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RESERVE statistical release H.3<50S) Tabtel For F W N N at 4:30 Esstam Ttma AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASLE AUGUST 14, 1986 Adjusted for changas in raaarva raqulramants1 Avaragas of dally ftgurM, seasonally adjusted unlaw notad otnacwlaa Mllllona of dollars _ i Data naasrvaa of daposltory Institutions nonborrowad nonborrowad plus raqulrad axtandad cradlt* 41,976 42,483 42 227 42,581 43,151 42^826 42,593 43,249 43,216 43,056 43,685 43,491 43,106 43,637 43,919 44,294 44,793 44,554 1985-—JULY AUG. SEPT. OCT. NOV. DEC. 43,083 43,654 43,882 44/244 44,847 45,612 1986—JAN. FEB. MAR. APR. MAY JUNE JULY PE 45,881 46,370 46,865 47,275 48,577 49,445 50,489 45,111 45,486 46,104 46,383 47,701 48,642 49,748 45,608 45,978 46,622 47,017 48,285 49,172 50,126 2 16 30 P 49,776 50,246 50,811 48,897 49,488 50,109 13 PE 50,797 50,038 I axcass NSA4 Monatary baaa* Borrowings of daposltory Institutions from tha Fadaral Rasarvc ,NSA axtandad cradit' saasonal total 855 827 666 753 928 1,058 209,105 211,208 212,289 213,566 215,253 216,721 44,771 45,272 45,968 46,474 47,739 48,514 49,582 1,111 1 ,097 896 801 838 931 906 218,404 219,788 221,262 222,359 224,903 226,611 228,252 770 884 761 893 876 803 741 36 56 68 73 94 108 116 497 492 518 634 584 531 378 49,422 49,930 50,402 48,529 49,547 49,704 1 ,247 679 1,107 227,037 227,736 228,811 879 758 702 119 104 127 525 442 294 50,411 50,208 230,067 759 134 373 1,107 1,073 1 ,289 1,187 1 ,741 1,318 167 221 203 172 107 56 I 507 570 656 629 530 499 TWO WEEKS ENDING 1986-JULY AUG. 589 i P—PRELIMINARY PE—PRELIMINARY ESTIMATE 1/ RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES IN RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT 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 FOR 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 DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. 3/ EXTENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT WINDOW UNDER THE TERMS AND CONDITIONS ESTABLISHED FOR THE EXTENDED CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SAME NEED TO REPAY SUCH BORROWING PROMPTLY AS THERE IS WITH TRADITIONAL SHORT-TERM ADJUSTMENT CREDIT, THE MONEY MARKET IMPACT OF EXTENDED CREDIT IS SIMILAR TO THAT OF NONBORROWED RESERVES. 4/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES. 5/ THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAUlT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVF BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASTS. AFTER CRR. THE SEASONALLY ADJUSTED SFRIES CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES 'WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOIF. NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION Dl RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20'y~>\ H.3(502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for, changes in reserve requirements* w Averages of deify figures, jK>t seasonally adjusted Millions of dollars Vault cash4 Reserves of depository Institutions Monetary Reserve balance*, with F.R. Bankt^l total total ussd to satisfy required surplus*,•/ 1985—JULY AUG. SEPT. OCT. NOV. DEC. 42,803 42,963 44,447 45,469 46,382 48,142 41,696 41,890 43,158 44,282 44,641 46,824 41,948 42,135 43,782 44,716 45,454 47,085 212,269 213,156 214,501 216,192 218,962 223,534 23,503 23,415 24,972 25,431 26,385 27,620 22,530 22,839 22,465 22,724 22,457 22,956 19, 300 19, 548 19, 475 20 038 19 997 20 522 3,230 3,291 2,990 2,686 2,460 2,434 1986—JAN. FEB. MAR. APR. MAY JUNE JULY PE 48,060 46,652 47,274 48,882 48,419 49,938 51,028 47,289 45,768 46,513 47,989 47,543 49,135 50,287 46,949 45,555 46,378 48,081 47,581 49,007 50,122 221,588 219,568 221,703 224,879 226,117 229,656 232,497 26,373 24,700 27,114 28,892 28,279 29,499 30,313 24,245 24,962 22,688 22,231 22,474 22,805 23,098 21 687 21 952 20 160 19 990 20 ,140 20 ,439 20 ,715 2,559 3,010 2,528 2,241 2,334 2,366 2,383 Jiiiili |::::i::::::i:::::::::i: liliiiiyiHliiiliiHilj ::::::::::::::::::::::: llJilliHIJIJIIIIil!!"! JijiillSli! It: ::::::::::::H:::|:ii: ijiiiiiiiiiiiiiiiiiiliii; luiiiiiiiiiiiiiiiiiiiiii; TWO WEEKS ENDING li:t::H::::::::H::::;:: 16 30 50,002 51,550 50,645 49,123 50,792 49,943 48,755 50,871 49,538 229,536 233,878 231,450 29,044 31,267 29,552 23,580 22,466 23,644 20,958 20,283 21,093 2,622 2,183 2,551 13 PE 51,145 50,387 50,557 233,742 30,168 23,323 20,977 2,346 1986—JULY AUG. Net carryover of excess or deficit In i P PRELIMINARY PF——PR'El TMINARY ESTIMATE 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, UITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OR OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. _iir_ 2/ CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY 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 3/ CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. imnfrc iitpruriiTp 4/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT. DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDER CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS TO ALL CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES IN WHICH THE VAULT BALANCES ARE HELD. 5/ EQUAL AT FEDERAL RESERVE BANKS PLUS THE AMOUNT 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 REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR 7/ REQUIRED RESERVES DURING THE MAINTENANCE PERIOD. CONSISTS OF CARRYOVER ONLY AT DEPOSITORY 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. 241 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 Reserves of depository institutions nonborrowed Monetary base required 1985—JULY AUG. SEPT. OCT. NOV. DEC. 42,896 43,069 43,676 44,207 45,082 46,839 41,789 41,996 42,388 43,020 43,341 45,520 42,040 42,241 43,011 43,454 44,154 45,781 210,555 211,514 212,157 213,357 216,038 220,362 1986—JAN. FEB. MAR. APR. MAY JUNE JULY PE 47,113 45,684 46,338 47,936 47,712 49,198 50,319 46,342 44,800 45,578 47,044 46,836 48,395 49,578 46,002 44,587 45,442 47,135 46,874 48,267 49,412 218,741 216,784 218,985 222,134 223,607 227,017 229,971 2 16 30 P 49,214 50,845 49,939 48,335 50,087 49,237 47,967 50,166 48,832 226,809 231,418 228,885 13 PE 50,470 49,711 49,881 231,223 TWO WEEKS ENDING 1986—JULY AUG. 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.
@FedFRASER