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FEDERAL RESERVE statistica I release H.3 1502) Table 1 for Release at 4:30p.m. Eastern AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for cha~s in reserve reguirements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Date nonborrowed3 nonborrowed plus ext~ credit required HARCH 15, 1990 Borrowings of ~sitory institutions fr0111 the Federal Reserve, NSA Reserves of depository institutions total 2 excers NSA Honetaty base total seasonal · extended credi t4 1989-FEB. HAR. 60383 59980 58896 58168 59946 59502 59229 59023 11.54 957 277561 278472 1487 1813 139 APR. HAY JUNE 59351 58826 58597 57062 57106 57107 58769 58304 58024 58575 57796 57692 776 1031 905 278398 278712 '279210 2289 1720 1490 213 345 431 JULY AUG. SEP. 58867 58906 59289 58173 58231 58596 58279 58272 58618 57901 58021 58351 966 885 938 280137 280923 281970 694 675 693 497 490 452 106 OCT. NOV. DEC. 59640 59646 60033 59085 59297 59767 59106 59318 59787 58620 58701 59110 1020 945 9ZZ 282944 283381 285105 555 349 265 330 134 84 21 21 59896 60217 59456 58769 59482 59304 58880 59236 1016 981 287691 289927 440 1448 47 51 IJS 60059 59682 59720 59382 59739 59409 58942 58840 1117 841 286570 287702 339 300 58 41 Z7 60092 60229 59227 58749 59260 58882 58872 59271 1220 958 289270 289524 865 1480 44 50 133 60317 58350 60191 59530 786 291388 1967 60 1M- 1990-JAN. FEB. p n- 97 1050 1334 '1707 1197 917 41 Z2 zo Z6 Two weeks ending 1990-JAN. 10 24 FEB. HAR. 7 21 7p p--preliminary 1. 2. 3. 4. 5. 6. 19 33 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 ~1 seasonally adjusted, b...-k-adjusted required reserves plus unadjusted excess reserves. !Also, see footnote 2 on Table 2 and footnote 2 on Table 3.) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total bor~owings of depository inst1tutions from the Federal Reserve. · ' Extended credit consists of borrowing at the discount window under the terms and ~itions established for the extended credit prograM to help depository institutions deal with sustained liquidity pressures. Because there 1s 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 e~als unadjusted total reserves !Table 2, column 1) less unadjusted required reserves !Table 2, column 3J. The seasonally adjusted, break-adjusted mone+.?~Y base consists of 11) seasonally adjusted, break-adjusted total reserves plus 12) the seasonally adJusted currency c~t 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 satis1y current reserve requirements. !Also, ... footnote 3 on Table 2 and footnote 4 on Taole 3. l H.3 15021 Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve reguirements Averages of daily figures, not seasonally adjusted Millions of dollars · Vault cash 5 Reserves of depository institutions base Reserve balances with F.R. Banks 4 Moneta~y Net total used to satisfY. requireCI 6 reserves surplus 7 1arryovero reserv1 balances Date total 2 nonborrowed required 1989-FEB. HAR. 60693 60212 59206 58400 59539 59255 277700 279003 32834 34623 29787 27071 27859 25589 1928 1482 APR. HAY JUNE 61288 58911 59587 58998 57191 58097 60511 57881 58681 281599 280638 283276 35832 33199 33852 26760 27184 27161 25456 25712 25735 1304 1471 1425 JULY AUG. SEP. 60254 59559 60126 59560 58884 59433 59288 58674 59188 285389 284230 283779 33902 32823 33556 27851 28362 28089 26351 26735 26570 1499 1627 1519 OCT. NOV. DEC. 60397 60989 62810 59842 60640 62544 59378 60044 61888 284487 287347 292713 33123 33941 35436 28897 28519 28782 27275 27048 27374 1622 1472 1409' 62931 60623 62491 59176 61914 59642 292313 290237 34090 30930 30354 31641 28841 29694 1513 1947 64961 62468 64622 62169 63844 61627 295762 291499 36627 34424 29695 29338 28335. 28045 1360 1294 118 190 60955 60548 60090 59068 59735 59590 289016 290549 29800 30592 33327 31932 31156 29956 2171 1976 70 116 60443 58476 59656 290834 32736 29372 27707 16_65 65 1990-JAN. FEB. p Two weeks ending 1990-JAN. 10 24 FEB. HAR. 7 21 7p p--preliminary 1. 2. 3. 4. 5. 6. 1. 8. pe--preliminary estimate Reflects.actual requireo;l reserves, with no adjustments to _eliminate the effects of discontinuities, or "breaks", associatiJCI with regulatory changes 1n reserve requirements. . . · Reserve balances with Federal Reserve Banks plus vault cash used to sat1sfy reserve requirements. The monetary base, not break-adjusted and not seasonally adjusted, consists of total reserves plus r~ired cleari~ balances and adjustMents to compensate for float at Federal Reserve Banks plus the currency component of the ~Y. stock plus, for institutions wfi9se vault cash exceeds their required reserves, the excess of.current vault cash over the a~t appl~ea to s!t1sfy current reserve requ1rements. After the introduction 9f CRR, currency and vault ca~h f1gures are_measured over computat19" per1ods end1ng on Mondays. ,. Excludes req~,nred clear1ng balances and adJustments to compensate for float and 1ncludes other off..,balance sheet "as-of" adjust..nts. Dates refer to t':le maintenanc~ P.eriods in which the vault cash can be u~ed to ~atisfy re~erve ~irements. Under contemporaneous reserve reguirements, ma1ntena"9e per1ods end 30 days ~fter t':le lagged co~!at19" p~r1ods.1n wh1ch the balances.are held. , All vault cash held dur1ng the lagged computahon per1od by "bound' 1nshtuhons I 1.e., those whose regu1red reserves exceed their vault cash J plus. the amount of vault c;:ash applied during the m~intenance period by "nonbound" institutions I i.e., those whose vault cash exceeds their requ1red reserves) to sat1sfy current reserve requ1rements. . Total vault cash held by depository_insti!uti9ns ~inus t':le a~ynt applied to satisfy reserve require~ts. Consists of carryover or:"lY at depos1 tory .msh tuhon~ mamtam1ng reserves on thla bas1s of tW9-week '!'a1ntenance ~riods. Reflects excess. !·+) or deficit 1-l reserves el1g1ble to be carr1ed forward 1nto the two-week re~erve maint~ance, per1od end1ng on the date shown •.. H.3 1502 I 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 basa 4 1989-FEB. MAR. 59388 58969 57901 57156 58234 58011 274426 275715 APR. MAY JUNE 60058 57781 58485 57769 56061 56995 59282 56750 57580 278239 277649 280260 JULY AUG. SEP. 59044 58399 59025 58350 57725 58332 58078 57515 58087 282189 281193 280819 OCT. 59272 59869 61669 58717 59520 61404 58252 58924 60747 281502 284272 289605 61579 59200 61139 57752 60563 58219 288853 286715 63709 61120 63370 60820 62592 60278 292404 288040 59456 59142 58591 57662 58235 58183 285405 287111 59062 57095 58275 287233 NOV. DEC. 1990-JAN. FEB. p Two weeks ending 1990-JAN. 10 24 FEB. MAR. 7 21 7p 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 !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 nondeposit liabilit1es. I Break-adjusted monetary base equals Ill break-adjusted total reserves plus 121 the (unadjusted) currency c~onent of the money stock plus 131, for institutions whose vault cash exceeds their requtrad reserves, the break-adjusted excess of current vault cash over the amount applied to satisfy current reserve r4quirements. 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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