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. · FEDERAL RESERVE statistical release ·For Release at 4:30 p.m. Eastern Time H.3 IS02l Table 1 AGGREGATE RESERVES OF DEPO,ITORY INSTITUTIONS AND THE MONETARY BASE NOVEMBER 29, 1990 Adjust,ct for cl:-~? in reserve reg~;Ji~ts . Averages of da1ly hgures, s-sonally adJusted unless noted otherwlSe Millions of dollars Borrowings of de&si tory institutions from the Fe ral Reserve, NSA Reserves of depository institutions nonborrowed plus ext~d credit required excefS NSA Honetaty base total seasonal 59085 59297 59767 59106 59318 59787 58620 58701 59110 1020 945 922 282786 283222 284946 555 349 265 330 134 84 21 20 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 29.7860 301121 304780 757 927 624 389 430 418 280 127 6 OCT. 59609 59199 59217 58763 847 306539 410 335 18 60359 59910 59148 59843 59509 58751 59852 59522 58776 59237 58926 58498 1122 984 650 306435 305856 307245 516 401 397 424 345 307 9 13 26 59744 60025 59462 59832 59487 59856 58754 58970 990 1055 307304 308893 282 194 195 140 25 25 Date total 2 1989-0CT. NOV. DEC. 59640 59646 60033 1990-JAN. FEB. HAR. nonborrowed3 extended credi t4 21 Two weeks ending 1990-0CT. 3 17 31 NOV. 14p 28pe p--prel iminary 1. 2. 3. 4. 5. 6. pe--preliminary estimate Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. IFor more information, see Table 3.) ~ Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. IAlso, see footnote 2 on Table 2 and footnote 2 on Table 3. l s-sonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowi~s of ~s1tory inst1tutions from the Federal Reserve. Extended credit consists of borrowing 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 repay such borrowing promptly as there is with traditional short-term adjustment credit, the money market impact of extended credit is similar to that of nonborrowad reserves. Excess reserves NSA equals unadjusted total reserves (Table 2, column 11 less unadjusted required reserves (Table 2, column 3). The seasonal!~ adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 12) the seasonally adjusticl currency component of the money stock plus I 3 l, for all quarterly reporters on the "Report of Transaction Accounts, Other D~sits a~ Vault Cash" an~ for all those weekly r~orters whose yault cash.exceeds their required r~serves, the seasonally adjusted, breakadjusted d1fference between current vault cash and the amount appl1ed to sat1sfy current reserve requ1rements. IAlso see footnote 3 on Table 2 and footnote 4 on table 3. l H. 3 I .502) Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash 5 Reserves of depository institutions base Reserve balances with F.R. Banks 4 Honeta~y total used to satisfy requirea reserves 6 surplus 7 Net carryover of reserv1 balances Date total 2 nonborrowed r-equired 1989-0CT. NOV. DEC. 60397 60989 62810 59842 60640 62.544 59378 60044 61888 284328 287189 292.554 33123 33941 35436 29910 29549 29812 27275 27048 27374 2636 2502 2439 1990-JAN. FEB. MAR. 62931 60623 606.58 62491 .5917.5 58535 61914 59634 59797 292131 290025 292377 34090 30929 33407 31301 32489 29.581 28841 29693 27251 2461 279.5 2330 APR. 62512 60232 61197 60884 .58897 60315 61615 .59269 60423 296872 297034 30098.5 35409 32771 33878 29281 29812 29632 27103 27461 27318 2178 23.51 2314 AUG. SEP. 60943 60728 61452 60185 59801 60828 60081 59860 60544 303387 304995 307211 32946 32448 33303 30457 30843 30622 27996 28280 28149 2460 2.563 2473 OCT. 61052 60642 60206 308848 32127 31516 2892.5 2.591 60954 62004 60121 60438 61603 59724 59832 61021 59471 306319 310456 307781 32389 32833 31365 31222 31673 31422 28565 29171 28756 2657 2.502 2666 .5.5 117 228 62122 62089 61840 61896 61132 61034 312240 313700 33832 32966 306.53 31633 28290 29123 2364 2510 69 197 HAY JUNE JULY Two weeks ending 1990-0CT. 3 17 31 NOV. 14p 28pe p--preliminary 1. 2. 3. 4. 5. 6. 7. 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 12) required cleari~ balances and adjustments to compensate for float at Federal Reserve Banks plus 13) the currency component of the money stock plus 14), for all ~rterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly rf11P0rters 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 req~.Jired 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 reguirements, 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 reqyired 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 l Table 3 AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for chan~s in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 2 nonborrowed required 3 Monetary base4 1989-0CT. NOV. DEC. 59272 59869 61669 58717 59520 61404 58252 58924 60747 281344 284114 289447 1990-JAN. FEB. HAR. 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. 59245 58834 58398 304995 59284 60335 58145 58769 59934 57748 58162 59351 57495 302567 306705 303806 60113 60061 59831 59868 59123 59006 308276 309759 Two weeks ending 1990-0CT. 3 17 31 NOV. 14p 28pe 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 31 plus excess reserves NSA (Table 1, column 51. To adjust 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 r~ired reserves includes reqyired reserves against transactions deposits and ~ersonal time and sav1ngs deposits lbut not reservable nond~osit liabilit1es. J The break-adjusted monetary base equals Ill break-adjusted total reserves plus 121 the (unadjusted) currency component of the money stock plus 131, 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
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