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FEDERAL RESERVE statistical release H.3 (502) il'8111e1 IIU AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 41!Hueted for clllftOM In - .......,_... looiir~~q~~eof~ ........ ......_ ........... notedCIINiwt.. • .._of . . . . ....... Dele san. ocr. IIOY. O.IC. 1988--UL J'&B. IIlii. ll'l. n 5t..~6t IICIIIbonowed plua utandad credit' Ill I 6 20 p .. Pti t..lO utenclacl credit" l70 288 260,21tll 261,25!11 262,11UII ""5,.l70 ' 1,0841 .bb 1,75 ... .o!,lllll 59 75 119 140 ~.024 58,0!12 58,486 911 684 2611,0!18 261l.44ll .~.an J,ou 122 124 J,.o!l.B 58,980 1,l1S 267,122 .t.224 191 1,7U7 56,875 5o ••as 59,U09 59,169 5o,192 5S,S50 Sti,o8o Sti,H28 o0,195 57,1171 Sll, 757 1,079 1,190 761 I, 03.o! 793 1,1..!9 923 1,029 TIIO IIKJ!J(S BID ZIG -------19U8-lPJi. _,.. 1,295 1,133 929 908 57,021 57,.JU6 57,699 58,571 57,4!34 sa,ou totel NSA• 821 lonowlftge of depoeiiOly lnetltutlona fnlm the l'edaral ReMfve, NSA llll.l t,OJ!i S7.,oOo 58,248 58,354 59,109 57,317 56,930 56,929 57,.t29 56,tt85 57,553 57,362 5f>,658 Monetary . . . 246,54!0 21t8,2J4 248, IIIII 2119,511 250,9!17 252,252 254,564 256,0,.t!i 256,684 S7,tll 57,273 56,516 511,841 56,844 57,032 57,3o8 57,0011 56,110.7 58,J1b 58,4.39 58,o27 59,479 -- ........ ...__ of depoelt_ory lnetltutlone IIOI!IIorlawed 57,.t.::l1 :»7,604 57,20.1 57,1l4 S7,J6U 57,2!14 58,003 57,750 57,144! 57,1154 58,J52 57,706 57,f>02 57,870 57,825 58,49f> 57,987 57,436 1987-API. II& I JUI.B JULI lUG. . 716 f>U C.lt7 91tU 943 62b 712 1!16 259 28.J 279 2J1 1811 12o u ~7J 194 U:.l 4U9 449 3911 48.J .37Z :.10.5 1,1178 "· 119'6 . P---Pi&LllllllBI P8--PBB~IIlllBI &STllllTB 1/ BBSBRYBS liD IIOIBTlil BlSB PIGUBBS IICOBPOilTB lDJUSTIIBITS POB DISCOIITIIIDITIBS ASSOCilTID IITII TUB I&P~IIBITASIOII QJ' ~B ftOIIBTlBI COIITBOL lCT liiD OTHBB i~GULlTOBI CHliGMS ro RBS&IYB BBUUIBBII&ITS. TO ADJUST J'OII DISCOITIIIUI~I&S DUB TO CHAIIGBS II B&S&RYB iBQUIB&IIEIITS ON BBSKBYlBLB IOIDBPOSlT LilBILITlBS• TRB SOli OP SUCH BIQUII&D RBSBBVKS ABE SUBTIIACTBD PROII Tfl! ACTUAL SKilES. SIIIILAaLI • I I Au.JUSTIIIG .1"08 DISCOITliUlUES 111 TJIB IIOIIBTllt IllS I, BBQUli&D CL&lBIIIG B.U.UCJI:S .UD Au.JUSTIIEII:l'S 2:0 COIIPBIISATB POl PLOlT ALSO lB& SUBTilCTBP .1"8011 TIIB ACTUAL S&RIBS. 2/ TOTAL BBSBRY&S IIOT lDJUSTBD POB DISCONTIIIOITI!~ COIIS1S1'S O.P IISBIYI 8lLliCIS W~TR .PBDBRlL RBS~IY~ BliiKS (BRICJI IICLUDB IEuU11BD CLBARIIG BlLAICES liD lDJUSTftEIITS TO COftPBIISATB POl PLOlTJ PLUS YlULT CASH USED TO SATISJ'I RBSBiYB RBUUIB!ft!IISS. SUCH VAULT CASH COIISISTS 0£ ALL VAULT ~lSH HB~D OUBIIG IUE LAGGED COIIPUTA!!ON PBIIOD DJ INSTITUTIONS HAYIIIG REUUIHED BBSEBVB UALAIC&s lf J'BDBIAL RBSBBVB BAIIKS PLUS THB liiOUIIT 0.1" VAULT CASH BUUlL TO IBUUIBBD RISBBYBS DURING TIIB lllliiTBWANCB PERIOD l~ INSTITUTIOIIS BlYIIIG IBQUIBEO R&SEBVB BALAN~£~ • .3/ &lTEIDEO CREDIT COISISTS OP BOBIOVIIG AT TRB DlSCOUIIT WIIDOII UIDBB TRB 1'&1115 AIID COIDITIONS ESTABLISHED POi THB 111'BMDB8 CREDIT PIOGilll TO IIBLP DBPOSlTOBI IIISTITOTIOIIS DEAL WITH SUSTllNBD LIUUIDITI PIBSSUI&S. DECAUSB T~KB lS IIOT TUB Slftl HIED TO REPll SUCH BOIROIIIIIG PIOftPTLI AS THIRB IS liTH TBlDITIOIIlL SROIT-T&IB lDJUSfa&IT CBBDIT, THE ftOIEf ftliKET IftPlCT OP BITBNDBD CREDIT IS SiftlLlB TO THAT OF NOIIBORBOWED IES&BVB~. II/ BES&RVE BlLAIICBS WITH .PBDKRAL i&SEBVE BlBKS PLUS VAULT ClSH USED TO SlTISft 8BSBRYB REQUIM&ftBMTS LESS 8EuUI8BD RBSBif.ES. 5/ TK~ ftONETlBI BASI NOT ADJUSTED POB DI5CONTIIIUITIES COIISISTS OF TOflL RESERVES PLUS IBQUIMBU C~ElMII~ tllLliiCES lND ADJUSTAEIITS TO COftP&NSlTE fOB FLOAT AT FEDERAL M!SIBVB BANKS PLUS THI CUBBBICf COftPOIIEIIT OF THE 80N8f STOCK ~LUS, POl IISTITUTIONS IIOT HlVIIG MBUUIBED RESERVE BlLlMCES, THE EXCESS Ol COiiEIIT VAULT CASH OYER ~£ lftOUIT lPPLIID TO SlTISJ'X CUIIBEIT RESEBVB BBUUIBEftEITS. APTER TR& IMTRODUCTION Uf CCi• CUNNEICI liD VAULT ClSH f~GUBES ARB ftElSUKBD OV~ THE ftOIIDli-BIIDIMG COftPUTlTIOI PBR~OD. THE SEA50NALLI ADJUSTED ftONETAHY ~AS& COIISISTS OF S&ASUIALLr ADJUST~D TOTAL iBSBKVE (~HICK IMCLUD~S EXCESS HBSIBYBS 011 l NOT SEASOMALLY ADJUSTED oASIS, ~LU~ TIIB SBASOIIALLI lDJUSTBD CURREICI COftPONBIIT Ob THE ftON!I STOC~ PLUS THB BEftliNIIIG ITEftS SElSURALLI ADJUSTED AS A WHOLE. NOTE: HISTORICAL DATA ARE lVllLAHLE fBOft THE ftONEt AND R~SHRVES PiOJECTIOIIS SECTIOII, DIVISIOII OF ftONETAMY AFFllHS, BOARD Of GOYt.liiNOilS Uf THE FEilBBAL lt.t:SER¥1:: !HSl't:ft, USHIIIGl'ON, ll.C • .l0551 •o H.3 (!502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE No.t adjusted for. changes in reserve requirements Averages of daiiy figures, seasonaliy adjusted Millions of dollars · noi Monetary base~ Date total 1987--APa. !!AI JURE JULY AUG. SEPT. ocr. ROY. DEC. 1988--JU. FEB. ua. APR. PE nonborrowed required total 59,393 !»8,339 58,784 58,8.J8 58,.361 59,81.3 61,106 61,205 62,123 58,400 57,J03 58,008 58,166 57,714 58,873 60,163 60,580 61,J46 58,566 57,:.!60 57,594 58,078 57,329 59,0:.!0 59,971 60,282 61,094 249,:.!41 :.!49,940 252,539 2511,671 :l54,3b0 l.55,691 258,076 261,674 266,161 37,1107 Jt.,4b6 36,309 36, 110 .35,1116 Jb,b85 62,640 60,047 60,076 62,084 61,558 59,650 58,324 59,091 61,3115 58,914 59,1147 61,177 60,613 62,828 57,796 59,209 61,926 59,702 required reserves• surplu!l . :.!1,51:17 .21 ,87 J. 22,1175 37,453 37,673 23,341:1 23,61:11 24,Jb9 24,613 24,61111 24,854 25,51:17 25,4J1 26,155 265,789 262,598 26.J,979 268,334 37,485 34,211 36,027 38,448 26,919 28,119 25,926 25,200 25,155 25,8Jb 24,049 2J,6.J6 59,696 62,144 265,415 .269,649 37,003 39,126 25,336 25,205 23,b10 23,102 1, 726 1,504 86 44 60,711 268,241t 38,365. 25,11l. 2J,5b 1 1,551 26 31,249 l../.,1./.1:1 • .145 :.!.3,128 23,857 4J,752 24,1149 .~.~ 1, 762 1,808 1,89J 1,885 1,a99 1,726 1, 730 1,679 1,706 1,7b4 2,:.!83 1.877 1,564 riO IIEE&S BJDIRG --------1988-API. IIAl 6 20 p 4 P.B P---.PR EL Illl.l ABI ~E--PRELIII~BARI I/ l/ )/ 4/ )/ )/ 1/ EST~IIATE. REFLECTS ACTUAL RESERVE REQUIREIIERTS, IBCLUDIWG THOSE OB JORDEPOSIT LIAB~IT~ES, VITB RO ADJUSTIIEI2S %0 ELiftiiATE XHA EFFECTS OF DISCOJTIJUITIES ASSOCIATED KITH IIIPLEftBRTATIOH or THE KOJETlRI CONTROL ACT OR OTHER RE~ULATORI CHANGES TO RESERVE REQUIREMENTS. COBSISTS OF TOTAL 8ES£RYES PLUS REQUIRED CLEARING BALANCES liD lDJUSTKERTS TO COIIPERSATB FOR ILOAT AT IEDEBlL RESBBYB BARKS PLUS THE CURREIIICI COKPOREIIT 01' THE IIOIIEI STOCK LESS THE AIIOUIT OF VAULT CASH HOLDIJGS OF THBU'11 INSUTUUONS THAT IS ~NCLUDED II THE CURHENCY COIIPOIEJT OF THE SOlEI STOCK PLUS, FOR lRSf~TOTIORS NOT HAYIBG REQUIRED R&SERYE BALANCES, THB EXCESS OP CURRENT VAULT CASH OYER THE AftOUNT APPLIED TO SATISrl CURRENT RESERVE REQUIREftENTS. AIT&R TBE llllfRODUCTIOI or CRR, CURRENCY ARD VAULT CASH FIGURES ARE IIEASURED OYER THE KOJDAI-ERDIJG COftPUTATIOR PERIOD. EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTftENTS TO COKPEBSATE 'OR FLOAT. DATES REFER TO THE IIAIRTERANCE PERIODS IN WHICH THE VAULT CASH CAl BE USED TO SATISFY RESERVE RBQUIBEIIEITS. UJDEB COJTEftPORAREOUS RESERVE REUUIREIIENTS, ftAINTENANCE PERIODS ERD 30 DAIS AFTER THE LAGGED COMPUTATION PERIODS IN WHICH THE BALAICES ARE HELD. EUUAL TO ALL VAULT CASH HELD DURING THE LAGGEO COIIPUTATIOJ PERIOD Bl INSTITUTIONS HAYING REQUIRED RESEBYE BALANCES AT FEDERAL RESERVE BANKS PLUS THE AftOURT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE ftAIRTBIANCE PERIOD AT INSTITUTIONS HAYING NO REQUIRED RESERVE BALANCES. TOTAL VAULT CASH AT INSTITUTIONS HAVING NO RE~UlRED RESERVE BALANCES LESS THE AftOURT OF VAULT CASH EQUAL TO THEIR REUUIRED RESERVES DURIBG THE IIAINXENANCE PERIOD. CONSISTS OF CARRYOVER OBLY AT DEPOSITORY INSTITUTIONS ftAIMTAINIMG BESEHYES ON THE BASIS OP rwo-WKEK ftAIRTEJANCE PEIUODS. REFLECTS EXC.E!>S (•) OR DEFICIT (-) ltE:;t;RVES ELIGIBLE TO BE CARRIED .FORIIARD IN'fO TilE TWO-WEEK itESERVE ftAINTENANCE PER!OD ENDING ON Tij£ DATE SHOWN. H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes In reserve requirements' Averages of dally figures, not seasonally adjusted Millions of dollars Date total Reserves of depository institutions nonborrowed Monetary base required 1987-lPB. lUI JUIE JULI lUG. SEPT. OCT. lOY. DEC. 58.,312 51,299 57.,625 57,741 57,390 57.,49& 58.,037 58,09J 58.,965 51.,319 !)6,2&4 56.84!1 57,071 56.,743 511,5511 57,0!14 !)7,4&8 58,188 57" 544 511.,221 ~&.us .249,.286 56,983 56,358 56,703 56,909 57,11Q 57,936 251,1124 1988-JlB. I'EB. 60,110 57,646 57,811 59,901 59,089 57,250 5C»,059 56,907 58,875 56,51J 5o,88..l 58,993 .261.202 256, 1!U 259,9J2 264,.l49 58,446 60,676 55,629 57,058 51,529 59,992 261,549 ..l6S,589 59,688 57,464 58,413 .264,29.l. 818. AP&. P.B rwo 24C».066 ~ .. 6.~32 251,420 .l!i1,60.l 25.j,l81 256,~21 261,:H4 IIIBEKS EID~IG -----------1988-lPB. 6 20 p au 1---PBELlllll.lBI !E--PBELlftliABI I/ 4 PE ~STlftlTE. l'lGUBE~ ~EFLECT ADJUS~ftEMlS liD OTHER REGULATOBI CHlMG~S I'OK DISCOHTIBUITIES ASSOCIATED ilTH THE ~ftP~EftEITlTIOB OP THE SOIETAMI COITMOL ACT TO BESEBVE aEUUIBEIEITS.
@FedFRASER