Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : August 2, 1982

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FEDERAL RESERVE Atstatisttcal release

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For Immediate Release

H.3 (502)
Table 1

AUGUST 2 , 1982

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE
Adjusted for changes in reserve requirements 1
Averages of daily figures
Reserves of depository institutions
total2
| nonborrowed |
required
Period
millions of dollars
1
seasonal! / adjusted

Monetary base3
billions of dollars

Reserves of depository institutions
tota!2 "~| non borrowed
required
millions of dollars
not seasonally adjusted

Monetary base3
billions of dollars

1981—JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

39,619
39,727
39,810
40,312
40,118
40,150
40,527

37,582
38,048
38,390
38,855
38,937
39,487
39,891

39,281
39,387
39,518
39,898
39,840
39,805
40,208

161.7
162.5
162.9
163.7
163.8
164.3
165.8

39,053
39,636
39,479
40,087
40,219
40,332
41,263

37,016
37,957
38,060
38,630
39,038
39,669
40,626

38,715
39,296
39,187
39,673
39,941
39,987
40,943

161.2
163.3
163.2
163.3
163.8
165.6
168.9

1982—JAN.
FEB.
MAR.
APR.

41,277
40,927
41,090
41,181
41,329
41,441
41,452

39,759
39,137
39,534
39,613
40,212
40,236
40,749

40,859,
40,623
40,728
40,908
40,971
41,133
41,117

167.4
167.9
168.5
169.8
171.0
172.1
172.6

42,696
40,735
40,533
41,086
40,984
40,882
41,311

41,178
38,946
38,977
39,518
39,867
39,678
40,608

42,278
40,432
40,172
40,813
40,625
40,574
40,976

168.5
166.1
166.5
168.9
170.4
171.5
173.4

41,595
41,000
41,476
41,523
41,721

40,547
39,696
40,547
40,509
40,105

40,923
40,851
41,244
41,303
41,193

172,3
171.5
172.3
172.1
172-5

40,932
39,848
40,887
41,125
41,655

39,884
38,544
39,958
40,111
40,039

40,260
39,699
40,655
40,905
41,127

171.2
171.4
172.0
171.5
171.5

41,480
40,835
41,667
41,688 i

40,410
40,277
41,072
41,140

40,980
40,601
41,361
41,417

172.6
171.7
172.7
172.7

40,979
40,434
42,028
41,718

39,909
39,876
41,433
41,170

40,479
40,200
41,722
41,447

174.4
173.1
173.8
172.4

MAI
JUNE
JULY
WEEK

P
P

ENDING:

1982—JUNE

2

9
16
23
30
JULY

P 1/

2/
3/

7
14
21
28

P
P
P
P

PRELIMINARY
RESERVE AGGREG ATES INCLUE E REQUIRED RESERVES OF MEMBER BAN1vS AND EDGE ACT CORPORATIONS AND OTHER DEPOSI

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.
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.
INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FEEERAL 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

Monetary
base3

required

millions of dollars
1981—MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

40,516
40,442
41,007
41,023
40,591
40,711
40,948
41,924

38,288
38,405
39,328
39,604
39,134
39,531
40,285
41,287

40,258
40,104
40,667
40,731
40,177
40,433
40,604
41,604

162.6
163.3
165.4
165.4
163.9
164.3
166.3
169.7

1982—JAN.
FEB.
MAE.
APR.
MAY
JUNE
JULY

P
P

43,203
41,286
39,235
39,557
39,550
39,565
39,989

41,685
39,496
37,679
37,983
38,433
38,360
39,286

42,784
40,982
38,873
39,284
39,191
39,257
39,654

169.1
166.8
165.4
167.6
169.2
170.4
172.4

1982 1 --JUNE

2
9
16
23
30

39,594
38,550
39,584
39,785
40,332

38,546
37,246
38,655
38,771
38,716

38,922
38,401
39,352
39,565
39,804

170.1
170.4
170.9
170.4
170.4

JULY

7
14
21
28

39,720
39,191
40,665
40,327

38,650
38,633
40,070
39,779

39,220
38,957
40,359
40,056

173.4
172.1
172.7
171.3

WEEK ENDING:

P
P
P
P

1

1/

2/
3/

II.!

..II ..,.!,

•MHPH1-—HI.

RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECT OF CHANGES IN REGULATION D, INCLUDING CHANGES ASSOCIATED WITH 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 FOLLOWS: 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
13, 1981, AN INCREASE OF $220 MILLION; JANUARY 14, 1982, A REDUCTION OF $60 MILLION; FEBRUARY 11, 1982 AN
INCREASE OF $180 MILLION; MARCH 4, 1982, AN ESTIMATED REDUCTION OF $2.0 BILLION AND MAY 13, 1982,
AN ESTIMATED INCREASE OF $160 MILLION. BEGINNING HITH THE WEEK 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 LOWERED 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 WITH 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 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.




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