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FEDERAL RESERVE statistical release H.3 (5 0 2 ) T a b le 1 For R e le a s e a t 4 :3 0 p.m . E a s te rn Time A G G R E G A T E RESERVES O F DEPOSITORY INSTITUTIONS AND THE M O N ETAR Y BASE A d ju s te d f o r changes m r e s e r v e re q u irem en ts1 A v era ges o f d a i l y f i g u r e s , s e a s o n a lly a d ju s te d u n le s s noted o th e rw is e M il l i o n s o f d o l l a r s NOVEMBER B orrow ings o f d e p o s it o r y i n s t i t u t i o n s from the F e d e ra l R eserv e* NSA R eserves o f d e p o s ito ry in s t it u t i o n s Date to t a l2 nonborrowed3 nonborrowed p lu s extended c re d it4 1 , 1990 re q u ir e d excess NSA® Monetary base6 to ta l se a s o n a l ex ten d ed c r e d i t 4 1989-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 1990-JAN. FEB. MAR. 59896 602X5 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. MAY JUNE 60275 59783 59732 58647 58448 58850 60051 59324 59196 59379 58820 58958 897 962 774 293540 294401 296276 1628 1335 881 122 244 311 1403 675 346 JULY AUG. SEP. 59322 59746 60082 58565 58819 59457 58845 58947 59464 58460 58879 59173 862 868 909 297860 301121 304780 757 927 624 389 430 418 280 127 OCT. pe 59640 59229 59248 58783 857 306674 411 335 18 21 20 6 Two weeks en d in g 1990-SEP. 5 19 59738 59987 59100 59282 59108 59286 58845 59240 893 746 303072 304090 638 705 430 410 8 OCT. 3 60359 59928 59197 59843 59527 58800 59852 59540 58825 59237 58907 58562 1122 1022 635 306435 305877 307522 516 401 398 424 345 307 9 13 26 U P 31pe p — p re lim in a r y 1. 2 . 3. 6. 5 p e— p re lim in a ry estim ate [ ^ £ £ • 3 ? . "T For'm or-B *inform atfon|nse e PT a b l* f o r d i s c o n t i n u o u s , o r " b r e a k s " , a s s o c i a t e w it h r e g u la t o r y cJ^nges in r e s e r v e re s e r v e s A1s o t^ s e e w t U t ^ r ^ T a b l e ^ l ^ ^ t ^ U ^ ^ ^ b l ^ s ' l 305^ ’ re s e r v e s p lu s u n a d ju ste d e x c . . . S e a s o n a lly a d ju s t e d , b r e a k -a d ju s t e d nonborrowed re s e rv e s e q u a l s e a s o n a lly a d ju s t e d , b r e a k -a d ju s t e d t o t a l r e s e r v e s l e s s u n a d ju s te d t o t a l b o rro w in g s o f d e p o s it o r y in s t it u t i o n s from the F e d e ra l R eserve. J tow * C w V A M a Ia # * 5. 6. « • AAMkA • A X a ^ . 1 ^ X XL _ J * _ ___ __ 1 * I ft Aft ft ■ •• • • a • •e A a . .. _. H.3 (502) Table 2 A G G R E G A TE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE N o t a d ju s t e d f o r ch a n g e s i n re s e r v e r e q u ir e m e n t s 1 A v e ra g e s o f d a i l y f i g u r e s , n o t s e a s o n a lly a d ju s te d M illio n s o f d o lla r s R e s e rv e s o f d e p o s it o r y to ta l2 D a te n o n bo rro w ed V a u lt c a s h 5 in s t it u t io n s r e q u ir e d M o n e ta ry base3 R eserve b a la n c e s w ith F . R . B anks 4 to ta l used to s a tis f y r e q u ir e d re s e rv e s 6 s u r p lu s 7 Net c a rry o v e r o f re s e rv e b a la n c e s 8 1 9 8 9 -O C T . 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 1 9 9 0 -JA N . F EB . 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. MAY JUNE 62512 60232 61197 60884 58897 60315 61615 59269 60423 296872 297034 300985 35409 32771 33878 29281 29812 29632 27103 27461 27318 2178 2351 2314 JU L Y AUG. S EP . 60943 60728 61452 60185 59801 60828 60081 59860 60544 303387 304995 307211 32946 32448 33303 30457 30843 30622 27996 28280 28149 2460 2563 2473 O C T. pe 61082 60672 60225 308982 32148 31524 28934 2590 5 19 60197 62292 59559 61587 59304 61546 304973 308712 32477 34316 30229 30291 27720 27976 2509 2315 69 37 3 17p 31pe 60954 62022 60170 60438 61621 59772 59832 61001 59534 306319 310477 308058 32389 32851 31394 31222 31673 31441 28565 29171 28776 2657 2502 2665 55 117 216 Tw o weeks e n d in g 1 9 9 0 -S E P . O C T. p — p r e lim in a r y 1. 2. 3. 4. 5. 6. 7. 8. p e — p r e lim i n a r y e s tim a te R e f le c t s a c t u a l r e q u i r e d r e s e r v e s , w i t h no a d ju s tm e n ts to e li m in a t e th e e f f e c t s o f d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w i t h r e g u l a t o r y ch a n g e s i n r e s e r v e re q u ir e m e n ts . R e s e rv e b a la n c e s w i t h F e d e r a l R e se rve Banks p lu s v a u l t ca sh used to s a t i s f y r e s e rv e r e q u ir e m e n t s . T h e m o n e ta ry b a s e , n o t b r e a k -a d iu s t e d and n o t s e a s o n a lly a d j u s t e d , c o n s is t s o f ( 1 ) t o t a l re s e r v e s p lu s ( 2 ) r e q u ir e d c l e a r i n g b a la n c e s and a d ju s tm e n ts t o com pensate f o r f l o a t a t F e d e ra l R e se rv e Banks p lu s ( 3 ) th e c u r r e n c y component o f th e money s to c k p lu s ( 4 ) , f o r a l l q u a r t e r l y re p < p rte rs o n th e " R e p o rt o f T r a n s a c t i o n A c c o u n ts , O th e r D e p o s its and V a u lt C ash " and f o r a l l th o s e w e e k ly r e p o r t e r s whose v a u l t c a s h e x ce e d s t h e i r r e q u i r e d r e s e r v e s , th e d i f f e r e n c e betw een c u r r e n t v a u l t cash and th e amount a p p lie d to s a t i s f y c u r r e n t r e s e r v e r e q u ir e m e n t s . A f t e r th e i n t r o d u c t i o n o f CRR, c u r r e n c y and v a u l t cash f i g u r e s a re m easured o v e r c o m p u ta tio n p e r io d s e n d in g on M ondays. E x c lu d e s r e q u i r e d c l e a r i n g b a la n c e s and a d ju s tm e n ts to com pensate f o r f l o a t and in c lu d e s o t h e r o f f -b a la n c e s h e e t " a s - o f " a d ju s t m e n t s . D a te s r e f e r t o th e m a in te n a n c e p e r io d s in w h ic h th e v a u l t cash can be used to s a t i s f y r e s e r v e re q u ir e m e n t s . U nde r co n te m p o ra n e o u s r e s e r v e r e q u ir e m e n t s , m a in te n a n c e p e r io d s end 30 days a f t e r th e la g g e d c o m p u ta tio n p e r io d s in w h ic h th e b a la n c e s a re h e ld . A l l v a u l t c a s h h e ld d u r in g th e la g q e d c o m p u ta tio n p e r io d by "b o u n d ” i n s t i t u t i o n s ( i . e . , th o s e whose r e q u ir e d re s e r v e s e x ce e d t h e i r v a u l t c a s h ) p lu s th e amount o f v a u l t 9 asn a p p lie d d u r in g th e m a in te n a n c e p e r io d by "nonbound" i n s t i t u t i o n s ( i . e . , th o s e whose v a u l t c a s h e x ce e d s t h e i r r e q u i r e d r e s e r v e s ) to s a t i s f y c u r r e n t r e s e r v e r e q u ir e m e n t s . T o t a l v a u l t c a s h h e ld b y d e p o s it o r y i n s t i t u t i o n s m inus th e amount a p p lie d to s a t i s f y re s e r v e r e q u ir e m e n t s . C o n s is t s o f c a r r y o v e r o n l y a t d e p o s it o r y i n s t i t u t i o n s m a in t a in in g re s e rv e s on th e b a s is o f tw<p-week m a in te n a n c e p e r io d s . R e f l e c t s e x c e s s ( ♦ ) o r d e f i c i t ( - ) r e s e r v e s e l i g i b l e to be c a r r i e d f o rw a rd i n t o th e tw o-w eek r e s e rv e m a in tenance p e r io d e n d in g on th e d a te shown. H.3 (502) Tab l e 3 A G G R E G A T E RESERVES OF DEPOSITORY INSTITUTIONS AND THE M O N ETA R Y BASE A d ju s t e d f o r ch a n g e s m r e s e r v e re q u ir e m e n ts 1 A v e ra g e s o f d a i l y f i g u r e s , n o t s e a s o n a lly a d ju s te d M illio n s o f d o lla rs R e se rve s o f d e p o s it o r y i n s t i t u t i o n s to ta l2 D a te non b o rro w e d re q u ire d 3 M o n e ta ry b a s e 4 1 9 8 9 -O C T . NOV. DEC. 59272 59869 61669 58717 59520 61404 58252 58924 60747 281344 284114 289447 1 9 9 0 -J A N . F EB . MAR. 61579 59199 59234 61139 57751 57110 60563 58210 58373 288671 286502 288864 APR. MAY JUNE 61047 58742 59610 59419 57408 58729 60150 57780 58836 293354 293520 297372 JU L Y AUG. SEP. 59471 59212 59813 58713 58285 59189 58609 58345 58905 299897 301462 303563 O C T . pe 59275 58864 58418 305130 5 19 58618 60656 57980 59951 57725 59910 301435 305105 3 17p 31pe 59284 60353 58194 58769 59952 57796 58162 59331 57558 302567 306726 304082 Two weeks e n d in g 1 9 9 0 -S E P . O C T. p — p r e lim in a r y 1. 2. 3. p e — p r e l i m i n a r y e s tim a te F ig u r e s r e f l e c t a d ju s tm e n ts f o r d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w i t h r e g u l a t o r y ch a ng es i n r e s e r v e r e q u ir e m e n t s . B r e a k -a d ju s t e d t o t a l re s e r v e s e q u a l b r e a k -a d ju s t e d r e q u ir e d re s e r v e s ( T a b l e 3 , colum n 3 ) p lu s e x c e s s r e s e r v e s NSA ( T a b l e 1 , co lu m n 5 ) . T o a d j u s t r e q u i r e d r e s e r v e s f o r d i s c o n t i n u i t i e s due to r e g u la t o r y ch anges i n r e s e r v e r e q u ir e m e n t s , a m u l t i p l i c a t i v e p ro c e d u r e i s u se d t o e s tim a te w hat r e g u ir e d re s e r v e s w o u ld h ave been i n p a s t p e r io d s had c u r r e n t r e s e r v e r e q u ir e m e n ts been i n e f f e c t . B r e a k -a d ju s t e d r e q u ir e d re s e r v e s i n c lu d e s r e q u ir e d re s e r v e s a g a i n s t t r a n s a c t i o n s d e p o s it s and n o n p e rs o n a l tim e and s a v in g s d e p o s it s ( b u t n o t r e s e r v a b le n o n d e p o s it l i a b i l i t i e s . ) T h e b r e a k -a d j u s t e d m o n e ta ry base e q u a ls ( 1 ) b r e a k -a d ju s t e d t o t a l re s e r v e s p lu s ( 2 ) th e ( u n a d ju s t e d ) c u r r e n c y com ponent th e money s t o c k p lu s ( 3 ) , f o r a l l q u a r t e r l y r e p o r t e r s on th e " R e p o rt o f T r a n s a c t i o n A c c o u n t s , O t h e r D e p o s it s and V a u l t C a s h " and f o r a l l th o s e w e e k ly r e p o r t e r s whose v a u l t ca sh exceeds t h e i r r e q u i r e d r e s e r v e s , th e b r e a k -a d j u s t e d d i f f e r e n c e b etw ee n c u r r e n t v a u l t ca sh and th e amount a p p l ie d to s a t i s f y c u r r e n t r e s e r v e r e q u ir e m e n t s . Note: Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551
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