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FEDERAL RESERVE statistical release H.3 (502) T..,_ 1 Fot Releue el 4:30 EMtem Time AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE IOVBBBBM Adjusted lOt changes In , _ requlr-nts' 10, 1988 A-agee ot dally fl9ur... - u y edjusted unleM noted ot'*wiM MIUtana of dollara Dille 9871'· '· c. 9~ ~ .. :: B. I ~~ SBP'l. ocr. P total" ...__ of depository lnetHutlone nonborrowed ptua reqiiiNd nonbonowed extended credtt• ··- .... of lnetHuttone lnlm tile l'eclerat ........ N8A Monetaryllua' NSA• total 59,1166 59,053 58,722 58,523 58,428 57,9114 58,973 58,822 58,428 sa. 338 58,129 57,693 1,129 923 1,029 255,296 256,938 257,928 9113 625 59, .. 58 59,573 59,760 60,374 60,365 60,637 61,238 61,090 b0,995 b0,950 58,376 59,177 58,009 57,380 57,787 57,555 57,798 57,849 58,156 58,651 58,748 59,382 59,487 60,0011 59,894 60,108 60,336 b0,502 60,215 60,432 58,163 58,11110 58,832 59,515 59,325 59,750 60,231 60,137 60,0211 59,889 1,295 1,133 929 859 1,0110 888 1,007 953 972 1,061 260,721 262,019 263,315 265,809 266,9211 268,309 270,626 271,200 272,1146 273,676 -~ extended CNCitt" 111 189 126 93 11119 3911 483 1,082 39b 1,752 2,993 2,578 3,083 3,11110 3,241 2,839 2,299 59 75 119 1116 2116 311 376 1123 ll21 332 312 205 1,1178 2,6211 2.107 2,554 2,538 2,653 2,059 1,781 .. f 80 IBIKS BIDUG ----- 1988-ocr•. IOf•. ---- 5 19 2 p 60,901 61,028 58,1l63 58,824 60,167 60,505 59,753 60,062 1,1118 966 273,183 273,1168 2,1138 2,2011 llll 337 1, 701l 1,681 60,879 58,527 60,457 59,71l5 1,134 271l,124 2,353 285 1,931 - P---PIBJ.IJIIIlBI PB--PRBLiftiiiBI BSfiiiArl 1/ BISBBYBS AID BOIIf&ll BASI PIGUBIS IICOBPOB&TB &DdUSTBIITS roB DISCOITliDITIBS ASSOCIATBD WITH fBI IftPLiftBITATIOI or fBI BOIBTABI COBfBOL ACT AID OTKBB BBGDLATOBI CH&IGIS TO BBSBBYI BIQUIBBBEITS. TO ADJUST roB DISCOITIJOITIBS DUB TO CBAJGIS II BISBBYB BBQUIBBBBJtS·oa BBSBBY&BLI IOIDEPOSIT Ll&BlJ.ITIBS, THB SOft OP SOCB BBQOIBBD RISBBYIS ARB SOBTBACTBD rBOII fBI ACTUAL SBBIBS. SIBIL&BLI, II &DdUSTIIG POB DlSCOITIIDITIIS II TBB BOIBT&BI BASI, BBQUIBED CLB&BIIG BAL&ICBS AID &DJOSTftllfS TO COIIPBIS&TB POB PLO&f ALSO ABI SUBTRACTID rBOB fBI ACTUAL SBRIIS. 21 TOTAL BBSIBYBS JOT ADJOSTBD roa DISCOITIIDITIIS COISISTS or BBSIBYB BAL&JCBS BlTB PBDBR&L BISIBYI BAliS (IBICB BICLODI BBQUIBBD CLEABIIG BALAJCES AID &DJUSTftllfS TO COBPBISATB FOR FLOAT) PLUS fAULT CASH USBD TO SATISPI BBSBRYB RBQUIBEBBITS. SUCH VAULT CASH COISISTS OF ALL fAULT CASH HBLD DUBIIG THB LAGGBP COftPUTATIOI PERIOD Bl IISTITUTIOJS HAYIIG BIQUIBBD BESBBfB B&LAICBS AT EEDERAL RBSBRYE BAN&S PLUS THE &BOUlT OF fAULT CASH EQUAL TO REQUIRED RESERVES DDRIIG THE II&INTEI&ICE PERIOD AT lNSTITOTIOIS HAYING NO REQUIRED RBSERYB BALANCES. 31 EXTENDED CBBDIT COJSISTS OF BORROiliG AT THB DISCOUNT WilDON OlDER THE TBRftS AND COJDITIOIS ESTABLISHED POR TBB BXTBIDBD CREDIT PROGR&ft TO HELP DEPOSITOR! INSTITUTIOIS DEAL WITH SUSTAIIED LIQUIDITt PRESSURES. BECAUSE THIRB IS JOT TBB SAKE IBBD TO REPAt SUCH BORROWIJG PROBPTLI AS THERE IS liTH TRADITIOJAL SHORT-TBBft ADJUSTftEIT CREDIT, THE ROlli ftAR~ET IftPACT or BXTBJDED CREDIT IS SlftlLAR TO THAT OF NOJBOBBOIED RESERVES. Ill RESERVE BALANCES WITH EEDEBAL RESERVE BAI~S PLUS VAULT CASH USID TO SATISFI RESERYB RBQDIBEBBNTS LBSS RBQUIRID RESEBfBS. 5/ THE ftOIETARI BASE HOT ADJUSTED FOR DISCOITINU~TIBS COHSISTS OF TOTAL RESBRYES PLUS REQUIRED CLBABIHG B&L&MC!S AID &DJUSTBBITS TO COftPBNSATE FOB FLOAT AT FEDERAL RESERVE BAliS PLUS THB CURRIICt COftPOHEHT OF THE ftOHII STOCK PLUS, POR IISTITUTIOJS JOT HAYIJG REQUIRED RBSEBYE BALANCES• THE EXCESS OP CURRENT VAULT CASH OYER THE AROUMT APPLIED TO SAfiSFt CURBBHT RBSEBYE RBQUIBBBENTS. AFTER THE lNTRODDCTlOJ OF CCR, CUBBEMCI AND fAULT CASH FIGURES ARB ftBASUBBD OYBR THE BOIDlt-BNDIIG COftPUTATIOI PERIOD. THE SI&SOIALLI ADJUSTED BONBT&Bf BASE COISISTS OF SBASOIALLI ADJUSTED TOTAL RESBRYB (WHICH IICLUDIS EXCESS RESERVES ON A JOT SEASOMALLt ADJUSTED »ASlS) PLUS THE SEASONALLY ADJUSTED CURRENCY COBPOIENT OF THE ftONEI STOCK PLUS THE REftAIIING lTEBS SEASONALLI ADJUSTED AS A WHOLE. JOTE: HISTORICAL DATA ARE AVAILABLE FROft THE ftONBI AND HESERVES PROJECTIONS SECTION, DlYISION OF BONETARY AFFAIRS, BOARD OP GOVERNORS OF THE FEDERAL RESERVE SISTEK• WASHINGTON, D.C. 20551 H.3 (502) Tabla 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE · No,t;dJustad for1 changes_l!'_!e~~9.1'!!!menl~ of dally flguraa,~ot seasonallt a~)~te. , ·· Millions of dollars A-ao•• Mo,.. base~ Data total nonbon'oWed Aeeerw with F.A. required aurplu~: total 1987--ocr. IIOY. DEC. 61,106 61,205 62,123 60,163 60,580 61,H6 59,971 60,282 61,0911 258,076 261,6H 266.161 37,21t9 37,1153 37,673 25,587 25,1131 26,155 23,857 23,752 :.14.449 1,730 1,679 1, 706 1988--JU. 62,640 60,0it7 ft0,076 62,0611 60,681 61,991 62,756 61,965 62,153 61,909 61,558 59,650 58,3211 59,071 58,103 58,908 59,316 58,721& 59,3111 59,609 61,31t5 58,914 59,147 61,205 59,61t1 61,103 61,71t9 61,012 61,181 60,81f8 265.789 262,598 263,979 268,127 268,899 272,654 275,591 275,033 274,874 275,720 37,1185 34,211 36,027 38,1t29 36,509 37,907 37,992 36,911 37,213 l6,1f36 26,919 28,119 25,926 25,200 25,81l 25,711 26,1&79 26,895 26,726 27,196 25,155 25,836 24,049 23,636 21f,172 24,08,4 21&, 763 25,054 211,940 25,1173 1, 7611 2,283 1,817 1,564 1, 700 1,632 1, 715 1,841 1,786 1,723 61,590 62,463 59,152 60,259 60,1tll2 61,1t97 273,675 277,184 36,527 36,683 26,924 27,612 25,063 25,780 1,861 1,832 117 133 61,395 59,043 60,261 274,865 36,110 26,825 25,285 1,540 78 1'18.. Ill B. lPB. lilt JUIE JULY lUG. SEPT. OCT. P 'riO IEIU IIDUG ------1988--0C'l'o 10 .. 5 19 2 p P---Pll'BLIIUilBt PB--PIIJU.IIIIlllBt BS'l'lll1'B. 1/ REFLECTS ACTUAL RESBRYE RBQUIREIIBITS, IICLUDIIG THOSE 01 IOIDBPOSir LIABILITIES, 111'8 10 ADJOS'l'IIBITS 1'0 ILIBIIATB TUK EFFECTS OF DISCOI'l'IIUI'l'IES ASSOCIATED liTH IIIPLIBBITl'l'IOI or 'l'BB ROIBTllt COITBOL ACT 01 OTHER BBGULATOBI CHARGES TO RESEBJE RBUUIREIIBITS. 2/ CONSISTS or TOTAL RBSEBYBS PLUS REQUIRED CLBlRIIG BlLliCES liD ADJUSTBEITS TO COBPIIS&TI FOR PLOlT AT PIDIIAL BISIRfl BANKS PLUS THE CURREICI COBPOIEIT OP TUB liONEl STOCK LBSS THB &BOUlT or YlULT CASH HOLDIIGS or TBBirT IIISTITOTIOIS TBlT IS IICLUDBD IN THE CUBBEIC! COIIPOUIT or THE lOIII STOCK PLUS, FOR US!l1'01'IOIS JOT BlJIJG BBQOIBBD RJSBIJI BlLUCBS, Til BICESS OF CUIREIT YlULT ClSB OJBB THE &IIOUJT APPLIED TO SlTISrt CURREIT RESBBJB IEQUIRB!EITS. lPTIB 'l'HB IITBODUCTIOI OP CBR, CURRIJCI liD JlUL'l' CASH FIGURES liE IIE&SUIED OYER THE ROIDAI-ENDIJG COIIPUT&TIOI PERIOD. l/ EXCLUDES REQUIRED CLE&RIJG BlLAICBS liD lDJUSTIIEITS TO CORPENS&TI roR PLO&T. ' I DlTBS REFER TO THE lllliTBiliCE PERIODS II MBICH TBB fAULT CASH CAl BE USED ro SATISPt IBSBIJB IBQUIRBIIBJTS. UIDIB CONTBIIPORAIBOUS IESBRYB RBQUIBEIIBITS, IIAIII'l'EiliCE PERIODS BID 30 DAIS APTBR THI LlGGBD COIIPUT&TIOI PBIIODS IN WHICH THB BALANCES liB HELD. 5/ EQUAL TO ALL fAULT ClSB HELD DURIIG THE LlGGID CORPOT&'l'IOI PERIOD Bt IJSTITOTIOIS HAJIIG BIQUIBED BBSBRYB BALlJCIS &T PBDBBlL BBSERJE BANKS PLUS THE &BOUlT OP YlULT ClSH EQUAL ro REQUIRED BISERJES DURIIIG TBB llliiTBiliCB PIRIOD lT INSTITUTIONS HAJIIG 10 REQUIRED BBSBRYE BALliCES. 6/ TOTAL flQLT CASH AT IISTITUTlOIS HlfliG 10 REYUIBID RESERJE BALliCBS LESS THE AIIOUI'l' OP JlULT CASH IQUlL TO THEIR IIBYUIBBD RBSBBYBS DURING THE RliiiTENANCB PBBIOD. 1/ CONSISTS OF CARIIIOYER OILY AT DEPOSITOBJ INSTlTUTIOIS BAINTAINING BESBBJBS ON TRB BASIS OF TWO-VKEK RAIITBiliCE PERIODS. REFLECTS EXCESS (+) OP. DEFICIT (-) RBSEBYES ELIGIBLE TO BB CARBIBD PORVAIID liTO THE TWO-WEEK IIESEIJB ftllNTEMlN~E PERIOV ENDING OM THB DATE SHOWN. H.3 (502) Table3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted lor changes In reserve requirements' Averages of dally figures, not aeaaonally adjusted Mllliofta of dollars Date total ·~ - -- < Reserves of depository Institutions nonborrowed .... Monetary baae required 1987-oc7. JOY. DBC. 59,073 59,136 60,023 58,130 58,511 59,21t5 57,944 58,213 58,991t 251t,119 257,651 262,053 1988-Jll. PBB. 61,199 58,663 58,851 60,9ct7 59,454 60,619 61,461 60,591 60,654 60,535 60,111 58,267 57,099 57,954 56,876 57,596 58,021 57,350 57,815 58,236 59,904 57,530 57,922 60,088 58,414 59,791 60,460 59,638 59,683 59,1174 262,006 259,010 260,172 265,007 265,132 60,041 61,118 57,603 58,974 58,893 60,212 270,289 273,942 59,990 57,637 58,856 271.,447 au. £PB. IU JOIB JOLt lOG. SBP7. ocr. p ~69,442 272,411 271,734 271,561 27:l,387 710 IIBBU BJID:IIG --------1988-0C7. JOY. 5 19 2 p P·--PBBLlllllllll PI--PBBLlllllBI BS71Bl7B. I' PIGUBBS BBPLBCT lDJOSTBBITS POi DISCOITIIOITiiS lSSOCllTBD IIIH THB liPLBBBI7lTIOI OP THE 10187181 COITBOL lC7 liD orHBB BBGUL170BI CHliGBS TO iBSEBYB BEQUXBBIBITS.
@FedFRASER