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FEDERAL RESERVE statistical release H .3 ( 5 0 2 ) T a b le 1 F o r R e le a s e a t 4 :3 0 p .m . E a s t e r n T im e A G G R E G A T E RESERVES O F D EP O SITO R Y IN S TITU TIO N S AND TH E M O N E TA R Y BASE A d ju s t e d f o r c h a n g e s i n r e s e r v e r e q u ir e m e n t s 1 A v e r a g e s o f d a i l y f i g u r e s , s e a s o n a ll y a d ju s t e d u n le s s n o te d o t h e r w is e M illio n s o f d o lla rs JU L Y to ta l2 n o n b o rro w e d 3 no n b o rro w e d p lu s e x te n d e d c r e d it* re q u ire d e x ce s s NSA5 M o n e ta ry base6 to ta l seasonal e x te n d e d c r e d i t 4 1 9 8 8 -JUN E JU L Y AUG. SEP. 60576 61058 60903 60824 57493 57618 57663 57985 60047 60157 60316 60043 59688 60051 59950 59852 888 1007 953 972 268205 270308 270979 272420 3083 3440 3241 2839 311 376 423 421 2554 2538 2653 2059 O C T. NOV. D EC. 60862 60853 60706 58562 57991 58990 60343 60314 60234 59800 59733 59666 1062 1119 1040 273659 274380 275501 2299 2861 1716 332 186 130 1781 2322 1244 1 9 8 9 -JA N . FEB. MAR. 60370 60260 5 9854 5 8708 58773 58041 59754 59822 59376 59226 59106 58896 1145 1154 957 276784 277553 278615 1662 1487 1813 76 97 139 1046 1050 1334 p 59463 58740 58351 57174 57019 56861 58880 58217 57778 58686 57709 57446 776 1031 905 278674 278329 279059 2289 1720 1490 213 3 45 431 1707 1197 917 17 31 58660 58470 56921 56821 58127 57969 57801 57312 859 1158 277878 278423 1739 1649 336 373 1206 1148 JU ^ E 14 28 58462 58152 56336 57187 57993 57474 57565 57250 897 902 278642 279371 2126 965 388 467 165 7 287 JU LY 12p 58967 58250 58396 57983 984 279792 717 4 83 146 APR. MAY JUN E 1989 B o r r o w in g s o f d e p o s i t o r y i n s t i t u t i o n s from th e F e d e r a l R e s e r v e , NSA R e s e rv e s o f d e p o s it o r y i n s t i t u t i o n s D a te 20, Tw o w eeks e n d in g 198 9 -M A Y p — p r e lim in a r y 1. 2. 3. 4. 5. 6. p e — p r e l i m i n a r y e s t im a t e R e s e rv e s and m o n e ta ry b a s e f i g u r e s i n c o r p o r a t e a d ju s tm e n ts f o r d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w i t h r e g u l a t o r y c h a n g e s i n r e s e r v e r e q u ir e m e n t s . ( F o r m ore i n f o r m a t i o n , see T a b le 3 . ) S e a s o n a lly a d j u s t e d , b r e a k - a d j u s t e d t o t a l re s e r v e s e q u a l s e a s o n a ll y a d j u s t e d , b r e a k -a d j u s t e d r e q u i r e d r e s e r v e s p lu s u n a d ju s t e d e x c e s s r e s e r v e s . ( A l s o , se e f o o t n o t e 2 on T a b le 2 and f o o t n o t e 2 on T a b l e 3 . ) S e a s o n a lly a d j u s t e d , b r e a k - a d j u s t e d n o n b o rro w e d re s e r v e s e q u a l s e a s o n a ll y a d j u s t e d , b r e a k - a d j u s t e d t o t a l r e s e r v e s l e s s u n a d ju s t e d t o t a l b o r r o w in g s o f d e p o s i t o r y i n s t i t u t i p n s from th e F e d e ra l R e s e rv e . E x te n d e d c r e d i t <pon sists o f b o r r o w in g a t th e d is c o u n t w indow u n d e r th e te rm s and c o n d i t i o n s e s t a b l i s h e d f o r t h e e x te n d e d c r e d i t p ro g r a m t o h e lp d e p o s i t o r y i n s t i t u t i o n s d e a l w i t h s u s t a in e d l i q u i d i t y p r e s s u r e s . B e ca u se t h e r e i s n o t th e same n e e d t o re p a y s u c h b o r r o w i n g p r o m p t ly a s t h e r e i s w i t h t r a d i t i o n a l s h o r t - t e r m a d ju s tm e n t c r e d i t , th e money m a rk e t im p a ct o f e x te n d e d c r e d i t i s s i m i l a r t o t h a t o f n o n b o rro w e d re s e rv e s . E x c e s s r e s e r v e s NSA e q u a ls u n a d ju s t e d t o t a l re s e r v e s ( T a b l e 2 , c o lu m n 1 ) le s s u n a d ju s te d r e q u i r e d r e s e r v e s ( T a b l e 2 , c o lu m n 3 ) . T h e s e a s o n a ll y a d j u s t e d , b r e a k - a d j u s t e d m o n e ta ry base c o n s is t s o f ( 1 ) s e a s o n a lly a d j u s t e d , b r e a k - a d j u s t e d t o t a l r e s e r v e s p l u s ( 2 ) t h e s e a s o n a ll y a d j u s t e d c u r r e n c y com ponent o f th e money s to c k p lu s ( 3 ) , f o r i n s t i t u t i o n s whose v a u l t c a s h e x c e e d s t h e i r r e q u i r e d r e s e r v e s , t h e s e a s o n a l l y a d j u s t e d , b r e a k - a d j u s t e d e x c e s s o f c u r r e n t v a u l t c a s h o v e r th e am ount a p p l ie d t o s a t i s f y c u r r e n t r e s e r v e r e q u i r e m e n t s . ( A l s o , se e f o o t n o t e 3 o n T a b le 2 and f o o t n o t e 4 on T a b le 3 . ) H .3 (502) Table 2 A G G R E G A T E RESERVES O F D EP O SITO R Y IN S TITU TIO N S AND TH E M O N ETA R Y BASE N o t a d j u s t e d f o r ch a n g e s i n r e s e r v e re q u ire m e n ts A v e r a g e s o f d a i l y f i g u r e s ? n o t s e a s o n a ll y a d ju s t e d M illio n s o f d o lla rs R e s e rv e s o f d e p o s it o r y to ta l2 D a te V a u lt ca sh 5 in s t it u t io n s n o n b o rro w e d re q u ire d M o n e ta ry base3 R e se rv e b a la n c e s w ith F .R . B a n k s4 to ta l u se d to s a tis fy r e q u ire d re s e rv e s 6 s u r p lu s 7 Net c a rry o v e r o f re s e rv e b a la n c e s 8 1988--JU N E JU L Y AUG. SEP. 61991 62756 61965 62153 58908 59316 58724 59314 61103 61749 61012 61181 272654 275591 275033 274874 37907 37992 36911 37213 25730 26459 26895 26727 24084 24763 25054 24940 1646 1696 1841 1787 O C T. NOV. DEC. 61915 62407 63739 59616 59546 62023 60853 61287 62699 275775 278653 283176 36421 36997 37830 27198 26745 27197 25494 25410 25909 1705 1335 1288 1989 -J A N . FEB. MAR. 63468 60693 60212 61806 59206 58400 62323 59539 59255 281312 277655 278943 36475 32834 34623 28376 29776 27059 26993 27859 25589 1383 1917 1470 APR. MAY JUN E 58998 57191 58098 60511 57881 58682 281521 280540 283275 35832 33199 33853 26746 27166 27151 25456 25712 25735 1290 1454 1416 p 61288 58911 59588 59216 58034 57477 56386 58357 56877 281187 279769 33864 31964 26644 27701 25352 26071 1292 1631 200 17 31 JUNE 14 28 59909 59057 57783 58092 59012 58155 283648 282396 34608 32953 26607 27630 25301 26104 1306 1526 270 185 286814 34862 27607 143 60337 60069 1416 61053 26191 JU L Y Tw o w eeks e n d in g 1989-M AY 12p p — p r e li i m i n a r y R e f le c ts a c t u a l re q u ire d ^ r e s e r v e s , w i t h no a d ju s tm e n ts t o e l i m i n a t e p e - - p r e l i m i n a r y e s tim a te . , th e e f f e c t s o f d i s c o n t i n u i t i e s , o r " b r e a k s ” , a s s o c ia t e d w i t h R e s e rv e b a la n c e s w i t h V e d e r a l R e s e rv e Banks p lu s y a u l j c a s h u E e d t o s a t ^ s f y 4. 5. E x c lu d e s W y p e r e g u la t o ry r e q u i r e d c l e a r i n g b a la n c e s a n d a d ju s t m e n t s r e q u i r e d c l e a r i n g b a la n c e s and a d ju s tm e n ts t ° co m pen sate f ? 5 l i l C ; S i r S « h “ J ld “ y dJ pJ ’ i 123 s a tis f v r i r e s e r v e r e q u ir e m e n t s . o d U n d e r c o n te m p o ra n e o u s r e s e r v e s . R .(l.c (s m C l or H .3 (5 0 2 ) A G G R E G A TE R ESERVES O F D EP O SITO R Y IN S TITU TIO N S AND TH E M O N ETA R Y BASE A d ju s t e d f o r c h a n g e s i n r e s e r v e r e q u ir e m e n t s . A v e r a g e s o f d a i l y f i g u r e s > n o t s e a s o n a ll y a d ju s t e d M illio n s o f d o lla r s R e s e rv e s o f d e p o s it o r y u a ie in s titu tio n s n o n b o rro w e d r e q u ire d 3 M o n e ta ry base* 1 9 8 8 -JU N E JU L Y AUG. SEP. 60585 61353 60461 60506 57503 57914 57220 57666 59698 60346 59508 59534 269362 2 72314 271620 271439 O C T. NOV. D EC . 60372 60963 62213 58073 58102 60497 59310 59844 61173 272293 275317 279710 1 9 8 9 -J A N . FEB. MAR. 62067 59371 58938 60405 57884 57125 60922 58217 57980 277923 274363 275625 APR. MAY JUNE 57722 56002 56922 59235 56691 57507 278115 277493 280186 P 60011 57722 58412 17 31 58076 56834 56338 55185 57218 55676 278197 276729 JUN E 14 28 58787 57844 56662 56879 57890 56942 2 80684 279241 59761 59044 58777 283323 JU L Y Tw o w eeks e n d in g 1989-M AY 12p p — p r e lim in a r y 1. 2 . F ig u r e s r e f l e c t a d ju s t m e n t s f o r d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w i t h r e g u l a t o r y ch a n g e s i n B r e a ^ -a d j u s t e d t o t a l r e s e r v e s e q u a l b r e a k -a d j u s t e d r e q u i r e d r e s e r v e s re s e rv e ( T a b l e 3 , co lu m n 3 ) p lu s e x c e s s r e s e r v e s NSA 3. IF ii e x c e s s S f c u r r e n t v a u l t c a s h o v e r th e am ount a p p l ie d to s a t i s f y c u r r e n t r e s e r v e r e q u ir e m e n t s . Note: H i s torical d ata a re a v a i l a b l e from the M o ney a nd Reserves Projections Section, D i v i s i o n o f M o n e ta ry A f f a i r s > B o a rd of Gov er n o r s of T h e Federal Res e r v e System* W a s h i n g t o n > D.C. 20551
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