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FEDERAL RESERVE statistical release UBtt A » v H.3(S02) Tabtol '^mgj For Release at 4:30 Eastern Time APRIL AGGREGATE RESERVES OF 1DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 17, 1986 Adjusted for changes in reserve requirement* Averages of daily figures, aaaaonally adjuatad unlaat notad otherwise Millions of dollars total1 Data Reserves of depository institutions nonborrowed plus nonborrowed required extended credit* excess NSA4 Monetary base' Borrowings of depository institutions from the Federal Reserve, NSA total seasonal extended credit' 1985—BAB. APRNAT J DUE JULY AUG. SEPT. OCT. NO 7. DEC 40,471 40,710 41,323 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 1,593 1,323 1,334 1,205 1,107 1,073 1,289 1,187 1,741 1,318 88 135 165 151 167 221 203 172 107 56 1,059 868 534 665 507 570 656 629 530 499 1986—JAB. FEB. BAR. PB 45,365 45,817 46,326 44,594 44,934 45,565 45,091 45,426 46,083 44,254 44,720 45,416 1,111 1,097 910 218,038 219,412 220,901 770 884 761 36 56 68 497 492 518 45,936 46,554 45,232 45,785 45,706 46,319 44,960 45,602 976 951 219,977 221,357 704 769 65 69 475 535 46,624 45,751 46,327 45,991 633 221,838 874 76 576 TBO WEEKS BBDIN6 1986-HAB. APR. P 1/ 12 26 P 9 PB PRBLIHIHABI PE—PBELIHIBARI BSTIBATB BBSEBTBS ABD BOBBTABT BASB FIGURES INCORPORATE AOJOSTHBBTS FOB DISCOBTIB01TIBS ASSOCIATED WITH THB IHPLEBBBTATIOB OF THB HOHBTABY COBTBOL ACT ABD OTHER BBG0LATOBT CHABGBS TO RESBRVB RBQUIBBflEBTS. TO ADJUST FOR DISCONTIB01TIES DOB TO CHANGES IB RESERVE RBQOIRBHBBTS ON BESBRTABLE NONDBPOSIT LIABILITIES, THB SOH OF SOCH REQUIRED BBSBRVBS ARE SUBTRACTED FROH THB ACTUAL SERIES. SIHILARLI, IB ADJUSTING FOB DISCONTINUITIES IN THB HOBBTARI BASB, REQUIRED CLEARING BALANCES ABD ADJUSTBEBTS TO COBPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROB THB ACTUAL SERIES. 2/ TOTAL RESERVES BOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF RESERVE BALABCBS BITH FEDBRAL BESEB9E BABBS (BHICH BXCLUDB REQUIRED CLEARIBG BALABCBS ABD ADJUSTBEBTS TO COHPENSATE FOB FLOAT) PLUS VAULT CASH USED TO SATISFI RBSB1VB RBQUIRBHBBTS. SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BI INSTITUTIONS HAVING ENQUIRED BESEMfE BALABCBS AT FBDBBkL BBSEBVB BANKS PLUS THB AHOUBT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THB HAIBTENANCE PEBIOD AT INSTITUTIONS HAVING NO REQUIRED BBSEBVE BALANCES. 3/ EXTENDED CREDIT CONSISTS OF BORROBING AT THE DISCOUNT BIBDOB OBDBB THB TBBHS ABD COBDITIOBS ESTABLISHED FOB THB BXTBBDBD CREDIT PBOGRAH TO HELP DEPOSITOR! IBSTITUTIOBS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS BOT THB SAHB BMMD TO REPAY SOCH BORROWING PROHPTLI AS THBRB IS WITH TRADITIONAL SHOHI-TBBfl ADJUSTBENT CBBDIT, THE HOBBY flARRET IBPACT OF BITBBDED CBBDIT IS SIBILAB TO THAT OF BOBBORROBBD RESERVES. 4/ RBSBRVB BALABCBS BITH FBDEBkL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY BBSMB1X BBQU1B&BBWTS LESS BBOJIIBSD BM&MBVBS+ 5/ THB HOBBTARI BASE NOT ADJOSTED FOB DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARIBG BALABCBS ABD ADJUSTBEBTS TO COHPENSATE FOR FLOAT AT FEDERAL RESBRVB BANKS PLUS THB CUBBBBCY COHPOBEBT OF TBB BOBBY STOCK LESS THB AHOUBT OF VAULT CASH HOLDIBGS OF THRIFT IBSTITUTIOBS THAT IS INCLUDED IN THB CUBBBBCY COHPOBBBT OF THB HOBBY STOCK PLUS, FOB IBSTITUTIOBS BOT HAVIHG REQUIRED RESERVE BALABCBS, THE EXCBSS OF CUBRBBT VAULT CASH OVBR THE AHOUBT APPLIED TO SATISFY CORRBBT RBSKBJfE RBQUIRBHEHTS. AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THB HOBDAY-ENDING CDEPUTATION PERIOD. PRIOR TO CRR, ALL COHPONENTS OF THB HONBTARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTBD AS A BHOLB, RATHER THAB BY COHPOBEBT, ABD EXCESS RESERVES IS ADDED OB A BOT SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES CONSISTS OF 5BASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCBSS RESERVES ON A BOT SEASONALLY ADJUSTED BASIS) PLUS THB SEASONALLY ADJUSTED CURREHCY COHPONENT OF THE HONEI STOCK PLUS THE REHAIBING ITERS SEASONALLY ADJUSTED AS A WHOLE. NOTE: HISTORICAL DATA ARE AVAILABLE FROH THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SXSTEH, WASHINGTON, D.C. 20551 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Nof adjusted for changes in reserve requirements,. Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash4 Reserves of depository institutions Monetary base2! Date nonborrowed total Reserve balances, with F.R. Banks3-) total required used to satisfy required reserves5' Net carryover of excess or deficit in reserve balances!' surplus6 * 1985—HAB. APB. HAY JUNE JULY AUG. SEPT. OCT. NO?. DEC 40,494 41,652 4 1,051 42,352 42,803 42,963 44,447 45,469 46,382 48,142 38,901 40,329 39,718 41,147 41,696 41,890 43,158 44,282 44,641 46,824 39,728 40,914 40,247 41,447 41,948 42,135 43,782 44,716 45,454 47,085 201,219 203,746 204,874 208,317 210,580 211,525 212,876 214,472 217,177 221,485 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 18,995 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 1986—JAM. FEB. HAB. 48,060 46,652 47,273 47,289 45,768 46,512 46,949 45,555 46,363 219,588 217,672 219,805 26,373 24,700 27,111 24,245 24,962 22,688 21,687 21,952 20,162 2,559 3,010 2,526 PE * ! ! 1986 — H A B . P i 12 26 . 9 2/ 3/ 47,118 47,109 46,414 46,340 46,142 46,158 219,010 219,771 27,102 26,697 22,577 22,986 20,016 20,412 2,561 2,574 91 109 48,103 47,229 47,470 221,810 28,292 22,121 19,611 2,310 207 PE PBELIHINABT M n K X S i C T O A L H B S E B V E BBUUIHEHEBTS. IBO.0DIBG THOSB OH BOBDBPOSIT L I A B I L I T I E S . 8ITH BO ADJUSTHEITS TO BLIHIHATB " B WFECTS OP DISCOBTIH0ITIES ASSOCIATED HITH IHPLBHBHTATIOB OF THE HOBBTABI COBTBOL ACT OB OTHEB HE60LAT0HI c S t s K T S T O F B T O T * " a E l E B f B S H p L S s * B E 0 0 I B E D CLBABIHG BALABCES AID ADJOSTHEBTS TO COHPBBSATB FOB FLOAT AT FEDEBAL BBSBBVE B A N K T PLOS T S E " B B E B C I COBPOBBBT OF THE HONE! STOCK LESS THE AHOOHT OF VAOLT CASH HOLDIHGS OF THBIFI IBSIITOTIOBS THAT I S I K U D W XI THB COBBEBCI COBPOBEBT OF THE BONEI STOCK PLOS, FOB I B S T I T U T I O I S IOT HAVIBG BEuOIBBD BBSBBIE BiLABCBS. THB EXCESS OF 2 O B 2 E « f S o ^ T CASH OtEB THE ABOOBI APPLIED TO SATISFI COBBEHT BESEBVB BEaOIBEBBBIS. AFTBB THE IBIBODUCTIOM OF CBB. COHHEBCI ABD VAOLT CASH FIGUBES ABE HEASOBED OVBB THE HOHDAI-BBDIKG COBPOTATIOB PEBIOD. v v r i n r i E S RPOUIRKD CLEABIBG BALABCES AID ADJOSTBBBTS TO COHPERSATE FOB FLOAT. MTES B I F E B TO THB BAIBTBBABCE PEBIODS IB HHICH THB ?A0LI CASH CAB BE OSED TO S A T I S F I BBSBBVE HEflOIBBHEHTS. OBOE* " " L p O s f B E ^ S W s S S " " " I £ E B E H T S . HAIBTBBABCB PEBIODS BBD 30 DAIS AFIEB THE LAGGED COBPUIATIOB PEBIODS 5/ E S U A ^ T S I " J t o t r c f s f H E L D ^ S o B I B G THE LAGGED COBPOTATIOB PEBIOD BI IBSTITOTIOHS HAVIBG BEtiUIBED BBSEBfB BALABCBS » FEDEBAL BESMVE BANKS PLUS THE ABOOHT OF VAULT CASH EUOAL TO BEQOIBED BESEBVES Dl*M»G THE .HAIBTEBABCB PEBIOD AT 6/ TOT^TAOLTCA'SH"? S 7/ '. j,. P PE--PHELIHIHABI BSTIBATB. V ' , ,i . TWO WEEKS ENDING APB. - I N S S T ' O N / H I S I ^ i H E f, B O ^ I N E D BBSBBVE BALABCES LESS THE ABOOHT OF VAOLT CASH E«0AL TO THEIB C O M * " ™ OF CAHBIOVEB OBLI A T D E p"lT0BI INSTITUTIONS HAIBTAIBIBG BESEBVES OH THE BASIS OF TBO-.EBK -AI-TEBABCE PERIODS. REFLECTS EXCESS (•) OH DEFICIT ( - ) BESEBVES ELIGIBLE TO BE CABBIED FOBHABD INTO THE THO-HBEK BESERVE MAINTENANCE PERIOD ENDING ON THE DATE SHOWN. 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 1985—HAB. APB. HAX JUNE JULY AUG. SEPT. OCT. MOf. 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 41,303 41,523 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—JAM. ?EB. HAB. 46,633 45,175 45,831 45,862 44,292 45,071 45,522 44,078 44,922 218,161 216,195 21tt,364 45,701 45,660 44,997 44,891 44,725 44,708 217,594 218,321 46,625 45,751 45,992 220,332 PE I S O WEEKS ENDING 1986—HAB. APB. 12 26 P 9 PE P PRELIMINARY PR—PRBLIHIHARY ESTIMATE1/ FIGURES REFLECT ADJOSTHEVTS FOR DISCOMTIHUITIES ASSOCIATED HIXH THE IHPLEHERTATIOH OF THE flORETARY COMTROL ACt AMD OTHSR REGULATORY CHARGES TO RESERVE REQUIREMBRTS.