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For...._. 4:30 H.3 (11011 T8ble 1 J&JUlBI AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY lASE AdJ'*"IorciMingeeln-~' ~Time 8, 1987 . A-egee ol dally 1111-. _ , l y edJueted un._ noted olherwiM Mllllona ol doll.,. ~,.. ...__of~ Dele toW' 1101-.-cl IIOIIbOIIowecl extended lnetltutlone plua NQUiracl credlt1 1983--DEC. 113,1»12 114,..!94 1111,793 44,554 1981»--J,U. l'EB. liAR. APR. IJ3,881 46,370 111»,865 41,215 411,577 119,1tlt5 50,489 51,318 51,809 52,1J01 53,823 55,687 .5,111 45,486 46,104 46,383 n,7ot lt8,6.112 49,748 50,446 50,801 51,559 53,071 Slf,860 lf5,ft08 lf5,978 lfb,622 47,017 lf8,285 49,11..! 50,1.26 50,911 51,371 S..t,056 SJ,489 55,163 ""· 771 lf5,27.2 45,968 4o,474 47,739 48,511t 49,579 50,579 51, 08] 51,b55 S.l,81t5 5<t, 21t4 5 19 52,879 SJ, 722 51,981 52,911 52,1f57 SJ,J48 52,065 52,805 3 17 p 51t,J80 51t,452 57,202 53,770 53,939 5o,OI6 Sll,U8 54,249 !Jb,.l97 l!Al JURE JULI AUG. SKPT. OCT. IIOV. .OEC. P.B NSA• ·:~ Moneterybeae' , ~. --·· 1"--,NSA an.nded CNdlt" IJ99 36 56 68 13 491 lf92 518 634 741 • 872 1,008 841 752 8.l7 91t 108 116 1111f 1J7 99 70 38 531 378 lt6S 570 497 U8 303 231t,ll54 235,713 899 811 93 68 476 1137 236,854 237,098 241,011 610 514 1, 18b &J 34 J7 368 310 282 ,2t~~~.l2L 1, 11 1 1,097 896 801 838 9J1 910 218,1f01f 219,788 221,26..! 222,359 224,904 226,631 228,300 230,587 231,634 231,439 235,921 238,81J2 an 53,250 1,130 53,715 51l,985 131 U6 746 978 1,4113 t;.H-8.>.-. ol dlpoallory lnetltutlona 56 1,058 lifO from 710 884 761 893 876 803 su TWO iiEt:KS .BNDIIIG ------198b-IIOV. DEC. 31 PE 916 2,.211 P---PRBLIIIIIAII P¥--PIBJ.I~IIAII &STIIATI 1/ RBSBBVES AID IOIBT&BI BAS& PIGUIBS IICOIPOI&TB &DJUSt'!BITS FOB DISCOITINUITIES ASSOCIATED liTH t'HB IBPLISBITATIOJ or TBB IIOIBTAII COJTROL ACT AIO OTHBI RBGULATOBf CHAIGB~ TO RESERVE IBijUIRB!BITS. TO ADJUST FOB DISCOITIIOITIBS DUB TO CHAIGBS II IBSBBVB RBQOIHBftBITS 01 BESBBVABLB IOIDEPOSIT LIABILITIES, THE SOB OP SUCH BBUUI8ED RESERJES ABE SUBTIACTID PROS TBB ACTUAL SKBIES. SI!ILABLI, II ADJUSTIIG FOB DISCOITIIUITIBS II THE !OIBTARI BASE, IEQOIIBD CLEAIIIG BA~AICES AID &DJOSTftBITS TO COIIPEISATE FOB FLOAT ALSO ARE SUBTRACTED 1808 THE ACTUAL SERIES. 21 TOTAL RESERVES NOT ADJUSTED POH DISCONTIIUITI6S CONSISTS OF R&SERYE B&LAICES WITH PBDBIAL RESBIYB BAI«S (WHICH EICLODE REUUIRED CLEABIIG BALAICES •ND ADJOSTBBNTS TO COBPEISATE FOB FLOAT) PLUS VAULT CASH OSBD TO SATISPJ IBSIIVB RBQUIRB!BITS. SUCH VAULT CASH COISISTS OF ALL VAULT CASH HELD DU&IIG THE LAbGEO COftPUTATION PERIOD 81 IISTITUTIOIS HAVIIG REQUIRED B&SBIJI BALAICES AT FBDIRAL RESERVE BAlKS PLOS THE A!OOIT OF VAULT CASH IQUAL TO REQUII&D RBSEBYES DOIIIG t'BI a&IITEIAICB PBBIOO AT INSTITUTIOJS HAVING 10 RBQOIRBD RESB&fE BAL&ICBS. l/ BXTEIDED CREDIT COISISTS OF BORROWING AT THE DlSCOOIT WIIDOW 01088 TBB TEBBS liD COIDITIOIS ESTABLISH&D POR THE BITIIDBD CREDIT PBOGIAft TO BEL~ DEPOSITO&I IISTITUTIOIS DEAL UITH SOST&INBD LiijUIDITI PRESSURES. BECAUSE TB&81 IS JOT THE S&BB IBID TO BBPAI SUCH BORROWING PROBPTLI AS THERE IS WITH TBADITIOJAL SHORT-t'Bift ADJUSTftEIT CREDIT, THE !01~ BAIA&T IBP&CT OF IITBIDID CREDIT IS SIBIL&I TO THAT OP IOIBOBROMED RESBi¥6S. 4/ RESERVE B&L&ICES BITH FEDERAL RESERVE BANKS P~US fAULT CASH USED TO SATISPI RIS88f£ RBQUIIIB&ITS LBSS IBQUliBD IBSIIfl&. 51 THE ftOIBT&II BASE NOT ADJUSTED FOB DISCONTIIOlTlBS COISlSTS Of TOTAL RESBBVBS PLUS IIQUIBED CLBABIIG BALAICES liD &DJOSTftBJTS TO COBPBNS&TE FOR l'LOAT AT FEDERAL RESERVE BAlKS PLUS THB CUBIBICI COftPOM~NT OP THE ftONEI Sl'OC~ ~&SS l'HK AftOUIT Ol' VAULT CASH HOLDIIbS OP THRIFT IISTITUTIONS THAT IS INCLUD~D II THE ~URBENCI COftPOIEIT OF THE ftOIBI sro~K PLUS, l'OI IISTITUTIOJS lOT BAVIIG BB~Ulj£0 HES~~VB B&LANC6S, THE BIC~SS OF CUBB~Nt VAULT CASH OVBB THE AftOUIT APPLI~D TO SATISPI CURREMT BBSERYB REUUIRBIIBITS. AP1'EB 'HI.t; Ull'RODUCl'lOJI OP CRR, CUBREICJ AND UULl CASH FI<>UR.IIS ABE ftBASORED OV.BR THE !OIDAI-BNDIJIG COIIPUI'AI'lOJI PEIUOD. PIIJ.Oii 'fO CRB, ALL COIIPOIJ!NTS OF THE BONETABI BAS.!:: OTHER THAN EXCESS BESBBVES ARB SEASOIALLI ADJUSTED AS A liHOLE, R&THBI THAI ~~ ~Oft~ONBNT, AID EXCBS~ RESERVES IS ADDED 01 A NOT ~EASONALLI ADJUSTED BASIS. APTER CBB, THE SdASOIALLI ADJUSTED SERIES ~OMSISTS OF S~ASO*ALLI ADJUSTAD TOTAL RESERVES (IIHICH INCLUDES EXCESS HBSERVES ON A NOT Sl::lSONALLI ADJUSTED BASIS) PLUS THB SEASONAL~! ADJUSTED ~URIIENCI COftPONENT Of THE liONEl STOCK PLUS THE HEIIAINIHG ITEIIS SEASONA~LI ADJUSTED AS A WHOLE. ROTE: HISTORICAL DATA ABE AVAILABLL tBOK THE DANKLN~ SECTION, DIVISION Of ~£SEARCH AND STATl~Tl~S, ~OARD Of GOVEHNOBS Of THE f6DERAL REJEdVE SISTEK, •A~dlNGTO~, D.C. 20551 H.3 (!102) Table 2 AOOREOATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 1 Notadjusted for changes In reserve requirementS! A.,.,ages of daily figures, not season.-liy adjusted Millions of doii81"S Monet..-y basetJ• Date total nonborrOM<I Reserve with F.R. required total 1985--DBC. 168,1162 166,824 47,085 223,534 21,620 1986--JAJ. l'EB. Ill&. lPB. 48,0tt0 116,652 47,274 168,882 48,419 49,938 51,04!9 s 1,1.77 53,189 54,623 !i6,.J99 59,607 47,289 45,768 46,513 167,989 4 7 ,!)43 49,135 50,288 50,1105 52,180 53,782 55,6167 58,780 46,9169 115,555 46,J711 48,081 167,581 49,007 so, 118 50,538 52,1163 53,877 55,4J.1 58,164 221,588 4!19,568 221,703 2211,879 226, 118 229,676 232,546 233,315 235.,U67 26,373 24,700 27,114 28,892 28,279 29,499 241,267 247,763 30,165 31,922 32,91l7 34,803 37,4111 5 19 54,761 56,515 53,862 55,704 53,947 5!), 599 237,279 241,639 34,91l5 3 17 p 31 PE 56,995 58,249 61,525 56,385 57,735 60,339 55,865 57,512 59,308 21ll., 606 245,786 2!iU,844 35,189 36,525 38,179 l!lY JUNE JULI lUG. SEPT. OCT. JOY. DEC. PE !'1!0 231,251 30,313 required reserves' surplus• 22,954» 20,522 2,16lll 24,245 21,687 21,952 .20,160 19,990 20,140 20,439 20,716 2,559 3,010 2,528 2,2161 2,3311 211,~62 22,,88 22,231 22,1lH 22,805 23,098 23,1151 23,384 23,753 23,5113 24,071 2,366 2,381 21,11~ 2,339 .21,267 1.1,676 21,595 22,193 2,117 2,078 1,941 1,878 23,208 23,1t05 21,204 21,570 2,004 1,835 49 -1 23,871 23,458 24,729 21,806 21.724 22,7116 2,065 1,7Jil 1,983 81 126 71 IIBBKS .;.":.1IIG ------1986· 0Y. 1 DEC. 33,551 P---Pili.LIIIUilllt PB--PRB.LLllliAilt ESTIIIlT&. 11 RBPLBCTS ACTUAL iBSBBfl BBQUIRBIIBITS. IICLUDIIG THOSE 01 IOIDIPOSIT LIABILITIES. liTH JO ADJUSTIIBJ!S TO BLIRIJlTB THE EfFECTS Of DLSCOJTIIOITIES ASSOCIArBD WITH IIIPLIBINTATIOI OP THE BOIETABl COITilOL lCT OR OTHER llBGOLATOBl CHliGB~ TO RBSEBVE llBQULR&REBTS. 21 COISLSTS OF TOTAL BISEBfiS PLUS llBQUIBED CLRAaiJG BALlNCBS AND ADJUSTRIITS TO CORPBISlTB POB FLOAT lT PIDBBA.L ABSB8fB BAllS PLUS THE CUIRBIC! COI!POJEBT OP THE ftOIBl SfOC& LESS THE AftOUIT OF YlULT CASH HO.LDIIGS or TH&XPT lNSTITUfiOIS TB&f IS IICLUDBD IJ tHE CUiRIIC! CORPOIKIT or TH~ ROllY STOCK PLUS, FOR IISTITUTIOIS JOT HlJIIG REQUIRED BBSIBVI BALAICBS, TBB EXCESS OF CORBEIT fAULT ClSB OYER THE liOUIT APPLIED TO SAtlSl'I CUIBEIT RESBBVE BEQOIBBIIEITS. AFTBi THE IITBODOCTION OP CRB, CUBBEJCI AID fAULT CASH PIGOIBS liB ftEASUIBD OVER THE IIOIDA!-ENDIIG COIPUTATIOI PBilOD. 31 EICLODES IEQUIBED CLBliiiG BALANCES liD ADJUSTftEITS TO COBPEISATB FOR FLOAT. 41 DATES iBPBB TO THE I!&IITEIUCE PlilODS 1M WHLCH THE VAULT CASH CAl BE USED TO SlTISP! JlESJIRU BEQUBJUIBITS. OJJ)J!Il COifBIIPOiliEOOS BESEilfE IBQUIREIIBITS, I!AINTEIAICE PEIIOOS BMO JO Dl!S AFTER rBE LAGGED CO!PUTltlOI PB-IODS II ~HI~H THE BlLliCES ABE HB.LD. 5/ EQOA~ TO ALL VAULT CASH HELD DURliG THE LAGGED COftPUTATIOI PERIOD BY IISTITUTIOIS HAYIIG REQUIRED lliS~RVK BA£AICIS lf FEDERAL R~S~RVE BAlKS PLUS THE l!OUif OF VAULT CASH EQUAL TO REQUIRED BESEkYES DUBIIG TH~ IIAIITEIAMCE PBRXOD lT IISTITUTLORS HAYING 10 BB~UIRBD MISEBVE BALANCE~. 6/ TOTAL VAULT CASts AT INSTITUTIONS HAVIIG 10 HEwUIRED RESERVE BALANCES LESS THE lliOUIT OP VlULf CA~H EQUAL TO THEIR REuUIBBD ~ESEHVES DUliliG THE !AIITEIAICE PEBlOU. 11 CUISISTS OF CAkRIOVEk OMLI AT DEPOS~~Okl lNST~TUTIOIS ftAIITAlMING RESERVES OM THE BASIS OF fVO-VEEK ftlllrBIAICE P~ltiUDS. RE.FL~C.:TS E.XC.r..S::. (+) 01:< DEl'lClT (-) ltt:S~Ii~BS ELIGIBLE TO ijE CAlHUlW POBIIARD IlfU THE TWD-IIMEK RESERVE ftA~NTt:NANC£ ~~k~Ol> ENDING ON THE DATt: SHOWN. H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements 1 Averages of daily figures, not seasonally adjusted I Millions of dollars Date total Reserves of depository institutions nonborrowed Monetary base required 1985--DBC. 46,839 45,5.20 45,781 220,Jb2 1986--JAII. 47,113 45,684 46,338 47,936 47.712 49, 19d 50,319 50,622 51,546 52,341 54,107 57,213 46,34.2 &t4,800 45,578 47,044 46,836 46,395 49,578 49,749 50,538 51,500 . 53,355 56,387 &t6, 002 44,587 45,442 4 7, 135 46,874 48,267 49,409 49,882 50,821 51,595 53,129 55,170 21d,7161 216,784 .21d,985 222, 1316 22.J,60d 221,0.31 l.l1,512 .233,040 236,914 .243,&»98 52,489 54,256 51,590 53,445 51,675 53,340 233,033 237,405 54,652 55,923 59,052 54,04.2 55,409 57,866 5J,52J 55,186 238,052 241,152 246,125 FEB. IUB. APR. MAY JUliE JOLt AUG. SEPT. OCT. IIOV. DBC. PE 2.J4»,Cl19 l.Jo. 7.55 TWO UBKS JUID.UIG ----------19 86--IIOY. 5 19 DBC. J 11 p 31 Po ~t'.I.8J6 P--- .PBEl.llll U BY PE--PBBLIKIIIABY ~STI!ATE. 1/ FIGURES kEFLBCT ADJUSTIIEBTS FOB DISCOIITIIIUITIAS ASSOCIATED' WITH TBB l!PLEIIEIITATIOII OF TBB IIOMErlBI COHrBOL lCr AIID OTRAB BEGULlTOBY CHAI~BS TO BESEBVi BEQULiBIIEIITS.
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