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FEDERAL RESERVE statistical release H.3 15021 Table 1 For Release at 4:30 p.m. Eastern Time ~?u~~dE2!\l~n~~~nE~Ye~~ ~~i~e~!:,~~ITORY INSTITUTIONS AND THE MONETARY BASE ocTOBER 12 , 1989 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed3 nonborrowed plus extended credit 4 required e~s~~s Monetary base 6 total seasonal extended credit4 60824 60862 60853 60706 57985 58562 57991 58990 60043 60343 60314 60234 59852 59800 59733 59666 972 1062 1119 1040 272420 273659 274380 275501 2839 2299 2861 1716 421 332 186 130 2059 1781 2322 1244 1989-JAN. FEB. MAR. 60370 60260 59854 58708 58773 58041 59754 59822 59376 59226 59106 58896 1145 1154 957 276784 277553 278615 1662 1487 1813 76 97 139 1046 1050 1334 APR. HAY JUNE 59463 58740 58350 57174 57019 56860 58880 58217 57776 58686 57709 57445 776 1031 905 278675 278329 279056 2289 1720 1490 213 345 431 1707 1197 917 JULY AUG. SEP. p 58698 58753 59166 58004 58078 58473 58110 58120 58495 57733 57869 58243 966 885 924 279983 280288 281973 694 675 693 497 490 452 106 41 22 Date total 2 1988-SEP. OCT. NOV. DEC. Two weeks ending 1989-AUG. 9 23 58738 58726 58062 57974 58117 58018 58023 57775 715 951 280252 280033 676 753 497 489 55 44 SEP. 6 20 58818 59385 58280 58772 58302 58792 57858 58502 959 883 280776 281934 538 614 485 438 22 21 59069 58171 58196 58110 959 282745 898 453 25 OCT. 4p p--preliminary 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. 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. l 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 market 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 I l l 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 · Vault cash 5 Reserves of depository institutions base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy required reserves 6 surplus 7 Date total 2 nonborrowed required 1988-SEP. OCT. ·NOV. DEC. 62153 61915 62407 63739 59314 59616 59546 62023 61181 60853 61287 62699 274874 275775 278653 283176 37213 36421 36997 37830 26727 27198 26745 27197 24940 25494 25410 25909 1787 1705 1335 1288 1989-JAN. FEB. MAR. 63468 60693 60212 61806 59206 58400 62323 59539 59255 281312 277655 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. p 60254 59559 60069 59560 58884 59376 59288 58674 59145 285358 284230 283708 33902 32823 33501 27851 28358 28085 26351 26735 26567 1500 1622 1518 Net carryover of reserv~ balances Two weeks ending 1989-AUG. 9 23 59481 59810 58805 59058 58766 58859 284332 284809 32969 32599 28166 28852 26513 27212 1654 1640 203 4 SEP. 6 20 59206 61026 58669 60413 58247 60143 283104 285271 33053 34367 27710 28095 26153 26660 1557 1436 97 45 59246 58349 58287 281884 32559 28298 26687 1611 181 OCT. 4p 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 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 li.e., those whose required reserves exceed their vault cash! plus the amount of vault cash applied during the maintenance period by "nonbound" institutions li.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 1502 I 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 base4 1988-SEP. OCT. NOV. DEC. 60506 60372 60963 62213 57666 58073 58102 60497 59534 59310 59844 61173 271439 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. p 58955 58297 58850 58261 57622 58157 57989 57412 57927 282072 281092 280633 9 23 58154 58595 57478 57842 57439 57644 281094 281716 6 57938 59839 57400 59225 56978 58956 280001 282242 4p 58015 57117 57055 278761 Two weeks ending 1989-AUG. SEP. OCT. 20 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 required reserves includes required reserves against transactions deposits and nonpersonal time and sav1ngs deposits (but not reservable nondeposit liabilit1es.) Break-adjusted monetary base equals 111 break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus 131, 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, Hashington, D.C. 20551
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