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FEDERAL RESERVE statistical release H.315021 Teble1 S~PtEftBEB 22, 1~88 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE AdJu•ted for cllangH In re..,.,. requirement•' A-eaee of delly llguree, MUOnally edlueted un- noted otherwl.. Million• of doll.,. lllonowlnge of depoeltory lnetltutlon• ,..__ of depoeltory ln•tltutlone "--e total' 1987--AUG. SEPT. nonborrowed nonborrowed plu• extended credit' required Monetary ~~eM' exNSA' total lrorn the Federal " ' - - NSA ..aaonel extended credit' 58,810 511,815 59,41>1> 59,053 58,722 58,163 57,8711 58,523 58,428 57,944 5!1,283 58,971 58,822 511,428 57,778 58,021 58,Jl8 58,129 57. 69J 1,032 793 1,129 923 1,029 251,919 253,024 .l55,296 256,938 257,9211 b47 940 9113 1>25 777 279 231 189 126 93 132 1109 4119 3911 483 59,458 59,573 59,760 60,374 60, 3b5 60,1>37 61,238 61, OBit 58,376 59,177 58,009 57,380 57,787 57,555 57,798 57, 841t 58,748 59,lt12 59,487 60,0011 59,894 60,108 bO,JJb 60,1196 58,163 58,11110 58,832 59,515 59, J25 59,750 bO, 2J 1 60,137 1,295 1,133 929 859 1,0110 888 1,007 9118 260,721 262,019 263,315 265,809 266,9211 268,309 270,626 271,195 1,082 396 1,752 2,993 2,578 J,083 3,440 J,2111 59 75 119 146 2116 311 376 lt24 372 205 1,478 2,6211 2,107 2,5611 2,538 2,663 10 21t 61,239 60,981> 57,900 57,742 60,648 60,1112 60,11113 60,005 796 981 270,91>2 271,0':17 J,J39 3,2115 1107 ltJ1 2,7118 2,671 7 p 21 PE 61,060 1.1,039 57,967 58,068 60,4119 60,1113 59,961 60,..1411 1,099 795 271,726 272,682 3,093 2,971 1133 1108 2,1182 2,075 ocr. JOY. DEC. 1988--.JAJ. PI:: B. lUll. Al'B. ftAI JUNE JULY AUG. p Stl,.l~S TWO IBBKS EJDIJG ------1988-AUG. SEPT. ---P---PRELilllliAII PJI--PRELI·IIJIIARt ES'l'IftATE 1/ RESEIIYES AID IIOJETARI BASE FIGURES INCORPORAf£ lDJUSTliBITS FOR DISCOJTINUITIES ASSOCIATED VITH THE IRPLIREJTATIOJ OF TR! RONETARI CONTROL ACT AID OTHER REGULATORY CHABGBS TO RESERYB IEUUliiEREJTS. TO ADJUST FOR DISCOITlJUITIES DOE TO CHANGES IJ RESERVE REQUIREIIEITS ON RESERYlBLE NOJDEPOSlT LIABILITIES, THE SOft OF SUCH REQUIRED RESERY&S ARE SUBTRACTED FROR THE ACTUAL SERIES. SiftiLARLI• 11 AD.JUSTIRG FOR DISCONTIIUITIES II THE ftOIETARI BASE, REQUIRED CLEABIIG BALANCES AND AD.JUSTft!ITS TO COftPENSATE FOR FLOAT ALSO ARE SUBTRACTED I'ROft THE ACTUAL SBR.IES. 2/ TOTAL RESERYES lOT ADJUSTED FOR DISCONTIIUITIES CONSISTS OF RESERY£ BALAICES 11TH FP.DERAL RES!RY! BAlKS (RHICH !ICLUD! REQUIRED CLEAIIIHG BALANCES AND ADJUSTftEBTS TO COMPENSATE FOR FLOAT) .PLOS fAULT CASH OSED TO SATISFY RESERVE R8QUIII!ft£11TS. SUCH VAULT CASH CONSISTS OF ALL YAOLT CASH HELD DURUG THE LAGGED COIIPu·1ulON PP.RIOD Bf lNSTl'fUflOIS HAUNG BEQUIRI!D R!SERVI! BALlRCES AT FEDERAL RESERVE UANKS PLUS THE AftOUIT Of VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE RAIRTEJARCE PERIOD AT IISTlTUTIONS HAYING NO REQUIRED RESERVE BALANCES. l/ EXTENDED CREDIT CORSlSTS OF BORROWING AT THE DISCOOJT WIJDOW OlDER THE TERNS AND CORDITIONS ESTABLISHED FOR THE EXTENDED CREDIT PROGRAft TO HELP DEPOSITO~Y INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITI PRP.SSDRRS. BECAUSE THERE IS JOT THE SANE NEED TO ~EPAJ SUCH BURROWING PBOftPTLI AS THERE IS VITH TRADITIOHAL SHOIT-TERII ADJUSTMENT CREDIT, THE ftONEJ ftARKET lftPACT OF EXTENDED CREDIT IS SIMILAR TO THAT OF NONBORROWED RESERVES. 4/ RESERVE BALANCES WITH FEDERAL RESERVE HANKS PLUS VAULT CASII USED TO SATISFY RBSF.RYE REQUIREMENTS LESS REUUIRED RESERVES. 5/ THE ftUNETARI BASE NOT ADJUST£D FOR DISCONTINUITIES CONSISTS OF TOTAL ~ESERVP.S PLUS REQUIRED CLEARING HALANCES AND ADJUSTMENTS TO COitPENSATE FOR FLOAT AT FEDERAL RESERVE HANKS PLUS THE COBBENCt COftPONENT OP THE ftOIIEY STUI:K PLUS, FOil INSTTTUTIOIS IIDT HAYING liEQUIRI::O IIESERVE BALANCES, THE EXCP.SS Of CURRENT VAULT CASH OYF.R THE AIIOIINT APPLIED TO SATlSl'Y CIIHREIIT f(ESEHV'E BEYUIRE!tENTS. AFTER THE lNTROUUCTlON OF CCH, CURRENCY AND VAULT CASH FIGURES ARE IIEASURED OVEN THE IIUNPAY-RNDING COMPUTATION PERIOD. THE S~ASONALLY ADJUSTED NONETAHf BASE CO"SlSTS Of SEASONALLY APJDSTED TOTAL BESEHYE (iHICH INCLUDES EIC~SS RESERVES ON A NUT St:ASOHALLY ADJUSTED UASIS) PLUS THE SEASONALLI ADJUSTED CURPF:NCY COIIPONF.NT OF THE ftONEt STOCK PLUS THE REIIAINING IT~MS SEASONALLY ADJUSTED AS A WHOLE. NOTE: HlSTUf(ICAL DATA AR~ AVAILABLE fRUft THE liONEl AND HESEHYES PROJECTIONS S~CTION, DIVISION OF IION~TARJ AffAIRS, BOARD OF GOVERNORS OF THE fEDERAL U~SERVE SYSTEII, WASHINGTON. O.C. 70~~1 H.3 (!102) . Table 2 AQ.OREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 'No!adjust~d for6changes. i~.. ~e~~".<l_'!!~~ment<> , Av.fages ol daily figures, ,!101 seasonail~ adj~~te<l:.,.~ · - • -· Millions of dollars Monetery base~ Data total non borrowed required 1987--AUG. SEPT. Ol:T. IIOV. DEC. 58,361 !>9,813 6 1, 106 b 1,1.05 62, 123 57,7111 58,8 73 60,163 60,580 61,346 57,329 59,o;.w 59.97'1 60,282 61,094 254,360 255, 6~ 1 258,076 261.674 266,161 35,616 36,685 37,249 37,1l53 37,673 24,644 24,854 25,587 25,4J1 26,155 .lJ.,HS 2J,Il57 J.J.752 21l,449 1, 899 1. 726 1. 730 1,679 1,706 1988--JAII. FEB. liAR. APR. IIAY JUliE JULI AUG. p 62,640 60,047 60,076 62,064 b0,61J1 o1,991 b2,756 61,962 61,558 59,650 58,324 59,071 58,103 58,908 59,316 58,721 61,lll5 58.91'4 59,147 b1,205 59,641 61,103 61,7'49 o1,014 265,789 262,598 263,979 268, 127 268,899 272,654 275,591 275,030 3 7. ll85 34,211 36,027 36,429 36,509 37,907 36,908 26,919 28,119 25,926 25,200 25,673 25,717 26,479 26,6\15 25, 155 25,836 24,049 23,b36 2'4,172 2'4,084 24,763 25,054 1.764 2,283 1,877 1,564 1, 700 1,632 1,715 1,842 10 24 62,104 61,935 56.765 56,o90 61,309 60,954 275,234 275, 17 3 37,343 36,422 26,571 27,400 24,762 25,513 1,610 1, 887 2112 97 7 p 21 PE b1,814 b2, 715 58,721 59,744 b0,715 61,921 274,452 276,208 37,260 37,632 26,351 26,787 24,554 25,084 1,798 1, 703 162 130 31,992 J.J, 128 TIIO VEEitS ll:MDIIIG ---------1968--AUG. SEPT. P---PIIELIIIIIIARY PE--PRELIIIINARY ESTIIIATE. 1/ REFLECTS ACTUAL RESERVE REQUIREftENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, 81TH 110 ADJUSTIIRNTS TO ELIIIIIIATB THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IIIPL~IIENTATION OP THE IIONETARY CONTROL ACT OR OTHER REGULATORY CHANG~S TO RESERVE BR~UlREIIENTS. 2/ CONSISTS OF TOTAL NESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTIIEIITS TO COIIPENSATE POB FLOAT AT FEDERAL RESERVE HANKS PLUS THE CURNENCY COIIPONENT OF THE liONEl STOCK LESS THE AIIOOIIT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED Ill THE CURRENCY COIIPONENT OF THE !lONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REVUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT l:ASH OYER THE AMOUNT APPLIED TO'SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE IIEASUREU OVER THE ftONDAl-ENDING COMPUTATION PERIOD. 3/ EXCLUDES REQUIRED CLEARING BALANl:ES AND ADJUSl'ftEIITS TO COI!PENSATB FOR FLOAT. 4/ DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDER CONTEIIPORANEOUS RESERVE REQUIREMENTS, IIAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COIIPUTATION PERIODS IN ~HICH THE BALANCES ABE HELD. 51 EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COIIPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES AT FEDERAL RESERVE BANKS PLUS THE AIIOUNT OF VAULT CASH EQUAL 10 REQUIR~D RESERVES DUPING THE IIAIIITENAIICE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCeS. 6/ TOTAL VAULT CASH AT INSTITUTJ.O!IS !lAVING NO Rt:IJUli\ED NESEJ;VE BALANCES LESS THE AIIOUNT OF VAULT CASH E~UAL TO THEIR REQUIREU RES~RVES DURING THE MAINTENANCE PENIOD. 71 COH~ISTS OF CARRYOVER ONLY AT DE~OSlTO~Y INSTITUTIONS IIAINTAINING RESERVES ON THE BASIS OF TWO-WEEit MAINTENANCE PEldODS. RU'LEC1'S t:XCESS (+) IJI• Dr:flt:l'J' (-) ~~~SERVES ELIGIBLE TO BE t:ARHED FORWARD INTO THE TWO-WEEK IIESI'!PVE IIAlN'IENANCE I'E"J.GD ~:NDlNG (IN 'J11r: llA'l't: :>11011'1, H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Date total Reserves of depository institutions non borrowed Monetary base required 1987--A OG. SEPT. OCT. NOV. DEC. 58,369 5!:1,512 59,073 59,136 60,023 59,245 57,718 57,944 58,213 58,994 1988--JAN. 61,199 58,663 58,851 001941 59,454 60,679 o1,467 60,586 o0,117 51:1,267 57,099 57,95ij 56,87o 57,596 58,027 57,345 59,904 57,530 57,922 b0,088 58,414 59,791 60,460 59,638 265,007 265,732 269,4ijl .272,411 271,729 60,784 60,544 57,445 57,300 59,988 59,564 271,909 271,841:1 60,386 61,198 57,293 58,2l1 59,287 60,403 271,236 272,905 FEB. KAR. APR. MAY JUNE JULY AUG. p 57,721 57,571 58,130 !.8,511 ~7,336 252,308 252,445 25ij,ll':i 257,651 2o2,05J 262,006 259,011.) 260,111. TWO WEEKS ENDING ------------1988--AUG. 10 24 SEPT. 1 p 21 P£: P---~BJ:;LltHNARY PE--PRELIKINABY ESTIMATE. 1/ FIGURE~ REFLhCT ADJUSTKLNTS FOR DISCONTINOITir:S ASSOCIATBD WITH THE IKPLEBENTATION OF THE KONETA~I CONTROL ACT ANO OTHER REGULATORY CHANGES TO RESERVE REQUIHE!ENTS.
@FedFRASER