Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : April 10, 1986

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FEDERAL RESERVE statistical release
.fSra3?
H.3(502)
TaNal

For Rates* at 4:30 Eaalam Thns
APRIL

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE

10,

1986

Adjusted for change* in rasarva rsquirsmants1
Avsragas of daily figures, seasonally adjustsd unlass notsd othsrwisa
Millions of dollars

tota?

Data

Basarvas of depository institutions
raquirad
nonborrowad plus
nonborrowad
axtandad cradlt*

i
axcass
NSA4

Monatary baaa1

Sorrowings of depository institutions
from ths Fadaral Rasarva, NSA
total
ssssonal
axtandad cradlf

1985—-MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

40,471
40,710
41 , 3 2 3
42,177
42,606
43,193
43,507
43,651
44,377
45,186

38,878
39,387
39,989
40,972
41,500
42,121
42,218
42,464
42,636
43,867

39,937
40,256
40,522
41,638
42,006
42,690
42,874
43,093
43,167
44,367

39,705
39,972
40,519
41,272
41,751
42,366
42,841
42,898
43,449
44,128

766
738
804
905
855
827
666
753
928
1 , 058

202,958
203,672
205,459
207,567
208,730
210,846
212,076
213,117
214,934
216,437

1986--JAN.
FEB.
MAR.

45,365
45,817
46,348

44,594
44,934
45,587

45,091
45,426
46,105

44,254
44,720
45,421

1,111
1 ,097
927

218,038
,219,412
220,983

770
884
761

36
56
68

497
492
518

45,936
46,578

45,232
45,809

45,706
46,343

44,960
45,583

976
995

219,977
221,375

704
769

65
69

475
535

46,695

45,821

46,397

46,073

621

222,301

874

76

576

PE

1
1
1
1
1
1
1
1
1
1

,593
,323
,334
,205
,107
,073
,289
,187
,741
,318

}
I

88
135
165
151
167
221
203
172
107
56

1 ,059
868
534
665
507
570
656
629
530
499

TWO WEEK5
ENDING
1986-MAR.

APR.

12
26 P
9

PE

PRELIMINARY
PE—PRELIMINARY ESTIMATE
RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE
MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES IN
RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL
SERIES. SIMILARLY, IN ADJUSTING FOR DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO
COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES.
TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE
2/
REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT) PLUS' VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS.
SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE
BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT
INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES.
3/ 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.
4/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES.
5/ THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES 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 LESS THE AMOUNT OF VAULT CASH
HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING
REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS.
AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD.
PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN
BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES
CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE
SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE.
NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551

P1/




H.3 (502)
Table 2

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements.
Averages of daily figures, not seasonally adjusted
Millions of dollars
Vault cash 4

Reserves of depository institutions
Monetary
base 2 ) .

Date
total

nonborrowed

Reserve balances,
with F.R. Banks}*
total.

required

used to satisfy
required
reserves8,

Net carryover
of excess or
deficit
In reserve
balances 7 i

surplus9:

* *

41,390
43,158
44,282
44,641
46,824

22,065
23,217
22,385
23,367
23,503
23,415
24,972
25,431
26,385
27,620

21,863
21,567
21,898
22,180
22,530
22,839
22,465
22,724
22,457
22,956

18,429
18,435
18,666
18,985
19,300
19,548
19,475
20,038
19,997
20,522

3,434
3,132
3,231
3,196
3 , 230
3,291
2,990
2,686
2,460
2,434

48,060
46,652
47,299

47,289
45,768
46,538

46,949
45,555
46,371

219,588
217,672
219,894

26,373
24,700
27,120

24,245
24,962
22,688

21,687
21,952
20,179

2,559
3,010
2,509

47,118
47,134

46,414
46,365

46,142
46,140

219,010
219,790

27,102
26,716

22,577
22,986

20,016
20,418

2,561
2,568

91
109

48,192

47,318

47,571

222,305

28,293

22,121

19,899

2 222

220

1986

38,901
40,329
39,718
41,147
41,L96

TWO WEEKS
ENDING
1986--MAR.

APR.

i

5

>
:

li
12
26 P
9 PE

t

201,219
203,746
204,874
208,317
210,580
211,525
212,876
214,472
217,177
221,485

40,494
41,652
41,051
42,352
42,803
42,963
44,447
45,469
46,382
48,142

JAN.
FEB.
MAR. PE

I

39,728
40,914
40,247
41,447
41,943
42,135
43,782
44,716
45,454
47,085

1985--MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

" ,„„«, h>:1

P
-PRELIMINARY
PE PRELIMINARY ESTIMATE.
1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE
THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OR OTHER REGULATORY
CHANGES TO RESERVE REQUIREMENTS.
2/ CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL\RFSFRVF
BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT
IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE
EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF
CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD.
3/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT.
4/ DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDERCONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS
IN WHICH THE BALANCES ARE HELD.
5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES
AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE 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 THEIR
REQUIRED RESERVES DURING THE MAINTENANCE PERIOD.
7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF TWO-WEEK MAINTENANCE
PERIODS. REFLECTS EXCESS (+) OR DEFICIT (-) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WEEK RESERVE
MAINTENANCE PERIOD ENDING ON THE DATE SHOWN.




H.3 (502)
Table 3

AGGREGATE RESERVES OF 1DEPOSITORY INSTITUTIONS AND THE MONETARY BASE

Adjusted for changes in reserve requirements
Averages of daily figures, not seasonally adjusted
Millions of dollars
Date

total

Reserves of depository institutions
|
nonborrowed

Monetary bate
required

1985—MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT*
OCT.
NOV.
DEC.

40,066
41,254
40,643
41,959
42,410
42,596
43,221
43,747
44,625
46,404

38,473
39,932
39,309
40,754
41 , 3 0 3
41 , 5 2 3
41,932
42,559
42,884
45,086

39,301
40,516
39,839
41,054
41,554
41,768
42,555
42,994
43,697
45,347

200,792
203,349
204,465
207,923
210,187
211,158
211,649
212,750
215,420
219,747

1986--JAN.
FEB.
MAR. PE

46,633
45,175
45,854

45,862
44,292
45,093

45,522
44,078
44,926

218,161
216,195
218,449

45,701
45,684

44,997
44,915

44,725
44,689

217,594
218,340

46,695

45,822

46,074

220,808

TWO WEEKS
ENDING
1986—MAR.

APR.

12
26 P
9 PE

P
PRELIMINARY
PE—-PRELIMINARY ESTIMATE.
1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT
AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.