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FEDERAL RESERVE statistical release F o r R e le a s e a t 4 : 3 0 p . m. H .3 ( 5 0 2 ) T a b le 1 A G G R E G A TE RESERVES OF DEPOSITORY INSTITUTIONS AND THE M ONETARY BASE A d ju s t e d f o r ch anges i n r e s e r v e re q u ir e m e n t s 1 A v e ra g e s o f d a i l y f i g u r e s , s e a s o n a lly a d ju s te d u n le s s n o te d o th e rw is e M illio n s o f d o lla rs t o t a l2 nonbo r row ed 3 nonborrow ed p lu s e x tended c re d it4 r e q u ir e d MARCH 14,, 1991 B o rro w in g s o f d e p o s it 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 rv e , NSA R e se 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 E a s t e r n T im e excess NSA 5 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 9 0 -F E B . MAR. 60215 60297 58768 58173 59302 60123 59227 59436 989 861 289583 291620 1448 2124 51 78 535 1950 APR. MAY JUNE 60275 59783 59732 58647 58448 58850 60051 59324 59196 59379 58820 58958 897 962 774 293503 294628 296467 1628 1335 881 122 244 311 1403 875 346 JU L Y AUG. SEP. 59322 59746 60082 58565 58819 59457 58845 58947 59464 58460 58879 59173 868 862 298012 301079 304465 757 927 624 389 430 418 280 127 909 O C T. NOV. DEC. 59609 59763 60526 59199 59532 60200 59217 59557 60223 58763 58816 58861 847 947 1665 306381 307756 309729 410 230 326 335 162 76 18 24 23 60838 61267 60304 61015 60331 61049 58670 59461 2168 1806 314469 318711 534 252 33 37 27 34 1 9 9 1 -J A N . FEB . p 6 Tw o weeks e n d in g 1 9 9 1 -J A N . 9 23 62751 59204 62456 58320 62477 58348 59158 58267 3592 937 313185 313284 295 884 41 28 22 FEB . 6 20 61546 61479 61356 61300 61385 61327 58825 59716 2721 1763 317986 318350 191 179 35 37 30 27 60687 60261 60311 59491 1196 319884 426 41 50 MAR. 6p p — p re lim in a r y 1. 2. 3. 4. 5. 6. 28 p e - - p r e l i m i n a r y e s tim a te R e s e rv e s and m o n e ta ry base f i g u r e s in 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 ch a n g e s i n r e s e r v e re q u ir e m e n t s . ( F o r m ore in 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 rv e s e q u a l s e a s o n a lly a d ju s t e d , b r e a k -a d ju s t e d r e q u ir e d r e s e rv 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 , see f o o t n o t e 2 on T a b le 2 and fo o tn o te 2 on 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 non borrow ed r e s e rv e s e q u a l s e a s o n a lly a d j u s t e d , b r e a k -a d ju s t e d t o t a l re s e r v e s le s s u n a d ju s t e d t o t a l b o r ro w in g s o f d e p o s it o r y i n s t i t u t i 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 9 o n s i s t s o f b o r ro w in g a t th e d is c o u n t window u n d e r th e term s and c o n d i t io n s e s t a b lis h e d f o r th e e x te n d e d c r e d i t p ro g ra m t o h e lp d e p o s it o r y i n s t i t u t i o n s d e a l w it h s u s ta in e d l i q u i d i t y p r e s s u r e s . Because th e r e i s n o t th e same need to re p a y su ch b o r r o w in g p r o m p t ly a s th 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 arket im pa 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 ce ss re s e r v e s NSA e q u a ls u n a d ju s te d t o t a l re s e rv e s ( T a b l e 2 , colum n 1 ) le s s u n a d ju s te d r e q u ir e d r e s e rv e s ( T a b l e 2 , co lu m n 3 ) . T h e s e a s o n a lly a d j u s t e d , b r e a k -a d ju s t e d m onetary 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 iu s t e d t o t a l r e s e r v e s p lu s ( 2 ) th e s e a s o n a lly a d ju 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 a l l q u a r t e r l y r e p o r t e r s on th e " R e p o rt o f T r a n s a c t i o n A c c o u n t s , O t h e r D e p o s its and V a u l t C a s h " ana f o r a l l th o se w e e k ly r e p o r t e r s whose v a u l t cash exceeds t h e i r r e q u ir e d r e s e r v e s , th e s e a s o n a lly a d j u s t e d , b r e a k a d ju s t e d d i f f e r e n c e betw ee n c u r r e n t v a u l t cash and th e amount a p p lie d to s a t i s f y c u r r e n t r e s e r v e re q u ir e m e n t s . ( A l s o see f o o t n o t e 3 on T a b le 2 ana f o o t n o t e 4 on t a b l e 3 . ) H .3 (502) Table 2 A G G R E G A TE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE N o t a d ju s t e d f o r ch anges in r e s e r v e re q u ir e m e n t s 1 A v e ra 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 lly a d ju s te 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 n o n bo rro w ed i n s t i t u t io n s r e q u ir e d V a u lt c a s h 5 M o n e ta ry base3 R eserve b a la n c e s w it h F . R. B anks 4 to ta l used to s a tis f y r e q u ir e d re s e rv e s 6 s u r p lu s 7 1 9 9 0 -F E B . MAR. 60623 60658 59175 58535 59634 59797 290025 292377 30929 33407 32501 29587 29693 27251 2808 2336 APR. MAY JUNE 62512 60232 61197 60884 58897 60315 61615 59269 60423 296872 297034 300985 35409 32771 33878 29284 29814 29636 27103 27461 27318 2181 2354 2318 JU L Y AUG. SEP. 60943 60728 61452 60185 59801 60828 60081 59860 60544 303387 304995 307211 32946 32448 33303 30459 30842 30625 27996 28280 28149 2462 2562 2476 O C T. NOV. DEC. 61052 62045 59120 60642 61815 58795 60206 61099 57456 308854 312689 313700 32127 33382 30237 31515 31086 31777 28925 28663 28884 2590 2423 2893 50992 48548 50458 48296 48824 46742 309300 308514 22023 19824 33220 33477 28969 28725 4250 4753 1 9 9 1 -J A N . FEB . p Net c a rry o v e r o f re s e rv e b a la n c e s 8 Two weeks e n d in g 1 9 9 1 -J A N . 9 23 55074 49415 54779 48531 51481 48478 312697 308373 26198 21193 32783 32050 28876 28222 3908 3828 248 412 FEB . 6 20 49160 48698 48970 48519 46439 46935 307100 309090 18776 20058 35759 33341 30384 28640 5375 4701 -1 6 395 47827 47401 46632 308566 20199 32005 27628 4377 127 MAR. 6p p — p re lim in a r y 4. 5. p e - -p r e l i m i n a r y e s tim a te R e f le c t s a c t u a l r e q u i r e d r e s e r v e s , w i t h no a d ju s tm e n ts to e li m in a t e 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 re a k s 1' , a s s o c ia t e d w i t h r e q u l a t o r v ch a ng e s i n r e s e r v e r e q u ir e m e n t s . J R e s e rv e b a la n c e s w i t h F e d e r a l R e se rve Banks p lu s v a u l t cash used to s a t i s f y re s e rv e re q u ir e m e n t s . Th e m o n e ta ry b a s e , n o t b r e a k -a d iu s t e d and n o t s e a s o n a lly a d j u s t e d , c o n s is t s o f ( 1 ) t o t a l re s e rv e s p lu s ( 2 ) r e q u ir 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 to com pensate f o r f l o a t a t F e d e ra l R e se rv e Banks p lu s ( 3 ) th e c u r r e n c y component o f th e money s to c k p lu s ( 4 ) , f o r a l l q u a r t e r l y r e p o r t e r s on th e " R e p o rt o f T r a n s a c t i o n A c c o u n ts , O th e r D e p o s its and V a u lt Cash" and f o r a l l th o se w e e k ly r e p o r t e r s whose v a u l t c a s h e x ce e d s t h e i r r e q u i r e d r e s e r v e s , th e d if f e r e n c e betw een c u r r e n t v a u l t cash and th e amount a p p lie d to s a t i s f y c u r r e n t r e s e r v e re q u ir e m e n t s . A f t e r th e i n t r o d u c t i o n o f CRR, c u r r e n c y and v a u l t cash f i g u r e s a re m easured o v e r c o m p u ta tio n p e r io d s e n d in g on Mondays. E x c lu d e 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 to com pensate f o r f l o a t and in c lu d e s o t h e r o ? f 7b a la n c e s h e e t " a s - o f " a d ju s t m e n t s . D a tes r e f e r to th e m a in te n a n c e p e r io d s in w h ic h th e v a u l t cash can be used to s a t i s f y re s e r v e r e q u ire m e n ts . U n d e r co n te m p o ra n e o u s r e s e r v e r e q u ir e m e n t s , m a in te n a n c e p e r io d s end 30 days a f t e r th e la g g e d c o m p u ta tio n p e r io d s in w h ic h th e b a la n c e s a re h e ld . A H v a u l t ca sh h e ld d u r in g th e la g g e d c o m p u ta tio n p e r io d by "b o u n d " i n s t i t u t i o n s ( i . e . , th o se whose r e q u ir e d r e s e rv e s exce e d t h e i r v a u l t c a s h ) p lu s th e amount o f v a u l t cash a p p lie d d u r in g th e m a in te n a n c e p e r io d by "nonbound" i n s t i t u t i o n s ( i . e . , th o se whose v a u l t c a s h e x cee ds t h e i r r e q u i r e d r e s e r v e s ) t o s a t i s f y c u r r e n t re s e r v e r e q u ir e m e n t s . T o t a l v a u l t ca sh h e ld b y d e p o s it o r y i n s t i t u t i o n s m inus th e amount a p p lie d to s a t i s f y r e s e r v e r e q u ir e m e n t s . Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+) or deficit (-) reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 (502) Table 3 A G G R E G A TE RESERVES OF DEPOSITORY INSTITUTIONS AND THE M O N ETA R Y BASE A d ju s t e d f o r ch a n g e s m r e s e r v e r e q u ire m e n ts 1 A v e ra 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 lly a d ju s t e d M illio n s o f d o lla rs R eserves o f d e p o s it o r y D a te to ta l2 in s t it u t io n s n o n b o rro w e d re q u ire d 3 M o n e ta ry b a s e 4 1 9 9 0 -F E B . MAR. 59199 59234 57751 57110 58210 58373 286502 288864 APR. MAY JUNE 61047 58742 59610 59419 57408 58729 60150 57780 58836 293354 293520 297372 JU L Y AUG. SE P . 59471 59212 59813 58713 58285 59189 58609 58345 58905 299897 301462 303563 O C T. NOV. DEC. 59245 60024 62183 58834 59794 61857 58398 59078 60518 305001 308711 314030 62501 60225 61967 59973 60333 58418 315569 315271 1 9 9 1 -J A N . FEB. p , Two weeks e n d in g 1 9 9 1 -J A N . 9 23 66368 60930 66073 60046 62775 59993 319503 314284 FEB. 6 20 60901 60440 60710 60261 58179 58677 313392 316029 59341 58915 58145 315355 MAR. 6p p — p r e lim in a r y 1. 2. 3. p e — p r e lim i n a r y e s tim a te r e q u ir e m e n ts 0 0 * a d j u s *men*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 te d w i t h r e g u l a t o r y ch ange s i n re s e r v e ? teu t~ a^ u s 'k?d re s e r v e s e q u a l b r e a k -a d ju s t e d r e q u i r e d r e s e rv e s ( T a b l e 3, colu m n 3 ) p lu s e x ce ss re s e r v e s NSA i I a b le l , co lu m n 5 J . Cequ i r e d re s e n / e s f o r d i s c o n t i n u i t i e s due t o r e g u la t o r y changes in r e s e r v e r e q u ir e m e n t s , a m u l t i p l i c a t i v e p ro c e d u r e i s u se d t o e s tim a te what r e g u ir e d re s e r v e s w o u ld have been in p a s t p e r io d s had c u r r e n t r e s e rv e r e q u ire m e n ts been i n e f f e c t . B r e a k -a d ju s t e d r e q u i r e d re s e r v e s in c lu d e s r e q u ir e d r e s e r v e s a g a in s t t r a n s a c t io n s d e p o s it s and n o n p e rs o n a l tim e and s a v in g s d e p o s it s ( b u t n o t r e s e r v a b le n o n d e p o s it l i a b i l i t i e s . ) I l F m? n e i ? ? y b? se eg y a ls b r e a k -a d iu s t e d t o t a l re s e rv e s p lu s ( 2 ) th e ( u n a d ju s t e d ) c u r r e n c y com ponent v L l + ? L PiV ? +K ’ q u a r t e r l y r e p o r t e r s on th e " R e p o rt o f T r a n s a c t i o n A c c o u n t s , O th e r D e p o s it s and N o ,* , 0; i i j ; s s ; ; , dj ; * i K * F S d S ™ ! bJ ; , ^ I ! s « ! i s 7 ^ . s i ln 5 * s r 5 * c p r! t e i i i ° ™ s~ “ “ ” •* Bo , r d
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