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;g£cpw; For Release at 4:30 Eastern Time APRIL HJfBOft) Tapis 1 19, 1984 AOQREQATE RESERVES OP DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Ad|ustsd for chanoss In rsssrvs rsqulrsmsnts Avsragss of daily figures, ssasonally sdfustsd union notsd othsnwlss Millions of dollars 0*it* _p 1983—MAR. APR. HAI JURE JULY AUG. SEPT. OCT. NOV. DEC. nonboffowod nonborrowod plus sxtsndsd crsdtt* rsqulrsd sxosss NSA4 Monetary boss Borrowings of osposfiory Institutions from ths Fsdsral Wsasrvs , NSA ssasonsl total sxtsndsd crsdlF" 34,198 34,506 34,596 35,051 35,194 35,218 35,307 35,317 35,245 35,279 33,406 33,496 33,644 33,415 33,741 33,672 33,866 34,473 34,340 34,505 33,723 33,901 34,157 34,373 34,319 34,163 34,380 34,729 34,346 34,507 33,765 34,029 34,148 34,571 34,687 34,772 34,809 34,812 34,716 34,718 433 476 449 480 507 446 498 505 529 561 174,219 175,411 176,693 178,331 179,308 180,127 181,775 182,845 183,949 184,969 792 1,009 952 1,636 1,453 1,546 1,441 844 .906 774 53 82 99 122 171 198 190 142 121 96 317 405 513 958 578 491 515 256 6 2 35,502 36,067 36,099 34,787 35,499 35,148 34,791 35,504 35,175 34,889 35,124 35,395 613 942 704 186,939 188,583 188,800 715 567 952 86 103 133 4 5 27 15 29 36,4C3 35,785 35,847 35,215 35,850 35,222 35,208 35,064 1,194 721 189,022 188,229 556 570 89 115 3 7 HAB. 14 P 28 P 36,168 36,149 35,479 35,013 35,500 35,043 35,398 35,428 770 721 188,623 188,963 689 1,136 118 149 21 30 APR. 11 PE 35,545 34,231 34,268 35,232 312 188,859 1,313 131 36 1984—JAB. FEB. HAR. PE TWO WEEKS ENDING 1984—FEB. P 1/ PRELIHINIBI PE—PRELIMINARY ESTIMATE RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS POR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATIOR OF THE MONETARY CONTROL ACT AND OTHEB REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES IN RESERVE REQUIREMENTS ON RESERVABLE IONDEPOSIT 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 FOB FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES. 2/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE 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 CURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. 3/ EXTENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT WINDOW DND3R THE TERMS AND CONDITIONS ESTABLISBED FOR THE EXTENDED CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SAME NFED TO REPAY SUCH BORROWING PROMPTLY AS THERE IS WITH TRADITIONAL SHORT-TERM ADJUSTMENT CREDIT, THE HONEY MARKET IMPACT OF EXTENDED CREDIT IS SIMILAR TO THAT OF NONBORROHED RESERVES. 4/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES. 5/ THE HONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJDSTHENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE HONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COHPONEKT OF THE HONEY 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 CRP, CURRENCY AND VAULT CASH FIGURFS ARE MEASURED OVER THE HONDAY-FNDTNG COMPUTATION PFRIOC. PRIOF TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESEFVES ARF SEASONALLY ADJUSTFD AS A WHOLP, PATHFR THAN BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED EASIS. AFTER CRR, IHF SEASONALLY ADJUSTED SFftlES CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS hESERVES ON A NOT SEASONALLY ADJUSTFD EASIS) PLUS THE SEASONALLY ADJUSTED CURRENCY COMPONENT OF TH? MONFY STOCK PLUS THE REBAIUNG ITFMS SEASONALLY ADJUSTFH AS A WHOLE. NOTE: HISTORICAL DATA APE AVAILABLE FROM THF BANKING SFCTION, DIVISION OF SESFABCH AND STATISTICS, POARD CF GOVFRNGRS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C 20551. H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements1 Averages of daily flguras, not seasonally adjusted Million* of dollars Vault caati4 Reserves of depository institutions Monetary base2 Data total nonborrowed Reserve balances with F.R. Banks3, required total used to satisfy required reserves5 Nat carryover of excess or deficit In reserve balances7 surplus* ^"""""•Y'f^f ' 1983—BAB. APR. HAT JUNE JULY AUG. SEPT. OCT. NOV. DEC 38,035 38,650 38,282 36,415 36,948 38,661 37,916 38,137 38,144 38,894 37,242 37,641 37,330 36,779 37,495 37,114 36,475 37,294 37,239 38,120 37,601 38,174 37,833 37,934 38,440 38,214 37,418 37,633 37,615 38,333 177,277 179,861 181,276 183,144 185,303 185,398 185,112 186,598 188,971 192,359 22,163 22,566 22,010 21,807 22,139 21,965 20,585 21,059 20,943 20,986 19,484 19,569 19,710 20,098 20,413 20,035 20,798 20,471 20,558 20,755 15,871 16,085 16,272 16,607 16,808 16,695 17,331 17,078 17,201 17,908 3,613 3,485 3,438 3,491 3,604 3,340 3,467 3,393 3,356 2,847 1984—JAN. FEB. BAB. 40,120 36,365 36,273 39,405 35,798 35,321 39,507 35,423 35,569 192,301 186,672 187,897 21,325 18,414 19,482 22,578 22,269 20,396 18,795 17,951 16,791 3,782 4,318 3,604 PB f i' ' u i » j >< ' ,1 , t ,.:,st ' '* "I 1 ili'i! ;v¥ T i O WEEKS ENDING 1984—FEB. • f 15 29 36,851 35,665 36,295 35,094 35,656 34,943 187,344 185,795 18,445 18,213 22,774 21,750 18,406 17,452 4,368 4,298 17 298 BAB. 14 P 28 P 36,406 36,043 35,716 34,907 35,635 35,322 187,748 187,63 8 19,948 18,855 19,980 20,938 16,458 17,188 3,522 3,750 105 150 APR. 11 PE 36,726 35,412 36,413 189,798 20,231 19,803 16,494 3,308 222 P PRELIHINARI PE—PBELIBINARY ESTIBATE. 1/ REFLECTS ACTUAL RESERVE BEQUIBEBEBTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJOSTBENTS TO ELIBINATB THE EFFECTS OF DISCONTINUITIES ASSOCIATED IITH IBPLEBENTATION OF THE BONETARY CONTROL ACT OR OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. 2 / CONSISTS OF TOTAL RESERVES PLUS BBQUIBED CLEABING BALANCES AND ADJUSTBENTS TO COBPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CUBBENCY COBPONENT OF THE BONEY STOCK LESS THE AHOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CUHRENCY COBPONENT OF THE HONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING RFQUIRED RESERVE BALANCES, THE EXCESS OF CUBBBNT VAULT CASH CVBB THE AHOUNT APPLIED TO SATISFY CURRENT BESERVE REQUIREBENTS. AFTER THE INTRODUCTION OF CBB, CUBBENCI AND VAULT CASH FIGUBBS ARE HEASURED OVER THE BONDAY-ENDING COBPUIAIION PERIOD. 3/ EXCLUDES REQUIRED CLEABING BALANCES AND ADJUSTBENTS TO COBPENSATE POR FLCAT. 4/ DATES REFER TO THE BAINTENANCE PEBIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVF REQUIREBENTS. UNDER CONTEHPORANEOUS PESEBVE BEQUIREBENTS, BAINTENANCE PERIODS END 30 DAYS AFTFfi THE LAGGED COHPUTATION PERIODS IN WHICH THE BALANCFS ABf HELD. 5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COHPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES AT FEDERAL BESEBVF EANKS PLUS THE AHOUNT 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 REQUIRFD RESERVE BALANCFS LESS THE AHOONT OF VAULT CASH EQUAL TO THEIR REQUIPED RESERVES DURING THE MAINTENANCE PERIOD. 7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES CN THE BASIS OF TWO-NEFF MAINTENANCE PERIODS. PEFLFCTS EXCESS (•) OR DEFICIT (-) RESERVES FLIGIELE TC EH CAPFIED FORWAPD INTO ThR TWO-WFFK FESERVE MAINTENANCE PEPIOD ENCIKG 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 Monetary base Reserves of depository institutions nonborrowed ~] required 1983—MAR. APR. MAY JUNE JOLY AUG SEPT. OCT. 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 34,821 35,436 172,143 174,881 176,335 178,164 180,182 180,140 181,238 182,672 185,035 188,231 1984—JAN. FEE. MAR. 37,303 35,654 35,625 36,588 35,087 34,673 36,690 34,712 34,921 188,100 185,931 187,249 15 29 36,212 35,019 35,656 34,449 35,018 34,298 186,706 185,149 ilAR. 14 P 28 P 35,758 35,391 35,069 34,255 34,988 34,670 187,101 186,986 APR. 11 36,092 34,779 35,780 189,164 PE TWO KEEKS ENDING 1984—-FEE* 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.