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.· . - FEDERAL RESERVE statistical release ·For Release at 4:30 p.m. Eastern Time H.3 I 502 I Table 1 AGGREGATE RE$ERVES OF .DEPO~JTORY INSTITUTIONS AND THE MONETARY BASE SEPTEMBER 27, 1990 Adjusted for changes 1n reserve regu1rements . Averages of daily figures, seasonally adjusted unless noted otherw1se Millions of dollars Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed plus extended credit 4 required Monetary base 6 total seasonal 885 938 280756 281806 675 693 490 452 41 22 58620 58701 59110 1020 945 922 282786 283222 284946 555 349 265 330 134 84 21 21 20 59482 59302 60123 58880 59227 59436 1016 989 861 287509 289714 291820 440 1448 2124 47 51 78 26 535 1950 58647 58448 58850 60051 59324 59196 59379 58820 58958 897 962 774 293540 294401 296276 1628 1335 881 122 244 311 1403 875 346 59322 59750 58565 58824 58845 58951 58460 58879 862 872 297860 301126 757 927 389 430 280 127 1990-JULY 25 58860 58028 58326 57985 875 297569 832 396 298 AUG. 8 22 59612 59828 £8704 .56704 59123 58742 58847 58918 764 910 299579 300748 908 1124 429 432 419 38 SEP. 5 l9p 59754 59993 5<;116 59123 59293 58846 59212 907 781 303090 304115 638 705 430 410 8 Date total 2 1989-AUG. SEP. 58906 59289 58231 58596 58272 58618 58021 58351 OCT. NOV. DEC. 59640 59646 60033 59085 59297 59767 59106 59318 59787 1990-JAN. FEB. MAR. 59896 60215 60297 59456 58768 58173 APR. MAY JUNE 60275 59783 59732 JULY AUG. nonborrowed3 e~~:~s extended credit 4 Two weeks ending p--preliminary 1. 2. 3. 4 5. 6. 59~88 5 pe--preliminary estimate Reserves and monetary base f igur•s incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. I For more infor~atbn, see Table 3.) Seasonally adjusted, break-adJustld total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. I Also, see footnote 2 01 Table 2 and footnote 2 on Table 3. l Seasonally adjusted, break-adjustd nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository inst1tutbns from the Federal Reserve. Extended credit consists of borrowng at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal \ith sustained liquidity pressures. Because there is not the same need to repay such borrowing promptlv as there is with traditional short~erm adjustment credit, the money market impact of extended credit is similar to that of nonborrowed · reserves. Excess reserves NSA equals unadjustld total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column 31. The seasonally adjusted, break-adju.ted monetary base consists of (11 seasonally adjusted, break-adjusted total reserves plus 121 the seasonally ad JUS ted currency compon1nt of the money stock plus ( 3 l, for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" ana for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, breakadjusted difference between current tault cash and the amount applied to satisfy current reserve requirements. IAlso see footnote 3 on Table 2 and footnote 4 on table 3. l H.3 15021 Table 2 AGGREGATE RESERVES OF OEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve re~irem~nts Averages of daily figures, not seasona.ly adJusted Millions of dollars Vault cash 5 Reserves of deposit•ry institutions total 2 Date nonborrowed required base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy requirei:l reserves 6 surplus 7 1989-AUG. SEP. 59559 60126 56884 ~433 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 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. 60943 60732 60185 59805 60081 59860 303387 305000 32946 32452 30457 30843 27996 28280 2460 2563 60484 Net carryover of reservi balances Two weeks ending 1990-JULY 25 59652 59609 303014 32390 30549 28094 2455 74 AUG. 8 22 60363 61277 59455 60154 59599 60367 303247 306008 32389 32463 30597 31379 27974 28815 2623 2565 126 3 SEP. 5 19p 60212 62298 59574 61593 59305 61517 304991 308736 32491 34327 30229 30291 27721 27972 2507 2320 69 38 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 121 required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus 131 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 reporters whose vault cash exceeas 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 requirements, maintenance periods end 30 days after the lagged computation periods in which the balances are held. All vault cash held during the lagQed computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cashl plus the amount of vault casFi applied during the maintenance period by "nonbound" institutions I i.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 reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H. 3 I 502 l Table 3 AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requiremen-ts Aver·'lges of daily figures, no-t seasonally adjus-ted Mil~ions of dollars · Reserves of deposi-tory ins'ti'tu'tions Da'te 'to'tal 2 nonborrowed required 3 Mone-tary 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. 59471 59217 58713 58290 58609 58345 299897 301467 59025 58193 58150 299473 8 22 58872 59789 57964 58665 ·58108 58879 299742 302462 5 58633 60663 57995 59958 57726 59882 301453 305130 Two weeks ending 1990-JULY 25 AUG. SEP. 19p p--preliminary 1. 2. 3. 4. pe--preliminary es'tima'te Figures reflec-t adjus'tmen'ts hr discon-tinui-ties, or "breaks", associa-ted wi'th regula-tory changes in reserve requiremen-ts. Break-adjus-ted 'to-tal reserves equal break-adjus-ted required reserves ITable 3, column 3l plus excess reserves NSA ITable 1, column 51. To adjus-t required reserves for discontinuities due 'to regula-tory changes in reserve requirements, a mul-tiplica-tive procedure is used 'to estimate ~a't required reserves would have been in past periods had curren-t reserve requiremen-ts been in effect. Brtak-adJusted required reserves includes required reserves agair,st 'transac-tions deposi-ts and nonpersonal time and sav1ngs deposits lbut not reservable nondeposit liabilit1es. I The break-adjus-ted monetary baseequals Ill break-adjusted 'total reserves plus 121 'the (unadjusted) currency componen-t of 'the money stock plus 131, forall quarterly reporters on 'the "Repor-t of Transaction Accounts, Other Deposits and Vault Cash" and for all those wee<.ly reporters whose vault cash exceeds their required reserves, the break-adjusted difference be-tween current vault •ash and the amount applied to satisfy current reserve requirements. No'te: His-torical da'ta are available fro~ 'the Money and Reserves Projec-tions Sec-tion, Division of Mone-tary Affairs, Board of Governors of The Federal Reserv1 System, Washington, D.C. 20551
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