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FEDERAL RESERVE statistical release H.3 1502) Table 1 For Release at 4:30p.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 OCTOBER 4, 1990 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date total 2 nonborrowed3 nonborrowed plus exte~ded credit required eN~:~s Monetary base 6 total seasonal 1989-SEP. OCT. NOV. DEC. 59289 59640 59646 60033 58596 59085 59297 59767 58618 59106 59318 59787 58351 58620 58701 59110 938 1020 945 922 281806 282786 283222 284946 693 555 349 265 452 330 134 84 22 21 21 20 1990-JAN. FEB. MAR. 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. MAY 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. pe 59322 59746 60095 58565 58819 59470 58845 58947 59477 58460 58879 59130 862 868 965 297860 301121 304787 757 927 625 389 430 418 280 127 6 8 22 59612 59828 58704 58704 59123 58742 58847 58918 764 910 299579 300748 908 1124 429 432 419 38 5 19p 59738 59994 59100 59289 59108 59293 58845 59223 893 771 303072 304113 638 705 43«:1 410 8 5 60385 59869 59877 59142 1243 306424 516 424 8 extended credit 4 Two weeks ending 1990-AUG. SEP. OCT. 3pe 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. !For more information, see Table 3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. !Also, see footnote 2 on Table 2 and footnote 2 on Table 3. J 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 1) less unadjusted required reserves !Table 2, column 3). 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 (3J, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" an~ for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, breakadjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. !Also see footnote 3 on Table 2 and footnote 4 on table 3. J H.3 (5021 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 Net carryover of reserv1 balances Date total 2 nonborrowed required 1989-SEP. OCT. NOV. DEC. 60126 60397 60989 62810 59433 59842 60640 62544 59188 59378 60044 61888 283615 284328 287189 292554 33556 33123 33941 35436 29091 29910 29549 29812 26570 27275 27048 27374 2521 2636 2502 2439 1990-JAN. FEB. MAR. 62931 60623 60658 62491 59175 58535 61914 59634 59797 292131 290025 292377 34090 30929 33407 31301 32489 29581 28841 29693 27251 2461 2795 2330 APR. MAY JUNE 62512 60232 61197 60884 58897 60315 61615 59269 60423 296872 297034 300985 35409 32771 33878 29281 29812 29632 27103 27461 27318 2178 2351 2314 JULY AUG. SEP. pe 60943 60728 61466 60185 59801 60841 60081 59860 60501 303387 304995 307222 32946 32448 33322 30457 30843 30622 27996 28280 28144 2460 2563 2478 8 22 60363 61277 59455 60154 59599 60367 303247 306008 32389 32463 30597 31379 27974 28815 2623 2565 126 3 5 19p 60197 62299 59559 61594 59304 61528 304973 308734 32477 34327 30229 30291 27720 27972 2509 2319 69 37 60982 60466 59739 306319 32426 31222 28556 2666 60 Two weeks ending 1990-AUG. SEP. OCT. 3pe 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 Ill 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 141, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly r~orters whose vault cash exceeds their required 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 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 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 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 reserve~ 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) 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 total 2 Date nonborrowed required 3 Monetary base4 1989-SEP. OCT. NOV. DEC. 59025 59272 59869 61669 58332 58717 59520 61404 58087 58252 58924 60747 280655 281344 284114 289447 1990-JAN. FEB. MAR. 61579 59199 59234 61139 57751 57110 60563 58210 58373 288671 286502 288864 APR. MAY JUNE 61047 58742 59610 59419 57408 58729 60150 57780 58836 293354 293520 297372 JULY AUG. SEP. pe 59471 59212 59827 58713 58285 59203 58609 58345 58863 299897 301462 303570 8 22 58872 59789 57964 58665 58108 58879 299742 302462 5 19p 58618 60663 57980 59958 57725 59892 301435 305128 59313 58797 58070 302559 Two weeks ending 1990-AUG. SEP. OCT. 3pe 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 3) plus excess reserves NSA !Table 1, column 5l. 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 reqyired reserves includes required reserves against transactions deposits and nonpersonal time and sav1ngs deposits lbut not reservable norideposit liabilit1es. l The break-adjusted monetary base eguals Ill break-adjusted total reserves plus 12l the !unadjusted) currency component of the money stock plus 13), 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 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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