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1L1DBR.t1.~V .· ... . o,'. FEDERAL RESERVE statistical release H.3 15021 Table 1 ··-'. For Release at 4:30 p.m. Eastern Time AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve re~irements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars required 9, 1989 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed plus exte\?ded credit NOVEMBER exce~s Monetary base 6 total seasonal extended credit4 59800 59733 59666 1062 1119 1040 273659 274380 275501 2299 2861 1716 332 186 130 1781 2322 1244 59754 59822 59376 59226 59106 58896 1145 1154 957 276784 277553 278615 1662 1487 1813 76 97 139 1046 1050 1334 57174 57019 56860 58880 58217 57776 58686 57709 57445 776 1031 905 278675 278329 279056 2289 1720 1490 213 345 431 1707 1197 917 58698 58753 59223 58004 58078 58530 58110 58120 58552 57733 57869 58285 966 885 938 279983 280288 282025 694 675 693 497 490 452 106 41 22 59641 59085 59107 58610 1031 282703 555 330 21 6 20 58818 59442 58280 58829 58302 58849 57858 58554 959 888 280776 281990 538 614 485 438 21 4 18 59160 59667 58263 59014 58287 59033 58165 58740 996 927 282823 282209 898 653 453 342 25 19 59761 59416 59438 58607 1153 283198 345 280 23 Date total 2 1988-0CT. NOV. DEC. 60862 60853 60706 58562 57991 58990 60343 60314 60234 1989-JAN. FEB. MAR. 60370 60260 59854 58708 58773 58041 APR. MAY JUNE 59463 58740 58350 JULY AUG. SEP. OCT. p nonborrowed 3 NSA Two weeks ending 1989-SEP. OCT. NOV. lp p--preliminary 1. 2. 3. 4. 5. 6. 22 pe--prel iminary estimate Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. I For more information, see Table 3. I Seasonally adjusted, break-adjusted total reserves equal 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 borrowings of depository 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 mar·ket impact of extended credit is similar to that of nonborrowed reserves. Excess reserves NSA equals unadjusted total reserves !Table 2, column 11 less unadjusted required reserves !Table 2, column 31. The seasonally adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 121 the seasonally adJusted currency component of the money stock plus 131, for institutions whose vault cash exceeds their required reserves, the seasonally adJusted, break-adjusted excess of current vault cash over the amount applied to satisfy current reserve requirements. !Also, see footnote 3 on Table 2 and footnote 4 on Table 3. I H.3 1502 l 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 Reserves of depository institutions total 2 Date nonborrowed required Vault cashs base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy required reserves 6 surplus 7 1988-0CT. NOV. DEC. 61915 62407 63739 59616 59546 62023 60853 61287 62699 275775 278653 283176 36421 36997 37830 27198 26745 27197 25494 25410 25909 1705 1335 1288 1989-JAN. FEB. MAR. 63468 60693 60212 61806 59206 58400 62323 59539 59255 281312 277656 278943 36475 32834 34623 28376 29776 27059 26993 27859 25589 1383 1917 1470 APR. MAY JUNE 61288 58911 . 59587 58998 57191 58097 60511 57881 58681 281521 280540 283272 35832 33199 33852 26746 27166 27151 25456 25712 25735 1290 1454 1416 JULY AUG. SEP. 60254 59559 60126 59560 58884 59433 59288 58674 59188 285358 284230 283760 33902 32823 33556 27851. 28358 28085 26351 26735 26570 1500 1622 1515 OCT. p 60419 59863 59388 284489 33145 28900 27274 1626 Net carryover of reservi balances Two weeks ending 1989-SEP. 6 20 59206 61083 58669 60470 58247 60195 283104 285327 33053 34424 27710 28095 26153 26660 1557 1436 97 45 OCT. 4 18 59338 61119 58441 60466 58343 60192 281959 286160 32643 33588 28298 29096 26695 27531 1603 1565 135 111 59998 59653 58845 283468 32822 28875 27176 1699 148 NOV. 1p 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 witn regulatory changes in reserve requirements. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. The monetary base, not break-adjusted and not seasonally adjusted, consists of total reserves plus required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus the currency component of the money stock plus, for institutions whose vault cash exceeds their required reserves, the excess of current vault cash over 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 required 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 (+)or deficit 1-l reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 15021 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 Date total 2 nonborrowed required 3 Monetary base 4 1988-0CT. NOV. DEC. 60372 60963 62213 58073 58102 60497 59310 59844 61173 272293 275317 279710 1989-JAN. FEB. MAR. 62067 59371 58938 60405 57884 57125 60922 58217 57980 277923 274363 275625 APR. MAY JUNE 60011 57722 58410 57722 56002 56920 59235 56691 57505 278115 277493 280183 JULY AUG. SEP. 58955 58297 58907 58261 57622 58214 57989 57412 57969 282072 281092 280685 OCT. p 59159 58604 58128 281372 Two weeks ending 1989-SEP. 6 20 57938 59896 57400 59282 56978 59008 280001 282298 OCT. 4 18 58106 59911 57208 59258 57110 58984 278839 283022 58674 58329 57520 280374 NOV. 1p 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 3l 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 reguired reserves would have been in past periods had cur1·ent reserve requirements been in effect. Break-adJusted required reser·ves includes required reserves against transactions deposits and nonpersonal time and sav1ngs deposits (but not reservable nondeposit liabilities. J Break-adjusted monetary base equals (1l breaK-adjusted total reserves plus 12) the (unadjusted) currency component of the money stock plus (3), for institutions whose vault cash exceeds their required reserves, the break-adjusted excess of current vault cash over the amount applied to satisfy current reserve requirements. Note: Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551
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