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FEDERAL RESERVE statistical release H.3(502) Table 1 For Release at 4:30 Eastern Time AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE APBXL Adjusted for change* in reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars total1 Date 1985—FBB. BAB. APR. BAT JUBE JULY AUG. SEPT. OCT. BOT. DEC 1986—JAB. FSB. P Reserves of depository Institutions required nonborrowed nonborrowed plus extended credit* excess NSA4 3, 1986 Borrowings of depository institutions from the Federal Reserve , NSA total seasonal extended credit* Monetary base* 40,432 40,471 40,710 41,323 42,177 42,606 43,193 43,507 43,651 44,377 45,186 39,143 38,878 39,387 39,989 40,972 41,500 42,121 42,218 42,464 42,636 43,867 39,947 39,937 40,256 40,522 41,638 42,006 42,690 42,874 43,093 43,167 44,367 39,529 39,705 39,972 40,519 41,272 41,751 42,366 42,841 42,898 43,449 44,128 903 766 738 804 905 855 827 666 753 928 1,058 202,113 202,958 203,672 205,459 207,567 208,730 210,846 212,076 213,117 214,934 216,437 1,289 1,593 1,323 1,334 1,205 1,107 1,073 1,289 1,187 1,741 1,318 71 88 135 165 151 167 221 203 172 107 56 803 1,059 868 534 665 507 570 656 629 530 499 45,365 45,816 44,594 44,933 45,091 45,425 44,254 44,720 1,111 1,097 218,038 219,413 770 884 36 56 497 492 45,703 45,898 45,041 44,799 45,521 45,304 44,516 44,861 1,187 1,038 218,980 219,702 662 1,100 44 66 480 506 45,924 46,619 45,220 45,850 45,694 46,384 44,957 45,595 967 1,024 219,987 221,419 704 769 65 69 475 535 TBO SEEKS EBDIBG P 1986-PBB. 12 26 BAB. 12 26 PBELIBIBABT P PS PB---PMLlHlBABf 1 , BSflflAtf* BOBBTABI COBTBOL ACT ABD OTHER REGULATORY CHABSBS TO RESERVE RBQUIREHENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHABGES IB BESBBVB BBQOIBBHSBTS OB RESBRTABLE BOBDEPOSIT LIABILITIES, THE SUB OF SUCB REQUIRED RESERVES ABB SUBTRACTED FROB THE ACTUAL SERIES. SIMILARLY, IB ADJUSTIBG FOB DISCOBTIBUITIES IB THE BOBBTABI BASB, REQUIRED CLEABIBG BALANCES ABD ADJUSTBBBTS TO COBPEBSATB FOR FLOAT ALSO ARE SUBTRACTED FROB THE ACTUAL SERIES. 2/ TOTAL RESERVES BOT ADJUSTED FOB DISCOBTIBUITIES COBSISTS OF RESERVE BALABCES IITH FEDERAL RESERVE BARKS (BBICH BICLUDB REQUIRED CLBARIBG BALABCES ABD ADJUSTBBBTS TO COBPEBSATB FOB FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS. SUCB VAULT CASH COBSISTS or ALL VAULT CASH HELD DURIBG THE LAGGED COBPUTATIOB PERIOD BI IBSTITUTXOBS UAVIBG REQUIRED BESBBVB BALABCES AT FEDERAL RESERVE BABKS PLUS THE ABOUBT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE BAIBTBBABCB PBBXOD AT XBSTITUTIOBS HAVIBG BO REQUIRED RESERVE BALANCES. 3/ EXTBBDBD CBEDXT COBSISTS OF BOBBOBXBG AT THE DXSCOUBT BXBDOB OBDBB TBB TERES ABD COBDITXOBS ESTABLISHED FOB TBB EXTBBDBD CBBDIT PBOGBAB TO HELP DEPOSITOBI IBSTITOTIOBS DEAL BITH SUSTAIBED LIQUIDITY PBBSSUBBS. BECAUSE THERE IS BOT THE SABE BBED TO REPAY SUCB BORBOBIBG PBOBPTLI AS TBEBE IS BITH TRADITIONAL SHORT-TERM ADJUSTBBBT CBEDXT, THB BOBBY BABKBT XBPACT OF EXTBBDBD CBEDIT XS SIMILAR TO THAT OF HOBBOBBOBED RESERVES. 4/ RESERVE BALABCES BITB FEDERAL RESERVE BABKS PLUS VAULT CASB USED TO SATISFY RESERVE REQUIREHEBTS LBSS RBQUIRED RESERVES. 5/ THE HOBETARY BASB BOT ADJUSTED FOB DISCONTINUITIES COBSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALABCES ABD ADJUSTBBBTS TO COBPEBSATB FOR FLOAT AT FEDERAL BESBBVB BANKS PLUS THE CURRENCY COMPONENT OF THB BOBBY STOCK LBSS THE ABOUBT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COHPONBHT OF THE HOBBY STOCK PLUS, FOB INSTITUTIONS BOT HAVIBG BBQUIBED BESEBVE BALABCES, THE EXCESS OF COBREBT VAULT CASH OVER THE ABOUBT APPLIED TO SATISFY CUBRBNT BESERVB BBQUIBEBBBTS. AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THB MONDAY-ENDING COBPUTATIOB PERIOD. PRIOB TO CRR, ALL COMPONENTS OF THE BOHETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, BATHER THAN BY COBPONBHT, AND EXCESS RESERVES IS ADDED OH A NOT SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CUBRENCY COMPONENT OF THE HONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A BHOLB. NOYE: HISTORICAL DATA ARE AVAILABLE FROB THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THB FEDERAL RESERVE SYSTEM, BASHIBGTON, D.C. 20551 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not 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 total nonborrowed Reserve balances with F.R. Banks3 > required total used to satisfy required reserves5? surplus6' 1985—FEB, MAR. APE. HAI JDNE JULY AOG. SEPT, OCT. HO?. DEC 40,273 40,494 41,652 41,051 42,352 42,803 42,963 44,447 45,469 46,382 48,142 38,984 38,901 40,329 39,718 41,147 41,696 41,890 43,158 44,282 44,641 46,824 39,370 39,728 40,914 40,247 41,447 41,946 42,135 43,782 44,716 45,454 47,085 199,868 201,219 203,746 204,874 208,317 210,580 211,525 212,876 214,472 217,177 221,485 20,416 22,065 23,217 22,385 23,367 23,503 23,415 24,972 25,431 26,385 27,620 23,927 21,863 21,567 21,898 22,180 22,530 22,839 22,465 22,724 22,457 22,956 19,857 18,429 18,435 18,666 18,985 19,300 19,548 19,475 20,038 19,997 20,522 4,070 3,434 3,132 3,231 3,196 3,230 3,291 2,990 2,686 2,460 2,434 1986—JAN. FEB. P 48,060 46,651 47,289 45,768 46,949 45,555 219,588 217,673 26,373 24,700 24,245 24,962 21,667 21,951 2,559 3,011 NAB. "i . :: t \\ 1i « i 1 : ! ! i 1 J ! <; , TWO WEEKS ENDING 1986—FEB. Net carryover of excess or deficit in reserve balances7 » • i 12 26 46,815 46,445 46,154 45,346 45,629 45,408 217,510 217,620 23,924 25,021 26,078 24,348 22,891 21,424 3,187 2,924 113 199 12 P 26 PE 47,107 47,176 46,403 46,407 46,140 46,153 219,020 219,835 27,100 26,760 22,577 22,986 20,007 20,416 2,570 2,570 91 111 P PRBLIHIHAHI PE—PRELIMINARY ESTIMATE. 1/ BBFLECTS ACTUAL BBSEBfB REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, HITH NO ADJ0ST8ENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IBPLEHBNTATION OF THE HONETABI CONTBOL ACT OB OTHEB BEGOLATOBI CHANGES TO BESBBfB REQUIREMENTS. 2/ CONSISTS OF TOTAL BESEBVES PLUS REQUIRED CLBABING BALANCES AND ADJUSTMENTS TO COHPENSATE FOB FLOAT AT FEDEBAL BESEBIE BANKS PLOS THE CUBBBNCI COHPONENT OF THE ffONEI STOCK LESS THE AHOUNT OF fAOLT CASH HOLDINGS OF THBIFT INSTITUTIONS THAT IS INCLUDED IN THE CUBBENCT COHPONENT OF THE HONE! STOCK PLUS, FOB INSTITUTIONS NOT HAfING REQUIRED BESERVE BALANCES, THE EXCESS OF CUBBENT VAULT CASH OVER THE AHOUNT APPLIED TO SATISFT COBBENT RESERVE REQUIREMENTS. AFTEB THB INTRODUCTION OF CBB, CUBBENCT AND VAULT CASH FIGUBES ARE MEASURED OVER THB MONDAY-ENDING COMPUTATION PERIOD. 3/ EXCLUDES REQUIRED CLBABING BALANCES AND ADJUSTMENTS TO COHPENSATE FOR FLOAT. t»/ DATES REFER TO THE HAINTBNANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFT BBSBBVB REQUIREMENTS. UNDER CONTEMPORANEOUS RESERVE REQUIBEHENTS, MAINTENANCE PEBIODS END 30 DAIS AFTEB THB LAGGED COMPUTATION PERIODS IN VHICH THE BALANCES ARE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DUBING THE LAGGED COMPUTATION PERIOD BI INSTITUTIONS HAVING REQUIRED RESERVE BALANCES AT FEDEBAL BESBBVB BANKS PLUS THE AHOUNT OF VAULT CASH EQUAL TO BEQUIBBD RESERVES DURING THE HAINTBNANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED BBSBBfB BALANCES. 6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO BEQUIRBD RESERVE BALANCES LBSS THE AMOUNT OF VAULT CASH EQUAL TO THEIB BEQUIBED BESEBVES DURING THE MAINTENANCE PBBIOD. 7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITOR! INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF TWO-WEEK MAINTENANCE PERIODS. REFLECTS EXCESS (•) OR DEFICIT (~) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WEEK RESERVE 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 I Monetary base required 39,878 40,066 41,254 40,643 41,959 42,410 42,596 43,221 43,747 44,625 46,404 38,589 38,473 39,932 39,309 40,754 41,303 41,523 41,932 42,559 42,884 45,086 38,975 39,301 40,516 39,839 41,054 41,554 41,768 42,555 42,994 43,697 45,347 199,473 200,792 203,349 204,465 207,923 210,187 211,156 211,649 212,750 215,420 219,747 46,633 45,174 45,862 44,291 45,522 44,078 218,161 216,196 12 26 45,335 44,963 44,673 43,864 44,148 43,925 216,030 216,137 12 P 2 6 PE 45,689 45,725 44,985 44,956 44,722 44,701 217,603 216,384 1985—FEB. BAB. APB. BAT JOBE JULY AUG. SEPTOCT. BOY. DEC1986—JAB. FEB* Reserves of depository institutions *~ nonborrowed P TWO WEEKS EBDIBG 1986—FEB. BAB. P PBELXBXVABT PE--PBELIBIBABT ESTIMATE. 1/ FIG0BBS BEFLECT ADJUSTMENTS FOB DISCOBTIBOITIES ASSOCIATED WITH THE IBPLBBBBTATIOB OF THE BOBBTAJUT COBTBOL ACT ABO OTBEB BBGOLATOBT CHAWGES TO BESEBVE BEQUIBEBBBTS.