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IBRARY FEDERAL RESERVE statistical release FEDERAL RESERVE B.Al\l""K OFI1-TILADE~~ase H.3 1502) Table 1 at 4:30 p.m. Eastern Time AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve reguirements 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 nonborrowed3 nonborrowed plus exte'4ded credit required MARCH 16, 1989 exce~s Moneta~y base total NSA seasonal extended credit 4 1988-FEB. MAR. 59573 59760 59177 58009 59382 59487 58440 58832 1133 929 262068 263301 396 1752 75 119 205 1478 APR. MAY JUNE 60374 60365 60637 57380 57787 57555 60004 59894 60108 59515 59325 59750 859 1040 888 265606 266816 268267 2993 2578 3083 146 246 311 2624 2107 2554 JULY AUG. SEP. 61238 61090 60995 57798 57849 58156 60336 60502 60215 60231 60137 60024 1007 953 972 270503 271144 272467 3440 3241 2839 376 423 421 2538 2653 2059 OCT. NOV. DEC. 60956 61055 60979 58657 58194 59264 60438 60516 60508 59894 59936 59939 1062 1119 1040 273772 274658 275811 2299 2861 1716 332 186 130 1781 2322 1244 60545 60489 58883 59003 59929 60052 59401 59342 1145 1147 276739 277761 1662 1487 76 97 1046 1050 60646 60342 58598 58815 59806 59843 59499 59371 1147 972 275880 277070 2048 1527 94 61 1208 1028 60835 60213 59565 58737 60357 59848 59292 59191 1543 1022 277543 277594 1270 1477 78 99 792 1111 60672 58872 60122 59760 912 278440 1800 116 1250 1989-JAN. FEB. p Two weeks ending 1989-JAN. 11 25 FEB. MAR. 8 22 8p 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. I For more information, see Table 3.) 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.) 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 borrowi~ 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 3J. The seasonally adjusted, break-adjusted monetary base consists of I l l seasonally adjusted, break-adjusted total reserves plus 12) 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. !Also, see footnote 3 on Table 2 and footnote 4 on Table 3.) H.3 150Z) Table Z AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirementsAverages of daily figures, not seasonally adjusted Millions of dollars Vault cash5 Reserves of depository institutions Date total 2 nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 1988-FEB. MAR. 60047 60076 59650 583Z4 58914 59147 Z6Z598 Z63979 34Z11 360Z7 Z8165 Z5960 Z5836 Z4049 Z3Z9 191Z APR. MAY JUNE 6Z064 60681 61991 59071 58103 58908 61Z05 59641 61103 Z681Z7 Z68899 Z7Z654 384Z9 36509 37907 Z5Z08 Z588Z Z5730 Z3636 Z417Z Z4084 1573 1710 1646 JULY AUG. SEP. 6Z756 61965 6Zl53 59316 587Z4 59314 61749 6101Z 61181 Z75591 Z75033 Z74874 3799Z 36911 37Zl3 Z6459 Z6895 Z67Z7 Z4763 Z5054 Z4940 1696 1841 1787 OCT. NOV. DEC. 61915 6Z407 63739 59616 59546 6ZOZ3 60853 61Z87 6Z699 Z75775 Z78653 Z83176 364Zl 36997 37830 Z7198 Z6745 Z7197 Z5494 Z5410 Z5909 1705 1335 1Z88 63468 60695 61806 59Z08 6Z3Z3. 59548 ZS131Z Z77659 36475 3Z838 Z8376 Z9776 Z6993 Z7857 1383 1919 zs 65403 6Z757 63355 61Z30 64Z56 61786 285079 Z79985 38724 36514 Z7904 Z7414 26679 26Z43 1225 1171 146 143 8 61578 6031Z 60308 58836 60035 59Z90 Z77505 277736 32260 3Z474 31488 Z9739 29318 27838 2170 1901 8Z 229 8p 6041Z 5861Z 59500 Z77686 34457 Z7581 25955 1627 51 1989-JAN. FEB. p total used to satisfy requirea reserves 6 surplus 7 Net carryover of reserv1 balances Two weeks ending 1989-JAN. 11 FEB. MAR. zz 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 reqyired 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 applieCI to satisfy current reserve requirements. After the introduction of CRR, currency and vault cash figures are measured over computation periods ending on Mondays. Excludes reqyired 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 comp,utation periods in which the balances are held. All vault cash held during the lagged computation period by "bound' institutions li.e., those whose required reserves exceed their vault cash) plus the amount of vault casn applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their re~ired 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 (+) or deficit (-) 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 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 base4 1988-FEB. MAR. 58663 58851 58267 57099 57530 57922 259010 260772 APR. HAY .JUNE 60947 59454 60679 57954 56876 57596 60088 58414 59791 265007 265732 269442 .JULY AUG. SEP. 61467 60591 60654 58027 57350 57815 60460 59638 59683 272411 271734 271567 OCT. 60541 61155 62427 58241 58294 60711 59479 60035 61387 272442 275482 279891 62277 59558 60615 58072 61132 58411 278089 274512 64265 61550 62217 60023 63118 60579 281814 276817 60328 59205 59059 57728 58785 58183 274229 274586 59357 57558 58446 274716 NOV. DEC. 1989-.JAN. FEB. p Two weeks ending 1989-.JAN. 11 25 FEB. MAR. 8 22 8p 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 3) plus excess reserves NSA !Table 1, column 5). To adjust required reserves for discontinuities due to regulatory changes in reserve requi1 9ments, 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 I but not reservable nondeposit liabilit1es. l Break-adjusted monetary base equals I l l break-adjusted total reserves plus 12) the (unadjusted) currency component of the money stock plus 13), 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 Honey and Reserves Projections of Governors of The Federal Reserve System, Hashington, D.C. 20551 Section~ Division of Monetary Affairs, Board
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