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tf* ^ .<,!# Of GOvf ^ots^gpERAL RESERVE statistical release : ?*^®?T- H.3 (502) For Immediate Release Table 1 Average of daily figures nvea AWLi wienrioen D A N K . UC r u o i io 1PBIL Reserves of depository institutions! total 2 Period nonbor rowed Monetary base3 required total millions of dollars 13, 1981 Member bank deposits subject to reserve requirements private demand deposits time and U.S. other savings government total net demand interbank billions of dollars seasonally adjusted 1980—FEB. HARAPR. HAT JONS JULY AOG. SEPT. OCT. HO?* DEC 1981—JAH. FEB. BAR. P P 43,350 43,669 44,846 44,446 43,959 42,781 40,749 41,517 41,727 41,227 40,131 41,695 40,846 42,391 43,427 43,580 42,386 40,090 40,206 40,417 39,168 38,441 43,139 43,483 44,649 44,268 43,756 42,497 40,447 41,262 41,521 40,730 39,579 155.6 156.7 157.9 158.6 159.0 158.8 158.2 159.5 160.9 160-7 159.8 647.2 649.1 655.4 656.8 658.0 658.5 667.8 678-2 684.7 694.3 701.8 454-4 457.9 464.2 467.7 467.9 467-0 474.2 482-0 486.7 494.0 504.0 190.9 189.4 188.7 187.3 188.4 189.1 191.5 194-5 195.6 198-1 196.0 14.5 15.6 17.2 17.1 16.9 16-6 14.4 15-9 16.5 17.4 17.5 176.4 173.9 171.5 170-2 171.5 172-5 177.1 178-6 173.1 180-7 178.4 1.9 1.8 2.4 1-8 1.7 2.5 2.1 1-8 2.4 2-2 1-9 P P P 40,099 39,758 40,241 38,704 38,454 39,241 39,555 39,575 39,866 160.1 160.6 161.3 703.8 704.3 703.6 517.4 523-3 524.7 184.1 178.9 176.8 16.9 17-8 18.0 167.1 161.1 153.8 2.3 2-1 2.0 P P P P 40,739 39,895 40,254 40,077 39,440 39,127 39,480 39,189 40,042 39,665 39,911 39,917 161.6 160.3 161.3 •161.3 704.6 704-2 704.4 701.6 524.6 524-0 525-3 525.6 177.8 177-9 176.5 174.6 18.0 18-1 17.9 17.8 159.8 159.8 158.6 156.9 2.2 2.4 2.6 1.4 1 P 40,486 39,022 39,871 162.1 703.7 525-2 177.0 18.6 158-4 1-5 14-3 15.2 16.8 16.2 16.6 16.8 14.2 15.8 16-5 18.0 16.2 172.0 170.4 173-6 165.9 170.6 173.2 174.8 178.1 179-8 181-6 185.0 1.8 1.9 2-6 1.7 2.3 2-2 1.7 2.1 2.1 1-9 2.1 WEEK ENDING : 1981—MAE. 4 11 18 25 APB- I 1980—FEB. BAR. APR. MAY JOHE JULY AUG. SEPT. OCTN07. DEC. 1981—JAN. FEB. flAfi- 186.2 185.5 190.4 182.1 187.2 190.0 189.0 193.9 196-4 199.6 203.2 P P 42,966 42,910 44,683 43,785 43,268 42,575 40,071 40,908 41,498 40,723 40,067 P P P 41,569 39,631 39,746 40,175 38,327 38,747 41,025 39,448 39,372 161-0 158.9 159.6 712.6 701.5 703-1 520.5 524.8 527.9 189.9 174.6 173.2 18-1 17.5 17.6 171-8 157.0 155.6 2.1 2-0 2.1 P P P P 40,176 39,098 39,834 39,624 38,877 38,330 39,060 38,736 39,479 38,868 39,491 39,464 159.2 159.3 159-9 159.3 702.1 702.4 705.3 699.5 525.7 526.1 528.4 528.7 174.5 174.5 173.7 169.1 18.0 17.6 17.4 17-2 156.4 156-9 156-3 151-8 2-0 1-9 3.1 1.7 1 P 40,257 38,793 39,642 160.1 705.6 529.9 : 174.2 17.9 156.4 1.4 1981—MAR. 4 11 18 25 |_ See reverse side for explanation of footnotes. I 41,522 40,273 42,425 42,945 43,092 42,464 39,715 39,852 40,394 39,161 38,929 : APE. 455.8 460.6 464.7 467.7 467.4 466.0 471.8 479.6 485-7 493.0 505.0 43,177 43,096 44,880 43,963 43,472 42,859 40,373 41,164 41,704 41,221 40,619 SEEK ENDING j | . not seasonally adjusted 154.0 643.9 154.9 648.0 157.5 657.7 157.8 651.5 158.6 ! 656.9 159.6 658.2 158.0 662.5 159.0 675.6 160.6 684.2 161.5 694.6 162.5 710.3 I [ I i I 1 I H.3 Table 2 AGGREGATE RESERVES AND MONETARY BASE Adjusted for changes in reserve requirements 4 Averages of daily figures Reserves of depository institutions required Period total" 2 ~ 1 non borrowed millions of dollars seasonally/ adjusted Monetary base --* billions of dollars Reserves of depository institutions required total 2 I non borrowed millions of dollars not seasona ly adjusted Monetary base billions of dollars 1980—FEB. MARAPR. HAT JUNE JOLI AUG. SEPT OCT-5 NOV, P DEC. I 37,399 37,477 37,516 37,485 37,461 37,570 38,050 38,725 38,893 40,056 40,110 35,744 34,653 35,061 36,467 37,081 37,176 37,392 37,414 37,583 37,997 38,420 37,188 37,291 37,319 37,307 37,257 37,286 37,748 38,470 38,687 39,559 39,557 148.8 149.6 149.7 150.7 151.6 152.7 154.6 155.8 157.2 159.1 159.8 37,202 36,919 37,533 37,062 37,007 37,665 37,706 38,401 38,875 40.056 40,598 35,547 34,096 35,077 36,043 36,628 37,270 37,048 37,090 37.565 37,996 38,907 36,991 36,733 37,336 36,884 36,804 37,380 37,404 38,145 38,669 39,558 40,045 147-1 147.8 149.3 150.0 151.2 153.5 154-5 155.3 156.9 160-0 162.5 1981—JAMFEB. HAB. 40,077 39,588 39,975 38,683 38,284 38,975 39,533 39,405 39,600 160.1 160.4 161.4 41,548 39,461 39,480 40,153 38,157 38,401 41,004 39,278 39,106 161-0 158.8 159.7 P P P P 40,473 39,629 39,988 39,811 39,174 38,861 39,214 38,923 39,776 39,399 39,64S 39,651 161.7 160.4 161.4 161.4 39,910 38,832 39,568 39,358 38,611 38,064 38,794 38,470 39,213 38,602 39,225 39,198 159.3 159-4 160-0 159-4 1 P 40,220 38,756 39,605 162*2 39,991 38,527 39,376 160.2 P P P 3 KEEK SHDIHG: 1981—HAB- 4 11 18 25 APR. P - PBELIHIHABT V RESERVES OF DEPOSITORY INSTITUTIONS SSBIES REFLECT ACTUAL BSSEBVE REQUIREMENT PERCENTAGES WITH HO ADJUSTMENT TO ELIHIHATE THE EFFECT OF CHANGES IH BEGOLATIOHS D AMD K- PHIOB TO HOVEHBEB 13, 1980, THE DATE OF IMPLEMENTATION OF THE SOHBTABY CONTROL ACT, OHLY THE RESERVES OF COHHBBCIAL BANKS THAT HERB HEHBERS OF THE FEDEBAL RESERVE STSTEH HEBE INCLUDED IH THE SERIES. SINCE THAT DATE THE SERIES INCLUDE THE RESERVES OF ALL DEPOSITOR! INSTITUTIONS. IH CONJUNCTION WITH THE IMPLEMENTATION OF THE ACT, REQUIRED BESEBVES OF MEMBER BANKS HEBE REDUCED ABOUT $4.3 BILLION AND REQUIRED BESEBVES OF OTHEB DEPOSITOR! INSTITUTIONS HERB INCREASED ABOUT $1.4 BILLION. ALSO IN CONJUNCTION WITH THE HONETABT CONTEOL ACT, REQUIRED RESERVES OF CERTAIN NONMBHBER BANKS AND FOREIGN-RELATED INSTITUTIONS INCBEASED BY APPROXIHATELI $245 BILLION EFFECTIVE FEBB0ABI 18, 1981 PURSUANT TO THE TRANSITIONAL PHASE-IN PROGBAH. EFFECTIVE OCTOBER 11, 1979, AN 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREHENT WAS IHPOSED OK "MANAGED LIABILITIES". THIS ACTION RAISED REQDIHED RESERVES ABOUT $320 MILLION. * EFFECTIVE HARCH 12, 1980, THE 8 PERCENTAGE POINT HAHGINAL RESERVE REQUIREMENT WAS RAISED TO 10 PERCENTAGE POINTS. IN ADDITION THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREHENT HAS CALCULATED HAS REDUCED. THIS ACTION INCREASED REQUIRED RESERVES ABOUT $1.7 BILLION IN THE WEEK ENDING APRIL 2, 1980. EFFECTIVE SAY 29, 1980, THE HABGIHAL RESERVE REQUIREHENT WAS REDUCED FROH 10 TO 5 PERCENTAGE POINTS AND THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS RAISED. THIS ACTION SEDUCED REQUIRED RESERVES ABOUT $980 MILLION IN THE WEEK ENDING JUNE 18, 1980- EFFECTIVE JULY 24, 1980, THE 5 PERCEHT HAHGINAL RESERVE REQUIREHENT ON MANAGED LIABILITIES AND THE 2 PERCENT SUPPLEHENTARY RESERVE REQUIREHENT AGAINST LARGE TIME DEPOSITS WEBB REMOVED. THESE ACTIONS REDUCED REQUIBBD RESERVES ABOUT $3.2 BILLION. 2/ RESERVE BALANCES WITH FEDERAL RESERVE BASKS PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE 3aLASC£S PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHEB INSTITUTIONS. 3/ INCLUDES RESERVE BALANCES AT FEDERAL RESERVE BANKS IN THE CUBBENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS CURRENCY OUTSIDE THE U-S. TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS. 4/ RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED TO BEHOVE DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, MARGINAL RESERVE REQUIREMENTS, THE INCLUSION OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATIONS D AND K. PRIOR TO FEBRUARY 18, 1981, RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED HISTORICALLY TO CONFORM TO THE STRUCTURE OF RBSEBVB REQUIREMENTS CURREHTLI IN EFFECT. BEGINNING FEBRUARY 18, THE SERIES HAVE BEEN ADJUSTED TO REHOfB THE EFFECTS OF SCHEDULED TRANSITIONAL CHANGES IN RESERVB REQUIREMENTS UNDER THE MCA5/ BESERVE MEASURES FOR NOVEMBER REFLECT INCREASES IN REQUIRED RESERVES ASSOCIATED WITH THE REDUCTION OF WEEKEND AVOIDANCE ACTIVITIES OF A FEW LARGE BANKS- THE REDUCTION IN THESE ACTIVITIES LEADS TO ESSENTIALLY A ONE-TIHE INCREASE IN THE AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO BE HELD FOR A GIVEN LEVEL OF DEPOSITS ENTERING THE HOH.BY SUPPLY. IN NOVEHBER, THIS INCREASE IN BEQUIRED RESERVES IS ESTIMATED AT $550 TO $600 MILLION. NOTE: HISTORICAL DATA ARE AVAILABLE FROH THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C., 20551.
@FedFRASER