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FEDERAL RESERVE statistical release For release at 4:30 PM EDT November 17, 1988 H.3(502) NOTICE Owing to the Thanksgiving Day holiday, the 8.3(502) statistical release "Aggregate Reserves of Depository Institutions and the Mcner.ary Base" will be published on Friday, November 25, instead of Thursdc..y; November 24. FED~RAL RESERVE statistical release For ....... 1114:30- Tlnle H.3 . . T..... 1 _......_.... ,...................... ..., """'-"Y ....... --............. ........... IOfE!BEi AGGMGATE RDRYES Of' DIPOII'I'ORY INSTITUTIONS MD THE IIONETARY Mil 17, 1988 ~ Mllllolleof..._ - Dille ~ ............ --····~ ........ 1,295 1,133 929 859 1,040 888 1,007 953 972 1,067 260,721 262,019 263,315 265,809 266,924 268,309 270,626 271,200 272,446 273,811 60,167 b0,52b 59,753 60,~74 1,148 975 60,461 61,199 51,743 59,854 1,140 1, 741 58,748 59,382 59,487 60,004 59,894 60,108 o0,336 60,502 60,215 60,443 60,901 61,049 58,463 58,845 60,883 61,595 58,530 58,362 5 19 2 p 16 PE MIA' 58,163 58,440 58,832 59,515 59,325 59,750 60,231 60,137 60,024 59,894 58,376 59,177 58,009 57,380 57,787 57,555 57,798 57,849 58,156 58,661 59,458 59,573 59,760 60,374 110,365 110,637 61,238 61,090 60,995 60,961 - 256,938 257,9:.18 58,338 58,129 57,693 58,523 58,428 57,944 ........., ...... 1,129 923 1,029 58,913 58,822 58,428 59,466 59,053 58,722 1987--0C"r. IOf. DEC. ,.,_ 255,2~0 llanvwlnge of .....,., lllellelftlone 1.-lhe....,..~ MIA _.. tolel 943 625 777 189 126 93 ~~ 449 394 483 I 1988--JAL l'EB. UB •. APB•. UI JUIE JULI AUG. SEPT. ocr. p 1,082 J96 '· 752 :.1,993 ..t,578 3,440 3,241 ..t,83'J 2,299 59 75 119 146 246 311 376 423 421 332 312 205 1,478 2,624 2,107 2,5511 2,538 2,653 2,059 1,781 273,18.:1 273,631 :.1,438 :.1,204 ' 433 331 1, 704 1,681 274,28:.1 275,489 2,353 3,233 285 119 1,931 2,1138 3,0113 riiO IIEEKS EIDIJG -----1988-0CT. IOJ. ---P---PBELIUIABI PE--PBELiiiiBABI ESTJ:IIATE 1/ BESEBfBS AID !OIB!ABI BASE l'lGUBBS IICOBPOBA!E AOJUS"r!BITS 1'01 DISCOITIIUITIBS ASSOCIATED WITU TUB ISPLtKEITATIOI 01' TUB !OIBTABJ COITBOL ACT AID OTHEB BEGDLATOBI CUAIGES TO BBSBBfB iEQUIBB!BI"rS. TO ADJUST l'Oi DISCOITIBUITIBS DUB TO CHABGBS IH BBSBBfE BEQUIBBSBITS OJ iBSEBJABLE IOIDEPOSIT LIABILITIES, THE SUS Ol' SUCH IBQUIBED BBSERfBS ABE SUBTRACTED l'ROB "rBB ACTUAL SBBIBS. SIBILABLI, II ADJUSTIIG l'OR DISCOITIIDITIBS II THE SOIBTABf BASI, BBQUIBBD CLBABIIG BALAICBS AHD ADJUSTSEITS TO COSPBISA!E lOB FLOAT ALSO liB SUBTBACTBD 1'804 TBB ACTUAL SERIES. 2/ TOTAL BBSBBJBS JOT ADJUSTED POB DISCOITIIUITIBS COISISTS Ol' iBSEBfE BALAICBS WITH l'BDEBAL RBSBifB BAlKS (IIHICH BICLUDB BEQDIBED CLEARIJG BALARCBS liD lDJUST!ERrs TO CO!PEISATB POB l'LOlT) PLUS VAULT CASH USED TO S~ISII BBSEBfB BBQUXIE!BITS. SUCH VAULT CASH COISISTS OF A~L VAULT CASH HELP DURIH~ THE LAGGBD C04PDTATIOR PBBIOO Bf IISTITOTIOHS HlVIHG REQUIRED BE~ERVE BALANCES AT FEDERAL RESERVE BARKS ~LOS THE A!OUIT OF VAULT CASH EQUAL TO REQUIRED RESERVES DUHlHG TUB BAIRTERAJCB PBBIOD AT IRSTI!UTIOHS HAVING JO EEQUIREU EES~BVE BALANCES. 3/ EXTBIDBD CREDIT CONSISTS OP BORROWING AT THE DISCOUJT lllJDOW UNDER THE TEBBS AND COIDITIOHS ESTABLISHED FOB THE El!BIDED CREDIT PHOGRAS TO HELP DEPOSITOR~ INSTITUTIONS DEAL WITH SOSto\IHEO LIQUIDlTX PRESSURES. BECAUSE THBBE lS HOT THE SAKE REED TO BEPAf SOCK BORROIIIRG PBOftPTLI AS THEBE IS WITH TRADITIONAL SHOBT-TER! ADJUSTftEHT CREDIT, THE SOREl ftABKET IftPACT 01' ElTEJDED CBEDif lS SiftiLAB TO TUAT OF BONBOBBOWED BE~EdVE~. 4/ RESERVE BALAICES WITH FEDERAL RESERVE BANKS PLUS VAULT CA~H USED TO SATIS~I RESERVE REQUIBEftEITS LESS BEUUIKED RESERVES. 5/ fHE !OJETABX BASE NOT ADJUSTED FOB DISCONTlNUlTIE~ COHSlSTS OF TOTo\~ RESERVES PLUS REQUIRED C~BAKIRG &o\LAHCES AND ADJUST!ER7> TO COSPENSATE l'OR l'LOAT AT FEDERAL RESERVE BAN~S PLUS THE CURREJCf COSPOIEIT UP THE !OIBI STOCK ~LUS, 101 INSTITUTIONS NOT HAflRG REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OYEB THE A!OUIT APPLIED TO SATISFX CUKBBRT RESERVE BEiiUIIiE!ERTS. Al'TEI! 'J:H.C: UITBOOUCTION OF CCI!, CUoi.REliCf AND VAULl CASH FIGIJBES ARE IIEASDB.C:D OVEB TIIB !ONDAf-EliDING COdPUTAXION PERIOD. TilE SEASONALLY AD~USTED dOliETAhY BASB COliSISTS OF SEASONALLY ADJDSTEO TOTAL liBSERfE (WHICH IHCLUDE. EXCESS kESEBVES OR A NOT SEASONALLY ADJUSTEO oASI~) PLUS THE SEASONALLY ADJUSTED CURRENCY COSPOliEMT 01' THE !OREI STOCK PLUS TilE RE!AiliiNG !TEllS SEASONALLY AD~USTEO AS A WHOLE. NOTE: HISTOklCAL DATA ABE AVAILABLE l'BO! THE !lONEY AND k£SBBVES PROJECTIONS SECTIOll, DIVISION 01' !OliBTABX AFfAIRS, BOARD OF . GOJBBJOBS OF THE l'EOEilAL I!ESEBVE SYSTEII, WASHINGTvll, D.C. 20551 H.3 (502) .Table2 AGGRE~~TE R~$EI!V_E$_QF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE ·rircl:diustoid. for.,changes In reserve requirements. A..-ag..· of ctalfy fl;urea,: not seasonally adjusted Millions of dollars " . Mo~ ba~ Date total nonborrowed required 1987--0CT. HOY. DEC. 1>1,106 b 1,205 b2, 123 1>0,163 60,580 b1,J46 ':J'l,917 b0,28.l b1,094 :.!511,076 261,674 2b6,1b1 37,249 37,453 1988--JAI. 62,640 bO,OIH b0,076 b2,064 oO,b81 61,991 b2,751i &1,965 1>2,153 b 1, 920 61,558 59,b5J 58,3211 59,071 58,103 58,908 59,316 58,724 59,3111 59,1>20 b 1,345 56,91<1 59,147 61,205 :>9, b'l 1 61, 103 b 1, 749 &1,012 1>1,181 60,853 21>5,789 26..:,598 26J,':J79 21>11,127 266,699 27.l,b54 275,591 275,033 2711,11711 275,855 37,1185 311,211 36,027 38,429 36,509 37,907 31>,911 37,213 J6,1126 26, 91!1 28,119 25,9.lli 25,.l00 25,873 25,711 26,4"1\1 2&,895 26,7.l6 27, 1':lb 5 19 b1,590 62,4811 59, 152 60,280 t>O,IIII.l 1>1,509 27J,b75 277,3117 3&,527 36,678 26,9..!'1 27,612 .lS,06.:1 25,1100 1, 861 1,8011 117 133 2 p 16 PE 61,399 113,228 59,0116 59,995 &0,259 &1,1187 275,022 280,136 36,091 38,2111 26,8..!5 26,2.l1 ..!5,308 211,91>7 1,511 1,255 ;as l'BB. IIlii. APR. IllY JUliE JULY lUG. SEPT. OCT. P 31,b13 31,992 25,567 25,1131 21>,15!:> .u. 851 .i.J,7':J2 .lli,LI<i~ 25, 155 25,8Jb 2'1,0'19 2J,tdb .l'1,11.l 2'1, 084 211,7&3 .l':J,054 2'1,9110 .l5 1 11~3 TIO IIEBKS EHD.tiG ------1988--0CT. HOY. P---PREL.IIIIHA.I!I PE--PRELIIIIJIABY ESTIIIATE. 1~ REFLECTS ACTUAL RESERVE REQUIRE~EHTS, INCLUDIH~ THOSE ON HOHOEPOSIT LIABILITIES, WITH NO AOJUSTII~NTS TO E~IIIINATE THE EFFECTS OF DISCOHTIHUITIES ASSOCIATED WITH lii~LEIIEHTATIOH OF THE IIONETAII CONTROL ACT OR OTHER REGU~ATORY CHANGES TO RESERVE REQUIREIIENTS. 2~ COHSISTS OP TOTAL RESERVES PLUS RE~UIRED CLEARING HALAHCES AHD AOJUST!ENTS TO COIIPEHSlTE FOR fLOAT AT FEDERAL RESERVE BAHlS PLUS THE CUBREHCY COIIPO.IIt:HT OF TliE liONEl STOCK LESS TilE A!OUHT OF VAULT CASH HOLDliiGS Ok' THlllF'l' INSTitUTIONS TtiA"l' IS IIICLUDED IN THE CUBllEHCI COIIPON~NT OF THE &OllEY SfOCK PLUS, FOR IHSTITUTIOHS HOT HAYING ~E~UillED H~S~RYt BALANCES, Tri~ EXCESS OF COBRENT VAULT CASH OYER THE liiOUIIT HPLIED 7'0 SU'ISPI CUiiiiEIIT RESERVI! BE(IUIBEIIEH:l"S. APTEll THE INTllODUCTlON o~· CRll, CUBREIICI lHD VAULT CASH Pl~URES ARE IIEASURtO OYER THE IIONDAY-EHDING COIIPUTATIOII PERIOD. l~ EXCLUDES REQUIRED CLEAaiHG BALANCES AIID ADJUSTMENTS TO COIIPEHSATE POl fLOAT. 4~ DATES REFER TO THE IIAIHTEIIANCE PERIODS IN WHICH THE VAULT CASH CAll BE USED TO SATISFY RESERVE REQUIHEIIEHTS. UNDER COHTEMPORAIIEOUS RESEBVE BE~UIREIIENT5, IIAINTENANCE PERIODS EHO JO DAYS AFTER THE LAGGED COIIPUTATIOH PE~IOOS IH WHICH THE BALAHCES ABE HELD. 5~ EQUAL TO ALL VAULT CASH lltLD DURING THE LAGGED COHPUTlTlOH PERIOD BY IJSTITUTIOMS HAVING kE~UlREO RESERVE 8ALANCES AT FEDERAL RESERVE BAIIKS PLUS THE AKOUIIT OF VlU~T CASH EQUAL TO REQUIRED RESERVES DURIHG THE IIAIMTEIIANCE PERIOD AT IHSTITU!UOHS HAYING 110 IIE~UliED IIESEit"J> BALAIICJ;S. &~ TOTAL VAULT CASH AT IIISTITUTIOIIS HAYING 110 liiEQUlliED liiESEBVE BALANCES LESS THE AIIOUNT Of VAUL"l' CASH J:;~UAL TO THEIR REQUIRED RESERVES DURING THE IIAIIITEIIANCE PERIOD. 7~ COISISTS OP CARRYOVER OIILI AT DEPOSITORY IHSTITUTlONS KAIITAINIRG RESERVES OH ~E BASIS 0¥ T~U-WEEK IIAINTENAHC~ PERIODS. REFLECTS E.lCESS (•) Oli DEfiCIT (-) RESr;RVES ELIGIBLE TO BE CAll BlED FOB liARD I liTO THB TIIO-III!•'K ~ "':Rw ,,.. IIAIHTEHAHCE PERIOD EIIDlHG OH THE DATE SHONK. 82 h .J \:>u .. 1 Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements• Averages of daily figures, not seasonally adjusted Milllons·of dollars Date total Reserves of depository Institution• nonborrowed Monetary base required 1987--ocr. BOJ. DEC. 59,073 59,136 60,023 58,130 58.511 59,245 57,9164 ,8,213 58,994 1988--JAB. 61,199 58,663 58,851 b0,947 59,454 60,679 61,467 60,591 60,654 60,546 bO, 117 58.267 57,099 57,954 56,876 57,596 58,027 57,350 57,815 58,246 59,904 57,530 57,922 60,088 58,414 59,791 b0,460 59,638 59,683 59,1179 60,041 61,199 57,603 58,995 58,893 60,224 ~70,289 59,993 62,056 57,641 58,823 58,854 b0,315 271,605' 277,037 FEB. ftAB. APB. liAY JUNE JULY AUG. SEPT. ocr. p ~54, 119 ~57,b51 262,05J 26l 1 00b ~59,010 260,771. 265,007 265,732 2b9,4162 272,411 271,734 271,567 212,522 TWO WEEKS EIIDIBG ----------1988--0CT. 5 19 NOV. 2 p 16 PE 274,105 P---PBEL.llUIIABY PE--PBBLIBIBABY ESTI!ATE. 1/ FIGURES REFLECT ADJOST!BBTS FOR DISCOHTINUITI6S ASSOCIATED WlfH THE IftPLE!EBTATIOB OP THE ftONETARl COHTROL ACT AID OTHER REGULATORY CHANGES TO RESEBYE REQUiaEBENTS.
@FedFRASER