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FEDERAL RESERVE stefflipahSl^ase \c&* H.3 (502) PA, &*>S *>*** ix V £* fED^^p^HlA n u u n b u n 1 1 n c o cn v c o M mi m c m D c n DMPir\ UCr u o i i o \ Average of daily figures Reserves of depository institutions! Monetary total2 base 3 nonborrowed required Period For Immediate Release APRIL total millions of dollars 27, 1981 Member bank deposits subject to reserve requirements time and U.$. private demand deposits net government savings other total interbank demand billions of dollars seasonally/ adjusted 1980—MAR. APR. NAY JUNE JOLT AUG. SEPT. OCT. NOV. P DEC. P 43,669 44,846 44,446 43,959 42,781 40,749 41,517 41,727 41,227 40,131 40,846 42,391 43,427 43,580 42,386 40,090 40,206 40,417 39,168 38,441 43,483 44,649 44,268 43,756 42,497 40,447 41,262 41,521 40,730 39,579 156.7 157.9 158.6 159.0 158.8 158.2 159.5 160.9 160.7 159.8 649.1 655.4 656.8 658.0 658.5 667.8 678.2 684.7 694.3 701.8 457.9 464.2 467.7 467.9 467.0 474.2 482.0 486.7 494.0 504.0 189.4 188.7 187.3 188.4 189.1 191.5 194.5 195.6 198.1 196.0 15.6 17.2 17.1 16.9 16.6 14.4 15.9 16.5 17.4 17.5 173.9 171.5 170.2 171.5 172.5 177.1 178.6 179.1 180.7 178.4 1.8 2.4 1.8 1.7 2.5 2.1 1.8 2.4 2.2 1.9 1981—JAN. PEB. MAR. 40,099 39,758 40,247 38,704 38,454 39,248 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 18.0 167.1 161.1 158.8 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..* 1 P 8 P 15 P 40,521 39,447 40,096 39,057 38,560 38,954 39,871 39,396 39,778 162.1 160.4 161.8 703.7 708.5 711.7 525.2 527.2 530.8 177.1 177.9 177.5 18.6 17.7 18.6 158.4 160.1 158.9 1.5 3.4 3.4 185.5 190.4 182.1 15.2 16.8 16.2 16.6 16.8 14.2 15.8 | 16.5 18.0 18.2 170.4 173.6 165.9 170.6 173.2 174.8 178.1 179.8 181.6 185.0 1.9 2.6 1.7 2.3 2.2 1.7 2.1 2.1 1.9 2.1 P P P WEEK ENDING: 1981—MAR. APR. 4 11 18 25 not seasonally adjusted 1980—MAR. APR. HAT JONE JULY AUG. SEPT. OCT. NOV. P DEC. P 43,096 I 44,880 43,963 43,472 42,859 40,373 41,164 41,704 41,221 40,619 40,273 42,425 42,945 43,092 42,464 39,715 j 39,852 40,394 ! 39,161 38,929 42,910 44,683 43,785 43,268 42,575 40,071 40,908 41,498 ! 40,723 40,067 154.9 157.5 157.8 158.6 I 159.6 ! 158.0 159.0 ! 160.6 161.5 162.5 648.0 j 657.7 651.5 656.9 658.2 662.5 675.6 684.2 694.6 710.3 460.6 464.7 467.7 I 467.4 466.0 471.8 479.6 485.7 493.0 505.0 41,569 39,631 39,753 40,175 38,327 38,753 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 8 P 15 P 40,292 38,888 39,938 38,828 38,001 38,796 39,642 38,837 39,620 160.1 160.7 162.0 705.6 713.5 716.0 529.9 530.9 531.9 174.3 179.7 181.0 17.9 17.8 17.8 156.4 161.9 163.2 1.4 2.8 3.1 1981—JAN. PEB. HAR. j P P P 187.2 I 190.0 189.0 193.9 196.4 199.6 203.2 WEEK ENDING: 1981—MAR. APR. 4 11 18 25 See reverse side for explanation of footnotes. H.3 Table 2 AGGREGATE RESERVES AND MONETARY BASE Adjusted for changes in reserve requirements 4 Averages of daily figures Reserves of depository institutions Period total 2 ~ 1 non borrowed required millions of dollars seasonal 1I adjusted Monetary base --I billions of dollars Reserves of depository institutions total 2 n non borrowed required millions of dollars not seasonally adjusted Monetary base billions of dollars 1980--MAR. APR. MAT JUNE JULY AUG. SEPT. OCT. NOV. P DEC. P 37,516 37,485 37,460 37,570 38,050 38,725 38,893 40,056 40,110 34,653 35,060 36,466 37,081 37,176 37,392 37,414 37,583 37,997 38,420 37,290 37,319 37,307 37,257 37,286 37,748 38,470 38,687 39,559 39,557 149.6 149.7 150.7 151.6 152.7 154.6 155.8 157.2 159.1 159.8 36,919 37,532 37,061 37,007 37,665 37,706 38,401 38,875 40,056 40,598 34,095 35,077 36,043 36,628 37,270 37,048 37,090 37,565 37,996 38,907 36,733 37,335 36,883 36,804 37,380 37,404 38,145 38,669 39,558 40,045 147.8 149.3 150.0 151.2 153.5 154.5 155.3 156.9 160.0 162.5 1981—JAN. FEB. MAR. 40,077 39,588 39,981 38,683 38,284 38,982 39,533 39,405 39,600 160.1 160.4 161.4 41,548 39,461 39,487 40,153 38,157 38,487 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 39,645 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 8 P 15 P 40,255 39,181 39,830 38,791 38,294 38,688 39,605 39,130 39,512 162.3 160.6 162.0 40,026 38,622 39,672 38,562 37,735 38,530 39,376 38,571 39,354 160.3 160.9 162.2 37,476 P P P 3 WEEK ENDING 1981—MAB. APR. 4 11 18 25 P - PRELIMINARY 1/ RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO ADJUSTMENT TO ELIMINATE THE EFFECT OF CHANGES IN REGULATIONS D AND K. PRIOR TO NOVEMBER 13, 1980, THE DATE OF IMPLEMENTATION OF THE MONETARY CONTROL ACT, ONLY THE RESERVES OF COMMERCIAL BANKS THAT WERE MEMBERS OF THE FEDERAL RESERVE SYSTEM WERE INCLUDED IN THE SERIES. SINCE THAT DATE THE SERIES INCLUDE THE RESERVES OF ALL DEPOSITORY INSTITUTIONS. IN CONJUNCTION WITH THE IMPLEMENTATION OF -THE ACT, REQUIRED RESfRVES OF MEMBER BANKS WERE REDUCED ABOUT $4.3 BILLION AND REQUIRED RESERVES OF OTHER DEPOSITORY INSTITUTIONS WEPE INCREASED ABOUT $1.4 BILLION. ALSO IN CONJUNCTION WITH THE MONETARY CONTROL ACT, REQUIRED RESERVES OF CERTAIN NONMEMBER BANKS AND FOREIGN-RELATED INSTITUTIONS INCREASED BY APPROXIMATELY $245 MILLION EFFECTIVE FEBRUARY 18, 1981 PURSUANT TO THE TRANSITIONAL PHASE-IN PROGRAM. EFFECTIVE OCTOBER 11, 1979, AN 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREMENT WAS IMPOSED ON "MANAGED LIABILITIES". THIS ACTION RAISED REQUIRED RESERVES ABOUT $320 MILLION. EFFECTIVE MARCH 12, 1980, THE 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREMENT WAS RAISED TO 10 PERCENTAGE POINTS. IN ADDITION THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS REDUCED. THIS ACTION INCREASED REQUIRED RESERVES ABOUT $1.7 BILLION IN THE WEEK ENDING APRIL 2, 1980. EFFECTIVE MAY 29, 1980, THE MARGINAL RESERVE REQUIREMENT WAS REDUCED FRCM 10 TO 5 PERCENTAGE POINTS AND THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS RAISED. THIS ACTION REDUCED REQUIRED RESERVES ABOUT $980 MILLION IN THE WEEK ENDING JUNE 18, 1980. EFFECTIVE JULY 24, 1980, THE 5 PERCENT MARGINAL RESERVE REQUIREMENT ON MANAGED LIABILITIES AND THE 2 PEPCENT SUPPLEMENTARY RESERVE REQUIREMENT AGAINST LARGE TIME DEPOSITS WERE REMOVED. THESE ACTIONS REDUCED REQUIRED RESERVES ABOUT $3.2 BILLION. 2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. 3/ INCLUDES RESERVE BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT 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 REMOVE 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 RESERVE REQUIREMENTS CURRENTLY IN EFFECT. BEGINNING FEBRUARY 18, THE SERIES HAVE BEEN ADJUSTED TO REMOVE THE EFFECTS OF SCHEDULED TRANSITIONAL CHANGES IN RESERVE REQUIREMENTS UNDER THE MCA. 5/ RESERVE 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-TIME INCREASE IN THE AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO BE HELD FOR A GIVEN LEVEL OF DEPOSITS ENTERING THE MONEY SUPPLY. IN NOVEMBER, THIS INCREASE IN REQUIRED RESERVES IS ESTIMATED AT $550 TO $600 MILLION. 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.