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FEDERAL RESERVE statistical release .·--~ \..'. J li . ~ 4~ :; For Release at 4:!b p.M. ~a~tern Time H. 3 ( 502 l Table 1 AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve re~irements 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 total 2 Date FEDERAL RESERVE BANJ( OF PHILADJ3!11JIIA:-; ·n89 nonborrowed 3 nonborrowed plus extended credit 4 required eNs:~s Monetary base 6 total seasonal extended credit4 1988-MAY JUNE 60422 60576 57845 57493 59951 60047 59382 59688 1040 888 266761 268205 2578 3083 246 311 2107 2554 JULY AUG. SEP. 61058 60903 60824 57618 57663 57985 60157 60316 60043 60051 59950 59852 1007 953 972 270308 270979 272420 3440 3241 2839 376 423 421 2538 2653 2059 OCT. NOV. DEC. 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 1989-JAN. FEB. MAR. 60370 60260 59854 58708 58773 58041 59754 59822 59376 59226 59106 58896 1145 1154 957 276784 277553 278615 1662 1487 1813 76 97 139 1046 1050 1334 59463 58759 57174 57039 58880 58236 58686 57735 776 1024 278674 278339 2289 1720 213 345 1707 1197 5 19 59890 58597 57714 56015 59389 57984 58585 58374 1305 223 279249 277429 2177 2582 167 190 1675 1970 3 17p 3lpe 60371 58671 58501 58403 56933 56853 59790 58139 58001 59130 57810 57362 1241 862 1139 279998 277893 278431 1968 1739 1648 265 336 373 1387 1206 1148 APR. MAY pe Two weeks ending 1989-APR. MAY p--preliminary 1. 2. 3. 4. 5. 6. pe--preliminary estimate Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (For more information, see Table 3. l Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3. l Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository inst1tutions from the Federal Reserve. 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. Excess reserves NSA equals unadjusted total reserves (Table 2, column 11 less unadjusted required reserves (Table 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adJusted currency component of the money stock plus (31, for institutions whose vault cash exceeds their required reserves, the seasonally adJusted, break-adjusted excess of current vault cash over the amount applied to satisfy current reserve requirements. (Also, see footnote 3 on Table 2 and footnote 4 on Table 3. l H.3 (502! Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash 5 Reserves of depository institutions base Reserve balances with F.R. Banks4 Moneta~y total used to satisfy requirea reserves 6 surplus 7 Net carryover of reservw balances Date total 2 nonborrowed required 1988-MAY JUNE 60681 61991 58103 58908 59641 61103 268899 272654 36509 37907 25882 25730 24172 24084 1710 1646 JULY AUG. SEP. 62756 61965 62153 59316 58724 59314 61749 61012 61181 275591 275033 274874 37992 36911 37213 26459 26895 26727 24763 25054 24940 1696 1841 1787 OCT. 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-JAN. 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 61288 58930 58998 57210 60511 57906 281521 280554 35832 33216 26746 27166 25456 25714 1290 1452 5 19 60282 61413 58106 58831 58977 61190 279427 282584 34623 36239 27095 26339 25659 25174 1436 1166 15 307 3 17p 31pe 61586 59227 58063 59618 57489 56415 60345 58366 56923 281121 281202 279785 35863 33875 31990 27106 26644 27701 25723 25352 26073 1383 1292 1628 -144 200 132 APR. MAY pe Two weeks ending 1989-APR. MAY 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 requirements. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. The monetary base, not break-adjusted and not seasonally adjusted, consists of total reserves plus required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus the currency component of the money stock plus, for institutions whose vault cash exceeds their required reserves, the excess of current vault cash over the amount appliea to satisfy current reserve requirements. After the introduction of CRR, currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Under contemporaneous reserve requirements, maintenance periods end 30 days after the lagged computation periods in which the balances are held. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cashl plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. Total vault cash held by depository institutions minus the amount applied to satisfy reserve requirements. Consists of carryover only at. depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+J or deficit (~J reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date s~own. H.3 I 502 l Table 3 AGGREGATE RESERVES OF DEPO~ITORY Adjusted for changes in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars INSTITUTIONS AND THE MONETARY BASE Reserves of depository institutions Date total 2 nonborrowed required 3 Monetary base 4 1988-MAY JUNE 59381 60585 56803 57503 58340 59698 265668 269362 JULY AUG. SEP. 61353 60461 60506 57914 57220 57666 60346 59508 59534 272314 271620 271439 OCT. NOV. DEC. 60372 60963 62213 58073 58102 60497 59310 59844 61173 272293 275317 279710 1989-JAN. FEB. MAR. 62067 59371 58938 60405 57884 57125 60922 58217 57980 277923 274363 275625 60011 57740 57722 56020 59235 56717 278115 277502 5 19 59048 60197 56872 57615 57743 59974 276143 279087 3 17p 3lpe 60213 58088 56863 58245 56349 55215 58972 57226 55724 277775 278212 276735 APR. MAY pe Two weeks ending 1989-APR. MAY p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Break-adjusted total reserves equal break-adjusted required reserves !Table 3, column 31 plus excess reserves NSA ITable 1, column 51. To adjust required reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what reguired reserves would have been in past periods had current reserve requirements been in effect. Break-adJusted required reserves includes required reserves against transactions deposits and nonpersonal time and savings deposits I but not reservable nondeposit liabilities. J Break-adjusted monetary base equals Ill break-adjusted total reserves plus 121 the (unadjusted) currency component of the money stock plus 131, for institutions whose vault cash exceeds their required reserves, the break-adjusted excess of current vault cash over the amount applied to satisfy current reserve requirements. Note: Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551
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