Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : April 12, 1984

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FEDERAL RESERVE statistical release
For Release at 4:30 Eastern Time

H.3 (502)
Tabto 1

A P R IL

1 2 t 1984

AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changaa In rsaarvs raqulramants1
Avaragaa of dally flgurvs, seasonally adjusted unloaa notad otherwise
Millions of dollars
I
Data

total*

Raaarvas of depository institutions
nonbonowad
raquirad

axoaas
N8A4

Monatary baaa*
total

gs of dapoattory institutions
from 1tha Fadaral Raaarva NSA
aaaaonal
axtandad credit*

1 9 8 3 — MAR.
APR.
MAY
JU N E
JU L Y
AUG.
S E P T.
O C T.
NOV.
DEC.

3 4 , 19B
3 4 ,5 0 6
3 4 ,5 9 6
3 5 ,0 5 1
3 5 ,1 9 4
3 5 ,2 1 8
3 5 ,3 0 7
3 5 ,3 1 7
3 5 ,2 4 5
3 5 ,2 7 9

3 3 ,4 0 6
3 3 ,4 9 6
3 3 ,6 4 4
3 3 ,4 1 5
3 3 ,7 4 1
3 3 ,6 7 ^
3 3 ,8 6 6
34*473
3 4 ,3 4 0
3 4 ,5 0 5

3 3 ,7 2 3
3 3 ,9 0 1
3 4 ,1 5 7
3 4 ,3 7 3
3 4 ,3 1 9
3 4 ,1 6 3
3 4 t3 8 0
3 4 ,7 2 9
3 4 ,3 4 6
3 4 ,5 0 7

3 3 ,7 6 5
3 4 ,0 2 9
3 4 ,1 4 8
3 4 ,5 7 1
3 4 ,6 8 7
3 4 ,7 7 2
3 4 »8 0 9
3 4 ,8 1 2
3 4 ,7 1 6
3 4 ,7 1 8

4 33
<►76
449
480
507
4 46
4 98
505
529
561

1 7 4 ,2 1 9
1 7 5 ,4 1 1
1 7 6 ,6 9 3
1 7 8 ,3 3 1
1 7 9 ,3 0 8
1 8 0 ,1 2 7
1 8 1 ,7 7 5
1 8 2 ,8 4 5
1 8 3 ,9 4 9
1 8 4 ,9 6 9

792
1 ,0 0 9
952
1 ,6 3 6
1 ,4 5 3
l,5 4 o
1 ,4 4 1
844
9 06
774

S3
82
99
122
171
198
190
142
121
96

317
405
513
95e
578
491
515
256
6
2

198 4 — J A N .
FEB.
MAR. PE

3 5 ,5 0 2
3 6 ,0 6 7
3 6 ,1 0 3

3 4 ,7 8 7
3 5 ,4 9 9
3 5 ,1 5 2

3 4 ,7 9 1
3 5 ,5 0 4
3 5 ,1 7 9

3 4 ,8 8 9
3 5 ,1 2 4
3 5 ,3 8 8

613
942
716

1 8 6 ,9 3 9
1 8 8 ,5 8 3
1 8 8 ,7 6 6

715
567
952

86
103
133

4
5
27

15
29

3 6 ,4 0 3
3 5 ,7 8 5

3 5 ,8 4 7
3 5 ,2 1 5

3 5 ,8 5 0
3 5 ,2 2 2

3 5 ,2 0 8
3 5 ,0 6 4

1 ,1 9 4
721

1 8 9 ,© 2 2
1 8 8 ,2 2 9

5 56
57©

89
115

3
7

MAR.

14 P
26 P

3 6 ,1 6 8
3 6 ,1 5 1

3 5 ,4 7 9
3 5 ,© 1 5

3 5 ,5 0 0
3 5 ,0 4 5

3 5 ,3 9 8
3 5 ,4 2 9

77©
722

1 8 8 ,6 2 3
1 8 8 ,9 7 ©

689
1 ,1 3 6

118
149

21
3©

APR.

11 PE

3 5 ,5 7 9

3 4 ,2 6 5

3 4 ,3 0 2

3 5 ,1 4 8

430

1 8 8 ,4 7 6

1 ,3 1 3

131

36

TWO WEEKS
ENDING
1984— F E B .

P ------- P R E LIM IN A R Y
1/
RESERVES AND MONE1ARY BASE F IG U R E S INCORPORATE A D JU S TM EN TS FOR D IS C O N T IN U I T I E S A S S O C IA T E D W IT H THE IM P LE M E N TA TIO N OF THE
MONETARY CONTROL ACT ANO O TH ER R EGULATO R Y CHANGES T O RESERVE R EQUIR EM EN TS* T O A D JU S T FOR D I S C O N T I N U I T I E S OUk T O CHANGES IN
RESERVE R EQ UIR EM EN TS ON R ESER VABLE N O N D EP O S IT L I A B I L I T I E S * THE SUM OF SUCH R EQ U IR ED RESERVES ARE SUB TR A C TED FROM TH E ACTU A L
S E R IE S . S IM IL A R L Y * IN A D J U S T IN G F O k D 1 S C U N T IN U 1 T IE S IN TH c MONETARY B A S E • R EQ UIR ED C L E A R IN G B ALANCES AND A D JU S TM EN TS TU
COMPENSATE FOR F lG A T ALSO ARE SUB TR A CTED FROM THE A C TU A L S E R IE S .
2 / T O TA L RESER VES NOT A D JU S T E D FOR D I S C O N T I N U I T I E S C O N S IS T S OF RESERVE BALANCES W ITH FED ER AL RESERVE BANKS (W H IC H EXCLUDE
R EQUIR ED C L E A R IN G BALANCES AND A D JU S TM E N TS TO COMPENSATE FOR F L O A T ) PLUS V AU LT C A S h USED TO S A T IS F Y RESERVE R E Q U IR E M E N TS .
SUCH VAU LT CASH C O N S IS T S Oh A LL V A U L T C A S H HELD DUR IN G 1HE LAGGED C O M PU TATIO N P ER IO D BY I N S T I T U T I O N S H A V IN G R EQ U IR ED RESERVE
BALANCES AT FED ER AL R ESER Vc BANKS PLUS TH E AMOUNT OF V A U LT CASH EQUAL TO R EQ UIR ED R ESERVES D U R IN G T H E M A INTEN ANCE PERIOD AT
IN S T I T U T IO N S H AVIN G NO R EQ U IR ED RESERVE B A LA N C E S .
3/
EXTENDED
C R E D IT C O N S IS TS OF BURROWING AT TH E D IS CO UN T WINOOW UNDER TH E TERMS AND C O N D ITIO N S E S T A B L IS H E D FUR TH E EXTENDED
C R E D IT PROGRAM TO HELP D e P U S lTO K V IN S T I T U T I O N S DEAL W ITH S U S TA IN E D L I Q U I D ! I Y P R ES SU R ES .
BECAUSE THERE IS NOT T h E SAME NEED TO
REPAY SUCH BURROWING PR0MP1LY AS T h ERE I S W ITH T R A D IT IO N A L S H O R T-TER M ADJUSTM ENT C R E D IT , TH E MONEY MARKET IM P AC T OF EXTENDED
C R E D IT I S S IM IL A R TO TH AT OF NONBORROWED R E S E R V E S .
4/
K tS E R V E BALAN CES W ITH FED ER A L RESER VE BANKS PLUS V A U L T CASH USEO TO S A T IS F Y RESERVE R EQ UIR EM EN TS L E S S R EQ UIR ED R E S E R V E S .
5/
TH E MONETARY BASE NOT A O JU S T E D FOR D IS C O N T IN U I T I E S C O N S IS TS OF T O T A L R E S c R V tS PLUS R EQ UIR ED C L E A R IN G BALANCES AND AD JUS TM EN TS
T O COMPENSATE FOR FLO A T AT FED ER AL RESERVE BANKS PLUS TH E CURRENCY COMPONENT OF TH E MONEY STOCK LES S TH E AMOUNT O F VAULT CASH
H O LD IN GS OF T H R IF T IN S T I T U T I O N S T H A T I S IN C LU D E D IN THE CURRENCY COMPONENT O r THE MONEY STOCK P L U S . FOR I N S T I T U T I O N S NOT H AVIN G
REQUIRED RESERVE BALANCES » T n t EX C ES S OF CURRENT V AU LT CASH OVER THE AMOUNT A P P L IE D TO S A T IS F Y CURRENT RESERVE R EQ U IR E M E N TS .
AFTER THE IN TR O D U C TIO N OF C R R V CURRENCY ANO V A U LT CASH FIG U R E S ARE MEASURED OVER TH E M O N D AY-EN DIN G CO M P U TA TIO N P E R IO D .
PRIOR TO CRH* A L L COMPONENTS OF TH E MONETARY BASE OTHER THAN EXCESS R ES ER V tS ARC- SEASO NALLY A D JU S TE D AS A WHOLE, k ATHER THAN
BY COM PONENT, AND EXCESS RESERVES IS ADOED ON A NOT SEASONALLY A D J U S IE O B A S I S .
AFTER CRR* TH E S EAS O N ALLY A D JU S TE D S E R IE S
C O N S IS TS Oh S EA S O N A LLY A D JU S TE D T O T A L RESER VES (W H IC H IN C LU D E S EXC ESS RESERVES ON A N O T S EASO N ALLY A D JU S T E D B A S IS ) PLUS TH E
SEASONALLY A D JU S TE D CURRENCY COMPONENT OF T h E MONEY STOCK PLUS THE R EM A IN IN G IT E M S S EASO N ALLY A D JU S TE D AS A W HOLE.
NOTES H IS T O R IC A L D ATA ARE A V A IL A B L E FROM T h e B ANKING S E C T IO N , D IV IS I O N OF RESEARCH AND S T A T I S T I C S , BOARD OF GOVERNORS OF T h E
FED ER AL R E S tR V c S Y S T E M , W A S H IN G TO N , D .C 2 0 5 5 2 .




+t

H.3 (502)
Table 2

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not1adjusted for changes in reserve requirements1
Averages of dally figures, not seasonally adjusted
Millions of dollars

Reserves of depository institutions

I
Monetary
base3

Date
total

1 9 8 3 — M AR .
APR.
MAY
JU N E
JU LY
AUG.
S E P T,
O CT.
NOV.
DEC.
1984— J A N .
FEB.
MAR. PE

38,U35
38 ,6 50

nonborrowed

Vault cash*

Reserve balances
with F.R. Banks3,

required

total

used to satisfy
required
reserves5

surplus*

Net carryover
of excess or
deficit
in reserve
balances7

3 8 ,2 8 2
3 8 ,4 1 5
3 8 ,9 4 8
3 8 ,6 6 1
3 7 ,9 1 6
3 8 ,1 3 7
3 8 ,1 4 4
3 8 ,8 9 4

3 7 ,2 4 2
3 7 ,6 4 1
3 7 ,3 3 0
3 6 ,7 7 9
3 7 ,4 9 5
3 7 ,1 1 4
3 6 ,4 7 5
3 7 ,2 9 *
3 7 ,2 3 9
3 8 ,1 2 0

3 7 ,6 0 1
3 0 ,1 7 4
3 7 ,8 3 3
3 7 ,9 3 4
3 8 ,4 4 0
3 8 ,2 1 4
3 7 ,4 1 8
3 7 ,6 3 3
3 7 ,6 1 5
3 8 ,3 3 3

1 7 7 ,2 7 7
1 7 9 ,8 6 1
1 8 1 ,2 7 6
1 8 3 ,1 4 4
1 8 5 ,3 0 3
1 8 5 ,3 9 8
1 8 5 ,1 1 2
1 8 6 ,5 9 8
1 8 8 ,9 7 1
1 9 2 ,3 5 9

2 2 ,1 6 3
2 2 ,5 6 6
2 2 ,0 1 0
2 1 ,8 0 7
2 2 ,1 3 9
2 1 ,9 6 5
2 0 ,5 8 5
2 1 ,0 5 9
2 0 ,9 4 3
2 0 ,9 8 6

1 9 ,4 8 4
1 9 ,5 6 9
1 9 ,7 1 0
2 0 ,0 9 8
2 0 ,4 1 3
2 0 ,0 3 5
2 0 ,7 9 8
2 0 ,4 7 1
2 0 ,5 5 8
2 0 ,7 5 5

1 6 ,0 9 5
I T , 331
1 7 ,0 7 8
1 7 ,2 0 1
1 7 ,9 0 8

3 ,6 1 3
3 ,4 8 5
3 ,4 3 8
3 ,4 9 1
3 ,6 0 4
3 ,3 4 0
3 ,4 6 7
3 ,3 9 3
3 ,3 5 6
2 ,8 4 7

4 0 ,1 2 0
3 6 ,3 6 5
3 6 ,2 7 7

3 9 ,4 0 5
3 5 ,T 9 8
3 5 ,3 2 5

3 9 ,5 0 7
3 5 ,4 2 3
3 5 ,5 6 1

1 9 2 ,3 0 1
1 8 6 ,6 7 2
1 8 7 ,8 6 3

2 1 ,3 2 5
1 8 ,4 1 4
1 9 ,4 8 3

2 2 ,5 7 8
2 2 ,2 6 9
2 0 ,3 9 6

1 8 ,7 9 5
1 7 ,9 5 1
1 6 ,7 9 4

3 ,7 8 2
4 ,3 1 8
3 ,6 0 2

15
29

3 6 ,8 5 1
3 5 ,6 6 5

3 6 ,2 9 5
3 5 ,0 9 4

3 5 ,6 5 6
3 4 ,9 4 3

1 8 7 ,3 4 4
1 8 5 ,7 9 5

1 8 ,4 4 5
1 8 ,2 1 3

2 2 ,7 7 4
2 1 ,7 5 0

1 8 ,4 0 6
1 7 ,4 5 2

4 ,3 6 8
4 ,2 9 8

17
2 98

MAR.

14 P
28 P

3 6 ,4 0 6
3 6 ,0 4 5

3 5 ,7 1 6
3 4 ,9 0 9

3 5 ,6 3 5
3 5 ,3 2 3

1 8 7 ,7 4 8
1 8 7 ,6 4 5

1 9 ,9 4 8
1 8 ,8 5 8

1 9 ,9 8 0
2 0 ,9 3 8

1 6 ,4 5 8
1 7 ,1 8 7

3 ,5 2 2
3 ,7 5 1

105
150

APR.

11 PE

3 6 ,7 5 7

3 5 ,4 4 3

3 6 ,3 2 6

1 8 9 ,4 1 1

2 0 ,2 3 0

1 9 ,8 0 3

1 6 ,5 2 6

3 ,2 7 7

2 26

1 5 ,8 7 1
1 6 ,0 8 5
1 6 ,2 7 2
1 6 ,6 0 7

16,60b

1 1 1 1

TWO WEEKS
EN DING
198 4 — F E B .

P— p r e l im in a r y
P E — P R E L IM IN A R Y E S T I M A T E .
1/
R E F L E C T S A C TU A L R ES ER VE R E Q U IR E M E N TS ,

1

IN C L U O IN G TH O SE ON NON06P O S IT

50C,AT6U ,UTH
2/

3/
4/

5/

W ITH NO A D JU S TM E N TS T O P iIM T M A T C

« T ^ 0o ? H « TR ^ t * T o ? r ATE

S ? 2 ? J S I.S.. ? F T l O T i L u H| S 5KVf S PUUS R6QUIRfcD C L E A R IN G BALAN CES ANO A D JU S TM E N TS T O COM PENSATE FOR F L O A T A T FEO ER A L RESERVE
TC 5 S r i .V f
COMPONENT U F TH E MONEY S TO CK LES S TH E AMOUNT O F V A U L T CASH H O LO IN G S OF T H R I F T I N S T I T U T I O N S T H A T
v/»I c
^
CURRENCY CUM PONENl u F TH E MONEY STOCK P L U S , FOR I N S T I T U T I O N S N O T H A V IN G R E Q U IR E D R ESER VE B A L A N C E
th f
ro o
r a o c )M R k N T V A U L T CASH OVER T H E AMOUNT A P P L I E D TO S A T IS F Y C U R R EN T R ESER VE R E Q U IR E M E N TS .
A F T E R TrtE I N IR D D U C 1 1CM OF
C R R , CURRENCY AND V A U LT CASH F IG U R E S ARE MEASURED OVER T h E M O N D A Y -EN D IN G C O M P U TA TIO N P E R IO D .
EXCLU D ES R E Q U IR E D C L E A R IN G b A LA N C ES AND A D JU S TM E N TS TO COMPENSATE FOR F L O A T .
T 0 1 H t H A * N *EN AN Ct
P E R IO D S I N W HICH TH E V A U L T CASH CAN BE USED TO S A T I S F Y R ESER VE R FQ tJIR FM FM T^
I^ W H Io T th ^& A LA ^^^
M A IN TEN A N C E P ER IO D S END 30 DAYS A F TE R TH E LAGGED C O M P U T A TIO N P E R IO D S *
ALL

V A U L l CASH rtEL° D U K IN G TH e LAGGED C O M P U TA TIO N P ER IO D BY I N S T I T U T I O N S

CASH

6/

7/

L I A B IL IT IE S ,

0F

eoual

To RE‘,u ,*ei> —

H A V IN G REQU1REO RESERVE

B a la m c i-x

es —

1Ii So! " EO kESERV£ BALANC6S L“ s mt *M0UNI °F

«*»«■ TO their

= 2 ? ? i ? I S 0 F C*KK',0Vk* 0NL'' *T ufcP 0 S 1 1 0 K Y IN S T I T U T IO N S . M A IN T A IN IN G Kb SERVES ON T H E B A S IS OF TWO-WfcfcK H A l M T F U N r
- f ? i ? = S \ . r 2 e ! L t C T S t , ( “ SS
°* M F 1 C 1 T
K B « » ‘ S t t - I W B L t TO a t C A R R lt O F W -A H O IN T O T N ^ Z ^ e t K S l t ^ E
M A IN TEN A N C E P E R IO D EN D IN G ON TH E D A T E SHOWN.
RESERVE




•

•

•

•

•

•

•

•

•

•

•

i.

I

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

Reserves of depository institutions
nonborrowed

Monetary base
required

1 9 8 3 — MAR.
APR.
MAY
JUNE
JULY
AUG
SEPT.
CCT.
NOV.
DEC.

33,648
34,512
34,282
34,444
34,978
34,713
35,008
35,313
35,350
35,997

32,856
33,503
33,330
32,808
33,525
33,167
33,567
34,469
34,445
35,223

33,215
34,036
33,834
33,964
34,470
34,266
34,510
34,808
34,621
35,436

172,143
174,881
176,335
178,164
180,182
180,140
161,238
182,672
185,035
188,231

1984— JAN.
F BE.
MAR.

37,303
35,654
35,629

36,588
35,087
34,677

36,690
34,712
34,913

188,100
185,931
187,215

36,212
35,019

35,656
34,449

35,018
34,298

186,706
185,149

P
P

35,758
35,393

35,069
34,257

34,988
34,671

187,101
186,993

PE

36,125

34,811

35,694

188,779

PE

THO WEEKS
E NDI NG
1984 — FEB.

15
29

MAR.

14
28

APR,

11

P ------ P R E L I M I N A R Y
PE— P R E L I M I N A R Y E S T I M A T E .
1/
F I G U R E S R E F L E C T A DJUS TMENTS POR
AND OTHER RE GU L AT ORY C U A N G E S TO




D I S C O N T I N U I T I E S ASSOCIATED
R E S ER VE RE Q U I R E ME N T S .

WI T H THE

I MPLEMENTAT ION

OF

THE

>i

MONETARY

CONTROL

ACT

i