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.· . - FEDERAL RESERVE statistica I release ·- H.3 1502) Table 1 For Release at 4:30 p.m. Eastern Time ~fu~~dE~f'l~n~~~nE~~~~ ~~i~e~!:,?s~ITORY INSTITUTIONS AND THE MONETARY BASE JUNE 14 , 1990 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 nonborrowed 3 nonborrowed plus extended credit 4 required exce~s Moneta~y base total seasonal extended credit 4 NSA 1989-MAY JUNE 58831 58597 57111 57107 58308 58024 57796 57692 1035 905 278526 279020 1720 1490 345 431 1197 917 JULY AUG. SEP. 58867 58906 59289 58173 58231 58596 58279 58272 58618 57901 58021 58351 966 885 938 279957 280756 281806 694 675 693 497 490 452 106 41 22 OCT. NOV. DEC. 59640 59646 60033 59085 59297 59767 59106 59318 59787 58620 58701 59110 1020 945 922 282786 283222 284946 555 349 265 330 134 84 21 21 20 1990-JAN. FEB. MAR. 59896 60215 60297 59456 58768 58173 59482 59302 60123 58880 59227 59436 1016 989 861 287509 289714 291820 440 1448 2124 47 51 78 26 535 1950 60275 59786 58647 58452 60051 59327 59379 58827 897 960 293540 294426 1628 1335 122 244 1403 875 1990-APR. 18 60297 58415 60091 59631 665 293158 1882 100 1676 MAY 60228 59601 59935 59073 58625 58213 59971 59298 59310 59122 58673 58920 1105 927 1015 294174 293522 295265 1155 976 1723 158 221 278 899 673 1098 59421 58130 58689 59073 348 295836 1291 282 559 APR. MAY pe Two weeks ending 2 16 30p JUNE 13pe p--pre1iminary 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.) 2. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. I Also, see footnote 2 on Table 2 and footnote 2 on Table 3. l 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. Excess reserves NSA equals unadjusted total reserves ITable 2, column ll less unadjusted required reserves ITable 2, column 31. 5. 6. The seasonally adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 121 the seasonally adJusted currency component of the money stock plus 131, 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. !Also see footnote 3 on Table 2 and footnote 4 on table 3.1 1. H.3 15021 Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve re~irements 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 requirei:l reserves 6 surplus 7 Date total 2 nonborrowed required 1989-MAY Jt.t.IE 58916 59587 57196 58097 57881 58681 280448 283087 33204 33852 28111 28088 25712 25735 2398 2352 JULY .\UG. SEP. 60254 59559 60126 59560 58884 59433 59288 58674 59188 285209 284063 283615 33902 32823 33556 28807 29364 29091 26351 26735 26570 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 62512 60235 60884 58900 61615 59275 296872 297059 35409 32772 29281 29811 27103 27463 2178 2347 APR. MAY pe Net carryover of reservw balances Two weeks ending 1990-APR. 18 63341 61459 62675 298604 36421 28931 26920 2011 128 MAY 62145 60584 59548 60990 59609 57825 61040 5<1657 58533 296127 297219 296721 34887 33855 31273 29588 28862 30851 27259 26730 28275 2330 2132 2576 47 263 230 61148 59858 60801 301395 34365 28985 26784 2201 243 2 16 30p Jt.t.IE 13pe 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 Ill total reserves plus 121 required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus 131 the currency component of the money stock plus 141, for all quarterly reporters on the "Report of Transaction Accounts, Other Depl?sits and Vault Cash" and for all those weekly reporters whose vault cash exceei:ls their required reserves, the difference between current vault cash and the amount applied 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 reguirements, 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 i.e. • those whose reguired reserves exceed their vault cash I plus the amount of vault cash applied during the maintenance period by "nonbound" institutions I 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 1+1 or deficit 1-1 reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 1502) Table 3 AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions total 2 Date nonborrowed required 3 Monetary base4 1989-HAY JUNE 57786 58485 56066 56995 56750 57580 277464 280070 JULY AUG. SEP. 59044 58399 59025 58350 57725 58332 58078 57515 58087 282009 281026 280655 OCT. NOV. DEC. 59272 59869 61669 58717 59520 61404 58252 58924 60747 281344 284114 289447 1990-JAN. FEB. MAR. 61579 59199 59234 61139 57751 57110 60563 58210 58373 288671 286502 288864 61047 58746 59419 57411 60150 57786 293354 293545 1990-APR. 18 61893 60011 61227 295235 HAY 60662 59142 58018 59507 58166 56295 59557 58214 57003 292474 293770 293175 59562 58271 59214 297724 APR. HAY pe Two weeks ending 2 16 30p JUNE 13pe p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requ1rements. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA !Table 1, column 5J. To adjust required reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative proceaure is used to estimate what required 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 sav1ngs deposits !but not reservable nondeposit liabilit1es. l The break-adjusted monetary base eguals I l l break-adjusted total reserves plus 121 the !unadjusted! currency component of the money stock plus 131, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and 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. Noter 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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