Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : August 10, 1981

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

••£££&,

FEDERAL RESERVE statistical release
-**%&#:

AUC

wa»

For Immediate Release
H.3 (502)
fWW *
AUGUST 1 0 , 1981
Table 1
- R^WNK
AGGREGATE RESERVES AND MEMBER BANK DEPOSITS^Kfeft AiL R E S ^ R V t * D
m
Average of daily figures
pt»*|jlSfl\'****
^
« PHIA
Reserves of depository institutions^
HIP
P
l
A
i
y
^
™
^
b^K
Monetary
time and aeposjts subject to reserve requirements
v / * * T time
and I
private demand depositsother T
total 2
base 3
savings
Period
nonborrowed required
total
total
net
interbank
billions of dollars
millions of dollars
seasonally adjusted

111 ut\ i PHI A

1980—JUNE
JULY
AUG.
SEPT.
OCT.
NOV. P
DEC. P

43,959
42,781
40,749
41,517
41,727
41,227
40,132

43,580
42,386
40,090
40,206
40,417
39,168
38,441

43,756
42,497
40,447
41,262
41,521
40,730
39,579

159.1
158.9
158.2
159.4
160.7
160.5
159.5

658.0
658.5
667.8
678.2
684.7
694.3
701.8

467.9
467.0
474.2
482.0
486.7
494.1
504.0

188.4
189.1
191.5
194.5
195.6
198.0
195.9

16.9
16.6
14.4
15.9
16.5
17.3
17.5

171.5
172.5
177.1
178.6
179-1
180-6
178.4

1.7
2,5
2.1
1.8
2.4
2-2
1-9

1 9 8 1 — JAN.
FEB.
MAE.
APR.
MAY
JUNE

40,100
39,757
40,247
40,248
40,809
40,832

38,706
38,454
39,248
38,910
38,581
38,795

39,556
39,574
39,866
40,104
40,546
40,499

160.2
160.6
161.3
162.2
163.6
163.8

703.8
704.3
703-4
711.2
715.0
720.8

517.5
523-4
524.7
531.1
538.1
545.6

184.1
178.8
176.7
177.4
174.7
173.3

17.0
17-9
18.1
17.7
17.9
18.2

167.0
160.9
158.6
159.7
156.8
155.2

2.3
2.1
2.0
2.8
2.2
1.9

40,891
40,492
40,781
40,916

38,937
38,285
38,886
38,611

40,646
40,243
40,492
40,552

163.2
162.9
163.7
164.1

720.0
720.6
719-9
719.9

543,. 9
544.9
544.0
545-4

173.3
173.8
173.7
173.1

18.3
17.8
18.0
19.2

154.9
156.1
155.7
153.8

2.9
1.9
2-2
1.5

41,161
40,995
40,671
41,424
41,392

39,426
39,129
39,376
39,694
39,414

40,673
40,494
40,542
41,094
40,943

164.6
164.5
164.4
165.5
165.7

722.1
727.1
728.4
727.6
728.1

547.9
550.7
553.3 i
554.8
555.7

172.6
174 . 1
172.9
170-7
170.1

17-9
17.6
17.8
17.5
18.1

154.6
156.5
155.1
153.2
152.0

1-6
2.3
2-3
2.1
2-3

P
P
P
P
P
P

WEEK ENDING:
1 9 8 1 — JUNE 3 P
10 P
17 P
24 P
JULY 1
8
15
22
29

?
P
P
P
P

not seasonally adjusted
1980—JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
1981—JAN.
FEBHAR.
APR.
MAY

JUNE

P
P

43,472
42,859
40,373
41,164
41,704
41,221
40,619

43,092
42,464
39,715
39,852
40,394
39,161
38,929

43,268
42,575
40,071
40,908
41,498
40,723
40,067

158.6
159.6
158.0
159.0
160.6
161.6
162.5

656.9
658.2
662.5
675.6
684-2
694.5
710.3

467.4
466.0
471.8
479.6
485.7
493.2
505.0

187.2
190.0
189.0
193.9
196.4
199-5
203.2

16.6
16.8
14.2
15.9
16.5
18.0
18-2

170.6
173.2
174.8
178.0
179.8
181.5
185.0

2.3
2.2
1.7
2.1
2.1
1.9
2.1

P
P
P
P
P
P

41,569
39,631
39,753
40,217
40,477
40,430

40,175
38,327
38,753
38,879
38,249
38,393

41,025
39,448
39,372
40,072
40,213
40,098

161.0
158.9
159-6
161.7
162.7
163.3

712.6
701.5
702.9
713.5
710.0
719.7

520.6
524.9
527.8
531.6
538.1
545.0

189.9
174.5
173.0
178.9
169.8
172.2

18.2
17.7
17.7
17.3
16.9
17.8

171.7
156-8
155.4
161-6
152.9
154-4

2.1
2.0
2.1
3.0
2.1
2.5

WEEK ENDING:
JUNE

3
10
17
24

P
P
P
P

40,100
39,511
40,512
40,649

38,146
37,304
38,617
38,344

39,855
39,262
40,223
40,285

162.1
163.1
163.7
163.3

718.2
719.3
721.9
716.0

544.4
545.4
544.0
543.8

171.6
172.2
174.1
169.7

18.3
17.2
17.8
17.9

153.2
155.0
156.4
151.8

2.3
1.7
3.8
2.5

JULY

1
8
15
22
29

P
P
P
P
P

41,318
40,518
40,624
41,680
41,344

39,583
38,652
39,329
39,950
39,366

40,830
40,017
40,495
41,350
40,895

164.0
166.3
165.5
166.a
164.6

721.9
730.8
728-8
726.3
723-5

547.3
550.7
551.6
553.2
554.5

172.8
177.8
175.3
171.3
167.3

18.7
18.3
18.4
17.6
17.5

154.2
159-5
156.9
153- 6
149.8

1.7
2.3
1.9
1.8
1-7

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
l non borrowed
required
millions of dollars
seasonal I/ adjusted

Monetary base '*
billions of dollars

Reserves of depository institutions
total 2
l non borrowed
required
millions of dollars
not seasonally adjusted

Monetary base 3
billions of dollars

1980—JUNE
JUNE
JULY
AUG.
SEPT.
OCT.
NOV. 5 / P
DEC.
P

37,460
37,460
37,570
38,050
38,725
38,893
40,056
40,110

37,081
37,081
37,176
37,392
37,414
37,583
37,997
38,420

37,257
37,257
37,286
37,748
38,470
38,687
39,559
39,558

151.7
151.7
152.8
154.6
155.7
156.9
159.0
159.5

37,007
37,007
37,665
37,706
38,401
38,875
40,056
40,598

36,628
36,628
37,270
37,048
37,090
37,565
37,996
38,907

36,804
36,804
37,380
37,404
38,145
38,669
39,558
40,045

151.2
151.2
153-5
154.5
155.3
156.9
160.0
162.4

1981—JAN.
FEB.
MAR.
APR.
MAY
JUNE

P
P
P
?
P
P

40,079
39,587
39,981
39,982
40,401
40,321

38,684
38,284
38,982
38,644
38,173
38,284

39,535
39,404
39,600
39,838
40,137
39,988

160.1
160.4
161-4
162-4
163-7
163.9

41,548
39,461
39,487
39,951
40„068
39,919

40,153
38,157
38,487
38,613
37,840
37,882

41,004
39,278
39,106
39,806
39,805
39,587

161.0
158.7
159.7
161.9
162.9
163-4

WEEK ENDING :
1981—JUNE

3
10
17
24

P
P
P
P

40,380
39,981
40,270
40,405

38,426
37,774
38,375
38,100

40,135
39,732
39,981
40,041

163.3
163-0
163.8
164.2

39,589
39,000
40,001
40,138

37,635
36,793
38,106
37,833

39,344
38,751
39,712
39,774

162.2
163.2
163.8
163.4

JULY

1
8
15
22
29

P
P
P
P
P

40,650
40,484
40,160
40,913
40,881 "

38,915
38,618
38,865
39,183
38,903

40,162
39,983
40,031
40,583
40,432

164.7
164.6
164.5
165.6
165.9

40,807
40,007
40,113
41,169
40,833

39,072
38,141
38,818
39,439
38,855

40,319
39,506
39,984
40,839
40,384

164.1
166.4
165.6
166-1
164-8

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 THAI 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 RESERVES OF MEMBER BANKS
WERE REDUCED ABOUT $4.3 BILLION AND REQUIRED RESERVES OF OTHER DEPOSITORY INSTITUTIONS WERE INCREASED ABOUT
$1.4 BILLION. ALSO IN CONJUNCTION WITH THE MONETARY CONTROL ACT, REQUIRED RESERVES OF CERTAIN NONMEMBER BANKS
AND FOREIGN-RELATED INSTITUTIONS INCREASED PURSUANT TO THE TRANSITIONAL PHASE-IN PROGRAM BY APPROXIMATELY $245
MILLION EFFECTIVE FEBRUARY 18, 1981 AND BY ANOTHER $245 MILLION EFFECTIVE MAY 20, 1981. 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 FROM 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 PERCENT 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.