS (+) OR DEFICIT (-) ~!SERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TMO-MEE~ RESEifK IIAINTEHANCE PKRIOO ENDING ON THE DATE SHOWN. 12 151 H.3 (502) TaDie3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY lASE .wjweted for changes In reserve requirements' Averages of dally figures, not Huonally aclju.ted Millions of dollars AeHfYM of depoettory Institutions Date total nonborrow.d Mofletary bale requited 1987--IOY. DEC. 59,136 60,023 58,511 59,245 58,213 58,994 257,651 262,053 1988--Jll. PBB. 61,199 58,663 58,851 60,947 59,454 60,679 61,467 60,591 60,654 60,541 61,155 &0, 117 58,267 57,099 57,954 56,876 57,596 58,027 57,350 57,815 58,241 58,294 59,904 57,530 57,922 60,088 58.,414 59,791 60,460 59,638 59,683 59,479 60,035 262,006 259,010 260,772 265,007 265,732 269,442 272,411 271,734 271,567 272,442 275,482 30 59,981 61,970 60,507 57,628 58,737 57,945 58,853 60,367 59,873 271,399 276,217 2?5,331 14 28 p 62,219 62,289 60,205 1!)0,942 61,231 61,161 278,374 281,071 au. APR. ftlY JUIB JULY lOG. SBP1'. ocr. lOY. 1'110 WBBIS BIDIIG ----------1988- lOY. 2 16 DBC. . P---PB.BJ..IUilBY fi-•PIILXBIIlRY BSTiftlTB. 1, PI5UBBS RBPLBCT lDJOSTftBITS FOR DISCOITIIUITIBS lSSOCilTBD 1111'8 THE IBPLBBBI1'11'IOI OP 1'81 BOIB1'lll COITBOL lC1' liD OlBBB REGULITORI CBlJGBS TO RBSBBfE RBQUIBBftBITS.
@FedFRASER