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FEDERAL RESERVE statistical release H.3 1502) 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 reg.,~irements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars SEPTI'MSER 13, 1990 Borrowings of deposi.tory.~l"''stitutions from the Federal Reserve• NSA Reserves of depository institutions nonborrowed3 nonborrowed plus exte'2ded credit required excegs NSA Monetaty base total seasonal 58906 59289 58231 58596 58272 58618 58021 58351 885 938 280756 281806 675 693 490 452 41 22 NOV. DEC. 59640 59646 60033 59085 59297 59767 59106 59318 59787 58620 58701 59110 1020 945 922 282786 283222 284946 555 349 265 330 134 84 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. p 59322 59766 58565 58839 58845 58966 58460 58880 862 885 297860 301162 757 927 389 430 280 127 59752 58860 59172 58028 59353 58326 58854 57985 898 875 297292 297569 581 832 359 396 182 298 59612 59849 58704 58726 59123 58764 58847 58924 764 925 299580 300801 908 1124 429 432 419 38 59772 59134 59142 58841 931 303129 638 430 8 Date total 2 1989-AUG. SEP. OCT. extended credit 4 Two weeks ending 1990-JULY 11 25 AUG. SEP. 8 22 5p 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. l . Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess. reserves. I Also, sea 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 le.ss.,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..pr.omptly 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 8q48ls unadjusted total reserves !Table 2, column 11 lass unadjusted required reserves !Table 2, column 31. The seasonally adjusted, break-adjusted monetary base consis.ts of I l l seasonally adjusted, break-adjusted total reserves plus 121 the seasonally adJustid currencY. c~t.of the money stock plus 13), for all quarterly reporters on the "Report of Transaction Accounts, Othe,. Deposits and Vault Cash" anct for all those weekly reporters whose vault cash exceeds their required reserves, the s-sonally adjusted, break• adjusted 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 3.1 H.3 1502 J Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve re~irements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cashS Reserves of depository institutions base Reserve balanceswith F.R. Banks 4 Moneta~y total used to satisfY. requireCI reserves 6 surplus 7 Net carryover of rasa~ balences Date total 2 nonborrowed required 1989-AUG. SEP. 59559 60126 58884 59433 58674 59188 284063 283615 32823 33556 29364 29091 26735 26570 2629 2521 OCT. NOV. DEC. 60397 60989 62810 59842 60640 62544 59378 60044 61888 284328 287189 292554 33123 33941 35436 29910 29549 29812 27275 27048 27374 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 MAY APR. 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. p 60943 60747 60185 59820 60081 59862 303388 305036 32946 32468 30457 30843 27996 28279 2460 2564 61842 60484 61262 59652 60944 59609 303938 303014 33958 32390 30264 30549 27885 28094 2380 2455 170 74 60363 61299 59455 60175 59599 60374 303249 306061 32389 32484 30597 31379 27974 28815 2623 2564 126 60231 59593 59300 305030 32512 30229 27718 2510 7.2 Two weeks ending 1990-JULY l l 25 AUG. SEP. 8 22 5p p--preliminary 1. 2. 3. 4. 5. 6. 7. 8. 3 pe--preliminary estimate Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve r~irements. 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 I l l total reserves plus 12) r~ired cleari~ balances and adjustments to compensate for float at Federal Reserve Banks plus 13J the currency component of the money stock plus 14J, for all ~rtarlY. r~rters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault caSh axceeCis their r~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~,~ired c earing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjust1118ftts, Dates refer to the maintenance periods in Which the vault cash can be used to satisfy reserve requirements. Under contemporaneous resa~ r~irements, maintenance periOds and 30 days after the lagged co~utation periods in which the balances are held. All vault cash held during the lagged computation period by "bound' institutions I i.e., those whose reguired resei"'Vas exceed their vault casi;IJ plus. the amount of vault c::asft applied during the ml!'intenance period by "nonbound" institutions I i.e., those whose vault cash •?Cc~ the1r reqy1red reserves) to sat1sfy current reserve re~1rements. · Tota~ vault cash held by de~sitory,insti~uti9ns l!'inus tl;le al!'oynt applied to satisfy r;eserve requireme~ts. . . . . . , ..•.. , .,_ .• Consuts of carryover only at depou tory 1nsh tuhons ma1nta1n1ng reserves on the baus of two-week ma1ntenance p4[lrl~·.o~:-Reflacts -lblcas'S C•) or deficit 1-) reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the data:shOWn. H.3 1502 J Table 3 AGGREGATE RESERVES OF DEPO~ITORY Adjusted for cha~s in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars INSTITUTIONS AND THE MONETARY BASE Reserves of depository institutions total 2 Date nonborrowed required 3 Monetary base4 1989-AUG. SEP. 58399 59025 57725 58332 57515 58087 281026 280655 OCT. NOV. DEC. 59272 59869 61669 58717 59520 61404 58252 58924 60747 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. p 59471 59232 58713 58305 58609 58347 299897 301503 1990-JULY 11 25 60364 59025 59784 58193 59466 58150 300521 299473 8 22 58872 59811 57964 58687 58108 58886 299743 302515 586.52 58014 57721 301493 Two weeks ending AUG. SEP. 5p 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 CTable 3, column 31 plus excess reserves NSA · CTable 1, column 51. To adjust required reserves for discontinuities due to r~latory changes in reserve requirements, a multiplicative proceeure is used to estimate what r~ired reserves would have been in past periods had current reserve requirements been in effect. Break-adJUSted re~ired reserves includes required reserves against transactions deposits and nonpersonal time and sav1ngs deposits I but not reservable nondeposit liabilit1es. J The break-adjusted monetary base eguals Ill break-adjusted total reserves plus 121 the lunadjustedl currency component of the money stock plus (3J, 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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