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FEDERAL RESERVE statistical release H.3 (502) 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 reguirements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars required 7, 1989 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed plus exte'4ded credit SEPTEMBER Monetary base 6 total seasonal extended credit4 953 972 270979 272420 3241 2839 423 421 2653 2059 59800 59733 59666 1062 1119 1040 273659 274380 275501 2299 2861 1716 332 186 130 1781 2322 1244 59754 59822 59376 59226 59106 58896 1145 1154 957 276784 277553 278615 1662 1487 1813 76 97 139 1046 1050 1334 57174 57019 56860 58880 58217 57776 58686 57709 57445 776 1031 905 278675 278329 279056 2289 1720 1490 213 345 431 1707 1197 917 58698 58759 58004 58084 58110 58125 57733 57849 966 910 279983 280330 694 675 497 490 106 41 58967 58454 58250 57773 58396 57863 57976 57420 990 1035 279789 280054 717 681 483 509 146 90 58738 58741 58062 57988 58117 58032 58023 57786 715 955 280252 280053 676 753 497 489 55 44 58813 58276 58297 57762 1051 280902 538 485 22 Date total 2 1988-AUG. SEP. 60903 60824 57663 57985 60316 60043 59950 59852 OCT. NOV. DEC. 60862 60853 60706 58562 57991 58990 60343 60314 60234 1989-JAN. FEB. MAR. 60370 60260 59854 58708 58773 58041 APR. MAY JUNE 59463 58740 58350 JULY AUG. pe nonborrowed3 e~~:~s Two weeks ending 1989-JULY 12 26 AUG. SEP. 9 23p 6pe 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. l 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 1l less unadjusted required reserves (Table 2, column 3J. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adJusted currency component of the money stock plus (3), for institutions whose vault cash exceeds their required reserves, the seasonally adJusted, break-adjusted excess of current vault cash over the amount applied to satisfy current reserve requirements. (Also, see footnote 3 on Table 2 and footnote 4 on Table 3. l H.3 1502l 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 cashs Reserves of depository institutions base Reserve balances with F.R. Banks 4 Moneta~y total used to satisfy requirea reserves 6 surplus 7 Net carryover of reservw balances Date total 2 nonborrowed required 1988-AUG. SEP. 61965 62153 58724 59314 61012 61181 275033 274874 36911 37213 26895 26727 25054 24940 1841 1787 OCT. NOV. DEC. 61915 62407 63739 59616 59546 62023 60853 61287 62699 275775 278653 283176 36421 36997 37830 27198 26745 27197 25494 25410 25909 1705 1335 1288 1989-JAN. FEB. MAR. 63468 60693 60212 61806 59206 58400 62323 59539 59255 281312 277655 278943 36475 32834 34623 28376 29776 27059 26993 27859 25589 1383 1917 1470 APR. MAY JUNE 61288 58911 59587 58998 57191 58097 60511 57881 58681 281521 280540 283272 35832 33199 33852 26746 27166 27151 25456 25712 25735 1290 1454 1416 JULY AUG. pe 60254 59563 59560 58888 59288 58653 285358 284270 33902 32832 27851 28358 26351 26731 1500 1627 61057 59842 60340 59161 60067 58807 286814 284478 34866 33410 27607 27948 26191 26432 1416 1517 144 36 59481 59821 58805 59068 58766 58866 284332 284825 32969 32610 28166 28852 26513 27211 1654 1641 203 4 59204 58667 58153 283228 33068 27710 26137 1573 102 Two weeks ending 1989-JULY 12 26 AUG. SEP. 9 23p 6pe 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 total reserves plus required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus the currency component of the money stock plus, for institutions whose vault cash exceeds their required reserves, the excess of current vault cash over the amount appliea 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 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 reserves on the basis of two-week maintenance periods. Reflects excess (+) or deficit 1-l reserves eligtble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 15021 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 Date total 2 nonborrowed required 3 Monetary base4 1988-AUG. SEP. 60461 60506 57220 57666 59508 59534 271620 271439 OCT. NOV. DEC. 60372 60963 62213 58073 58102 60497 59310 59844 61173 272293 275317 279710 1989-JAN. FEB. MAR. 62067 59371 58938 60405 57884 57125 60922 58217 57980 277923 274363 275625 APR. MAY JUNE 60011 57722 58410 57722 56002 56920 59235 56691 57505 278115 277493 280183 JULY AUG. pe 58955 58303 58261 57628 57989 57393 282072 281134 59760 58550 59044 57869 58770 57516 283321 281352 58154 58609 57478 57857 57439 57654 281094 281736 57935 57397 56884 280129 Two weeks ending 1989-JULY 12 26 AUG. SEP. 9 23p 6pe 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 31 plus excess reserves NSA (Table 1, column 51. 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 required reserves includes required reserves against transactions deposits and nonpersonal time and sav1ngs deposits (but not reservable nondeposit liabilit1es. 1 Break-adjusted monetary base equals 111 break-adjusted total reserves plus 121 the (unadjusted) currency component of the money stock plus (31, for institutions whose vault cash exceeds their required r·eserves, the break-adjusted excess of current vault cash over 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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