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FEDERAL RESERVE statistical release H.31!1011 For A11MM at 4:30 EMiem Time TU!et 1111 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjuated for cllangea In ~ta' A - . - of <MIIy , . _ , --a~y edlueMd MUIIoM of .,..... Data un.... no1ec1 otllerwl• tote!" ~of depoaltOty lnatltutlona ~ nonootrowed plua requ!Nd extended credit' 1987--ua. IU.I JUliE JU.LI .lUG. SEPT. O!;T. IIOV. 2o, 19811 DB!;. 57,954 !)8,.:152 57,70o 57,110.2 57,87o 57,625 51!,49o 57,987 !)7,1136 1988--J.lL FEB. ll.lL .lPL 5tt,9&1 57,.J17 5o,930 so,929 5o,t11!5 57,553 57,362 5o,o58 57,2.J1 !>7,604 57,20.:1 57,1211 57,3oO 57,.2911 !>6,00J 57, 75o 57,111.2 57,127 57,273 so,516 so,a11 1 5o,8114 57,032 57,Joa 57,064 5o,407 58,.J111 58,1139 58,o27 59,'6112 57, ..U4 511,043 !)o,875 56,4o9 :.1,110o 51:1,248 58,354 59,0113 6 20 59,009 59,112 56,192 55,553 II 60,1111 59,389 57,917 57,211J S1,:U9 lotr-Jng• of dapoaltOty lnatltutlona ··~ NSA' 827 1,079 1, 190 7o1 1,03.2 Monetary liMe' total 99J 1,0.J!) 77o 672 6117 1,129 923 1,029 246,52o 248,234 .248,481 249,511 250,997 252,252 254, Soli 256,025 256,6611 57,021 57,J06 57,ti99 56,o03 1,295 1,133 9.29 859 260,211'6 261,259 .262,40'6 265,0,711 1,01:12 58,686 58,831 '58,092 58,486 917 686 59,70.1 59,012 59,073 58,476 1,068 914 193 _.. from the Federal Reaerve, NSA extended credit" 9110 94J o25 717 1.20 19o 259 283 279 231 189 12o 93 270 288 213 194 132 409 449 394 1163 1,75.2 2,1111J 59 75 119 1116 1,478 <!,o211 2611,098 261J,U8 2,817 3,619 122 1216 .1,271 266,538 265,564 2,221t 191 241 1,787 1,798 39b 312 ~5 TIO IBBitS BID:liG --1988-.lPL lUI 18 p 2,115 3.1191l P---PI&LIB:lllll P&--PIBLIBII&II BsriB&tB 1/ IBSBBfBS .liD BOIBrlll B.lSB FIGUBBS IICOBPOB&rB .lDJUStiBitS POl D:lSCOIT:liU:lTIBS .lSSOC:l.ltBD 11:1!8 TBB :liPLBBBIT.lr:lOI or laB BOIIBT.\BI COIITBOL .lCT .liD orHBB IBGUL.lTOBI CH.liGBS TO IBSBIJB IBQUIIBBBITS. TO .lD~USt POB DISCOitiiUITIBS DUB tO CB.li&BS II BBSBBYB BBQUIIBIBITS Oil BBSBBfABLI IOIDBPOSIT .Ll&BILITIBS, ~BB SUI OP SUCH BBQUIBBD RBSBBJBS .liB SUB,I&CTBD PIOB SBB .lCtU.lL SBBIBS. SIBIL.lBLJ, II ~USTIJG POl DISCOITIJUlTIBS 11 THB BOIBT.lBI B&SB• BBQUXIBI CLBARIIG B.l.L.lJCBS .liD ~US~BBI~ ZO COBPBJS.ltB POR PLOAT .l.LSO ARB SOBTB.lCTBD PBOB THB .lCTU.lL SBBIBS. 2/ TOTAL BESBifBS lOT &DJUSTBD FOB DISCOITIIUITIBS COIS:lSTS OP BBSBifB a&L.liCBS lztl PBDBI.l~ BBSBifB B.li&S (IBXCI &IC.LUD& BBQUIB&D CLBAIIIG BALAJCBS .liD .lDJOSTBBIITS TO COAPBIS.lTB POl PLO&T) PLUS fAULT C&SH USBD tO S~:lSPI BBSBifB RBQUIBBBBJTS. SUCH Y.lOLT CASH COISISTS or .l.LL fAULT CASH HBLD DUBIIIG THB .LAGGED COBPUT&T~OI PBRIOD BI IIST~rUT~OIS HAV~IG 8-UU~BBD BBSBBJB B&L.liCBS &T PBDBB.lL RESERVE 8&1115 PLUS THE .lftOUIT OP VAULT CASH BQU.lL TO BBQUIBBD BBSBBVBS DUBIIG THB alliTBI.lNCE PERIOD .lT IISTir07IOIS B.lfiNG NO REQUIRED &BSEBVB B.lL.lRCES. l/ BlTBIDBD CBEDIT COISISTS OP BORROWING AT THE DISCOUIT IIIDOI UIDBR TBB TBBBS .liD COBDITIOIS BST.lB~XSHBD POl TIB BXTBJDB8 CBBDIT PBOGB.lB TO HELP DBPOSITOBI IIISTITUTIOIIS DEAL WITH SUSTAIBBD LIQUIDITI PBBSSUBBS. BBC.lUSB TBBBB IS JOT tHB S.lftB IBBD TO RBP.lt SUCH BOBIOIIIG PIOBPTLI AS THBBB IS WITH TBADITIONA.L SBOIT-TBBB .lDJOSTBBIT CREDIT, THB BOIBI B.lBKBT IBP.lCT or BlTBIDBD CBBDlT IS SIBILAI TO THAT OP IOIBOBBOIBD RESEBVBS. 4/ IBSBBJB B&L.liCBS WITH rBDBB.lL RBSBRVB BAlKS P.LUS fAULT CASH USBD TO S&TISPI RBSBBfB BBQUIIBBBJTS .LBSS BBQU:lBBD BBS'BRfBS. 5/ THB BONBT&Bt B.lSB lor ADJUSTED FOB DISCOITIIUlTIBS COIISISTS OF Tor&L BBSBRVBS PLUS IBQUIBBD C.LB.l&IIG ~.l.L.liCBS .liD .lDJUSTBBITS TO COBPBISATB POB PLOAT AT PEDBB.lL BBSBBfB BAlKS PLUS THE CUIBBICJ COIIPOIBNT OF THB BOIIBI STOCK PLUS, roa IISTITUTIOIS BOT BAfliG RBQUIBBD BESBRJB B.lL.liCES, THE BXCESS OP CUBREIT J.lULT CASH OYER THE .lBOUNT APP.LIBD TO S.lTISPI CUBBBNT BBSBRVB BBQUIBEBBITS. AFTBR THE IITBODUCTIOB OF CCB, CUBRENCt .liD f.lU.LT CASH PIGUBES &BE BB.lSURBD OVBB tHE BOID.lt-BIDIIG COBPUT.lTIOI PERIOD. THE SE.lSON.lLLt ADJUSTED BOIET.lBI B.lSB CONSISTS OF SBASOIALLI ADJUSTED TOTAL IBSEBVE (WHICH IICLDDBS EXCESS BESEBVES 01 .l lOT SEASOilL.LI ADJUSTED BASIS) PLUS THE S&&SONALLI ADJUSTED CUBRBICt COBPONEIT OF THE BOIEI STOCK PLUS THE BEB.llRIMG ITEBS SE.lSOM.lLLl ADJUSTED .lS .l IHO.L&. ROT&: HISTORICAL D.lT.l ABE AVAILABLE FROB THE BOREl .liD WESBRVBS PIOJECTIOIS SBCTIOI, DIVISIOI OF BON&T&BI .lPPAIBS, BO.lBD OP GOfEBIOBS OP THE FEDERAL BESBBVE SISTEK, WASHINGTOR, D.C. 20551 H.3 1ro21 . Table 2 AQGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE No.t'adjusted for!. changes in re~r-~_e_!eq_uiref!l_~n_!~·. Averages of daily figures, not seasonally adjusted Millions of dollars · MonetatY base~ Date total nonborrowed required 1987--APL lUI JUIE JULY lUG. SEPT. OCT. NOV. DEC. 59,393 58,339 58,784 58,838 58,361 59,813 61,106 II 1,205 62,12.J 58,400 57,303 58,008 58,106 57,714 58,873 60,163 110,580 61,346 58,56o 57,:.loo 57,594 58,078 57,329 59,0<10 59,977 60,282 o1,094 249,241 249,940 25.2,539 254,o71 254,360 1988--JAI. FEB. ItA B. APR. 62,640 110,047 60,07& 62,065 61,558 59,1150 58,3211 59,072 6 20 60,613 62,831 4 18 p 61,865 60,879 2511,076 261,o711 266,161 37,807 36,466 3.6,309 36,110 35,&16 311,685 .H,..i!49 31,453 37,o73 23,348 .23,6111 24,3o9 24,61J 24,644 24,854 25,587 25,1131 26,155 21,587 21,873 :.1..!,475 ..!2, 7:.111 ..!..!,745 2.J,1:.!11 :.!3,851 23,152 ..!4,449 1, 762 1,8011 1,893 1,885 1,899 1, 7..!6 1,730 1,679 1, 706 61,.J45 58,914 59,147 111,206 265,789 .262, 598 21113,979 268,129 37,485 34,211 36,027 38,430 26,919 28,119 25,92111 25,200 25,155 25,1UIII ..!4,049 2.J,63111 •• 7611 2,283 1,877 1,5&4 57,796 59,213 59,696 11:.1,145 265,41S 269,6117 31,003 39,12.3 25,33o 2.5,205 23,610 2.3,709 1,726 1,1197 59,641 58,704 60,798 59,91111 2117,632 269,425 38,316 36,757 25,112 25,72& .2.J,549 :.!4,12l 1,.563 1,604 25~.o91 IIBEKS BND.ING ~110 -------1988--APL Ill I P---PBELIII.IIABI PE--PBELIIIIIABI BSr.IIIArE. 1/ REELECTS ACrUAL BBSBBYE 8BUU.IBEIIEITS 0 IICLUDIIG ~BOSE 01 IOIDBPOSIT L.IABZL.ITXBS, IIITB 10 AIIJUSTIIBISS TO BLIB.IIATE THE Eri'BCTS 01' D.ISCOITIIUITIES ASSOCIATED WITH IIIPLBIIEITAT.IOI 01' THB IIOIBTABI COITBOL ACT 08 OTHER B~GULlTOil CHANGES TO BBSBRYE REUUIBBIIBITS. 2/ CONSISTS OF TOTAL RESERYES PLUS BBQUIRBD CLEABIIG BlLAICES AID ADJUSTIIEITS TO COIIPBISATE 1'08 FLOAT AT I'BDERAL BESBBYB BAN&S PLUS THE CURREICI COBPOIEIT OF THE IIOIBI STOC& LESS THE liiOUIT 01' VAULT CASH BOLDIJGS 01' TKB.II'~ .IISTITUT.IOBS TSAT IS .IBCLUDED .IB THE CUBREICI COIIPOIEIT OF THE IIOIEI STOCK PLUS, FOR IISTITUTIOIS JOT BAYING REUUIBED RASEBVB BALABCBS, ZBB BICESS OF CUBREIT VAULT CASH OYBB THE AIIOUIT APP~BD TO SAT.ISI'f CUB&BNT BBSEBYB RBQUIRE!BJTS. AI'T&a THB IITRODUCTiOJ OF CBS, CUBREICI AND VAULT CASH FIGURES ABE IIEASURKD OYBB THE IIOIDA%-EJDING COIIPUTAT.IOI PEBIOD. 31 BICLUDBS REQUIRED CLBABUG BALANCES AID ADJUS'fiiEHTS TO COIIPEISATE YOR I'LOAT. II/ DATES REYER TO THE IIAIBTENANCE P~B.IODS IN WHIC8 THE VAULT CAS8 CAl BE USED TO SATISFY i&SEBYE iaUUIBEIIEIZS. UIDBB CONTEIIPORANEOUS RBSBBYB BEQUIREIIEITS, llliNTEIAJCE PERIODS EHD .JO DAIS APTER THE LAGGED COIIPUTATION P&KIODS IN WHICH THE BALANCES ARE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DURIIG THE LAGGED COIIPUTATIOI PERIOD BY .IISTITUT.IOIS HAYIIG RBUUIBED RBSEBVE BALAICBS AT I'EDERAL RESERVE BANKS PLUS THE liiOUNT OF VAULT CASH EUUlL TO REUUIRED BESERYES DUSING THE IIAIBTENAICE PERIOD AT INSTITUTIOIS HAYIIG NO REQUIRED RESEBVE BALAIC~S. 6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REUUI~ED RESERYE BALAICES LESS THE liiOUNT OF VAULT CASH EUDAL TO THEIR REQU.IBED BBSEBVES DURIIG THE IIAINTENANCE PERIOD. 11 CONSISTS OF CARBIOVER OBLI AT llEPOSI70RI INSTITUTIONS IIAIITAINING BESERVBS ON THE BAS.IS OP TWO-WEEK IIAINTBNANCB PERIODS. REI'LE\TS EXCESS (•) OR DEfiCIT (-) ReSERVES ELIGIULE TO BE CARRIED PORWARD INTO THE TWo-WE~ RESERVE IIAINTENUICE Pt:tdOO ENOlNG OH 1'HE DATE SHOWN. 86 44 23 ~3.5 H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes In reserve requirements 1 Averages of dally figures, not seasonally adjusted Millions of dollars Date total 1987-UB. Reserves of depository Institutions nonborrowed 58,372 57,299 57,625 57,743 57,390 57,496 58,037 58,093 58.965 5o.B49 57.071 56,743 5o.55o 57.094 Monetary base required 57.379 57.5~4 .cl~t6,0oo 56,26~ 58.188 56,221 56,435 ita.983 56,358 56,703 SG., 909 57.110 S7.936 21t6,832 449.286 251,~2 .. 251,1620 2.:.1.o03 253.281 ..t50.821 2o1,2h oo,no 57,646 57,811 59,884 59,089 57.250 5o.o59 56,891 58,875 56,513 56.882 59.Q25 2o1,202 ..t!)8,19J 25!11.932 ..to~t, 1!).J 58,446 60,680 55,629 57.061 ~7,529 2o1,5~9 20 59.994 2o5,588 4 18 p 59,633 58,666 57,409 56,491 58,565 51,152 26-l, 101 26!A.Il91 IllY JUliE JUJ.I lUG. SEP~. OCT. JOY. DEC. 1988-JU. l"BB. au. lPB. 57.~&68. ri!O IIBBKS BID.IIG ---1988-lPJl. 0 IllY P--· .Pii.:J. Ill .I Ill 8Y ESTidlTE. 'IGUBES BBPLECT lDJOSTIIEITS I"OR •o OTHEB BBGULlTOBI CBliGES TO PE-~BELIIIIIIlBI 1/ DISCOITIIUIT.I~S ASSOCIATED BES~BVE BEQUIBEIIEITS. M.ITH XHE IftPLEIIEITlXZOI OP TH~ IIOI~TlMI COMTBOL lCT