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FEDERAL RESERVE statistical release H.3t!ICIII T8111e1 II.U AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 19, 1988 Acljueted for changee In , _ Nqulremente' of deity 110-. - l t y edtueted un.... noted ot11e1w1ee Mtntone of doll.,. A--oee Dele 1987 total APL 11.\( JUIB JULI lUa.. SEP!. ocr. IOJ. DB C. 1988-JAL PBS. IIAL Al'L il " - - - of depoeltory lnetltutlone required nonborrowed nonborrowed plus extended credit" 57,954 58,352 57,706 57,602 57,876 57,825 58,1196 57,987 57,436 56,961 57,J17 56,930 56,929 57,229 56,885 57,553 57,362 56,658 57,2JI 57,6011 57,20J 57,1211 57,360 57,294 58,003 57,756 57,142 57,127 57,273 56,516 56,8111 56,8114 57,032 57,368 57,0611 56,1107 58,316 58,1139 58,627 59,1160 57,2311 58,0113 56,875 56,466 57,606 58,2118 58,3511 59,090 57,021 57,306 57,&99 58,603 BOnOWtnge of.depotttory •netltuttone ••cNSA• 827 1,079 1,190 761 1,032 !Ill total from the Fec!aral .......... NSA -eonal extendad~t" 1,129 923 1,029 2116,526 248,2311 248,1181 249,511 250,997 252,25:l 254,5611 256,0.l5 256,6811 993 1,0J5 776 672 6117 9110 9113 625 117 t<Hi 93 1,295 1,133 929 856 260,21111 261,259 262.11011 265,072 1,082 396 1, 752 2,993 59 75 119 372 205 1,478 2,6211 193 r110 IBBKS BID.tiiG ----1988-Al'll. MoMtarybaa1° ' 120 196 259 28J 279 231 189 "' 270 288 27J 194 132 409 11119 394 1183 6 20 59,009 59,112 56,192 55,553 58,686 58,831 58,092 58,1186 917 686 264,098 264,11118 2,817 J,619 • 122 1211 2,4911 3,,na 60,1.l3 59,1122 57,909 57,2117 59,696 59,0115 59,075 58,1162 1,058 961 266,531 266,007 2,2211 .l,175 191 2111 1, 787 1,798 l' 18 u P---PBBLift.tiiABf PB--PBBLil.tl&lf ISTIK&rB 1/ BESIBJBS liD !OIBrlRI B&SB P.tGU8BS IJCOBP08&TB lDJUSrft&lrS POl DISCOJriiUITIBS lSSOC.tlrBD liTH T8& IIIPLBIIBITATIOI OF TBB BOIBTl81 COJriOL lCT liD OTBBI BBGULlTOBf CUIIGBS TO RBSBBJB IBQUIBB!BITS. TO ADJUST FOB DISCOIT.tiUIT.tBS DUB TO CBIIGBS II BBSBBJB BBQU.tBBIIBITS 01 IBSBBVIBLB JOIDBPOS.tT LilB.tLIT.tBS, TBB SUB OF SUCH RBQU.tRBD BBSEBJBS lRE SUBTRlCTBD PBOII TBB ACTUAL SBBIBS. S.t!.tLlBLf, II lDJUSTIIG FOR D.tSCOIT.tiDIT.tBS II TBB IIOIBTIB% BlSB, IBQD.tBBD CLElBIIG BlLliCBS liD lDJDST!BI~S.TO COBPBISlTB FOB PLOlT l~ lBB SUBTBICTBD PRO! rHB lCTUlL SBBIBS. 21 TOTlL BESBBJBS JOT lDJDSTBD POl DISCOITIJD.tTlBS COJS.tsrs OP BBSBIJB BALlJCBS l.trB PBDBBlL BBSBBJB BlllS (IBICB BlCLDDB BBQDIBBD CLBlBIIG BlLliCBS liD lDJUSTBBITS TO COIIPBISATB POl FLOAT~ PLUS flOLT CASB USBD TO SlriSPI B&SBBYB IEODIIB!EITS. SUCH flULT ClSB COISISTS OF lLL flULT ClSH BBLD DORING TBB LlGGBD CO!POTlT.tOI PBBIOD Bf .tJST~TUT~OIS HAflHG RBQUiiED RBSEBJB BlLliCBS lT PBDBBlL RBSBBYB BAlKS PLUS THE lftOUIT OF flULT ClSH BOUAL TO BEQUIBID RBS!BJES DUBIIG THB BAINTEIAICB PER.tOD AT .tiSTITDTlOIS BAYIIG 10 BBUUIBBD BBSEBYB BALliCBS. 3/ EXTBIDED CBBD.tT CONSISTS OP BOBBO~IIG AT TUB DlSCOUIT RIIDOI UJDBB THE TIBBS liD COIDITIOIS BSTlBLISHBD FOB TBB ElTEIDBD CBBDIT l'BOGBlB TO HBLP DEPOSITOBI IISTITUTIOIS DBAL liTH SDSTliiBD LIQOIDITI 'PBISSUBBS. BBCIUSB THBBB .IS lOT THB SA!& IB!D TO BBl'lf SUCH BOBBOIIIG PBOBPTLI AS THBBB IS liTH TllD~TlOHAL SHOBT-TBBB lDJUST!&JT,CREDIT, TUB BOIBI llBIBT lBPICT OP BlTBHDBD CBED.tT IS SIBILAB TO TBlT OF IOHBORBOIBD BESBBYES. 4/ BBSBBYB BlLliCBS VITJI PEDBBlL BBSEBJB BliKS PLUS VAULT ClSH USED TO SUISl'f BBSBBfB IBQDIRHEITS J:85S' IBQUiaBD RISBBJBS. 5/ TBB !OIBTllf BlSB lOr lDJUSTBD FOB D.tSCOITliOITIBS COJSISTS OP TOTAL BESBBYES PLUS IBQDIIED CLBABIIG BlLliCBS liD lDJOSTBBITS TO CO!l'BISATB POR FLOAT IT FEDERAL BBSEBJB BAlKS PLUS THB CUBBBICI COftPOHEIT OP TBB ftOIEf STOCK PLUS, 1'08 INSTITUTIONS NOT HAYIIG BEQU.tBBD RESEBVB BlLliCES, THB EICESS OF CUBBEHT YlULT CASH OYER THE lftODIT APPL1BD TO SlT~SPI CUBBBHT BBSERYE BEQUIREIIEITS. Al'TBB THB .tiTBODUCTIOH OF CCB, COBBBICI liD YAULT CASH FIGUBES ARE BBASOHED OYBR TUB BOHDlf-EIDIIG COBPUTATIOI PBBIOD. THE SBlSOHlLLY lDJUSTED ftOIETlBI BASE COISISTS OF SEASONALLY ADJUSTEU TOTAL BESEHYB (WHICH IICLUDBS BXCBSS BESEBYBS 01 A HOT SEASOilLLY ADJUSTED HASIS) PLUS THE SElSOilLLf ADJUSTED CURRENCY COBPOIEIT OF THE BOlEY STOCK PLUS THE BEftliiiNG ITE!S SEASOilLLI ADJUSTED AS A WHOLE. IOTB: HISTOB.tCAL DATA ARE AYliLABLE FROB THE BOIEl AND RESERVES PBOJECTIOIS SECTIOI, DIVISION OP BONBTABI AFFAIRS, BOARD OF GOVERIOBS OF THE PBDEBlL BBSEBYE SISTEK, iASHINGTOI, D.C. 20551 H.3 (!502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements Averages of daiiy figures, not seasonatiy adjusted Millions of dollars Monetary base~ Date total 1987--lPL I'll! JtiiE JULI ltiG. SEPT. OCT. lOt'. DEC. 1988-.JlL PEB.. l'llL APL p nonborrowed required 59,393 58,339 58,784 58,838 58,361 59,813 61,106 61,205 62,123 58,•oo 51,303 58,008 58,166 57,714 58,873 60,163 60,580 61,346 58,566 57,260 57,594 58,078 57,329 59,020 59,917 60,282 61,094 249,241 2.9,9.0 252,539 254,1>71 254,360 255,69 t 258,076 261,674 266,161 37,807 36,466 36,309 36,110 35,616 36,685 37,249 37,453 37,673 23,348 23,681 24,31>9 24,613 24,&44 24,854 25,587 25,431 26,155 21,587 21,873 2..!,475 :J..l, 728 2..!,745 23,128 23,857 23,152 :1.4,449 1,762 1,808 1,893 1,885 1,899 1, 726 1, 730 1,679 •• 706 62,640 60,047 CI0,076 62,063 61,558 59,650 58,32. 59,070 61,345 58,914 59,147 61,207 265,789 :1.62, 598 263,979 2C.8,127 37,485 34,211 36,027 38,428 26,919 28,119 25,926 25,200 25,155 25,836 24,049 23,635 1,764 2,283 1,877 1,565 60,613 62,831 57,796 59,213 59,696 C.2,145 265,415 269,647 37,003 39,123 25,336 25,205 23,610 23,709 1, 726 1,497 86 44 61,858 60,923 59,6n 58,748 60,800 59,962 267,626 269,901 38,310 36,783 25,112 25,7..!6 ..!3,548 24,t•o 1,561t 1,586 23 230 TIIO IIEEI[S EIIDIIIG --------Hli- -APL I'll! 6 20 • p 18 PI P---PRBLII'IIUR! PB--PBELXKXIAB! BSTII'IATE. 1/ REPLBCTS ACTUAL BBSBRt'B BBQtiiBEI'IBITS, IMCLtiDIIG THOSE 01 IOIDBPOSIT LIABILITIES, liTH MO laJOSTI'I&MTS TO BLII'IIIATB THX BPPBCTS OP DISCOITINUITIES ASSOCIATED liTH IBPLEBEITATION or THE I'IOMBTAR! CONTROL ACT OR OTHER BBGULATORI CHANGES TO BBSBBYE REQUXBBI'IEMTS. 2/ COISISTS OP TOTAL RESERVES PLUS REQUIRED CLBARIIG BlLAICBS liD lDJUSTI'IEITS TO COBPEMSATB FOB FLOAT AT PIDIRlL RBSERt'l BAlKS PLUS TIE CURREICI C01'1POIEIT or THE BOIEI STOCK LESS THE AftOUIT OF fAULT CASH HOLDINGS Of THBirT INSTITUTIOIS THlT IS IICLUDED IN THE CURBEI'IC! COBPOIEir or THE ROME! STOCK PLUS, FOB IISTITUTIOMS JOT HlYIIG BBUUIBBD RESERVE BALliCES, THE BICESS or CUBBEIT VAULT CASH OVER THE lBOUIT APPLIED TO SATISFI CUiREIT RESERVE BEQUIRBKEITS. lPT&i THE IITBODUCTIOI or CRB, CUBBEIC! AND fAULT CASH riGUBES lRE ftEASUBED OVER THB ftOMDAI-EIDIIG COftPUTATIOI PBiiOD. 3/ BICLUDES REQUIRED CLBABIIG BALANCES AND ADJUSTHEITS TO COI'IPEIISlTB FOB FLOAT. 4/ DATES REFER TO THE BAIITEllliCE PERIODS II WHICH THB fAULT CASH CAM BE USBD TO SATISFY BESEBJE BEQUIBEftEITS. UIDEi CONTEBPOBliEOUS BESERJB REQUIREREITS, ftAIITEMAHCE PERIODS END 30 DAIS APTER THE LAGGED C01'1PUT1TIOI PERIODS II ¥HICH TBE BALAICES ABE HELD. 51 EQOAL TO ALL fAULT CASH HELD DOBIIIG TBB LAGGED COftPUTATIOM PERIOD BI IISTITUTIOMS HAYIIG ~BQUIBED RESERVE BALANCES lT rBDXBlL RESERVE BAlKS PLUS THE lftOOMT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE 1'1AIITEH1NCB PERIOD AT IHSTITUTIONS HlVIIG 10 BEUUIBED RBSEBVE BALAMCBS. 6/ TOTAL VAULT CASH lT IISTITUTIOHS HAVING NO iE~UliED RESEBYE BALAICBS LESS THE AftOUIT OF fAULT CASH EQUAL TO THEIR BEUUIBED RESERVES DURING THE 1'11INTEHAMCE PERIOD. 1/ CO~SISTS or CAaB!OVER OHLJ AT qEPOSI.ORI INSTITUTIONS ftAINTAlNIHG RESERVES ON THE BASIS OY TMO-WEEK I'IAINTEHAMCE PERIODS. REPLEt:TS EICES::: (•) tllll DEFICIT (-) RESEkV!lS El.lGlllLE TO BE CAB81ED I'ORIIARD INTO THE TWo-llt:EK RESE"VE ft&INTENANCE PhkiOD ENDING OK THE DATE SHOWN. H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for cttanges in reserve requirements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Date total 1967-APB. 58,372 51,299 Reserves of depository institutions non borrowed 51,319 Monetary base required 57,5464 56,2.l1 56,435 56,983 56,358 56,703 56,909 5.7,170 57,936 24o,ooc; 24o,832 57,625 57,743 57,390 57,496 5d,OJ7 58,093 58,965 5&,2o4 56,849 57,071 56,743 5o,556 57,094 57,468 58,188 60,170 57,646 57,811 59,882 59,089 57,250 56,059 56.888 58,875 56,513 56,882 259,932 59.025 2o4,151 58,446 60,680 55,629 57,061 51,529 20 59,994 261,549 265,588 4 p 18 PB 59,625 58,699 57,401 56,524 Ill! JOJB JOLt AUG. SEPT. ocr. HOY. DBC. 1988--JAB. P.EB. llAB. lPB. p ~-~.2d6 251,4246 251,4-lU 251,603 25.j,281 25&,821 261,214 261,202 258,19.j TWO iiBEKS EIDIJIG --------1988-APB. 6 llU 58,567 51,139 263.701 265,934 P---PREL.Il!lllRY PE--PBELil!IIlBY ESTil!lTB. 1/ F.IGUBES REFLECT ADJUSTl!EITS FOB DISCOITIHUITIES ASSOCIATED WITH THE IllPLEilBJITATIOI OP THE llOIETARI COIITROL ACT AID OTHER BEGULATOBI CHAIGBS TO RESERVE BEQUIREl!EITS.
@FedFRASER