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_R_E_S_E_R_V"""""":E_s_t-at--=-is-t-:.--ic-al=--~-e:-le-a-se '~.,[ F _E_D_E_R_A_L ______ ~:..=..:~~~.:.=.:=-=:.:.....:....:~--=-.::.=:.:::.:..=..:~=--:._;::_:_::.....::;;.;.::;....;;.._ _ _ _ _ _ _ _ _ :.:i- ~~. ~.:·~o ~.· ··~~~ ~~~t;.· For Floleu8 Ill 4:30 &elllm Time H.3 C502) T1ble 1 MOYBftBER AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 2~. 1~68 1 Adjusted lor cll•ngee In • - ,.qul-11 A..rages of dilly flguree, HUOnllly edjuated unleaa noted otlleiWI" Millions of dollll8 total Data Rnerwa of clepoeltory Institutions required nonbonowed plus nonbonowed extended credit' 1987-ocr. lOY. DBC. 59.466 59,05.3 58,722 58,523 58,428 57.944 S6,97J S8,8U 58,3.38 58, 1:.!9 Sd,4~tl ~7.69.3 1986--J,U. FIB. 59,458 59,57.3 59,7&0 b0,371J 60,365 b0,&37 I> 1,238 &1,090 b0,995 b0,961 58,.376 59,117 58,009 57,.380 57,787 57,555 57,798 57,849 58,156 58,b62 58,748 59 • .38..1 S9,1J87 b0,004 S9,891f b0,108 &O,JJb b0,502 &0,215 b0,443 58,11>3 58,440 sa. 832 59,515 us. lPR. ftll JUliE JULI lUG. SEPT. ocr. s~.32S 59,750 &0,..1.31 &0,137 &0,0..14 59,895 exceN NSA4 Monetary .,.... 1,129 923 1,029 255,296 2S6,9.J8 1,295 1,133 929 859 1,040 888 1,007 953 972 1,066 260,7~1 257,9~8 262,019 263,31~ 265,809 266,9~4 268,309 :.!70,6..11> 271,200 272,441> 273,745 Bonowlngs of clepoeltory Institutions from the Federal Rae,.., NSA ..uonel extended credit Ioiii 94.J 1>25 771 189 121> 93 4'19 J'J4 46.3 1,08..1 .39& 1.75..1 ..1,99.J ..1,578 .3,083 3,11,0 3,2111 ..!,839 ..!,:.!99 59 75 119 11f& 241> .311 .376 423 4..11 332 312 I TIIO IIEEilS EliDING --------1988-ocr. IIOY. :.!OS 1,1178 2,621f ..1,107 2,554 :.!,538 2,653 ..1,059 1, 781 s 19 b0,901 1>1,0119 56.46.3 58.845 .I b0,884 b 1, 560 58,531 58,.327 1b p ----P---PB&LIB~Ilil bll,1&7 59,75.3 ··~····· bO,Ifb~ 59,71fS o1,1b" s~.ass 1,148 975 273,18.3 27.3,6J1 .l,IIJ8 ..1,204 43.3 3.37 1.704 1,681 1,1.39 1,705 274,113 274,7J6 ..1,.353 J,..I3.J ..165 180 1,931 2,8.38 l ------ PB--PaBLIBII&BI IS!IB&TI BBSBBY&S liD IOIITABI BASI Pl&IBIS IICOBPOBATB lDJDSTIBitS POl DISCOITIIOITIBS &SSOCI&TBD IIItl Til IIPLBIIIt&TIOI Of TBI ftOIIT&RI COITBOL leT liD OfHBB BB&DL&TOBI ClliGBS TO BISIBYI BIQDIBIBBITS. TO &D~OST POi DISCOIT~IDitiiS DOl tO CB&IGIS II BBSIBYB BBQUIBBBIItS 01 BISBBY&BLI IOIDIPOSIT LI&BILITIBS, fBI SUI Of SDCB BIQGI&ID BISIBYIS &88 SUBTB&CTID PBOB tBB &CTU&L SIBIIS. SIIIL&BLI. II &DJUSTIIG POi DISCOITIIUITIBS II TBI BOIIT&BI BASI• BIQUIBID CLilBIIG B&L&ICBS AID &DJUSTBIITS TO COBPIIS&TI fOB PLO&r ALSO &BB SUBTB&CTBD PBOB THB lCTD&L SIBIBS. 2/ TOTAL BISBBYIS lOt &DJDStiD POi DISCOitiiOITIBS COISIStS Of BISIBYI B&L&ICBS IItl PIDBI&L BISIBYB Bli&S (IIIICB IICLUDI BBQUIBID CLB&BIIG B&LliCIS &liD lDJUSTftEitS TO COBPBRS&TB fOR PLOA7) PLUS Y&ULT C&SB USID tO SltiSFI BISIBYI BIQUIBIBBitS. SUCH Y&ULT CASH COISISTS OF &LL Y&ULt C&SB HILD DUBIIG TBB LAGGED COBPUT&TIOI PIBIOD 81 IISTlTUtlOIS HlYIIIG BBQUIBED 8ESE8JE B&LliCBS lt PBDBB&L BBS~BYB BllllS PLUS THE &BOUlt Of VAULT C&SB BQU&L TO BBQUlaBD BBSBBYIS DU&IIIG TIB ft&liiTEIIliCE PERIOD lT IIIStlTUTIOIS B&YIIG 10 BBQUIBBD RBSEBYI B&L&II~BS. 31 EITBIDBD CBBDIT COIISlSTS OP 80880MIIG lt THB DlSCOUIT IIIIDOII UIIDIB tHB TIBBS liD COIDITIOIS BSt&BLlSMID FOB THB BXTBIIDBD CREDIT PBOGBAB tO BBLP DIPOSITOBI IIStiTUTIOIS DilL IIITB SUST&IIID LIQUIDitr PSBSSUBIS. BBC&USB TBBBK IS lOT THE SlBi IBID TO BEP&I SUCI BOBBOIIIG PBOBPTLI lS THEBE IS 11!8 TilDITIOI&L SBOBT-TEBB ADJUStftBIT CBBDIT, Til 8011&1 ftl8KBT IftP&CT or EITBIIDBD CBBDII IS SIBlL&B TO !BAT or IOIBOBBOW&D BBSBarES. ' I BBSBBYB B&L&ICBS litH PBDEB&L BBSBBYI B&IKS PLUS J&ULT CASH USBD TO S&TISFI BISBBYE RIQUIBBB&ItS LBSS BIQUIBBD RBSBRYBS. 5/ THE 8018!&81 BASI lOt &DJUStBD POi DlSCOITIIUITliS COISIStS OP tOTAL BISIBYIS PLUS BBQUlBBD CLBlRIIIG BlLliCES &liD &DJUSTBEIITS TO COIP&IISlTB POB PLO&T &T PEDEB&L BBSEBYI BlllllS PLUS 788 CUBBBIICI COBPOIBit Of fiB 80181 STOCK PLUS, lOR IISTITUTIONS IIOT HlYIIG BBQUIBBD BBSBBYB B&L&ICBS, TBB C%CBSS OP CUMBBIT YlULT ClSR OYBB THB &BOUlT &PPLIBD TO S&tiSFI CURBBIT BBS88YK REQUlkEIEHTS. &PTBB THB IRTRODUCTIOI Of CCB, CUBBBIIC( &ID YlULT CASH PlGUBBS &81 IB&SURBD OJIB tBB 80110&1-BIIDIIG COIPUT&fiOII PBBIOD. TIE SB&SOIIlLLI &D~USTID IOIBT&BI B&SB COIISISTS or SBlSOI&LLI &D~USTBD TOTAL BBSIMYB (MBICH IICLUDBS EXCESS BBSBBYES Oil l 1107 SBlSOIIlLLI lD~USTBD B&SlS) PLUS THB SE&SOilLLI lDJUSTID CUBREICI COIPOIIBIT OP THB NOIIBI STOCK PLUS THE BEft&IIIIIG l!BBS SE&SOII&LLI ADJUSTED lS l IHOLE. . 110!8: HISTORICAL D&T& liE &Y&lLlBLE fROB THE ftOIIBK &liD BESKRVBS PBOJECTIOJS SECTIOII, DIYISIOI or ftOII&rli( ltPliBS, BOlBD OF GOYBRIOBS OP THE fEDERAL B£SERYE SISTER. IIASBINGTOII, D.C. 20551 1/ H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes tn re~rve requirements Av..ages of dally figures, not seasonally adjusted Millions of dollars .. Monetary base' Date total nonborrowed required Reserve balances woth F.R. Banks> surplus total 1987--ocT. IOf. DEC. b 1, 106 61,205 b2,123 60,163 b0,580 b1,346 59,917 60,26..! b1,094 258,076 261,6711 ..!bb,161 .37,249 37,453 37,673 25,5117 25,4J1 26,155 2.J,857 2.J,75..! ..!11,449 1,730 1,679 1,706 1988--JAJ. FI!B. II AB. APR. !Ill JUIB JULY AUG. SEPT. OCT. b.2,640 b0,047 60,076 b2,0b4 b0,681 61,991 62,756 b1,965 b2, 153 61,920 61,558 59,b50 58,.J24 59,071 58,103 58,908 59,.J16 58,724 59,314 59,6.21 61,345 :>11,914 59,147 b1,205 59.641 61,103 b1,749 b1,012 ia1,181 b0,854 26!;,789 2b.2,598 2b.J, 979 2611, 127 2bll,899 .l7.2,b54 275,591 275,03J 2711,8711 ..!75,789 31,485 34,211 3i,027 36,429 36,509 37,992 .Jb,911 37,213 36,426 26,919 28,119 25,9ib 25,200 25,87.J 25,717 26,479 26,895 26,7J.b 27,19b ..!5,155 ..!5,11.Jb 24,049 .23,b.Jb .24,11..! .!4,0114 i4,7b3 .25,054 .lii,'NO 25,4911 1,764 2,283 1,877 1,564 1,700 1,632 1,715 1,841 1,76b 1,702 b1,590 b2,484 59,152 bO, 280 b0,44.l 61,509 ..!73,b75 271,J47 36,527 36,678 26,9..!4 27,612 25,0b.J ..!5,80b 1, 861 1, 806 b1,400 b3,..!10 59,048 59,917 60,.lb2 t>1, 50~ 2711,854 279, .JIIO 36,090 J8,188 26,825 26,221 .!5,310 ..!5,0..!..! 1,515 1,200 31,901 TIIO IIEBKS BIDIIG -------1988--0CT. IIOV. 5 19 2 16 p PE--PRELISIJABI BSTISATE. 1/ REFLECTS ACTUAL RESERVE BEUUIREIIEITS, INCLODliiG THOSB ON IONDEPOSIT LIABILITIES, IIITB 110 ADJUSTIIBITS TO ELIIIINATE THE EFFECTS OF DISCOITIJUITIES ASSOCIATED lllTH liiPLEIIENTUION OF THE IIOJIE'l·ABI COIITROL ACT ON OTHEN REGULATORY CHAIIGES TO R~SBBVE BBQUlBEIIEJTS. 2/ COISISTS OF TOTAL RESERVBS PLUS REuUIRED CLEARING BALANCE~ AND lDJUSTIIEIITS TO COIIPEISATE FOB FLOAT AT FEDERAL RESERVE BAlKS PLUS THE CURREICI COIIPOJEIT OF THE IIOIEI STOCK LESS THE AIIOUIIT OF fAULT CASH HOLDIIGS OF THRIFT IISTITDTIOIS THAT IS IICLUDED Ill THB CUBREICI COIIPONEIT OF THE IIOIEI STOCK PLUS, FOR liiSTITUTlONS IIOT HAVING MI!UUIJI!D RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AIIODNT APPLIED TO SATISFY CUBkENT RESERVE BBUUIBEIIENTS. AFTBI TH~ IITBODUCTION OF CRB, CUBREICI UD YAULT CASH FIGOHBS UB IIEASUB~D OVER THE IIONDAI-BNDING COIIPUTATION .PBBIOO. 3/ BXCLUDES REQUIRED CLEARlJG BALAICBS AND ADJUSTIIEITS TO COIIPENSATE FOB FLOAT. 4/ DATES BBFBB TO THE !AliTBIAICB PBBlODS IM IIHI~H THB VAULT CASH CAN BB USBD TO SATISFY BBSBBV~ BI!QOIBBIIBITS. ONDER CONI'EftPOBAIIBOUS RESEBVE &EQUIREIIEIITS, IIUMrEHUICB PBBIODS END 30 DAIS AFTI!R 1'HE LAGGED COIIPUTlTlON PEBIOOS IN WHICH THE BALANCES ABE HELD. 5/ EQUAL TO lLL VAULT CASH HELD DURING THE LAGGED COBPUTATIOM PBIIOD Bl INSTITUTIONS HAVIIG BEQUIRBD BBS~BV~ BlLAICES AT FEDERAL RESERVE BAlKS PLUS THE AROUIT OF VAULT ClSH I!QUlL TO REQUIRED BESBRJBS DORIJG THE llliNTEHAMCB PERIOD AT INS71TUTIOIS HAJIIG NO BEYUIBED BESBBVE BALANCES. &/ TOTAL VAULT ClSH lT IHSTITUTIONS HAVIHG NO BEuUIBED RESERVE ~&LANCES LESS THE lROUNT OF VAULT CASH t:UUlL TO THEIR BBUUIBED RESERVES DURIHu THE RA~NTENAHCE PERIOD. 1/ CONSISTS OF CABBIOJER OMLI AT DEPOSITOkl INSTITUTIONS RAINTAINING RESERVES ON THE BASIS OF TWO-WEEK RAINTENANCE PEIUODS. REFLECTS EXCESS (+) OR DEFICIT (-) ltt: .... r.RVES t:LllilBLE TO BE ClRiliED I'ORIIARD INTU Tilt: TWO-ilt:t:K RESERVE IIAIHTEHAICE PERIOD EHDIHG ON THE DATE SHOWN. 8}. ..!211 H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY lASE Adjuated for change~ I n _ , . requirement•' Averaoe• of dally flguraa, not aeaaonally adjuated Mllllona of dollara Date total ReaervM of depoaltory lnatltutlona non borrowed Monetary baM required 59.073 59.136 60.023 58.130 58.511 59.245 57.944 58.213 58.994 254.119 257.651 262.053 61.199 58.663 58.851 60.947 59 ...54 60.679 61.467 60.591 60.654 60.546 60.1.17 58.267 57.099 57.954 5o.876 57.596 58.027 57.350 57.815 58.247 59.904 57.530 57.922 60.088 58.414 59.791 60.460 59.638 59.683 51.480 262.006 259.010 269.442 27<t.411 J.71.7l4 271.567 272.457 5 19 60.041 61.199 57.603 58.995 58.893 60.224 274.105 2 59.995 62.021 57.642 58.788 58.856 60.317 271.430 276.283 1987-oa. 101. DBC. 1988--.JU. JPBB. 111.1. lP&. au JUIB JOJ.I lOG. SBPT. oa. 2oo.112 2os.oo7 2oS.13J. ~110 WBBU .IIDIIIG ----------1988-ocr. JOJ. 1o p 270.28~ P---P.IBl.IIUilBY PB--PiBLIBIIlil ESTllllTB. 1/ I'IGDUS iEI'LBC1' lDJOSTII&ITS I'Oi DISCOIITIIOITIES lSSOCilTED. 111'8 THE IIIPJ.BIIBIT11'IOI 01' !'K.I IIOiftlif COIT.IOJ. lC!' liD OTM.Ii BEGUL11'0.1f CBliGBS 1'0 BBS&Rfl BEQUL&B!BITS.
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