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.· . - FEDERAL RESERVE statistica I release ·- H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time e.?uS~dE~~J~ng~~~nE!!~~~ ~!ui~e~!~~ITORY INSTITUTIONS AND THE MONETARY BASE Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed plus exter;:ded credit required JuLY 12 , 1990 MonetaF base total seasonal 905 966 885 938 279020 279957 280756 281806 1490 694 675 693 431 497 490 452 917 106 41 22 58620 58701 59110 1020 945 922 282786 283222 284946 555 349 265 330 134 84 21 21 20 59482 59302 60123 58880 59227 59436 1016 989 861 287509 289714 291820 440 1448 2124 47 51 78 26 535 1950 58647 58448 58847 60051 59324 59193 59379 58820 58962 897 962 767 293540 294401 296312 1628 1335 881 122 244 311 1403 875 346 59601 59925 58625 58202 59298 59300 58673 58913 927 1011 293523 295258 976 1723 221 278 673 1098 .JUNE 13 27p 59460 59982 58169 59416 58728 59599 58980 58965 479 1017 295146 297115 1291 566 282 329 559 183 .JULY llpe 59712 59132 59313 58872 841 297615 581 359 182 Date total 2 1989-.JUNE .JULY AUG. SEP. 58597 58867 58906 59289 57107 58173 58231 58596 58024 58279 58272 58618 57692 57901 58021 58351 OCT. NOV. DEC. 59640 59646 60033 59085 59297 59767 59106 59318 59787 1990-.JAN. FEB. MAR. 59896 60215 60297 59456 58768 58173 60275 59783 59729 APR. MAY .JUNE pe nonborrowed3 exce~s NSA extended credit4 Two weeks ending 1990-MAY 16 30 p--preliminary pe--preliminary estimate Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. I For more information, see Table 3. l Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. IAlso, see footnote 2 on Table 2 and footnote 2 on Table 3. J 3. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository inst1tutions from the Federal Reserve. 4. Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as there is with traditional short-term adjustment credit, the money market impact of extended credit is similar to that of nonborrowed reserves. 5. Excess reserves NSA equals unadjusted total reserves ITable 2, column ll less unadjusted required reserves !Table 2, column 3l. 6. The seasonally adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 12) the seasonally adJusted currency component of the money stock plus 13J, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" an~ for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, breakadjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. IAlso see footnote 3 on Table 2 and footnote 4 on table 3. l 1. 2. H.3 1502) Table 2 AGGREGATE RESERVES OF DEPOSITCf>RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve r~irements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash5 Reserves of depository institutions base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy: requireCI 6 reserves surplus7 Net carryover of raserva balances Date total 2 nonborrowed required 1989-Jl.f.IE JULY AUG. SEP. 59587 60254 59559 60126 58097 59560 58884 59433 58681 59288 58674 59188 283087 285209 284063 283615 33852 33902 32823 33556 28088 28807 29364 29091 25735 26351 26735 26570 2352 2455 2629 2521 OCT. NOV. DEC. 60397 60989 62810 59842 60640 62544 59378 60044 61888 284328 287189 292554 33123 33941 35436 29910 29549 29812 27275 27048 27374 2636 2502 2439 1990-JAN. 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. HAY JUNE 62512 60232 61193 60884 58897 60312 61615 59269 60427 296872 297034 301020 35409 32771 33879 29281 29811 29631 27103 27461 27314 2178 2350 2317 60584 59537 59609 57815 59657 58526 297220 296715 33855 31269 28862 30851 26730 28268 2132 2583 263 230 Jl.f.IE 13 27p 61188 61068 59897 60502 60709 60051 300698 300625 34385 33392 28985 30096 26803 27676 2183 2420 234 -89 JULY 11pe 61798 61217 60957 304259 33953 30263 27845 2418 168 pe Two weeks ending 1990-HAY 16 30 p--preliminary 1. 2. 3. 4. 5. 6. 7. 8. pe--preliminary estimate Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve r~irements. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve re~irements. The monetary base, not break-adjusted and not seasonally adjusted, consists of I 1) total reserves plus I 2) req.~ired cleari~ balances and adjustments to compensate for float at Federal Reserve Banks plus 13) the currency c~onent of the money stoCk plus 14), for all ~rterly: ~rters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly ~rters Nhose vault cash exceeCis their r~irad reserves, the difference between current vault cash and the amount applied to satisfy current reserve require.ents. After the introduction of CRRi currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required c earing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjust~ts. Dates refer to the maintenance ~eriods in Which the vault cash can be used to satisfy reserve requirements. Under contemporaneous reserve r~irements, maintenance periods end 30 days after the lagged computation periods in which the balances are held. AU vault cash held during the laaaed CC?f!IPUtation period by "bound" institutions I i.e., those whose required reserves exceed their veult cash) plus the amount of vault casn applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash I!Xceeds their r~ired reserves) to satisfy current reserve requirements. ' Total vault cash held by ~sitory institutions minus the amount applied to satisfy reserve requirements. Consists of carryover only at de~sitory institutions maintaining reserves on the basis of two-week maintenance~riods. Reflects excess(+) or deficit (-) reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 (5021 Table 3 AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for cha~s in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 nonborrowed required3 Monetary Nse 4 1989-JUNE JULY AUG. SEP. 58485 59044 58399 59025 56995 58350 57725 58332 57580 58078 57515 58087 280070 282009 281026 280655 OCT. NOV. DEC. 59272 59869 61669 58717 59520 61404 58252 58924 60747 281344 284114 289447 1990-JAN. FEB. 61579 59199 59234 61139 57751 57110 60563 58210 58373 288671 286502 288864 61047 58742 59607 59419 57408 58726 60150 57780 58841 293354 293520 297407 59142 58007 58166 56285 58214 56996 293771 293169 JUNE 13 27p 59601 59460 583l0 58894 59121 58442 297034 297017 JULY llpe 60324 59744 59484 300844 HAR. APR. HAY JUNE pe Two weeks ending 1990-HAY 16 30 p--prel iminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve re<!'-11 rements. Break-adjusted total reserves equal break-adjusted required reserves ITable 3, column 3) plus excess reserves NSA (Table 1r column 5). To adjust required reserves for discontinuities due to regulatory cha~s in reserve requirements, a .ultiplicative procedure is used to estimate what r~ired reserves would have been in past ~riods had currant reserve ~iremants bean in effect. Break-adJusted re~ired reserves includes r~ired reserves against transactions ~sits and ~rsonal time and sav1ngs deposits lbut not reservable norid~sit liabilit1es.) The br-k-adjusted monetary base eg~,~als f l ) break-adjusted total res.erves plus (2) the (unadjusted) currency C}OIIIPOI_,t of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits ilnd Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. Note: Historical data are available from the Honey and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Hashington, D.C. 20551
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