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FEDERAL RESERVE statistical release .f^fs^: For n i U M i * 4 : 3 0 Esstsm Tim* H.3(602) TsMsl AUGUST 2, 1984 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for Avsraoss of daily MNNons of dollsrs Dst* 1983 tota|Z JULY AUG. SEPT. OCT. NOV. DEC. 1984--JAN. FEB. MAR. APR. MAY JUNE JULY P I Rs—rv— of dsposftory institutions rsouWsd nonborrowsd pfcjs nonborrowsd sxtsndsd ccsdH* SXOSSS MSA 4 Monstsry bass* Bsfffowinas of depository institutions tPSWt SwS FSdSfSI HSSSf¥S» NltA I sxtsndsd l ssssonsl total crsdlt' 1,453 1,546 1,441 844 906 774 — 505 529 561 179,308 180,127 181,775 182,845 183,949 184,969 198 190 142 121 96 578 491 515 256 6 o 34,889 35,123 35,395 35,614 35,850 36,465 36,564 613 942 709 490 577 767 587 186,940 188,582 188,715 189,658 191,262 193,122 194,073 715 567 952 1,234 2,988 3,300 5,924 86 103 133 139 196 264 308 4 5 27 44 37 1 ,873 5,008 36,310 36,716 36,316 37,067 1 ,058 393 193,315 194,623 3,909 5,358 289 284 35,694 36,100 651 193,712 7,155 341 35,194 35,218 35,307 35,317 35,245 35,279 33,741 33,672 33,866 34,473 34,340 34,505 34,319 34,163 34,380 34,729 34,346 34,507 34,687 34,772 34,809 34,812 34,716 34,718 35,502 36,065 36,103 36,104 36,427 37,232 37,151 34,787 35,498 35,152 34,870 33,439 33,932 31,227 34,791 35,503 35,179 34,914 33,476 35,804 36,235 37,373 37,460 33,464 32,102 36,750 29,596 507 446 I 498 TWO WEEKSENDING 1984-JULY AUG. 4 18 P 1 PE j 2,846 4,614 6,098 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 RESERVC&. * 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 RESERVE 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 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 CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. 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 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Notadjusted for changes in reserve requirements^ Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash4 Reserves of depository institutions Monetary bate 2 Date 1983 1934 Reserve balances with F.R. Banks* used to satisfy required reserves* nonborrowed JULY AUG. SEPT OCT. NOV. DEC . 38,948 38,661 37,916 38,137 38,144 38,894 37 495 37 i 14 36 475 37 294 37 239 38, 120 30 38 37 37 37 38 440 214 418 633 615 333 185 185 185 186 188 192 303 398 112 598 971 359 22,139 21,965 20,585 21,059 20,943 20,986 20, 413 20, 035 20, 798 20,471 20,558 20,755 16,808 16,695 17,331 17,078 17,201 17,908 ,604 ,340 ,467 ,393 ,356 ,847 JAN. FEB. MAR. APR . MAY JUNE JULY P 40,120 36,365 36,278 37,154 36,519 37,518 37,422 39 35 35 35 33 34 31 39 35 35 36 35 36 36 507 423 569 664 942 752 836 192 186 187 190 191 193 195 301 672 813 340 081 963 556 21,325 18,414 19,484 20,351 19,560 20,210 19,853 22,578 22,269 20,396 20,152 20,446 20,770 21,134 18,795 17,951 16,794 16,802 16,960 17,308 17,570 782 318 6G2 349 486 461 564 405 798 326 920 531 218 498 required surplus8 total i!J!jJIIII|l|IIlj l!I!!!!!I!p!II!!H illlfll TWO WEEKS ENDING 1984--JULY Net carryover of excess or deficit in reserve balances7 s:!::s: 4 18 P 1 PE 37,702 37,886 33,793 32,528 36,645 37,493 194,268 196,921 20,189 20,487 21,121 20,708 17,513 17,399 3,608 3,309 36,837 29,683 36,187 194,483 19,067 21,597 17,771 3,826 !:ip!fjj P PRELIMINARY P E — PRELIMI NARY EST I MATE . REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE 1/ THE EFFECTS Of DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OR OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. 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 CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. 3/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT. 4/ 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 IN WHICH THE BALANCES ARE HELD. 5/ EQUAL 10 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. 6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR REQUIRED RESERVES DURING THE MAINTENANCE PERIOD. 7/ 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. 104 H.3 (502) Table 3 AGGREGATE RESERVES OF 1DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars Date total Reserves of depository institutions nonborrowed Monetary base required 1983—JULY AUG SEPT. OCT. NOV. DEC. 34,978 34,713 35,008 35,313 35,350 35,997 33,525 33,167 33,567 34,469 34,445 35,223 34,470 34,266 34,510 34,808 34,821 35,436 180,182 180,140 181,238 182,672 185,035 188,231 1984--JAN. FEB. MAR. APR. MAY JUNE JULY P 37,303 35,654 35,630 36,464 35,763 36,757 36,777 36,588 35,087 34,678 35,231 32,775 33,457 30,853 36,690 34,712 34,921 35,974 35,186 35,990 36,190 188,100 185,931 187,165 189,650 190,325 193,201 194,911 36,947 37,276 33,038 31,919 35,889 36,884 193,513 196,311 36,187 29,032 35,536 193,833 TUO WEEKS ENDING 1984—-JULY AUG. 4 18 P 1 PE 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.