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rotcow
FEDERAL RESERVE statistical release
H.3<902)
Table 1
For flslssss at 4:30 Eastern Time
SEPTEHBEB
AGGREGATE RESERVES OF DEPOSITORY
INSTITUTIONS AND THE MONETARY BASE
1
18 # 1986
Adjusted for changes In reserve requirements
Averages of dally figures, seasonally adjusted unless noted otherwise
Millions of dollar*
total1
Reserves of depository Institutions
nonborrowad plus
nonborrowed
required
extended credit*
Borrowings of depository Institutions
from the Federal Reserve, NSA
total
seasonal
extended credit'
570
221
1,073
1,289
656
1
203
1,187
172
629
1,741
107
530
1,318
56
499
1985—AUG.
SEPT.
OCT,
NOV.
DEC
43,654
43,882
44,244
44,847
45,612
42,581
42,593
43,056
43,106
44,294
43,151
43,249
43,685
43,637
44,793
42,826
43,216
43,491
43,919
44,554
exceea
NSA4
827
666
753
928
1,058
1986—JAB.
FEB.
HAE.
APE.
HA I
JUBE
JUL!
AUG. PB
45,881
46,370
46,865
47,275
48,577
49,445
50,489
51,314
45,111
45,486
46,104
46,383
47,701
48,642
49,748
50,442
45,608
45,978
46,622
47,017
48,285
49,172
50,126
50,907
44,771
45,272
45.968
46,474
47,739
48,514
49,579
50,578
1,111
1,097
896
801
838
931
910
736
218,404
219,788
221,262
222,359
224,904
226,631
228,300
230,582
770
884
761
893
876
803
741
872
36
56
68
73
94
108
116
144
497
492
S18
634
584
S31
378
465
50,829
51,641
50,071
50,731
50,444
51,245
50,244
50,773
585
868
229,723
231,117
759
910
134
152
373
515
51,748
50,637
51,229
50,985
763
231,506
1,111
149
592
Data
Monetary base*
'
211,208
212,289
213,566
215,253
216,721
TWO BEBKS
EBDIBG
1986-AUG.
13
27 P
S E P T . . 1 0 PS
-PRBLIHIBABI
PR—PBELIHIHABI ESTIMATE
RESBBVBS ABD HOBBTAET BASE FIGURES IBCOBPOBATB ADJUSTMENTS FOB DISCOBTIBBITIES ASSOCIATED BITE THE IHPLSHBBTATIOB OF THE
BOHETABI COBTBOL ACT ABD OTHEB BEG0LATOBT CHABGBS TO BBSEBfE RBQUIBBHBHTS. TO ADJUST FOB DISCOBTIB0ITIES DUB TO CBABGBS IB
BBSBBYE HBQOIBEHBBTS OB BESEBYABLB BOBDEPOSIT LIABILITIES, THE SOB OF SUCH BEg01BED RESBBVBS ABE SUBTRACTED FBOH THE ACTUAL
SBBIBS. SIMILARLY, IB ADJOSTIBG FOB DISCONTINUITIES IB THE HOBETABX BASE, BEQUIBBD CLEABIBG BALABCES ABD ADJUSTMENTS TO
COMPENSATE FOB FLOAT ALSO ABE SUBTBACTBD FBOH THE ACTUAL SBBIBS.
2/ TOTAL USSHEARS BOT ADJUSTED FOB DISCONTINUITIES COBSISTS OF BBSEBfE BALABCES BITfl PBDBBAL BBSEBfE BABES (BOICfl EXCLUDE
BEQUIBBD CLEABIBG BALABCES ABD ADJUSTHEBTS TO COHPEBSATE FOB FLOAT) PLUS TABLI CASH USED TO SATISFI BBSEBfE BEQOIBBBBBTS,
SUCH FAULT CASH CONSISTS OF ALL FAULT CASH HELD DORING TBB LAGGED COMPUTATION PBBIOD BI IBSTITUTIOBS HAflBG REQUIRED BBSEBfE
BALABCES AT rBDBBkL EBSBE1B BABES PLUS THE AMOUBT OF FAULT CASH EQUAL TO BEQUIBBD BBSEBfBS DUBIBG THE MAINTENANCE PERIOD AT
IBSTITUTIOBS HAflBG BO BBQOIRED BBSEBfE BALABCES.
3/ BXTBBDBD CBEDIT COBSISTS OF BORROWING AT THE DISCOUNT NIBDOB UNDER THE TEBHS ABD COBDITIONS ESTABLISHED FOR TBB BITEBDBD
CREDIT PROGRAH TO HELP DEPOSITOR! IBSTITUTIOBS DEAL BITfl SUSTAINED LIQUIDITT BBESSUBBS^ BECAUSE THERE IS BOT THE SAME BEMD TO
BBPAX SOCB BOBBOHIBG PBOHPTLI AS THBBB IS BITB TRADITIONAL SHORT-TERM ADJUSTMENT CBEDIT, THE HOBEI MARKET IMPACT OF BITEBDBD
CBEDIT IS SIHILAB TO THAT OF BOBBOBBOHBD BBSEBfBS.
4/ BBSBRFE BALANCES BITB FEDERAL BBSEBfE BABES PLUS fAULT CASB USED TO SATISFI BBSEBfE REQUIREMENTS LESS BEQUIBBD BESEBYES.
5/ THE HOBBTAET BASE BOT ADJUSTED FOB DISCOBTIBUIIIBS COBSISTS OF TOTAL BESEBFES PLUS BEQUIBBD CLEABIBG BALANCES ABD ADJUSTMENTS
TO COMPENSATE FOB FLOAT AT FBDEBAL BBSEBfE BANKS PLUS THE CUBRENCT COHPONENT OF THE HOBEI STOCK LESS THE AMOUBT OF FAULT CASB
HOLDIBGS OF THBIFT IBSTITUTIOBS TBAT IS INCLUDED IB TAB COBBENCI COMPOBBBT OF THE HOBET STOCK PLUS, FOB IBSTITUTIOBS BOT HAflBG
BEQUIBBD BBSEBfE BALABCES, THE EICESS OF CURREHT FAULT CASH OfBR TBB AMOUNT APPLIED TO SATISFI CUBBEBT BBSEBfE REQUIREMENTS.
AFTER THE INTRODUCTION OF CBB, CURBENCT AND FAULT CASH FIGURES ABE HEASUBEB OFEB THE HOBDAI-BBDIMG COMPUTATION PERIOD.
PBIOB TO CRR, ALL COBPONENTS OF TAB MONETARY BASB OTHEB THAN EXCESS BBSEBfBS ABB SEASOBALLI ADJUSTED AS A MHOLE, RATBBR THAR
BI COBPOBEBT, ABD EXCESS BESEBYES IS ADDED OB A NOT SBASOHALLI ADJUSTED BASIS. AFTER CBB, THE SEASONALLX ADJUSTED SBBIBS
CONSISTS OF SEASONALLI ADJUSTED TOTAL BESEBYES (BHICH INCLUDES EICESS RESERVES OB A NOT SEASOBALLI ADJUSTED BASIS) PLUS THE
SEASOBALLI ADJUSTED CUBBEBCI COHPOBENT OF THE HONEY. STOCK PLUS THE REMAINING ITEMS SEASONALLI ADJUSTED AS A HHOLE.
NOTE: HISTORICAL DATA ABE AVAILABLE FBOH THE BANKING SECTION, DIVISION OF HESEABCH AND STATISTICS, BOABD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM, MASHINGTON, D.C. 20551
V
H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements^
Averages of daify figures, not seasonally adjusted
Millions of dollars
Vault cash 4
Reserves of depository institutions
Monetary
base*
Date
total
nonborrowed
Reserve balances
with F.R. Banks 3 A
total
required
used to satisfy
required
reserves 5 *
Net carryover
of excess or
deficit
In reserve
balances 7 •
surplus*'
prrr
•
7*j
:
42,963
44,447
45,469
46,382
48,142
1 9 8 5 — AUG.
SEPT.
OCT.
NO?.
use
41,890
43,158
44,282
44,641
46,824
42,135
43,782
44,716
45,454
47,085
213,156
214,501
216,192
218,962
223,534
23,415
24,972
25,431
26,385
27,620
22,839
22,465
22,724
22,457
22,956
19,548
19,475
20,038
19,997
20,522
3,291
2,990
2,686
2,460
2,434
>
i
i** 1
:
!«
47,289
45,768
46,513
47,989
47,543
49,135
50,288
50,401
46,949
45,555
46,378
48,081
47,581
49,007
50,118
50,538
221,588
219,568
221,703
224,879
226,118
229,676
232,546
233,310
26,373
24,700
27,114
28,892
28,279
29,499
30,313
30,164
24,245
24,962
22,688
22,231
22,474
22,805
23,098
23,451
21,687
21,952
20,160
19,990
20,140
20,439
20,716
21,110
2,559
3,010
2,528
2,241
2,334
2,366
2,381
2,341
SEPT.
13
27 P
51,177
51,145
50,418
50,235
50,592
50,277
233,360
232,927
30,185
29,758
23,323
23,792
20,992
21,387
2,331
2,405
250
-8
10 PE
52,037
50,926
51,274
234,426
31,516
22,671
20,521
2,150
144
ij
: „
,
X
I
,i
t!
i
:
:]
i
'{I
?
P
PRELIMINARY
PE—PRELIHINABY BSTIHATE.
1/ BEFLECTS ACT0AL BESEBVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, NITH NO ADJUST!!ENTS TO ELIMINATE
TUB EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IflPLEHENTATION OF THE MONETAE! CONTBOL ACT OB OTHEB BEGULATOBY
CHANGES TO RESERVE BEQUIBBBENTS2/ CONSISTS OF TOXAL BESEBHES PLUS BBQUIBED CLEANING BALANCES AND ADJUSTMENTS TO COBPBNSATB FOB FLOAT AT FBDBBAL RESERVE
BANKS PLUS THE CUBBENCI COHPONENT OF THE HONEI STOCK LESS THB AMOUNT OF VAULT CASH HOLDINGS OF THBIFT INSTITUTIONS THAT
IS INCLUDED IN THE CUBBENCI COMPONENT OF THE HONEI STOCK PLUS, FOB INSTITUTIONS NOT HAVING REQUIRED BESEBVE BALANCES, THB
EXCESS OF CUBBENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFI CUBfiENT BESEBVE REQUIREMENTS. AFTBB THB INTBODUCTION OF
CBB, CUBBENCI AND VAULT CASH FIGUBES ABE HBASUBED OVEB THE MONDAY-ENDING COMPUTATION PERIOD.
3/ EXCLUDES REQUIRED CLEAHING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT.
4/ DATES BEFER TO THB HAINTBNANCE PBBIODS IN NHICH THB VAULT CASH CAN BE USED TO SATISFY BESBBVB REQUIREMENTS. UNDEH
CONTEMPORANEOUS BESEBVE BEQUIREMENTS, MAINTENANCE PERIODS END 30 DAIS AFTEB THB LAGGED COMPUTATION PERIODS
IN NHICH THE BALANCES ABE HELD.
5/ EQUAL TO ALL VAULT CASH HELD DUBING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQU1BED BESEBVE BALANCES
AT tEDEEkL BESEBVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DUBING THB MAINTENANCE PERIOD AT
INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES.
6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIB
BBQUIBED RESERVES DURING THE MAINTENANCE PERIOD.
7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF TWO-WEE* MAINTENANCE
PERIODS. BEFLECTS EXCESS (+) OH DEFICIT (-) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO VHE TWO-BEEK RESERVE
MAINTENANCE PERIOD ENDING ON THE DATE SHOWN.
'::
i|
TWO SEEKS
ENDING
1 9 8 6 — AUG.
i
it
48,060
46,652
47,274
48,882
48,419
49,938
51,029
51,274
1986—JAN.
FEB.
MAR.
APB.
HAT
JUNE
JULI
AUG. PB
l
i|
t
H.3 (502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements1
Averages of daily figures, not seasonally adjusted
Millions of dollars
Date
total
1985—AUG.
SEPT*
OCT.
NOV,
DSC.
43,069
43,676
44,207
4b,082
46,839
1966—JAM.
JiEB^
HAB.
APB.
MAY
JUNE
JULY
AUG. PE
Reserves of depository institutions
T
nonborrowed
41,996
Monetary base
required
43,341
45,520
42,241
43,011
43,454
44,154
45,781
211,514
212,157
213,357
216,038
47,113
45,684
46,338
47,936
47,712
49,198
50,319
50,618
46,342
44,800
45,578
47,044
46,836
48,395
49,578
49,746
46,002
44,587
45,442
47,135
46,874
48,267
49,409
49,882
218,741
216,784
218,985
222,434
223,608
227,037
230,020
230,750
13
21 P
50,502
50,495
49,744
49,5*5
49,917
49,627
230,879
230,297
10 PE
51,425
50,314
50,663
231,916
^203an
H3.02Q
220,362
TNO WEEKS
ENDING
1986—AUG.
SEPT.
P-^-PBELIMINABY
PE—PHELItflNABY ESTIMATE.
1/ FIGUBES EEFLECT ADJUSTMENTS FOB DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE HONETABY CONTBOL ACT
AND OTUEB BEGULATOBY CHANGES TO BESEfiVE BEUUIBEMEHTS.
@FedFRASER