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FEDERAL RESERVE statistical release * W1 £*'•% £ \ J[ H.3 (502) rbUEKAL KSSkRVEB^NK Table 1 £« AGGREGATE RESERVES AND MEMBER BANK DEPOSITS For Immediate Release AUGUST 2 4 # 1981 Average of daily figures Reserves of depository institutions total 2 Period nonborrowed Monetary base 3 required total millions of dollars Member bank deposits subject t g reserve requirements private demand deposits time and savings total other net interbank billions of dollars seasonally adjusted — — — — — — • — 1980—JULY AUG. SEPT. OCT. NOV. P DEC. P 42,781 40,749 41,517 41,727 41,227 40,132 42,386 40,090 40,206 40,417 39,168 38,441 42,497 40,447 41,262 41,521 40,730 39,579 158.9 158.2 159.4 160.7 160.5 159.5 658.5 667.8 678.2 684.7 694.3 701.8 467.0 474.2 482.0 486.7 494.1 504.0 189.1 191.5 194.5 195.6 198.0 195.9 16.6 14.4 15.9 16.5 17.3 17.5 172.5 177.1 178.6 179.1 180.6 178.4 2.5 2.1 1.8 2.4 2.2 1.9 1981 — J A N . FEB. MAR. APfi. MAY JUNE JULY 40,100 39,757 40,247 40,248 40,809 40,832 41,113 38,706 38,454 39,248 38,910 38,581 38,795 39,434 39,556 39,574 39,866 40,104 40,546 40,499 40,755 160.2 160.6 161.3 162.2 163.6 163.8 165.0 703.8 704.3 703.4 711.2 715.0 720.8 728.3 517.5 523.4 524.7 531.1 538.1 545.6 553.8 184.1 178.8 176.7 177.4 174.7 173.3 172.3 17.0 17.9 18.1 17.7 17.9 18.2 17.7 167.0 160.9 158.6 159.7 156.8 155.2 154.5 2.3 2.1 2.0 2.8 2.2 1.9 2.2 P P P P P P P WEEK ENDING: 1 8 15 22 29 P P P P P 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 40,943 164.6 164.5 164.4 165.5 165.7 722.1 727.1 728.4 727.6 728.1 547.9 550.7 553.3 554.8 555.6 172.6 174.1 172.9 170.7 170.2 17.9 17-6 17.8 17.5 18.1 154.6 156.5 155.1 153.2 152.1 1.6 2.3 2.3 2.1 2.3 AUG. 5 12 P P 40,982 40,983 39,864 39,712 40,603 40,661 165.0 165.0 736.3 741.6 560.3 563.9 173.4 175.4 17.7 16.7 155.7 158.8 2.5 2.2 42,859 40,373 41,164 41,704 41,221 40,619 42,464 39,715 39,852 40,394 39,161 38,929 42,575 40,071 40,908 41,498 40,723 40,067 adjusted 658.2 I 662.5 675.6 6 84.2 694.5 710.3 466.0 471,8 479,. 6 485.7 493.2 505.0 190.0 189.0 193.9 196.4 199.5 203.2 16-8 14.2 15.9 16.5 18.0 18.2 173.2 174.8 178.0 179.8 181.5 185.0 2.2 1.7 2.1 2.1 1.9 2.1 41,569 39,631 39,753 40,217 40,477 40,430 41,033 40,175 38,327 38,753 38,879 38,249 38,393 39,354 41,025 39,448 39,372 40,072 40,213 40,098 40,675 712.6 701.5 702.9 713.5 710.0 719.7 727.8 520.6 524.9 527.8 531.6 538.1 545-0 552.7 189.9 174.5 173.0 178.9 169.8 172.2 173.1 18.2 17.7 17.7 17.3 16.9 17.8 18.0 171.7 156.8 155.4 161.6 152.9 154.4 155.2 2.1 2.0 2-1 3.0 2.1 2.5 2.0 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 40,895 164.0 166.3 165.5 166.0 164.6 721.9 730.8 728.8 726.3 723.6 547.3 550.7 551.6 553.2 554.5 172.8 177.8 175.3 171.3 167.3 18.7 18.3 18.4 17.6 17.6 154.2 159.5 156.9 153.7 149.8 1.7 2.3 1.9 1-8 1-7 5 P 12 P 40,771 40,204 39,653 38,933 40,392 39,882 165.2 165.6 734.5 736.8 558.7 561.6 173.5 173.5 18.4 16.5 155.1 157.0 1981—JULY 1980—JULY AUG. SEPT. OCT. NOV. P DEC. P 1981—JAN. FEB. BAB. APR. MAY JUNE JULY | P P P P P P P I I not seasonally 159.6 I 158.0 159.0 160.6 161.6 162.5 161.0 158.9 159.6 161.7 162.7 163.3 165.5 I I WEEK ENDING: 1981—JULY 1 8 15 22 29 AUG. See reverse side for explanation ©1 footnotes. j 2.3 I 1.7 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 I nonborrowed required millions of dollars seasonal hf adjusted Monetary base billions of dollars Reserves of depository institutions total 2 l nonborrowed | required millions of dollars not seasonally adjusted Monetary base * billions of dollars 1980—JULY AUG. SEPT. OCT. NOV. 5 / P DEC. P 37,570 38,050 38,725 38,893 40,060 40,110 37,176 37,392 37,414 37,583 38,000 38,420 37,286 37,748 38,470 38,687 39,562 39,558 152.8 154.6 155.7 156.9 159.0 159.5 37,665 37,706 38,401 38,875 40,059 40,598 37,270 37,048 37,090 37,565 38,000 38,908 37,360 37,404 38,145 38,669 39,562 40,045 153.5 154.5 155.3 156-9 160.0 162.4 1981—JAN. FEB. MAR. APR. MAY JUNE JULY P P P P P P P 40,079 39,588 39,981 39,982 40,401 40,321 40,602 38,685 38,284 38,982 38,645 38,173 38,284 38,923 39,535 39,405 39,600 39,838 40,138 39,989 40,244 160.1 160.4 161.4 162.4 163.7 163.9 165.2 41,548 39,461 39,487 39,951 40,069 39,920 40,522 40,154 38,158 38,488 38,613 37,841 37,882 38,843 41,004 39,278 39,106 39,806 39,805 39,587 40,164 161.0 158.7 159.7 161.9 162.9 163.4 165.7 P P P P P 40,650 40,484 40,160 40,913 40,882 38,915 38,618 38,865 39,183 38,904 40,162 39,983 40,031 40,583 40,433 164.7 164*6 164.5 165.6 165.9 40,807 40,007 40,113 41,169 40,83.3 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 1C4.8 5 P 12 P 40,471 40,472 39,353 39,201 40,092 40,150 165.2 165.2 40,260 39,693 39,142 38,422 39,881 39,371 165.4 165.8 HEEK ENDING: 1981—JULY AUG. 1 8 15 22 29 P - PRELIMINARY 1/ RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES HITH 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 THAT HERE MEMBERS OF THE FEDERAL RESERVE SYSTEM ARE INCLUDED IN THE SERIES. SINCE THAT DATE, THE SERIES INCLUDE THE RESERVES CF ALL DEPOSITORY INSTITUTIONS. IN CONJUNCTION HITH THE IMPLEMENTATION OF THE ACT, REQUIRED RESERVES OF MEMBER BANKS HERE REDUCED ABOUT $4.3 BILLION AND REQUIRED RESERVES OF OTHER DEPOSITORY INSTITUTIONS HERE INCREASED ABOUT $1.4 BILLION. ALSO IN CONJUNCTION HITH THE MONETARY CONTROL ACT, REQUIRED RESERVES Of CERTAIN NCNMEMBER BANKS AND FOREIGN-RELATED INSTITUTIONS INCREASED PURSUANT TO THE TRANSITIONAL PHASE-IN PROGRAM BY APPROXIMATELY $245 MILLION EFFECTIVE ON EACH OF THE FOLLOHING DATES: FEBRUARY 18, 1981, MAY 20, 1981 AND AUGUST 19, 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 PCINT MARGINAL RESERVE REQUIREMENT HAS RAISED TO 10 PERCENTAGE POINTS. IN ADDITION, THE BASE UPON HHICH THE MARGINAL RESERVE REQUIREMENT HAS CALCULATED HAS REDUCED. THIS ACTION INCREASED REQUIRED RESERVES ABOUT $1.7 BILLION IN THE HEEK ENDING APRIL 2, 1980. EFFECTIVE MAY 29, 1980, THE MARGINAL RESERVE REQUIREMENT HAS REDUCED FROM 10 TO 5 PERCENTAGE POINTS AND THE BASE UPON HHICH THE MARGINAL RESERVE REQUIREMENT HAS CALCULATED HAS RAISED. THIS ACTION REDUCED REQUIRED RESERVES ABOUT $980 MILLION IN THE HEEK 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 HERE REMOVED. THESE ACTIONS REDUCED REQUIRED RESERVES ABOUT $3.2 BILLION. 2/ RESERVE BALANCES HITH FEDERAL RESERVE BANKS PLUS VAULT CASH AT INSTITUTIONS HITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. 3/ INCLUDES RESERVE BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT HEEK PLUS VAULT CASH HELD THO HEEKS 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 HITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, MARGINAL RESERVE REQUIREMENTS, DHE 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 HITH THE REDUCTION OF HEEKEND AVOIDANCE ACTIVITIES OF A FEH 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, HASHINGTON, D.C., 20551.
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