Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : July 16, 1987

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FEDERAL RESERVE statistical release
H.3 (502)
Tabla 1

For Ralsi s s at 4:30 Eastam Tima

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE

JULY

16.

1987

Adjusted for changes In raaarva raqulramanta1
Avaragaa of dally figuraa, aaaaonally adjuatad unlaaa notad otharwiaa
Mllllona of dollara

total*

OHa

naaareaa or oapoanory meinuvone
nonborrowad ptua
raqukad
nonborrowad
•XWVvQIQ C flO ir

aioaaa
NBA4

Monetary baaa®

Borrowings of depository Institutions
from 1ha Fadaral Rsstrva NSA
aaaaonal
axtandad cradlt*
total

1986— JUNE
JULY
AUG.
SE PT.
OCT.
NOV.
DEC.

4 9 ,7 2 6
5 0 ,6 9 0
5 1 ,5 0 1
5 2 ,3 0 2
5 3 ,2 2 5
5 4 ,4 8 9
5 6 ,1 6 6

4 8 ,9 2 3
4 9 ,9 5 0
5 0 ,6 2 8
5 1 ,2 9 4
5 2 ,3 8 4
5 3 ,7 3 7
5 5 ,3 4 0

4 9 ,4 5 4
5 0 ,3 2 8
5 1 ,0 9 4
5 1 ,8 6 4
5 2 ,8 8 1
5 4 ,1 5 5
5 5 ,6 4 3

4 8 ,7 9 5
4 9 ,7 8 0
5 0 ,7 6 1
5 1 ,5 7 6
5 2 ,4 7 9
5 3 ,5 1 1
5 4 ,7 9 8

931
910
740
726
746
978
1 ,3 6 9

2 2 6 ,9 3 3
2 2 8 ,6 0 5
2 3 0 ,8 2 6
2 3 2 ,2 8 1
2 3 4 ,4 2 6
2 3 6 ,8 7 5
2 3 9 ,5 1 3

803
741
872
1 ,0 0 8
841
752
827

108
116
144
137
99
70
38

531
378
465
570
497
41 8
303

19 87— JAN.
FEB.
BAR.
APR.
HAY
JUNE P

5 6 ,8 8 4
5 6 ,8 7 3
5 6 ,8 5 2
5 7 ,9 5 4
5 8 ,3 5 2
5 7 ,7 2 9

5 6 ,3 0 4
5 6 ,3 1 7
5 6 ,3 2 5
5 6 ,9 6 1
5 7 ,3 1 7
5 6 ,9 5 3

5 6 ,5 2 9
5 6 ,6 0 0
5 6 ,5 8 9
5 7 ,2 3 1
5 7 ,6 0 4
5 7 ,2 2 6

5 5 ,8 1 6
5 5 ,6 6 2
5 5 ,9 3 6
5 7 ,1 2 7
5 7 ,2 7 3
5 6 ,5 1 7

1 ,0 6 8
1 ,2 1 1
916
827
1 ,0 7 9
1 ,2 1 3

2 4 2 ,4 3 1
2 4 3 ,9 7 0
2 4 4 ,5 6 3
2 4 6 ,5 8 6
2 4 8 ,3 7 2
2 4 8 ,4 9 6

580
55 6
527
99 3
1 ,0 3 5
776

34
71
91
120
196
25 9

225
283
264
270
288
273

3
17

5 8 ,5 0 7
5 7 ,3 3 2

5 7 ,4 1 3
5 6 ,6 9 7

5 7 ,7 1 0
5 6 ,9 5 0

5 7 ,3 7 3
5 6 ,5 2 8

1 ,1 3 4
804

2 4 8 ,9 7 7
2 4 7 ,8 1 4

1 ,0 9 4
635

226
23 0

297
254

1 P
15 PE

5 7 ,9 7 8
5 7 ,5 1 4

5 7 ,1 2 3
5 6 ,8 1 8

5 7 ,4 1 1
5 7 ,0 7 9

5 6 ,3 0 7
5 7 ,0 8 6

1 ,6 7 2
428

2 4 9 ,1 2 0
2 4 9 ,0 1 1

85 6
696

298
271

28 9
261

TWO WEEKS
ENDING
1987-JU B E

JULY

P
1/

PR ELIM IN A RY
pB— P R B L IH IB A R Y B STIH ATE
RESERVES AMO BOBETARY BASE FIGURES INCORPORATE ADJUSTHERTS POB D IS C O N T IN U IT IE S ASSOCIATED H IT H TBE IB PLB B E B TA TIO B OF THE
MONETARY CONTROL ACT ABD OTHER BBGOLATOBT CHANGES TO RESERVE RBQUIRBBBNTS. TO ADJUST FOB D IS C O B T IB U IT IB S DUB TO CHABGES I B
RESERVE BEQUIBBHEBTS OB RESERVABLB BOBDEPOS1T L I A B I L I T I E S , THE SOB OF SOCH REQUIRED RESERVES ARB SUBTRACTED FROB THE ACTUAL
S E R IE S . S IM IL A R L Y , IB ADJUSTING FOR D IS C O N T IN U IT IE S I B THB BOBETARI BASE, REQUIRED CLEABIBG BALABCBS AND ADJUSTBEBTS TO
COBPENSATE FOB FLOAT ALSO ARE SUBTBACTBD FROM THE ACTUAL S E R IE S .
a iw u a x n is . r a xu

2/

TOTAL RESERVES BOT ADJUSTED FOR D IS C O N T IN U IT IE S C O NSISTS OF RESERVE BALANCES B ITH FEDERAL RESERVE BABKS (BHICH EXCLUDE
REQUIBED CLEABIBG BALABCES ABD ADJUSTNENTS TO COBPENSATE FOR FLO AT) PLUS VAULT CASH USED TO S A T I S F I RBSBBVB REQUIBEBEBTS.
SUCH VAULT CASH C O N SISTS OF ALL VAULT CASH HELD DURING THE LAGGED COBPUTATIOB PERIOD BT IB S T IT U T IO B S HAVING REQUIRED RBSBBVB
* 1SD£ilAL »*S E R V B BANKS PLUS THE AHOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURIBG THE BAIBTBBABCB PERIOD AT
IN S T IT U T IO N S HAVING NO REQUIRED RESERVE BALANCES.

r
CREDIT l b

c fiB I)IT C O NSISTS OF BORROWING AT THE DISCOUNT BINDON UNDER THE TBRBS AND CO N D ITIO B S ESTABLISHED FOR THE BZTBNDBD
T 0 HELP D* P 0 S IT 0 8 T IN S T IT U T IO N S DEAL B ITH SU STAINED L I Q U ID IT T PRESSURES.
BECAUSE THERE I S NOT THE SAflE BBBD TO
* a 0 l!P T L I AS t HKBE IS HITH T R A D IT IO N A L SHORT-TERM ADJUSTMENT C R E D IT , THB BONET MARKET IM PAC T OF BXTBBDBD
S la lZ .A R TO THAT OF BONBORROWED RESERVES.

B ALANcK^ * i t h FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO S A T I S F I BBSBBVB RBQUIREBBNTS LESS REQUIRED RBSBBVBS.
I
**ASE * 0T ADJUSTED FOR D IS C O N T IN U IT IE S C O N SISTS OF TOTAL RESERVES PLUS REQUIRED CLEARIBG BALANCES AND ADJUSTBEBTS
^ C O M P E N S A T E F0B * L 0 A T AT FEDERAL RESERVE BANKS PLUS THE CURRBBCT COBPOBEBT OF THE HOBBY STOCK LESS THE ABOUNT OF VAULT CASH
HOLDINGS OF T H R IF T IN S T IT U T IO N S THAT I S INCLUDED IN THE CURRENCY COUPONSNT OF THE BOBBY STOCK P L U S , FOB IN S T IT U T IO N S NOT HAVING
8ESBHVB BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE ABOUNT A PPL IE D TO S A T IS F Y CURRENT RESERVE RBQUIRBBBBTS.
2:HB lllli< u l,U c T I0 N 0 F CR«# CURRENCY AND VAULT CASH FIGURES ARE HEASURED OVER THE HONDAY-ENDING COHPUTATION PE RIO D .
PR IO R TO CRR, Ai.L COHPONENTS OF THE HONETABY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE. RATHBB THAB
J COMPONENT, AND EXCESS RESERVES IS ADDED OH A NOT SEASONALLY ADJUSTED B A S IS .
AFTER CRR, THE SEASONALLY ADJUSTED S B R IB S
CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (tfU ICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED B A S IS ) PLUS THE
SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE HONEY STOCK PLUS THE REMAINING ITE H S SEASONALLY ADJUSTED AS A WHOLE.


FEDERAL^ES^


D^"

2 0 5 5 1 A N K A N G S E C T I °N ' D I V I S I 0 M 0 F R E S E A R C H A N D S T A T I S T I C S ,

BOARD OF GOVERNORS OF THB

H.3 (502)
Table 2

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements^
Averages of daily figures, not seasonally adjusted
'Millions of dollars
Vault cash4

Reserves of depository institutions
Monetary
base$

Data
total

nonborrowed

Reserve balances
with F.R. Banks'*

required

used to satisfy
required
reserves8)

total

Net carryover
of excess or
deficit
in reserve
balance)

surplus*

IT "

M

r

ii ii iiiijiiiii

1 9 8 6 — JOBE
JU LY
AUG.
SEPT.
O C T.
NOVw
DEC.

49 *9 3 8
5 1 ,0 2 9
5 1 ,2 7 7
5 3 ,1 8 9
5 4 ,6 2 3
5 6 ,3 9 9
5 9 ,5 6 0

4 9 ,1 3 5
5 0 ,2 8 8
5 0 ,4 0 5
5 2 ,1 8 0
5 3 ,7 8 2
5 5 ,6 4 7
5 8 ,7 3 3

4 9 ,0 0 7
5 0 ,1 1 8
5 0 ,5 3 8
5 2 ,4 6 3
5 3 ,8 7 7
5 5 ,4 2 1
5 8 ,1 9 1

2 2 9 ,6 7 5
2 3 2 ,5 4 6
2 3 3 ,3 1 5
2 3 5 ,0 6 7
2 3 7 ,2 5 7
2 4 1 ,2 6 7
2 4 7 ,7 0 7

2 9 ,4 9 9
3 0 ,3 1 3
3 0 ,1 6 5
3 1 ,9 2 2
3 2 ,9 4 7
3 4 ,8 0 3
3 7 ,3 6 0

2 2 ,8 0 4
2 3 ,0 9 8
2 3 ,4 5 1
2 3 ,3 8 4
2 3 ,7 5 3
2 3 ,5 4 3
2 4 ,0 7 1

2 0 ,4 3 9
2 0 ,7 1 6
2 1 ,2 6 7
2 1 ,6 7 6
2 1 ,5 9 5
2 2 ,1 9 9

2 ,3 6 5
2 ,3 8 1
2 ,3 3 9
2 ,1 1 7
2 ,0 7 8
1 ,9 4 7
1 ,8 7 2

1 9 8 7 — JAM.
FEB.
HAH.
APB.
HAY
JONE P

5 9 ,6 6 8
5 7 .0 6 0
5 7 .0 6 1
5 9 ,3 9 3
5 8 ,3 3 9
5 8 ,8 0 5

5 9 ,0 8 8
5 6 ,5 0 3
5 6 ,5 3 4
5 8 ,4 0 0
5 7 ,3 0 3
5 8 ,0 2 8

5 8 ,6 0 0
5 5 ,8 4 9
5 6 ,1 4 6
5 8 ,5 6 6
5 7 ,2 6 0
5 7 ,5 9 2

2 4 6 ,7 5 2
2 4 4 ,2 2 0
2 4 4 ,9 7 8
2 4 9 ,2 4 1
2 4 9 ,9 4 0
2 5 2 ,5 5 1

3 6 ,5 8 4
3 3 ,6 2 5
3 5 ,3 1 8
3 7 ,8 0 7
3 6 ,4 6 6
3 6 ,3 2 9

2 5 ,0 4 9
2 5 ,8 8 9
2 3 ,7 5 9
2 3 ,3 5 3
2 3 ,6 9 3
2 4 ,3 8 0

2 3 ,0 8 4
2 3 ,4 3 5
2 1 ,7 4 3
2 1 ,5 8 7
2 1 ,8 7 3
2 2 ,4 7 6

1 ,9 6 5
2 ,4 5 4
2 ,0 1 6
1 ,7 6 7
1 ,8 2 0
1 ,9 0 5

21,112

JU LY

•«

ijP

I

! » '

TWO BEEKS
ENDING
1 9 8 7 — JONE

i
I

it : •
: \i*
3
17

5 8 ,1 7 6
5 9 ,1 1 7

5 7 ,0 8 2
5 8 ,4 8 2

5 7 ,0 4 2
5 8 ,3 1 3

2 5 0 ,3 1 6
2 5 3 ,4 4 6

3 6 ,0 1 8
3 7 ,1 4 5

2 4 ,0 9 4
2 3 ,6 6 8

2 2 ,1 5 8
2 1 ,9 7 2

1 ,9 3 6
1 ,6 9 6

1 P
15 PE

5 8 ,6 1 5
5 9 ,6 0 1

5 7 ,7 5 9
5 8 ,9 0 6

5 6 ,9 4 3
5 9 ,1 7 3

2 5 2 ,1 0 2
2 5 6 ,2 4 7

3 5 ,5 2 2
3 7 ,1 3 5

2 5 ,2 1 5
2 4 ,2 3 8

2 3 ,0 9 3
2 2 ,4 6 7

2,122
1 ,7 7 2

H
17 3
172
152
490

P ----- P R E L IM IN A R Y
P B --'P R E L IM IN A R Y E S T IM A T E .
1/
R E FLEC TS ACTUAL RESERVE R E Q U IR E M E N TS, IN C L U D IN G THOSE ON N O N D E PO S IT L I A B I L I T I E S , B IT H NO ADJUSTM ENTS TO E L IM IN A T E
THE EFFECTS OF D I S C O N T I N U I T I E S A S S O C IA T E D H ITH IM P L E M E N T A T IO N OF THE M 0N ETARI CONTROL ACT OR OTHER REGULATORY
CHANGES TO RESERVE R E Q U IR E M E N TS.
2/
C O N S IS T S OF T O T A L RESERVES PLU S REQ UIRED C L E A R IN G BALANCES AND ADJUSTMENTS TO COMPENSATE FOR F L O A T A T FEDERAL RESERVE
BANKS PLU S THE CURRENCY COMPONENT OF THE MONEY STOCK L E S S THE AMOUNT OF VAULT CASH HO LD ING S OF T H R IF T I N S T I T U T I O N S TH A T
I S IN CLU D ED I N THE CURRENCY COMPONENT OF THB MONEY STOCK P L O S , FOR I N S T I T U T I O N S NOT H A V IN G R E Q U IR E D RESERVE B A L A N C E S , THB
EXCESS OF CURRENT VA U LT CASH OVER THE AMOUNT A P P L IE D TO S A T I S F Y CURRENT RESERVE R E Q U IR E M E N TS.
AFTER THE IN T R O D U C T IO N OF
C R R , CURRENCY AND VAULT CASH F IG U R E S ARE MEASURED OVER THB H O ND AY-END ING COM PUTATION P E R IO D .
3/
EXCLUDES REQUIRED C L E A R IN G B ALANCES AND ADJUSTMENTS TO COMPENSATE FOR F L O A T .
4/
D ATES REFER TO THE M AIN TEN A N C E
PE R IO D S I N WHICH THE V A U LT CASH CAN BB USED TO S A T I S F Y RESERVE RBQ U IRBM BNTS.
UNDBB
CONTEMPORANEOUS RESERVE R E Q U IR E M E N TS, M AINTENANCE P E R IO D S END 30 DAYS AFTER THE LAGGED C O M PU TATIO N PE R IO D S
I N WHICH THE B ALANCES ABE H ELD .
5/
EQUAL TO A L L VAULT CASH HELD D URING THE LAGGBD C O M PUTATIO N P E R IO D BY IN S T IT U T IO N S H AV IN G RE Q UIR ED RESERVE BALANCES
AT FEDERAL RESERVE BANKS PLU S THE AMOUNT OF VAULT CASH EQUAL TO REQ UIRED RESERVES DURING THE M AIN TEN AN CE PE RIO D AT
IN S T I T U T I O N S H A V IN G NO REQUIRED RESERVE B ALA N C ES.
6/
TO T A L VAULT CASH AT I N S T I T U T I O N S H A V IN G NO REQUIRED RESERVE BALANCES LE S S THE AMOUNT OF VAU LT CASH EQUAL TO TH E IR
REQUIRED RESERVES DURING THE M AIN TEN AN CE P E R IO D .
7/
C O N S IS T S OF CARRYOVER ONLY AT D E P O S ITO R Y I N S T I T U T I O N S M A IN T A IN IN G RESERVES ON THE B A S IS OF TWO-WEEK MAINTENANCE
P E R IO D S ,
REFLECTS EXCESS ( ♦ ) OR D E F I C I T ( - ) RESERVES E L IG IB L E TO BE C AR RIED FORWARD IN T O THE TWO-WEEK RESERVE
M AIN TEN AN CE P E filO D ENDING ON THE DATE SHOWN.


http://fraser.stlouisfed.org/
•
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Federal Reserve
Bank of St. Louis

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•

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H.3 (502)
Table 3

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes In reserve requirements1
Averages of daily figures, not seasonally adjusted
Millions of dollars
Date
total

Reserves of depository Institutions
nonborrowed

Monetary base
required

1 9 8 6 — JU N E
JULY
AUG .
SEPT.
OCT.
NOV.
DEC.

4 9 ,6 4 5
5 0 ,7 69
5 1 ,0 8 2
5 2 ,0 1 9
5 2 ,8 2 6
5 4 ,5 9 1
5 7 ,6 36

4 8 ,8 4 2
5 0 ,0 2 8
5 0 ,2 1 0
5 1 ,0 11
5 1*984
5 3 ,8 4 0
5 6 ,8 0 9

4 8 ,7 1 4
4 9 ,8 5 9
5 0 ,3 4 3
5 1 ,2 9 3
5 2 ,0 8 0
5 3 ,6 1 4
5 6 ,2 6 7

2 2 7,541
2 3 0,53 9
231,27 8
2 3 2,06 8
2 3 3 ,6 0 5
237,49 7
2 4 3 ,6 3 0

1987— JAN.
FEB.
MAH.
APB.
MAY
J UN E

5 8 ,7 31
5 6 ,0 88
5 6 ,0 6 8
5 8 ,3 72
5 7 ,2 9 9
5 7 ,6 48

5 8 ,1 5 1
5 5 ,5 3 2
5 5 ,5 4 1
5 7 ,3 7 9
5 6 ,2 6 4
56*872

5 7 ,6 6 3
5 4 ,8 7 7
5 5 ,1 5 2
5 7 ,5 4 4
5 6 ,2 21
5 6 ,4 3 5

2 4 3,42 2
24 0,81 7
2 4 1,92 5
2 4 6,06 6
2 46,831
2 4 9,30 0

J
17

5 6 ,8 74
5 7 ,9 5 6

5 5 ,7 8 1
5 7 ,3 2 1

5 5 ,7 4 0
5 7 ,1 5 2

2 4 6,93 4
25 0 ,1 1 4

I P
15 PE

5 7 ,4 95
5 8 ,5 5 0

5 6 ,6 4 0
5 7 ,8 5 4

5 5 ,8 2 4
5 8 ,1 2 2

248,97 0
253,07 7

P

TWO WEEKS
ENDING
1 9 87 --JU N E

JULY

P ------ P B E LIM 1 N A B Y
P E --P B E L IH 1 N A B Y ESTIM ATE.
• •
1/
F I G U B E S B E F L E C T ADJUSTME NTS FOh D I S C O N T I N U I T I E S A S S O C I A T E D
AMD OTHEB HEGULATOBY CHANGES TO BES EBV E B E Q U IB E M E N T S .




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