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FEDERAL RESERVE statistica I release H.3 1502) 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 MAY 24, 1990 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 nonborroWed 3 nonborrowed plus exte~ed credit required e~~~~s Moneta£y base total seasonal extended credit4 1989-APR. MAY JUNE 59374 58831 58597 57084 57111 57107 58791 58308 58024 58575 57796 57692 799 1035 905 278198 278526 279020 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 279957 280756 281806 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 282786 283222 284946 555 349 265 330 134 84 21 21 20 1990-JAN. FEB. MAR. 59896 60215 60297 59456 58768 58173 59482 59302 60123 58880 59227 59436 1016 989 861 287509 289714 291820 440 1448 2124 47 51 78 26 535 1950 APR. 60285 58657 60060 59381 903 293551 1628 122 1403 60262 58083 60078 59524 737 291320 2179 75 1995 Two weeks ending 1990-MAR. 21 APR. 4 18 60341 60297 58184 58415 60149 60091 59262 59631 1078 665 292975 293158 2157 1882 96 100 1965 1676 MAY 2 16p 60252 59666 59097 58690 59995 59363 59130 58696 1122 969 294200 293593 1155 976 158 221 899 673 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 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 3). 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 all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" an~ for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, breakadjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. IAlso 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 reguirements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash5 Reserves of depository institutions nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 61310 58916 59587 59021 57196 58097 60511 57881 58681 281377 280448 283087 35854 33204 33852 27613 28111 28088 25456 25712 25735 2158 2398 2352 AUG. 60254 59559 60126 59560 58884 59433 59288 58674 59188 285209 284063 283615 33902 32823 33556 28807 29364 29091 26351 26735 26570 2455 2629 2521 OCT. NOV. DEC. 60397 60989 62810 59842 60640 62544 59378 60044 61888 284328 287189 292554 33123 33941 35436 29910 29549 29812 27275 27048 27374 2636 2502 2439 1990-JAN. FEB. MAR. 62931 60623 60658 62491 59175 58535 61914 59634 59797 292131 290025 292377 34090 30929 33407 31301 32489 29581 28841 29693 27251 2461 2795 2330 APR. 62521 60894 61618 296882 35416 29281 27106 2175 60734 58556 59997 292780 33730 total 2 Date 1989-APR. MAY JUNE JULY SEP. total used to satisfy requireCI reserves 6 surplus 7 Net carryover of reservft balances Two weeks ending 29259 27004 2255 37 APR. 4 18 60711 63341 58555 61459 59633 62675 293046 298604 33433 36421 29585 28931 27278 26920 2307 2011 39 128 MAY 2 16p 62169 60649 61014 59674 61047 59680 296153 297290 34903 33921 29588 28862 27266 26729 2323 2133 47 274 1990-MAR. 21 p--preliminary 1. z. 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 re~irements. The monetary base, not break-adjusted and not seasonally adjusted, consists of I l l total reserves plus 12) required cleari~ balances and adjustments to compensate for float at Federal Reserve Banks plus 131 the currency component of the money stock plus 141, for all quarterly repc;~rters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeCis their required reserves, the difference between current vault cash and the amount applied 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 reguired reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions I i.e., those whose vault cash exceeds their re~ired reserves) to satisfy current reserve requirements. Total vault cash held by depository institutions minus the amount applied to satisfy reserve requirements. Consists of carryover onl¥ 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 l Table 3 AGGREGATE RESERVES OF DEPO~ITORY Adjusted for changes in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars INSTITUTIONS AND THE MONETARY BASE Reserves of depository institutions Date total 2 nonborrowed required 3 Monetary base 4 1989-APR. HAY JUNE 60081 57786 58485 57791 56066 56995 59282 56750 57580 278038 277464 280070 JULY SEP. AUG. 59044 58399 59025 58350 57725 58332 58078 57515 58087 282009 281026 280655 OCT. NOV. DEC. 59272 59869 61669 58717 59520 61404 58252 58924 60747 281344 284114 289447 1990-JAN. FEB. HAR. 61579 59199 59234 61139 57751 57110 60563 58210 58373 288671 286502 288864 APR. 61056 59428 60153 293364 Two weeks ending 1990-HAR. 21 59322 57143 58584 289399 APR. 4 18 59240 61893 57083 60011 58161 61227 289411 295235 HAY 2 16p 60686 59207 59531 58231 59564 58237 292499 293841 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 (Table 3, column 3l plus excess reserves NSA !Table 1, column 5). To adjust required reserves for discontinuities due to regulatory charyges 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 I but not reservable nondeposit liabilities. l The break-adjusted monetary base equals Ill break-adjusted total reserves plus 12l the (unadjusted) currency component of the money stock plus 13), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. Note: Historical data are available from the Honey and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Hashington, D.C. 20551
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