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FEDERAL RESERVE statistical release H.3 15021 Table 1 For Release 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 nonborrowed plus exte~ded credit required 59177 58009 59382 59487 60374 60365 60637 57380 57787 57555 JULY AUG. SEP. 61238 61090 60995 OCT. NOV. DEC. 1989-JAN. FEB. MARCH 30, 1989 exce~s Monetary base 6 total seasonal extended credit 4 58440 58832 1133 929 262068 263301 396 1752 75 119 205 1478 60004 59894 60108 59515 59325 59750 859 1040 888 265606 266816 268267 2993 2578 3083 146 246 311 2624 2107 2554 57798 57849 58156 60336 60502 60215 60231 60137 60024 1007 953 972 270503 271144 272467 3440 3241 2839 376 423 421 2538 2653 2059 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 59000 59929 60050 59401 59332 1145 1154 276739 277757 1662 1487 76 97 1046 1050 60342 58815 59843 59371 972 277070 1527 61 1028 Date total 2 1988-FEB. MAR. 59573 59760 APR. MAY JUNE nonborrowed3 NSA 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. 8 22p 60705 59779 58905 58193 60155 59357 59745 59018 960 761 278467 278587 1800 1586 116 136 1250 1164 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. I 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. I 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 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 11 less unadjusted required reserves !Table 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 121 the seasonally adJusted currency component of the money stock plus 131, 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.) H.3 (5021 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 Millions of dollars Vault cashs Reserves of depository institutions base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy requireCI reserves 6 surplus 7 Net carryover of reservw balances Date total 2 nonborrowed required 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 1989-JAN. FEB. 63468 60693 61806 59206 62323 59538 281312 277655 36475 32834 28376 29776 26993 27859 1383 1917 62757 61230 61786 279985 36514 27414 26243 1171 143 Two weeks ending 1989-JAN. 25 FEB. 8 22 61578 60293 60308 58817 60035 59278 277505 277716 32260 32455 31488 29739 29318 27838 2170 1901 82 229 MAR. 8 22p 60445 60059 58646 58473 59485 59299 277714 279403 34485 34725 27581 26738 25961 25335 1621 1403 48 81 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 clearing 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 required 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 computation periods in which the balances are held. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash J 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 (-J reserves elig1ble to be carried forward ~nto the two-week reserve maintenance period ending on the date shown. H.3 1502l 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 Date total 2 nonborrowed required 3 Monetary base 4 1988-FEB. MAR. 58663 58851 58267 57099 57530 57922 259010 260772 APR. MAY 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. NOV. DEC. 60541 61155 62427 58241 58294 60711 59479 60035 61387 272442 275482 279891 1989-JAN. FEB. 62277 59556 60615 58069 61132 58402 278089 274508 Two weeks ending 1989-JAN. 25 61550 60023 60579 276817 FEB. 8 22 60328 59186 59059 57709 58785 58170 274229 274566 MAR. 8 22p 59390 58925 57591 57339 58430 58164 274744 276093 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 ITable 3, column 3) plus excess reserves NSA ITable 1, column 5l. 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. l Break-adjusted monetary base equals Ill break-adjusted total reserves plus 12l 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, Hashington, D.C. 20551
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