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.. .·-- FEDERAL RESERVE statistical release H.3 15021 Table 1 For Release at 4:30 p.m. Eastern Time AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for cha~s in reserve r~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 nonborrowed 3 nonborrowed plus exte~d credit required JUNE 22, 1989 · exce~s NSA Honetaty base total seasonal extended credit4 1988-HAY 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. HAR. 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 APR. HAY 59463 58740 57174 57020 58880 58218 58686 57710 776 1031 278674 278332 2289 1720 213 345 1707 1197 Two weeks ending 1989-APR. 19 58597 56015 57984 58374 223 277429 2582 190 1970 HAY 60371 58660 58471 58403 56921 56823 59790 58127 57971 59130 57801 57314 1241 859 1158 279998 277878 278429 1968 1739 1649 265 336 373 1387 1206 58508 56383 58040 57628 881 278672 2126 388 1657 3 17 31 JUNE 14p p--preliminary 1. 2. 3. 4. 5. 6. 1148 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. I 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. I Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository inshtutions 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 l l less unadjusted required reserves (Table 2, column 3). The seasonal!¥ adjusted, break-adjusted monetary base consists of I l l seasonally aajusted, break-adjusted total reserves plus 121 the seasonally adJusted currency component of the money stock plus 13), 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. IAlso, see footnote 3 on Table 2 and footnote 4 on Table 3.) H.3 15021 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 total 2 Date nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 total us,ed to satisfy required reserves 6 surplus 7 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 APR. MAY 61288 58912 58998 57192 60511 57881 281521 280543 35832 33203 26746 27166 25456 25709 1290 1457 Net carryover of reservw balances Two weeks ending 1989-APR. 19 61413 58831 61190 282584 36239 26339 25174 1166 307 MAY 61586 59216 58036 59618 57477 56387 60345 58357 56878 281121 281187 279775 35863 33864 31972 27106 26644 27701 25723 25352 26064 1383 1292 1638 -144 200 123 59956 57830 59075 283679 34657 26607 25299 1308 264 3 17 31 JUNE 14p p--preliminary 1. 2. 3. 4. 5. 6. 7. 8. pe--preliminary estimate Reflects. actual require~ reserves, with no adjustments to eliminate the· effects of discontinuities, or "breaks", associated with regulatory changes 1n reserve requ1rements. 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 re~ired cleari~ 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 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 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 i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions li.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 l+l or deficit 1-l reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 15021 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 APR. MAY 60011 57722 57722 56002 59235 56692 278115 277496 1989-APR. 19 60197 57615 59974 279087 MAY 60213 58076 56835 58245 56338 55187 58972 57218 55678 277775 278197 276735 58834 56709 57954. 280715 Two weeks ending 3 17 31 JUNE 14p 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 3l plus excess reserves NSA !Table 1, column 51. . To adjust required reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative procedure 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 lbut not reservable norideposit liabilit1es. l 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, Hashington, D.C. 20551
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