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FEDERAL RESERVE statistica I release H.3 15021 Table 1 For Release at 4:30p.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 3, 1990 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed plus exte~ed credit required e~~~~s Monetary base 6 total seasonal extended credit 4 57084 57111 57107 58791 58308 58024 58575 57796 57692 799 1035 905 278198 278526 279020 2289 1720 1490 213 345 431 1707 1197 917 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 60305 58678 60081 59396 909 293566 1628 122 1403 7 21 60303 60262 58337 58083 60178 60078 59506 59524 797 737 291167 291320 1967 2179 60 75 1841 1995 4 18p 60341 60300 58184 58418 60149 60094 59.262 59635 1078 665 292976 293161 2157 1882 96 100 1965 1676 60300 59145 60043 59162 1138 294236 1155 158 899 Date total 2 1989-APR. MAY JUNE 59374 58831 58597 JULY AUG. SEP. APR. pe nonborrowed 3 Two weeks ending 1990-MAR. APR. MAY 2pe p--preliminary 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 2. 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 3. 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 4. 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 ll less unadju~ted required reserves !Table 2, column 3J. 5. The seasonallv adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 121 the 6. seasonally adJusted currency component of the money stock plus (3), 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 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 1. H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve re~irements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash 5 Reserves of depository institutions total used to satisfy requirea reserves 6 surplus 7 Date total 2 nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 1989-APR. MAY JUNE 61310 58916 59587 59021 57196 58097 60511 57881 58681 281377 280448 283087 35854 33204 33852 27613 28111 28088 25456 25712 25735 2158 2398 2352 JULY AUG. SEP. 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 62543 60915 61634 296905 35447 29270 27096 2174 7 21 60430 60734 58463 58556 59633 59997 290614 292780 32724 33730 30220 29259 27706 27004 2514 2255 69 37 4 l8p 60711 63344 58555 61462 59633 62679 293046 298606 33433 36425 29585 28931 27278 26920 2307 2011 39 128 62219 61064 61081 296207 34978 29561 27241 2320 44 APR. pe Net carryover of reserv1 balances Two weeks ending 1990-MAR. APR. MAY 2pe 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 11) total reserves plus 12) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus 13) the currency component of the money stock plus 14), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeas their re~ired 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 li.e., those whose required reserves exceed their vault cash) 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 (-) reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 15021 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. MAY .JUNE 60081 57786 58485 57791 56066 56995 59282 56750 57580 278038 277464 280070 .JULY AUG. SEP. 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. MAR. 61579 59199 59234 61139 57751 57110 60563 58210 58373 288671 286502 288864 61077 59449 60168 293380 7 21 59048 59322 57082 57143 58251 58584 287012 289399 4 18p 59240 61896 57083 60014 58161 61231 289411 295238 60734 59579 59597 292536 APR. pe Two weeks ending 1990-MAR. APR. MAY 2pe 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 31 plus excess reserves NSA !Table 1, column 51. 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 I but not reservable nondeposit liabilit1es. I The break-adjusted monetary base equals I l l break-adjusted total reserves plus 12J the !unadjusted) currency component of the money stock plus (3), 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 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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