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FEDERAL RESERVE statistical release **•! ** For R e le a s e a t 4 :3 0 p.m . E a s t e r n Time H .3 (5 0 2 ) T a b le 1 A G G R E G A T E RESERVES OF DEPO SITO RY IN STITU TIO N S AND TH E M O N E TA R Y BASE MARCH A d ju s t e d f o r changes in r e s e r v e re q u ire m e n ts 1 A v e ra g e s o f d a i l y f i g u r e s , s e a s o n a lly a d ju s t e d u n le s s noted o th e rw is e M illio n s o f d o lla r s to t a l2 D ate nonborrow ed3 e x c e ss NSA5 re q u ir e d M os::sy season al to tal e x te n d e d c r e d i t * 1990-FEB. MAR. 60215 60297 58768 58173 59302 60123 59227 59436 989 861 289583 291620 1448 2124 51 78 535 1950 APR. MAY JUNE 60275 59783 59732 58647 58448 58850 60051 59324 59196 59379 58820 58958 897 962 774 293503 294628 296467 1628 1335 881 122 244 311 1403 875 346 JULY AUG. SEP. 59322 59746 60082 58565 58819 59457 58845 58947 59464 58460 58879 59173 862 868 909 298012 301079 304465 757 927 624 389 430 418 280 127 6 OCT. NOV. DEC. 59609 59763 60526 59199 59532 60200 59217 59557 60223 58763 58816 58861 847 947 1665 306381 307756 309729 410 230 326 335 162 76 18 24 23 60838 61265 60304 61013 60331 61047 58670 59461 2168 1804 314469 318090 534 252 33 37 27 34 9 23 62751 59204 62456 58320 62477 58348 59158 58267 3592 937 313185 313284 295 884 41 28 22 28 6 20p 61546 61489 61356 61310 61385 61337 58825 59725 2721 1764 317986 318359 191 179 35 37 30 27 60662 60236 60286 59475 1187 317696 426 41 50 1991-JAN. FEB. pe 1991 B o rro w in g s o f d e p o s it o r y i n s t i t u t i o n s from the F e d e r a l R e s e r v e , NSA R eserv es o f d e p o s it o ry i n s t it u t i o n s nonborrowed p lu s extended c re d it4 7, Two weeks e n d in g 1991-JAN. FEB. MAR. 6pe p e — p r e lim in a r y e s tim a te p — p r e lim in a r y 1. 2 . 3. 4. 5. 6. R ese rv e s and m onetary b a s e f i g u r e s in c o rp o r a te adjustm ents f o r d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w it h r e g u la t o r y ch an ges in r e s e r v e re q u ire m e n ts. (F o r more in fo rm a t io n , se e T a b le 3 . J . . . . S e a s o n a lly a d ju s t e d , b r e a k -a d ju s t e d t o t a l re s e r v e s e q u a l s e a s o n a lly a d ju s t e d , b r e a k -a d ju s t e d r e q u ir e d r e s e r v e s p lu s u n a d ju s t e d e x c e s s r e s e r v e s . ( A l s o , s e e fo o t n o t e 2 on T a b le 2 and fo o tn o te 2 on T a b le 3 . ) . . . . . . . * . , . . • S e a s o n a lly a d ju s t e d , b r e a k -a d ju s t e d nonborrowed re s e rv e s e q u a l s e a s o n a lly a d ju s t e d , b r e a k -a d ju s t e d t o t a l r e s e r v e s l e s s u n a d ju s t e d t o t a l b o rro w in g s o f d e p o s it o r y i n s t i t u t i o n s from t h e F e d e r a l R eserve. .. . . . ... . Extended c r e d i t c o n s is t s o f b o rro w in g a t the d is c o u n t window un der th e terms and c o n d it io n s e s t a b li s h e d f o r th e ex ten d ed c r e d i t pro gram t o h e lp d e p o s it o r y i n s t i t u t i o n s d e a l w ith s u s ta in e d l i q u i d i t y p r e s s u r e s . Because th e re i s not th e same need to re p ay such b o rr o w in g p ro m p tly a s t h e r e i s w it h t r a d i t i o n a l s h o rt -te rm adjustm ent c r e d i t , th e money market impact o f exten d ed c r e d i t i s s i m i l a r to th a t o f n o n bo rro w ed re se rv e s. E xcess r e s e r v e s NSA e q u a ls u n a d ju s te d t o t a l re s e rv e s (T a b le 2, column 1 ) l e s s u n ad ju sted r e q u ir e d r e s e r v e s (T a b le 2 , column 3 ) . The s e a s o n a l ly a d ju s t e d , b r e a k -a d ju s t e d monetary base c o n s is t s o f ( 1 ) s e a s o n a lly a d ju s t e d , b r e a k - a d ju s t e d t o t a l r e s e r v e s p lu s (2 ) th e « « ■ ■ ana fo o t n o t e 4 on t a b l e 3. ) b # II ______ ___ _ 1__ _■* _ 1 ____ # ^ ___ _ 1 1 __ ___ ___ I__ __ i . . __ __________ L ______ ___ XL. _ ^ a ^ X ■ ----- Aa . T ab l e 2 A G G R E G A T E RESERVES OF DEP O SITO R Y IN STITU TIO N S AND THE M O N E TA R Y BASE N o t a d j u s t e d f o r ch a n g e s i n r e s e r v e r e q u ir e m e n t s 1 A v e ra g e s o f d a i l y f i g u r e s , n o t s e a s o n a lly a d ju s t e d M illio n s o f d o lla r s R e s e rv e s o f d e p o s it o r y t o t a l2 D a te n o n b o rro w e d V a u lt ca sh 5 in s t itu t io n s re q u j re d M o n e ta ry base3 R e se rv e b a la n c e s w ith F . R . Banks4 to ta l u se d to s a tis fy re q u ire d re s e rv e s 6 s u r p lu s 7 Net c a rry o v e r o f re s e rv e b a la n c e s 8 1 9 9 0 -F E B . MAR. 60623 60658 59175 58535 59634 59797 290025 292377 30929 33407 32501 29587 29693 27251 2808 2336 APR. MAY JUNE 62512 60232 61197 60884 58897 60315 61615 59269 60423 296872 297034 300985 35409 32771 33878 29284 29814 29636 27103 27461 27318 2181 2354 2318 JU L Y AUG. SEP. 60943 60728 61452 60185 59801 60828 60081 59860 60544 303387 304995 307211 32946 32448 33303 30459 30842 30625 27996 28280 28149 2462 2562 2476 O C T. NOV. DEC. 61052 62045 59120 60642 61815 58795 60206 61099 57456 308854 312689 313700 32127 33382 30237 31515 31086 31777 28925 28663 28884 2590 2423 2893 pe 50992 48546 50458 48294 48824 46742 309300 307913 22023 19837 33220 33477 28969 28710 4250 476 8 9 23 55074 49415 54779 48531 51481 48478 312697 308373 26198 21193 32783 32050 28876 28222 3908 3828 248 412 6 20p 49160 48708 48970 48529 46439 46944 307100 309098 18776 20067 35759 33341 30384 28641 53 7 5 4700 -1 6 395 47803 473 77 46615 306447 20229 32005 27574 4431 136 T 9 9 1 -J A N . FEB. Tw o weeks e n d in g 1 9 9 1 -J A N . FEB. MAR. 6pe p --p r e lim in a r y 1. 2. 3. 4. 5. 6. 7. 8. p e - - p r e l i m i n a r y e s t im a t e R e f l e c t s a c t u a l r e q u i r e d r e s e r v e s , w i t h no a d ju s tm e n ts t o e l i m i n a t e th e e f f e c t s o f d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w i t h r e g u l a t o r y c h a n g e s i n r e s e r v e r e q u ir e m e n t s . R e s e rv e b a la n c e s w i t h F e d e r a l R e s e rv e Banks p lu s v a u l t c a s h used to s a t i s f y r e s e r v e r e q u ir e m e n t s . T h e m o n e ta ry b a s e , n o t b r e a k -a d i u s t e d and n o t s e a s o n a lly a d j u s t e d , c o n s is t s o f ( 1 ) t o t a l r e s e r v e s p lu s ( 2 ) r e q u i r e d c l e a r i n g b a la n c e s a nd a d ju s t m e n t s t o co m p e n sa te f o r f l o a t a t F e d e r a l R e s e rv e Banks p lu s ( 3 ) th e c u r r e n c y com ponent o f th e money s t o c k p lu s ( 4 ) , f o r a l l q u a r t e r l y re p < p rte rs o n th e " R e p o r t o f T r a n s a c t i o n A c c o u n t s , O t h e r D e p o s its and V a u l t C a sh " and f o r a l l th o s e w e e k ly r e p o r t e r s w hose v a u l t c a s h e x c e e d s t h e i r r e q u i r e d r e s e r v e s , th e d i f f e r e n c e b e tw ee n c u r r e n t v a u l t ca sh and th e amount a p p l ie d t o s a t i s f y c u r r e n t r e s e r v e r e q u i r e m e n t s . A f t e r th e i n t r o d u c t i o n <pf CRR, c u r r e n c y and v a u l t c a s h f i g u r e s a r e m easured o v e r c o m p u ta tio n p e r io d s e n d in g on M ondays. E x c lu d e s r e q u i r e d c l e a r i n g b a la n c e s and a d ju s tm e n ts to com pen sate f o r f l o a t and in c lu d e s o t h e r o f f - b a l a n c e s h e e t " a s - o f " a d j u s t m e n t s . D a te s r e f e r t o th e m a in te n a n c e p e r io d s i n w h ic h th e v a u l t c a s h can be u sed to s a t i s f y r e s e r v e r e q u ir e m e n t s . U n d e r c o n te m p o ra n e o u s r e s e r v e r e q u i r e m e n t s , m a in te n a n c e p e r io d s end 30 d a y s a f t e r th e la g g e d c o m p u ta tio n p e r io d s in w h ic h th e b a la n c e s a r e h e ld . A l l v a u l t c a s h h e ld d u r i n g th e la g g e d c o m p u t a t i 9 n p e r io d b y "b o u n d " i n s t i t u t i o n s ( i . e . , th o s e whcpse r e q u i r e d r e s e r v e s e x c e e d t h e i r v a u l t c a s h ) p l u s th e am ount o f v a u l t c a s h a p p l ie d d u r in g th e m a in te n a n c e p e r io d b y "n o nb ound" i n s t i t u t i o n s ( i . e . , th o s e whose v a u l t c a s h e x c e e d s t h e i r r e q u ire d re s e rv e s ) to s a t i s f y c u r r e n t re s e rv e re q u ire m e n ts . T o t a l v a u l t c a s h h e ld b y d e p o s it o r y in s t i t u t i< ? n s m inus th e am ount a p p l ie d to s a t i s f y r e s e r v e r e q u i r e m e n t s . C o n s is t s o f c a r r y o v e r o n l y a t d e p o s it o r y i n s t i t u t i o n s m a in t a in in g re s e r v e s on th e b a s is o f tw<p-week m a in te n a n c e p e r i o d s . R e f l e c t s e x c e s s ( + ) o r d e f i c i t ( - ) r e s e r v e s e l i g i b l e to be c a r r i e d f o rw a rd i n t o th e tw o -w e e k re s e r v e m a in te n a n c e p e r i o d e n d in g on th e d a te show n. H.3 (502) Table 3 fe?uS£E^ AJ l £ sE?„E5y.?v* ? X ,? ^ ? IT0R Y in s t it u t i o n s a n d t h e m o n e t a r y b a s e £Y®*Ta9 e s o f d a i l y f i g u r e s , n o t s e a s o n a ll y a d ju s t e d M illio n s o f d o lla r s R e s e rv e s o f d e p o s i t o r y i n s t i t u t i o n s D a te t o ta l2 n o n b o rro w e d re q u ire d 3 M o n e ta ry b a s e 4 1 9 9 0 -F E B . MAR. 59199 59234 57751 57110 58210 58373 286502 288864 APR . MAY JU N E 61047 58742 59610 59419 57408 58729 60150 57780 58836 293354 293520 297372 JU L Y AUG. SEP. 59471 59212 59813 58713 58285 59189 58609 58345 58905 299897 301462 303563 O C T. NOV. DEC. 59245 60024 62183 58834 59794 61857 58398 59078 60518 305001 308711 314030 pe 62501 60223 61967 59971 60333 58418 315 5 69 314650 9 23 66368 60930 66073 60046 62775 59993 319503 314 2 84 6 60901 60450 60710 60271 58179 58686 313392 3 16 0 3 7 59316 58891 5812 9 313166 1 9 9 1 -J A N . FEB. Tw o w eeks e n d in g 1 9 9 1 -J A N . FEB. 2 Op MAR. 6p e p e — p r e l i m i n a r y e s t im a t e r e q u ir e m e n t s ? 0 * a d i u s tm c n *s f o r d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w i t h rS S e rV e S B q U a l b r e » k - a d j u . t e d re q u ir e m e n t s be e n m e ffe c t. r e g u l a t o r y ch a n g e s i n re s e rv e r e q u i r e d r e s e r v e s ( T a b l e 3 , c o lu m n 3 ) p lu s e x c e s s r e s e r v e s NSA B r e a k -a d lu s t e d r e a u i r e d r e s e r v e s inr^ln rioe ~ __ : ___± ±________ j irs , B o a rd
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