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.· . - FEDERAL RESERVE statistical release ·- 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 regyirements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars MARCH 29, 1990 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed plus ext~ded credit required exceis NSA Monetaty base total 58896 58168 59946 59502 59229 59023 1154 9S7 277561 278472 1487 1813 97 139 1050 1334 59351 58826 58597 ·57062 57106 57107 58769 58304 58024 58575 57796 57692 776 1031 905 278398 278712 279210 2289 1720 1490 213 345 431 1707 1197 917 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 41 22 OCT. NOV. DEC. 59640 59646 60033 59085 59297 59767 59106 59318 59787 58620 58701 59110 1020 945 922 282944 283381 285105 555 349 265 330' 134 84 21 21 20 1990-JAN. FEB. 59896 60221 59456 58773 59482 59308 58880 59229 1016 992 287705 289958 440 1448 47 51 26 535 59682 59382 59409 58840 841 287717 300 41 27 21 7 60092 60233 59227 58753 59260 58886 58872 59265 1220 968 289298 289554 865. 1480 44 50 33 133 7 2lp 60326 60313 58359 58135 60200 60130 59513 59546 812 767 291426 291587 1967 217'9 60 75 1841 1995 Date total 2 1989-FEB. MAR. 60383 59980 APR. MAY JUNE nonborrowed3 seasonal extended credit4 Two weeks ending 1990-JAN. 24 FEB. MAR. 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. l 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. l 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 borrowing at the discount window under the terms and conditions established for the extended credit program to help depo~itory insti~u~ions deal with sus~ained liquid~ty pressures. Becaus~ ther• is not the same.ne~d h? rll!Pay such borrowing promptly as there 1s w1th trad1t1onal short-term adJustment cred1t, the money market 1mpact of extended cred1t 1s s1m1lar to that of nonborrowed reserves. Excess reserves NSA e~als unadjusted total reserves !Table 2, column ll less unadjusted required reserves !Table 2, column 3). The seasonal!~ adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 12) the seasonally adjusted currency c~ent of the money stock plus 13J, 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. l H.3 1502 l Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve regyirements Averages of daily figures, not seasonally adjusted Hillions of dollars Vault cashs Reserves of depository institutions Reserve balances with F.R. Banks 4 total used to satisfy requirea reserves 6 surplus 7 Net carryover of reservw balances Date total 2 nonborrowed required Monetasy base JL989-FEB. MAR. 60693 60212 59206 58400 59539 59255 277700 279003 32834 34623 29787 27071 27859 25589 1928 1482 APR. MAY 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 1990-JAN. FEB. 62931 60628 62491 59180 61914 59636 292327 290269 34090 30935 30354 31641 28841 29694 1513 1947 62468 62168 61627 291514 34423 29338 28045 1294 190 21 7 60955 60553 60090 59073 59735 59585 289042 290580 29799 30597 33327 31932 31156 29956 2171 1976 70 116 7 21p 60452 60785 58486 58606 59640 60018 290873 293046 32745 33788 29372 28411 27707 26997 1665 1414 69 45 Two weeks ending 1990-JAN. 24 FEB. MAR. 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 pase, 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 c~sate 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 conteMPQraneous·re5er.ve! requirements, maintenance periods end 30 days after the lagged c~tation ~riods in which the balances are held. All vault cash held during the lagged c~tation period by "bound institutions t i.e., those whose required reserves exceed their vauL cash) plus the amount of vault cash 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 c:ash held by depository institutions minus the amount applied to satisfy reserve requirements. Consists of c:arryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+)or deficit (-) 1·eserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. I H.3 15021 Ta!>le 3 A~GREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for cha~s in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 nonborrowed required3 Monetary base 4 1989-FEB. 59388 58969 57901 57156 58~34 MAR. 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. NOV. DEC. 59272 59869 61669 58717 59520 61404 58252 58924 60747 281502 284272 289606 1990-JAN. FEB. 61579 59205 61139 57757 60563 58212 288866 286746 61120 60820 60278 288055 Two weeks ending 1990-JAN. 24 FEB. 7 21 59456 59146 58591 57666 58235 58177 285432 287141 MAR. 7 2lp 59071 59373 57104 57195 58258 58606 287271 289666 p--preliminary 1. 2. 3. 4. 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 31 plus excess reserves NSA !Table 1, column 51. To adjust required reserves for discontinuities due to regulatory cha~s in reserve requirements, a multiplicative procedure is used to estimate what reguired reserves would have been in past periods had current reserve requirements been in effect. Break-adJusted r~ired reserves includes required reserves against transactions deposits and nonpersonal time and sav1ngs deposits lbut not reservable nondeposit liabilit1es.l Break-adjusted monetary base ~ls Ill break-adjusted total reserves plus 121 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 of Governors of The Federal Reserve System, Nashington, D.C. 20551