Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : August 31, 1981

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

to>>^\ air ^ /^^s.»>\

FEDERAL RESERVE al<tfe&i<*rt please
str a mi
H.3(502)

«BB«ftAtRtS^>t^jy|C

Table 1

For Immediate Release

X

MS*™*™*

AUGUST 3 1 ,

AGGREGATE RESERVES AND MEMBER BANK DEP
Average of daily figures
Reserves of depository institutions^
total 2

Period

required

nonborrowed

Monetary
base 3

total

millions of dollars

1981

Member bank deposits subject to reserve requirements
time and
private demand deposits
other
savings
total
net
interbank
billions of dollars

seasonallyf 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—JAN.
FEB.
MAR.
APfl.
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

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

P
P
P

40,983
40,977
41,782

39,865
39,706
40,325

40,604
40,655
41,565

165.0
165.0
166.0

736.2
741.6
739.2

560.4
563.9
565.3

173.3
175.4
171.3

17.7
16.7
18.2

155.6
158.8
153.1

2.5
2.2
2.6

42,464
39,715
39,852
40,394
39,161
38,929

42,575
40,071
40,908
41,498
40,723
40,067

159.6
158.0
159-0
160.6
161.6
162.5

658.2
662.5
675.6
684.2
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

P
P
P
P
P
P
P

WEEK ENDING:
1981—JULY 1
8
15
22
29
AUG.

5
12
19

not seasonally adjusted
1980—JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

P
P

42,859
40,373
41,164
41,704
41,221
40,619

1981—JAN.
FEB.
MAE.
APR.
MAY
JUNE
JULY

P
P
P
P
P
P
P

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

161.0
158-9
159.6
161.7
162.7
163.3
165.5

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
19 P

40,77»1
40,204
41,515

39,653
38,933
40,058

40,392
39,882
41,298

165.2
165.6
166.3

734.4
736. 8
734.4

558.7
561.7
562.5

173.3
173.5
169.7

18.4
. 16.5
18*0

154.9
157.0
151.7

2.3
1.7
2.2

WEEK ENDING;
1981—JULY

AUG.

1
8
15
22
29

See reverse side for explanation of footnotes.




Table 2

AGGREGATE RESERVES AND MONETARY BASE
Adjusted for changes in reserve requirements 4
Averages of daily figures
Reserves of depository institutions
required
Period
total 1 ~~T non borrowed
millions of dollars
seasonally adjusted

Monetary base --*
billions of dollars

Reserves of depository institutions
total 2
| non borrowed
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

37,380
37,404
38,145
38,669
39,562
40,045

153.5
154.5
155.3
156.9
160.0
162.4

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
3S,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
40,833

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
19 P

40,471
40,472
41,030

39,353
39,201
39,573

40,092
40,150
40,813

165.2
165.2
165.9

40,259
39,699
40,763

39,141
38,428
39,306

39,880
39,377
40,546

165.4
165. 8
166.2

1981—JAN.
JFEB.

BAR.
APR.
HAY
JUNE
JULY

WEEK ENDING:
1981—JULY

AUG.

1
8
15
22
29

P - PRELIMINARY
1/ RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH 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 WERE MEMBERS OF THE
FEDERAL RESERVE SYSTEM ARE INCLUDED IN THE SERIES. SINCE THAT DATE, THE SERIES .INCLUDE THE RESERVES OF ALL
DEPOSITORY INSTITUTIONS. IN CONJUNCTION WITH THE IMPLEMENTATION OF THE ACT, REQUIRED RESERVES OF MEMBER BANKS
W$RE REDUCED ABOUT $4.3 BILLION AND REQUIRED RESERVES OF OTHER DEPOSITORY INSTITUTIONS WERE INCREASED ABOUT
$1.4 BILLION. ALSO IN CONJUNCTION WITH THE MONETARY CONTROL ACT, REQUIRED RESERVES OF CERTAIN NONMEMBER BANKS
AND FOREIGN-RELATED INSTITUTIONS INCREASED PURSUANT TO THE TRANSITIONAL PHASE-IN PROGRAM BY APPROXIMATELY $245
MILLION EFFECTIVE ON EACH OF THE FOLLOWING 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 POINT
MARGINAL RESERVE REQUIREMENT WAS RAISED TO 10 PERCENTAGE POINTS. IN ADDITION, THE BASE UPON WHICH THE
MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS REDUCED. THIS ACTION INCREASED REQUIRED RESERVES ABOUT $1.7
BILLION IN THE WEEK ENDING APRIL 2, 1980. EFFECTIVE MAY 29, 1980, THE MARGINAL RESERVE REQUIREMENT WAS REDUCED
FROM 10 TO 5 PERCENTAGE POINTS AND THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS RAISED.
THIS ACTION REDUCED REQUIRED RESERVES ABOUT $980 MILLION IN THE WEEK 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 WERE REMOVED. THESE ACTIONS REDUCED REQUIRED RESERVES ABOUT $3.2 BILLION.
2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES
PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS'. BEGINNING THE WEEK OF AUGUST 19, TOTAL RESERVES
EXCLUDE REQUIRED CLEARING BALANCES.
3/ INCLUDES RESERVE AND REQUIRED CLEARING BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS VAULT CAS* 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.
4/ RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION
OF THE MONETARY CONTROL ACT, MARGINAL RESERVE REQUIREMENTS, THE 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 WITH THE REDUCTION OF WEEKEND
AVOIDANCE ACTIVITIES OF A FEW 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, WASHINGTON, D.C., 20551.




5