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FEDERAL RESERVE statistical release H.3111021 Teble 1 !lOLl AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY Bi4SE AdJusted for chanoes In , _ ,.qulr-'81 A-eoea of d811y l l g -. ......ny IICIJUited unlen noted otMrwlw Mllllona of dollera .... ~of ~ltory total" 1986--JUIB JOL'I AUG. Sift. OCL 10,. DIC. 1987--JAL .rBB. IAL &PL. au JOIB 1'1 IIOIIborrowed inatltutiC'II iiOnbor>owed piUI ••••naec~ credit" ~*!Uired 48,795 49,780 50,761 51.576 5.2.1f79 53,511 54.798 49,726 50.to90 51,501 52,302 53,.225 54,1f89 !16,166 48,92.) 169.950 5o.c.28 51.291t 52,3811 53,737 55.340 16!1.4516 !)0,328 51,0916 s1.861f 5.2,1181 51f.155 55,6113 5o,881f 5o,873 5o,852 57.951f 58,352 51,71fll 56,304 56,317 56,325 56,961 57,317 56,968 56,5.29 56,600 sc.,589 57,231 57,604 57,21f1 55,816 55,662 55,936 57,127 57.273 !18,507 57,329 57,1613 56,691f 58,015 57,159 I -- Monet-.ylllll' 4 N8A 2 • 1987 llol'rowlnga of clepoaltory lnatltutlona from tt1e Feclerll .......,., NSA extended credit' tote! _.. 931 910 740 726 71f6 978 1,369 226,9.J3 228.605 230.8.2o 232.2111 231t,426 236.875 239,513 803 7161 872 1.008 81f1 752 827 137 99 70 38 Sf>, 525 1.068 1,211 916 827 1,079 1,219 21f2.1f31 243,970 241f,563 246,586 21f8,372 21t8,329 580 5!;6 527 99.3 1,035 176 34 71 91 120 196 259 213 57,710 56,948 57,373 56,531 1,1311 799 21f8,917 2117,7119 1,0!111 6J5 226 230 297 254 57,1flf8 56,323 1,692 21f8.760 85o 298 289 I 108 116 tit If 531 378 465 570 497 1118 303 225 283 264 270 288 JBIIS BJDUG ~10 ------- 1987-JOU JOLI 3 17 p 1 PI Pa--PBBLIIIJAII IS~IIlATI · 1 IISBI'BS liD llOJB!Ail BASI FIGOIBS IICOBPOIA!B ADJOS!IliiTS roa DISCOJ!IIOITIBS ASSOCIA~BD •ITB !HI IAPLIIIJTA!IOJ OF r&l BOJBTAII COITBOL lCT AID OTBII BBGOLATOBI CH&JGBS TO IBSBI'I IBQOIIBBBITS. TO ADJOS~ roa DISCOJT~IOITIBS DOB TO CHAJGIS II BISBB'B BIQOIBIIliJTS OJ BBSIB,ABLB JOJDIPOSIT LIABILITIBS, TBI SOil or SUCH IIQOIIID IISIIrBS liB SOB~IACTBD raoa !HI ACTUAL SBBIBS. SIRILlBLl, ~~ ADJUS!IIG FOB DISCOIT~JOITIBS II TBB BOJITAII BASI• BBQOIBBD CLBAIIIG B&LAJCBS AID ADJOSTRBJTS TO COBPBJSATB POl rLOAT ALSO All SDBTI&CTBD r&Oil TBB &CTO&L SBBIBS. 2/ TOTAL BBSIB,BS JOT &DJOS!ID roa DISCOJTIJOITIBS COISISTS or IBSIB'I B&L&ICBS IITB riDBBAL BISII'I BAliS (IBICB BICLDDB IBQOIIBD CLBJBIJG B&LAJCBS AID lDJOSTBBJTS TO COilPBJSlTB roa rLO&T) PLUS 'AULT C&SB OSID TO S&TISrr BISII'I IIQOIBBBBitS. SOCB '&ULT C&SB COISISTS or &Lt 'lDLT C&SB BBLD DOBIIG fBI LAGGID COilPU~ATIOJ PBIIOD 81 IISTITOTIOJS B&,IJG BIQUIBID IISBBfl BAL&JCBS &T PIDBB&L BBSII'I BlJIS PLUS TRB &BOUlT OP 'lULf CASH BQUAL TO BBQUIBBD BBSIB,IS DOIIIG TBI lllli!BIAJCI PIBIOD A~ IMSTITUTIOIS BA,IJG 10 BBQUIIBD BISBBYI BALliCBS. 3/ BITBJDBD CREDIT COJSISTS OP BOBBOIIIG &! !HI DISCOOJT IIJDOI OIDBB !BB TIBBS AID COIDITIOIS BSTABLISHBD POl fBI IITBIDID CBBDIT PBOGBAI TO HILl' DBPOSITOBI IJS~ITUfiOJS DilL WITH SOSTAIIID LIQUIDITJ PBBSSOBIS. BIC&USI THBBB IS JOT TBB S&IB IBID ~ BIPAJ SUCH BOIIOIIJG PBOIPTLI lS fBBBI IS IITB ~I&DITIOJlL SBOIT-TBBR lDJUS!BB.r CBBDI!, THB BOlli S&BIBT IllP&C~ OF BI~IJDBD CBIDIT IS SIB~LAB TO TB&T OF IOIBOBBOMID RISBIYBS. ' I BBSBB'B B&LAI~BS llTB PIDBB&L BESIB'I B&JIS PLUS '&ULT CASB US&D 70 SlfiSPl I&SIB'B BBQOIBBIIIYS LISS IBQUIBBD BBSBB,IS. S/ TBB IOIBTlBl BASI 10~ lDJUSTBD FOB DISCOI!IIUITIIS COJSIS!S OP TOTAL BISIB,BS~LOS BIQOIBID CLB&B~JG BAL&JCIS &ID &DJOSTBII!S TO COB.PBISATB POl FLOAT AT rBDBIAL 11518'1 BAliS PLUS TBB CUBBBICI COBPOJIJT OP TBB 80111 S~OCI ~ISS ~BB &BOUlT OF 'AOLT C&SB HOLDIJ~ OP YHIIPT IISTITOTIOIS ~B&T IS IICLUDBD II rHB CURBBJCI COBPOIBIT OF ~HB IIOBB.l STOCK PLUS, ,FQ.B IISTI!OTIOIS JOT BUII6 BIQUIIID RBSBI'I B&LAJCBS, THB IICBSS OF CUBBBIT 'AUL~ C&SB OYBI TBI AROUJ! APPLIED TO S&TISPI CUBBIIT BISBI'B IBQOIBBBII~S. APTBR TBB li!BODOCTIOI OP CBB, CUBBBJCI liD 'AULT CASH PIGUBBS AlB BllSUBBD OYER THI BOID&J-BJDING COBPUTATIOJ PBBIOD. PRIOR TO CRB, ALL COSPOIBITS OP THI BOIBT&BI BlSB OTHBB THAI BICBSS BBSBBYBS liB SBASOIALLI &DJUSTBD lS A 8HOLB, BATBIB !Bll Bl COBPOIEIT• AID BICISS BESBIYES IS ADDED OM l lOT SBlSOJlLLJ ADJUSTED BASIS. &PTBB CBB, TBE SEASOilLLl ADJOSTBD SBIIIS COISISTS OF SB&SOIALLJ ADJUSTED TOTAL BBSBBYBS (WHICH INCLUDBS BICBSS BBSEI'IS 01 l lOT SBlSOI&LLJ ADJUSTED BASIS) PLUS !HI SE&SOJlLLl ADJUSTED CUIBBICI COftPOIEIT or THE liONEl STOCK PLUS THE RBIIAIIIIG ITBRS SBlSOIALLI ADJUSTED lS l MHOLB. IOfB: HISTORICAL DATA ARE AVAILABLE PBOft THE BANKING SECTION, DlYISlON OF RESEARCH AID STATISTICS, BOARD OP GOYBRNORS OP !HI FBDERlL BBSEHYE SISTER, WASHINGTON, D.C. 20551 P---l'IILlll~JABl 1/ H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted lor. changes in reserve requirements 1 A-ages of daliy figures, not seasonally adjusted Millions of dolla,. Monetary base~ Date total 1987--JUIB JULI AUG. SBP'l. OC'l'. JOY. DEC. 1987--JU. PBB. IIAL API. IIU JURE PB nonborrowed Reserve balances with F.R. Banks' required surplus•: total 20,lU9 20,716 21,112 :.t1,267 l1,676 21,595 :.t:.t,199 2,365 2,381 2,339 2,117 2,078. 1,947 •• 872 211,380 23,084 2.J,4J5 21, lt.J 21,587 21,873 22,1t71 1,965 2,454 2,016 1, 767 1,820 1,910 36,018 37,1113 21t,091t 23,668 22,158 21,973 1, 936 1,695 35,5711 25,215 23,080 2,135 119,938 !>1,029 !> 1,277 53,189 54,623 56,399 59,560 119,135 50,288 50,405 52,180 53,782 55,&117 58,733 49,007 50,111t 50,538 52,463 53,817 55,421 58,191 229,675 232,546 233,315 235,067 237,257 241,267 2117,707 29,1199 30,313 30,165 31,922 32,947 311,803 37,360 22,8011 59,668 57,060 57,061 59,393 58,339 58,821 59,088 56,503 56,534 58,1100 57,303 58,0115 58,600 55,8119 56,146 58,566 57,260 57,602 246,752 2114,220 244,978 249,2111 21t9,940 252,393 36,5811 33,625 35,318 37,807 36,466 36,350 25,0119 25,889 23,759 23,353 58,176 59,115 57,082 58,1180 57,0112 58,317 250,316 253,1t22 58,654 57,798 56,961 251,763 23,0~8 23,1151 23,3811 23,753 23,5lll 211,071 23,6~3 TWO VBBIS BJDIMG -------1987--JUIB JoLt 3 17 p PB P---PBBLIIIIBAai PE--PBBLIIIIMABI BSTIIIATE. 1/ REFLECTS ACTUAL BESERYE BEQUIBEIIEITS, IICLUDIIG THOSE OM IOIDBPOSIT LIABILITIES, WITH 10 ADJUSTIIBITS TO ELIIIIIATB THE BFF~CTS OF DISCOITINUITIES ASSOCIATED WITH IIIPLEIIBMTATION OF THE IIOMBTABI COITBOL ACT OB OTHER B&GULATOBI CHAIGES TO BBSERYE BBQU!BEIIEBTS. . 2/ COISISTS OF TOTAL BBSBBYBS PLUS REQUIRED CLEAIIMG BALAICBS AND ·~USTIIBITS TO COBPBIS&TB FOB FLOAT AT FEDBIAL RBSBIYB BARIS PLUS TBB CDRREICI COIIPOIBIT or THE !lOlBI STOCK LESS THI &hOUIT OF VAULT CASH HOLDIIGS or THRIFT IISTITUTI~IS THAT IS IICLUDED II THB CUBBEICI COIIPOIEIT or THE 1101&1 STOCK PLUS, rOR IISTITUTIOIS JOT HAYIIG REQUIRED BBSBRYE BALAMCBS, THI BlCISS or CUBBIIT YAULT CASH OYBB THB &BOUlT APPLIED TO S&TISPI CUBBBIT BESBRYB RBQUIREBIITS. APTBI THE IITRODUCTIOM or CRR, CURBBMCI AID Y&ULT CASH riGUBBS &BE IIEASDRBD OYER THE IIOID&I-EMDIMG COIIPDT&TIOI PB&IOD. l/ EICLDDIS REQUIRED CLEABIMG BALAMCES AID &DJOStiiBITS TO COftPEISATE POB PLOAT. 4/ OATES IErBR %0 THE IIAIITEJAMCE PERIODS II MH!CB THE YAULT CASH CAM BE USED TO S&TISPl IBSBBfl RIQUIBBIIIJTS. UIDEB COITBIIPORAIIOUS BESERYE R~QUIBBIIENTS• ftAIBTBN&ICB PERIODS END .JO DAIS APTER THE LAGGED COBPDTATIOJ PBBIODS II WHICH THB B&LAICBS ABE HELD. 5/ EQUAL TO ALL YAULT CASH HELD DUBIIG THB L&GGID COIIPUTATIOI PERIOD Bl IMSTITUTIOIS R&YIJG IBQDIRBO BBS&BYI BAL&JCES AT FBDBBAL BBSBIYE BAJ&S PLUS THE AftOUNT or YAULT CASH KQUAL TO REQUIRED IBSBRYBS DURIJG THE BAlJT&JAICI PEBIOD AT IISTITUTIONS B&YIIG 10 HEQOIBBD BESBRf~ BlLANCIS. . 6/ TOTAL YAULT CASH AT IJSTITUTIOMS HAYING 10 BK~UIBED BBSEBfB B&LAMCBS LESS THB &IIOUNT OF YAULT CASH EQUAL TO THEIR BBUUIBED RBSBBYBS DDBIJG TY.E ftAIITBIANC& PERIOD. 1/ CONSISTS OF CABRYOYBB ONLY AT DEPOSITORY lMST!TOTIONS ftAIHTAINING RBSIRYES ON THE BASIS or TIO-I~EI ftAINT&MlMCB PBIIIOOS. REFLECTS EXCESS (•) OR DEFICIT (-) iiiSERVBS ELIGIBLE TO BE CARRIED FORIARD INTO THE Tllo-III!EK RESKBVB ftAINTEN)~CB PERIOD ENDING ON THE DATE SHOWN. 167 H.3 (502) Table 3 AGGREGATE RESER\fES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository Institutions nonborrowed Date total 1986--JUIE JULI AUG. SEPT. OC'l. IIIOV. DEC. 1987--JU. FEB. ft&a. lPB. IllY JUIE PE Monetary base required 2~7.541 49.645 50.769 51.082 52.019 52,826 54,591 57,636 48.842 50.028 50.210 51.011 51,964 53.840 56,609 48.714 u.859 50.J43 51.293 52,080 53,6116 56,267 56,731 56.088 56,068 56,372 57*299 57,663 58,151 55,532 55,541 57,379 56,264 56,886 57,663 54,877 55,152 57.544 56,221 56,443 21U,422 240.817 241,925 246,Uo5 24o,831 249,133 5o,874 57,954 55,781 57,319 55,740 57,155 24Ct,9J4 250,090 57,531 56.o7Ct 55,839 248,610 230.539 231.218 232,066 2.33,605 237,4~7 24.J,6JO TWO WEEKS EliDING ------------; 1967--JUU 11 p JULY 1 PJ:: --------P--- PB.IU.:UU.nBY PE--PHBLIHlNARY iSTIMATE. 1/ FlGURS5 tiEFLLCT ADJUSTH~NTS FOB AIID o~·•JSii R.t;l ULATORY CdANG.ES TO DISCOHTINOITI~S &ESEBVS ASSOCIATED WITH THE IMPLIMEIIITATIOIII OF THE IIOHETABl CUIIITBOL ACT Rt:QUliEllEIITS.