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LIBRARY FEDERAL RESERVE statistica I releaSEMAR 2 7 .. iqRq FEDERfo..LRESERVE BANl( flF PJfll;f\flEJ:.'PHl~ H.3 1502) Table 1 For Release at 4:30p.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 MARCH 23, 1989 nonborrowed3 nonborrowed plus exte~ded credit required e~~%is Monetaty base total seasonal extended credit4 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 60487 58883 59001 59929 60050 59401 59334 1145 1153 276739 277758 1662 1487 76 97 1046 1050 60342 58815 59843 59371 972 277070 1527 61 1028 1989-JAN. FEB. p Two weeks ending 1989-JAN. 25 FEB. 8 22 60835 60195 59565 58718 60357 59829 59292 59179 1543 1016 277543 277575 1270 1477 78 99 792 1111 MAR. 8p 22pe 60706 59831 58907 58245 60156 59409 59754 59025 952 805 278472 279015 1800 1586 116 135 1250 1164 p--preliminary 1. 2. 3. 4. 5. 6. pe--preliminary estimate Reserves and monetary ba~e figuri!IS incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requ1rements. (for more 1nformat1on, 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 borrowiryg 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 3J. The seasonally adjusted, break-adjusted monetary base consists of Ill 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. IAlso, see footnote 3 on Table 2 and footnote 4 on Table 3. l 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 cashs Reserves of depository institutions Reserve balances with F.R. Banks 4 total used to satisfY. requirea reserves 6 surplus 7 Date total 2 nonborrowed required Monetasy base 1988-FEB. MAR. 60047 60076 59650 58324 58914 59147 262598 263979 34211 36027 28165 25960 25836 24049 2329 1912 APR. MAY .JUNE 62064 60681 61991 59071 58103 58908 61205 59641 61103 268127 268899 272654 38429 36509 37907 25208 25882 25730 23636 24172 24084 1573 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 63468 60693 61806 59206 62323 59540 281312 277656 36475 32834 28376 29776 26993 27859 1383 1917 1989-.JAN. FEB. p Net carryover of reserv1 balances Two weeks ending 62757 61230 61786 279985 36514 27414 26243 1171 143 FEB. 8 22 61578 60293 60308 58817 60035 59278 277505 277716 32260 32455 31488 29739 29318 27838 2170 1901 82 229 MAR. 8p 22pe 60446 60111 58647 58525 59494 59305 277718 279884 34486 34753 27581 26738 25961 25358 1621 1380 48 78 1989-.JAN. 25 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 total reserves plus required 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 appliea to sat1sfy current reserve requirements. After the introduction ~f CRR, cu~rency and vault ca~h figures are measured over computati~ periods ending on Mondays. . Excludes requ1red clear1ng balances and adJustments to compensate for float and 1ncludes other off-balance sheet "as-of" adJustments. Oates refer to the maintenance periods in Which the vault cash can be used to satisfy reserve re~uirements. Under contemporaneous reserve reguirements, maintenance periods end 30 days after the lagged co~tation periods in which the oalances are held. All vault cash held during the lagged computation period by "bound' institutions li.e., those whose required reserves exceed their vault cashl plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (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 (+)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 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 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 59556 60615 58070 61132 58403 278089 274509 NOV. DEC. 1989-JAN. FEB. p Two weeKs ending 1989-JAN. 25 2. 3. 4. 60023 60579 276817 59059 57709 58785 58170 274229 274566 57592 57391 58440 58171 274749 276521 FEB. 8 22 60328 59186 MAR. 8p 22pe 59392 58977 p--preliminary 1. 61550 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 5). To adjust required reserves for discontinuities due to regulatory cha~es 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.l Break-adjusted monetary base equals (1) 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 Money and Reserves Projections Section, Division of Monetary Affairs, Board http://fraser.stlouisfed.org/ of Governors of The Federal Reserve System, Hashington, D.C. 20551 Federal Reserve Bank of St. Louis
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