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FEDERAL RESERVE statistical release
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For m u m at 4:30 E**l*m Ttow
H.3(502)
>1
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
AUGUST
2\0
1966
Adjusted for chong** In n
Av*r*g** of doily flour**. ****on*lfy odjuotad unl*** not*d othfwl—
Million* of doMoft
tot5»~~
Dot*
R*—rv— of d*po»ltory Institution*
nonoorrowd
nonborrow*d ptu*
roqulrod
*xt*nd*d credit9
41,976
42,22 7
4^,483
42,581 !
43,151
42,826
43,216
42,593
43,249
43,491
43,056
43,685
43,106
43,919
43,o37
44,554
44,294
44,793
1
•XCOM
MSA4
855~~
627
666 I
753
928
1,058
Moratory bo** 9
209,105
211,208
212,289
213,566
215,253
216,721
Borrowing* of dopo*ltory Institution*
from th* F*d*r*l R — r v , MSA
tot*!
****on*l
1 *Kt*nd*d cr»die
1,107
TbT~1
507
1,073
221
570.
1,289
203
666
172
629
1,187
1,741
!
107
530
56
499
1,318
1985—JUL*
AUG.
SEPT.
OCT.
MOV.
DEC
43,083
43,654
*406ti2
44,244
44,84*7
45,612
1986—JAM.
/ttt.
BAB.
APB.
HAT
JUME
J U L ! PE
45,881
46,370
416,865
47,275
48,577
49,445
50,488
45,111
45,486
46,104
46,383
47,701
48,642
49,748
45,608
4^,978
4b,622
47,017
46,20*
49,172
50,126
44,771
45,272
45,968
46,474
47.739
48,514
49,586
1,111
1,097
896
801
838
931
902
218,404
219,788
221,202
222,359
224,904
226,631
228,309
770
864
761
893
876
Hit J
741
36
56
68
73
94
108
116
697
492
518
634
584
531
378
2
16
JO P
49,776
50,246
50,806
48,697
49,488
50,104
49,422
49,930
5G,J96
48,529
49,567
49,710
1,247
679
1,096
227,0o7
227,792
228,901
879
75o
702
119
104
127
525
442
296
13
50,851
50,092
50,405
50,242
609
229,765
759
134
373
I
THO WEEKS
ENDING
1986-JULI
AUG.
P
1/
PE
PRELIMINARY
PE—PBELIHIMABr ESTIBATB
BSSEBVES ABD BOBETABI BASE FIGURES IMCOBPOBATE ADJUSTMENTS FOB DISCONTINUITIES ASSOCIATED HITU THE IBPLEBBMTATIOB OF TMB
BONBTABT COMTBOL ACT ABD OTHER RBGULATOR7 CHANGES TO RESERVE REQUIREMENTS, TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES IB
BESEBVE REQUXHBHENTS ON BESEBVABLE NONDEPOS1T LILBILIT1ES0
TUB SUH OF SUCH REQUIRED BESEBVES ARE SUBTRACTED FfiOfl THE ACTUAL
S&B1ES. SIMILARLY, IB ADJUSTING FOR DISCONTINUITIES IN THE HONETARI BASE, REUUXBBD CLEARING BALAMCBS AND ADJUSTflENTS TO
COBPBNSATE FOB FLOAT ALSO ABE SUBTRACTED FROB THE ACTUAL SERIES.
2/ TOTAL RESERVES HOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF BESEBfE BALANCES HXTH FEDERAL BESEBWE BANES (NHICH EXCLUDE
REQUIRED CLEARING BALANCES AND ADJUSTflENTS TO COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFI BBSEBIB REQUIREMENTS.
SUCH VAULT CASE CONSISTS OF ALL VAULT CASH HELD DURING THB LAGGED COMPUTATION PERIOD BT XNSTITUTIONS HAVING REQUIRED RESERVE
BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE BAXNTENANCB PERIOD AT
INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES.
3/ EXTENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT NINDOB UNDBR THE TERBS AND CONDITIONS ESTABLISHED FOB THE EXTENDED
CREDIT PROGRAM TO HELP DBPOSITOBI INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THEME IS NOT THB SABE BBBD TO
B EPA If SUCH BOBBOHIBG PROMPTLY AS THERE IS WITH TRADITIONAL SHORT-TERN ADJUSTMENT CBEDIT, THE MONET MARKET IMPACT OF EXTENDED
CREDIT IS SIMILAR TO THAT OF NONBORROHED BBSEBVZS.
BESEBVE BALANCES HITH FEDEBkL RESERVE BANKS PLUS VAULT CASH USED TO SATISFI RBSBRVE REQUIREMENTS LESS RBUUIBBD RESERVES.
5/ THE HONETARI BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL BBSEBfBS PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS
TO COMPENSATE FOR FLOAT AT FEDEBkL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONET STOCK LESS THE AMOUNT OF VAULT CASH
HOLDINGS OF THRIFT XNSTITUTIONS THAT IS INCLUDED IN THB CURRENCX COMPONENT OF THE HONBY STOCK PLUS, FOB XBSTITUTXOBS NOT HAVXBG
BEgUIRED RESERVE BALANCES, THE ElCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT BESEBfE REQUIBEBBBTS.
AFTER THE INTRODUCTION OF CRR, CURRENCI AND VAULT CASH FIGURES ARE MEASURED OVER TUB MONDAY-ENDING COMPUTATION PERIOD.
PRIOR TO CRR, ALL COMPONENTS OF THE HONETARI oASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A HHOLB, 8ATHEB TBAN
BY COMPONENT, AND ElCESS RESERVES IS ADDED ON A NOT SEASONALL! ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SBBIES
CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES ElCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE
SEASONALLY ADJUSTED CURRENCY COMPONENT QF THE HONE* STOCK PLUS THB REMAINING ITEMS SEASONALLY ADJUSTED AS A UHOLE.
NOTB: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF TUB
FEDERAL RESERVE SYSTEM, WASHINGTON, D. C. 20551
H.3(502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Nofadjusted for^ changes in reserve requirements^
Averages of daify figures, not seasonally adjusted
Millions of dollars
Vault cash4
Reserves of depository institutions
Monetary
base*
Date
total
nonborrowed
Reserve balances^
with F.R. Banks30
required
total
used to satisfy
required
reserves5'
surplus8
Net carryover
of excess or
deficit
in reserve
balances^
"VTV*
"Stay!*
•:
1985—JUL!
AUG.
SEPT*
OCT.
UOY^
DEC.
42,803
42,963
44,447
45,469
46,382
48,142
41,696
41,890
43,158
44,282
44,b4l
46,824
41,948
42,135
43,782
44,716
45,454
47,085
212,269
213,156
214,50 1
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.
HAfi.
APB.
HAT
JUNE
J U L I 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
46,378
45,081
47,581
49,007
50,126
221,588
219,568
221,703
224,879
226,118
229,676
232,555
26,373
24,700
27,114
28,892
28,279
29,499
30,313
24,245
24,9b2
22,688
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
2,382
2
16
30 P
50,002
51,550
50,641
49,123
50,792
49,939
48,755
50,871
49,545
229,565
233,935
231,540
29,044
31,267
29,547
23,580
22,466
23,644
20,958
2Ut2HJ
21,09 4
2,622
2,183
2,550
239
-11
13
51,198
50,440
50,590
2SS0423
30,215
23032S
20,983
2,340
235
4D,555
22t2Jt
22,474
22,805
23,098
t
TWO BEEKS
ENDING
i
1986—JULI
AUG.
PE
P
PRELIMINARY
PE—PBELIBINABI ESTIMATE.
1/ BEFLECTS ACTUAL BESEBIE BBQUIBEHENTS, INCLUDING THOSE ON NONDBPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIHINATB
THE EFFECTS OF DISCONTINUITIES ASSOCIATED NITH IMPLEMENTATION OF THE NONET ANY CONTROL ACT OB OTHER REGULATOR!
CHANGES TO BESEBVE BEQUIBEHENTS.
2/
CONSISTS OF TOTAL BESEBYES PLOS REQUIRED CLEARING BALANCES AND ADJUSTflENTS TO COflPENSATE FOB FLOAT AT FEDEBAL RESEBYK
BANKS PLUS THE CUBBENCY COBPONENT OF THE HONEY STUCK LESS THE AHOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT
IS INCLUDED IN THE CUBBENCY COBPONENT OF THE NONE! STOCK PLUS, FOR INSTITUTIONS NOT HAVING BEQUIRED RESEBfE BALANCES, THE
EXCESS OF CUBBENT VAULT CASH OVER THE AHOUNT APPLIED TO SATISFY CURRENT BESEBVE REQUIREMENTS. AFTEB THE INTRODUCTION OF
CBB, CUBBENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD.
3/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT.
4/ DATES BEFEB TO THE MAINTENANCE PERIODS IN NHICU THE VAULT CASH CAN BE USED TO SATISFY RtiSEUVE BEQUIBEHENTS. UNDEB
CONTEMPORANEOUS BESEBVE BEQUIBEHENTS, MAINTENANCE PERIODS HMD 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS
IN NHICU THE BALANCES ABE HELD.
5/ EQUAL TO ALL VAULT CASE HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED R&S&HfB BALANCES
AT FEDERAL BESEBVE BANKS PLUS THE AMOUNT OF VAULT CASH EyUAL TO REQUIRED RESERVES DUBING THE MAINTENANCE PERIOD AT
INSTITUTIONS HAVING NO BEQUIfiED RESERVE BALANCES.
6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO BEw<URE0 RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR
REQUIRED RESEBVES DUBING THE MAINTENANCE PERIOD.
7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITOR! INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF TMO-NEEK MAINTENANCE
PERIODS. REFLECTS EXCESS {+) OB DEFICIT (-) htESdHV&S &LLGIBL& TO BE CARRIED FOBNARD INTO THE TNO-NEEK HLSEHVE
MAINTENANCE PERIOD ENDING ON THE DATE SHOWN.
3
• 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—JOLT
AUG.
SEPT.
OCT.
MO¥.
DEC.
42,896
43,069
43,676
44,207
45,082
46,839
41,789
41,996
42,386
43,020
43,341
45,520
42,040
42,241
43,011
43,454
44,154
45,761
210,555
211,514
212,157
213,357
210,038
220,362
1986—JAM.
FEB.
MAR.
APB.
MAI
JUME
JULX PS
47,113
45,684
46,338
47,936
47,712
49,198
50,318
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
49,416
218,741
216,764
216,985
222,134
223,608
227,037
230,029
2
Id
30 P
49,214
50,845
49,934
48,335
50,087
49,232
47,967
50,166
48,838
226 §^Q
231,475
228,974
13 PE
50,524
49,765
49,915
230,922
TWO WEEKS
EMDIMG
1986—JUL*
A0G.
P
PRELIMINARY
PE—PRELIMINARY ESTIMATE.
1/ FIGURES REFLECT ADJUSTMENTS FOfi DISCONTINUITIES ASSOCIATED HITfl THE IflPLEAEITATION OF THS MONETARY CONTROL ACT
AMD OZHE& REGULATORY CHAMGES TO RESEHYE REQUIREMENTS.
@FedFRASER