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'.'JfV AP* FEDERAL RESERVE statistical release For Immediate Release H.3 (502) Table 1 APRIL 5 , AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE Adjusted for changes in reserve requirements 1 Averages of daily figures Reserves of depository institutions tota|2 non borrowed required Period millions of dollars seasonal I / adjusted Monetary base3 billions of dollars Reserves of depository institutions total2 nonborrowed required millions of dollars not seasonally adjusted 1982 Monetary base3 billions of dollars 1981—MAR, APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 39,237 39,410 39,627 39,619 39,727 39,810 40,312 40,118 40,150 40,527 38,238 38,073 37,399 37,582 38,048 38,390 38,855 38,937 39,487 39,891 38,957 39,241 39,370 39,281 39,387 39,518 39,898 39,840 39,805 40,208 159-6 160.8 161.4 161-7 162.5 162.9 163.7 163.8 164.3 165.8 38,622 39,273 39,310 39,053 39,636 39,479 40,087 40,219 40,332 41,263 37,622 37,935 37,083 37,016 37,957 38,060 38,630 39,038 39,669 40,626 38,342 39,104 39,053 38,715 39,296 39,187 39,673 39,941 39,987 40,943 157.8 159.9 160.8 161.2 163.3 163.2 163.3 163.8 165-6 168.9 1982—JAN. FEB. MAR. 41,277 40,927 41,081 39,759 39,137 39,526 40,859 40,623 40,725 167-4 167.9 168.5 42,696 40,735 40,525 41,178 38,946 38,970 42,278 40,432 40,168 168.5 166,1 166.5 41,847 40,636 41,355 40,367 40,000 38,972 39,447 38,465 41,366 40,492 40,787 40,364 168.7 167.3 168.7 167.0 42,328 40,290 41,351 40,046 40,481 38,626 39,443 38,144 41,847 40,146 40,783 40,043 166.9 166.2 167.6 164.6 40,977 40,734 41,236 4 t , 175 41,224 39,415 39,288 39,772 33,521 39,571 40,464 40,431 40,899 40,912 40,769 168.0 167.6 168.6 168.6 169.1 40,447 39,894 40,740 40,673 40,825 38,865 38,448 39,276 39,019 39,172 39,934 39,591 40,403 40,410 40,370 165.4 166.5 167.2 166.6 166.4 P WEEK E N D I N G : 1982—FEB. 3 10 17 24 MAR. 3 10 17 24 31 P P P P P - PRELIMINARY 1/ RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND OTHER DEPOSITORY INSTITUTIONS. DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, THE INCLUSION OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION D HAVE BEEN REMOVED. BEGINNING WITH THE WEEK ENDED DECEMBER 23, 1981, RESERVES AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF RESERVABLE LIABILITIES TO INTERNATIONAL BANKING FACILITIES (IBFS). ON THE BASIS OF REPORTS OF LIABILITIES TRANSFERRED TO IBFS BY U.S. COMMERCIAL BANKS AND U.S. AGENCIES AND BRANCHES OF FOREIGN BANKS, IT IS ESTIMATED THAT REQUIRED RESERVES WERE LOWERED ON AVERAGE BY $10 TO $20 MILLION IN DECEMBER 1981 AND $40 TO $70 MILLION IN JANUARY 1982. 2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING- BALANCES) PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. 3/ INCLUDES RESERVE BALANCES AND REQUIRED CLEARING 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. 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. H.3 Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS Not adjusted for changes in reserve requirements Average of daily figures, not seasonally adjusted Reserves of depository institutions1 tota|2 Period nonborrowed required Monetary base3 millions of dollars 1981—MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 39,725 40,333 40,516 40,442 41,007 41,023 40,591 40,711 40,948 41,924 38,726 38,995 38,288 38,405 39,328 39,604 39,134 39,53t 40,285 41,287 39,445 40,164 40,256 40,104 40,667 40,731 40,177 40,433 40,604 41,604 159.5 161.6 162.6 163.3 165.4 165.4 163.9 164.3 166.3 169.7 1982—»JAN. FEB. MAR. 43,203 41,286 39,230 41,685 39,496 37,675 42,784 40,982 38,874 169.1 166.8 165.4 42,781 40,680 42,006 40,663 40,934 39,016 40,098 38,761 42,300 40,536 41,438 40,660 167.5 166.8 168.3 165.3 41,0/55 38,459 39,250 39,128 39,301 39,493 37,013 37,786 37,474 37,648 40,542 38,t56 38,913 38,865 38,846 166.2 165.3 165.9 165.3 165.1 P WEEK E N D I N G : 1/ 2/ 3/ 1982—FEB. 3 10 17 24 MAR. 3 10 17 24 31 P P P P RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES HITH NO ADJUSTMENTS TO ELIMINATE THE EFFECT OF CHANGES IN REGULATION D, INCLUDING CHANGES ASSOCIATED HITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT. INCLUDES REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND, BEGINNING NOVEMBER 13, 1980, OTHER DEPOSITORY INSTITUTIONS. UNDER THE TRANSITIONAL PHASE-IN PROGRAM OF THE MONETARY CONTROL ACT OF 1980, THE NET CHANGES IN REQUIRED RESERVES OF DEPOSITORY INSTITUTIONS HAVE BEEN AS FOLLOHSi EFFECTIVE NOVEMBER 13, 1980, A REDUCTION OF $2.8 BILLION; FEBRUARY 12, 1981, AN INCREASE OF $245 MILLION; MARCH 12, 1981, AN INCREASE OF $75 MILLION; MAY 14, 1981, AN INCREASE OF $245 MILLION; AUGUST 13, 1981, AN INCREASE OF $245 MILLION; SEPTEMBER 3, 1981, A REDUCTION OF $1.3 BILLION; NOVEMBER 19, 1981, AN INCREASE OF $220 MILLION; JANUARY 14, 1982, A REDUCTION OF $60 MILLION; FEBRUARY 11, 1982 AN INCREASE OF $220 MILLION; AND MARCH 4, 1982, AN ESTIMATED REDUCTION OF $2.0 BILLION. BEGINNING HITH THE HEEK ENDED DECEMBER 23, 1981, RESERVE AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF RESERVABLE LIABILITIES TO INTERNATIONAL BANKING FACILITIES (IBFS). ON THE BASIS OF REPORTS OF LIABILITIES TRANSFERRED TO IBFS BY U.S. COMMERCIAL BANKS AND U.S. AGENCIES AND BRANCHES OF FOREIGN BANKS, IT IS ESTIMATED THAT REQUIRED RESERVES HERE LOHEEED ON AVERAGE BY $60 TO $90 MILLION IN DECEMBER 1981 AND $180 TO $230 IN JANUARY 1982, MOSTLY REFLECTING A REDUCTION IN RESERVABLE EUROCURRENCY TRANSACTIONS. RESERVE BALANCES HITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT INSTITUTIONS HITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS VAULT CASH HELD THO HEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS. CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUNIONS, AND SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.
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