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FEDERAL RESERVE statistical release
H.3 15021
Table 1
For Release at 4:30p.m. Eastern Time
~?u~~Ef!'J!,!~~nE~~~~ ~~i~!!~'ITORY INSTITUTIONS AND THE MONETARY BASE
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
Borrowings of ~sitory institutions
from the Federal Reserve, NSA
Reserves of depository institutions
nonborrowed3
NOVEteER 15 , 1990
nonborrowed
plus ext~d
credit
required
e~~~s
Honetaty
base
total
seasonal
Date
total2
extended credit4
1989-0CT.
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.
HAR.
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
APR.
HAY
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
875
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
6
OCT. p
59619
59208
59226
58768
850
306551
410
335
18
Two weeks
ending
1990-SEP. 19
OCT.
3
17
3lp
NOV. 14pe
p--preliminary
l.
2.
3.
4.
5.
6.
59987
59282
59286
59240
746
304090
705
410
5
60359
59910
59168
59843
59509
58771
59852
59522
58797
59237
58926
58509
1122
984
659
306435
305856
307272
516
401
397
424
345
307
9
13
26
59784
59502
59527
58869
915
307922
282
195
25
pe--preliminary estimate
Reserves and monetary base figures incorporate adjustments lor discontinuities, or "breaks", associated with regulatory changes in reserve
requirements. {for more information, see Table 3.1
Seasonally adjusted, break-adjusted total reserves eqyal seasonally adjusted, break-adjusted required reserves plus unadjusted excess
reserves. I Also, see footnote 2 on Table 2 and footnote 2 on Table 3. I
Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total
borrowi~s of depository inst1tutions from the Federal Reserve.
Extended credit consists of borrowi~ at the discount window under the terms and conditions established for the extended credit program to
help depositorY institutions deal with sustained liquidity pressures. Because there is not the same need to r~y 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 e~ls unadjusted total reserves CTable 2, column 11 less unadjusted required reserves CTable 2, column 31.
The seasonally adjusted, break-adjusted monetary base consists of I l l seasonally adjusted, break-adjusted total reserves plus 121 the
seasonally adJusted currencY: c~t of the money stock plus 131, for all quarterly reporters on the "Report of Transaction Accounts, Other
D~sits and Vault Cash" ana for all those weekly r~rters 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. CAlso see footnote 3 on Table 2
and footnote 4 on table 3. I
H.3 I 502 l
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
Reserves of depository institutions
Vault cash5
Date
total 2
nonborrowed
required
Monetasy
base
Reserve
balances
with
F.R. Banks 4
1989-0CT.
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
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
JULY
AUG.
SEP.
60943
60728
61452
60185
59801
60828
60081
59860
60544
303387
304995
307211
32946
32448
33303
30457
30843
30622
27996
28280
28149
2460
2563
2473
OCT. p
61061
60651
60211
308859
32135
31516
28927
2589
62292
61587
61546
308712
34316
30291
27976
2315
37
60954
62004
60141
60438
61603
59744
59832
61021
59482
306319
310456
307807
32389
32833
31381
31222
31673
31422
28565
29171
28760
2657
2502
2662
55
117
228
62164
61882
61249
312846
33884
30653
28280
2373
80
total
used to
satisfy
requireCI
reserves 6
surplus7
Net
carryover
of reservw
balances
Two weeks
ending
1990-SEP. 19
OCT.
3
17
31p
NOV. 14pe
p--preliminary
1.
2.
3.
4.
5.
6.
1.
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 re~irements.
The monetary base, not break-adjusted and not seasonally adjusted, consists of 11) total reserves plus 12l required clearing balances and
adjustments to compensate for float at Federal Reserve Banks plus 13J the currency component of the money stock plus 14J, for all quarterly
reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeCis
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 reCJ~,~ired 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
requirements, 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 I i.e., those whose required reserves exceed their vault
cashl plus the amount of vault cash applied during the maintenance period by "nonbound" institutions I 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 I+) or
deficit 1-) reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown.
H.3 1502)
Table 3
AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements
Averages of daily figures, not seasonally adjusted
Millions of dollars
Reserves of depository institutions
total 2
Date
nonbor1·owed
required 3
Monetary base 4
1989-0CT.
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
APR.
HAY
JUNE
61047
58742
59610
59419
57408
58729
60150
57780
58836
293354
293520
297372
JULY
AUG.
SEP.
59471
59212
59813
58713
58285
59189
58609
58345
58905
299897
301462
303563
OCT. p
59254
58843
58403
305008
60656
59951
59910
305105
59284
60335
58165
58769
59934
57768
58162
59351
57507
302567
306705
303833
60154
59872
59239
308894
Two weeks
ending
1990-SEP. 19
OCT.
3
17
3lp
NOV. 14pe
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 3) plus excess reserves NSA
!Table 1, column 5).
To adiust 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 lbut not reservable n~sit liabilit1es. l
The break-adjusted monetary base equals Ill break-adjusted total reserves plus 12) 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 Honey and Reserves Projections Section, Division of Monetary Affairs, Board
of Governors of The Federal Reserve System, Hashington, D.C. 20551
@FedFRASER