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L£2v^
FEDERAL RESERVE statistical release
••f^f^:
H.3(S02)
Tab»e1
For nelssis at 4:30 Eastern Time
AUGUST
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
7,
1986
Adjusted for changes In reserve requirements1
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
Oats
total1
Reserves of depository Institutions
required
nonborrowed plus
~~ nonborrowed
extended credit*
excess
NSA4
Borrowings of depository institutions
from the Federal Reserve , NSA
extended credit1
total
seasonal
Monetary bass*
42,669
43,083
43,654
43,882
44,244
44,847
45,612
41,976
42,581
42,593
43,056
43,106
44,294
42,129
42,483
43,151
43,249
43,685
43,637
44,793
41,764
42,227
42,826
43,216
43,491
43,919
44,554
905
855
827
666
753
928
1,058
207,932
209,105
211,208
212,289
213,566
215,253
216,721
1,205
1,107
1,073
1,289
1,187
1,741
1,318
151
167
221
203
172
107
56
665
507
570
656
629
530
499
45,881
46,370
46,865
47,275
48,577
49,445
45,111
45,486
46,104
46,383
47,701
48,642
45,608
45,978
46,622
47,017
48,285
49,172
44,771
45,272
45,968
46,474
47,739
48,514
1,111
1,097
896
801
838
931
218,404
219,788
221,262
222,359
224,903
226,611
770
884
761
893
876
803
36
56
68
73
94
108
497
492
518
634
584
531
4
18
49,197
49,231
48,326
48,513
48,892
49,038
48,184
48,595
1,014
636
226,077
226,398
871
719
101
102
566
526
2
16 P
30 PE
49,776
50,230
50,828
48,897
49,472
50,126
49,422
49,914
50,419
48,529
49,558
49,709
1,247
672
1,119
227,037
227,722
228,821
879
75«
702
119
104
127
525
442
294
1985—JUNE
JULI
AUG.
SEPT.
OCT.
NO?.
DEC
1986—JAB.
FBR»
BAB.
APR.
HAI
JUNE
41,464
TVO WEEKS
ENDING
1986-JUBB
JULI
j
:
PE—PBBLIHINABI ESTIMATE
—PBBLIHINABI
1/ BESEBVES AND HONETARI BASE PIGORES INCOBPOBATB ADJUSTMENTS POB DISCONTINUITIES ASSOCIATED WITH THE IHPLEflENTATION OF THE
HONBTABI CONTBOL ACT AND OTHER REGULATORY CHANGES TO BESEBVE REQUIREMENTS. TO ADJUST POB DISCONTINUITIES DUE TO CHANGES IN
BESEBVE RBQUIREHBNTS ON BESEBVABLB NOHDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED BESEBVES ABE SUBTRACTED FBOfl THE ACTUAL
SERIES. SIMILARLY, IN ADJUSTING FOB DISCONTINUITIES IN THE MONETABI BASE, BEQUIBEO CLEARING BALANCES AND ADJUSTMENTS TO
COMPENSATE FOB FLOAT ALSO ABE SUBTBACTED FROM THE ACTUAL SERIES,
2/ TOTAL BESEBVES NOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF RESERVE BALANCES NITH FSDEBAL RESERVE BANKS (NHICH EXCLUDE
REQUIRED CLEABING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT) PLUS VAULT CASH USED TO SATISFY BESEBVE BEQUIREHBNTS.
SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DUBING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING BEQUIBED BESEBVE
BALANCES AT FEDBBAL BESEBVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO BEQUIBED BESEBVES DUBING THE MAINTENANCE PEBIOD AT
INSTITUTIONS HAVING NO REQUIBED BESEBVE BALANCES.
3/ EITBNDED CBEDIT CONSISTS OF BORROWING AT THE DISCOUNT MINDOH UNDER TflE TEBHS AND CONDITIONS ESTABLISHED FOB THE EXTENDED
CREDIT PROGRAM TO HELP DEPOSITOBI INSTITUTIONS DEAL BITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SAME NEED TO
BEPAI SUCH BORROWING PBOHPTLI AS THERE IS WITH TRADITIONAL SHORT-TERM ADJUSTMENT CBEDIT, THE HONEY MARKET IMPACT OF BXTENDED
CBEDIT IS SIMILAR TO THAT OF NONBOBBOWED RESERVES.
BESEBVE BALANCES WITH FEDERAL BESEBVE BANKS PLUS VAULT CASH USED TO SATISFY BESEBVE REQUIREMENTS LESS BEQUIBED RESERVES.
5/ THE HONETABY BASE NOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF TOTAL BESEBVES PLUS REQUIBED CLEABIHG BALANCES AND ADJUSTMENTS
TO COMPENSATE FOB FLOAT AT FEDEBAL BESEBVE BANKS PLUS THE CUBBENCY COMPONENT OF THE HONEY STOCK LESS THE AMOUNT OF VAULT CASH
HOLDINGS OF THBIFT INSTITUTIONS THAT IS INCLUDED IN THE CURBENCI COMPONENT OF THE HONEY STOCK PLUS, FOB INSTITUTIONS NOT HAVING
BEQUIBED BESEBVE BALANCES, TflE EXCESS OF CURRENT VAULT CASH OVBfi THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS.
AFTER THE INTRODUCTION OF CBB, CUBBENCY AND VAULT CASH FIGUBES ARE MEASURED OVEB THE MONDAY-ENDING COMPUTATION PEBIOD.
PRIOR TO CBB, ALL COMPONENTS OF THE MONETABY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A BHOLE, RATHER THAN
BY COMPONENT, AND EXCESS BESEBVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTEB CRR, THE SEASONALLY ADJUSTED SBBIES
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 ^0551
H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements^
Averages of daily figures, not seasonally adjusted
Millions of dollars
Vault cash4
Reserves of depository institutions
Monetary
base?
Date
total
nonborrowed
Reserve balances,
with F.R. Banks3/i
required
total
used to satisfy
required
reserves5!
surplus9 f
Net carryover
of excess or
deficit
in reserve
balances7
—
1985—JUNE
JULY
AUG.
SEPT.,
OCT.
NOV.
DEC
42,352
42,803
42,963
44,447
4S,469
46,382
48,142
41,147
41,696
41,890
43,158
44,282
44,641
46,824
41,447
41,948
42,135
43,782
44,716
45,454
47,085
209,970
212,269
213,156
214,501
216,192
218,962
223,53 4
23,367
23,503
23,415
24,972
25,431
26,385
27,620
22,180
22,530
22,839
22,465
22,724
22,457
22,956
18,985
19,300
19,548
19,475
2O0O3S
19,997
20,522
3,196
3,230
3,291
2,990
2,686
2,460
2,434
1 9 8 6 — J AN.
FEB.
MAR.
APR.
NAT
JUNE
48,060
46,652
47,274
48,882
48,419
49,938
47,289
45,768
46,513
47,989
47,543
49,135
46,949
45,555
46,378
48,081
47,581
49,007
221,588
219,568
221,703
224,879
226,117
229,656
26,373
24,700
27,114
28,892
28,279
29,499
24,245
24,962
22,688
22,231
22,474
22,805
21,687
21,952
20,160
19,990
20,140
20,439
2,559
3,010
2,528
2,241
2,334
2,366
, ^
>
!
fHO WEEKS
ENDING
1986—JONS
JULI
j
4
18
48,613
50,262
47,742
49,544
47,600
49,627
226,959
230,530
28,568
30,156
22,422
22,250
20,045
20,106
2,377
2,144
23
121
2
16 P
3 0 PE
50,002
51,534
50,662
49,123
50,776
49,960
48,755
50,863
49,543
229,536
233,865
231,460
29,044
31,251
29,570
23,580
22,466
23,644
20,958
20,283
41,092
2,622
2,183
2,552
3
239
9
P
PRELIMINARY
PS—PRELIMINARY ESTIMATE.
1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, HITH NO ADJUSTHENTS TO ELIMINATE
THE EFFECTS OF DISCONTINUITIES ASSOCIATED HITH IMPLEMENTATION OF THE MONETAE! CONTROL ACT OR OTHER REGULATORY
CHANGES TO RESERVE REQUIREMENTS.
2/ CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTHENTS TO COMPENSATE FOR FLOAT AT F&DEBkL RESERVE
BANKS PLUS THE CURRENCY COMPONENT OF THE HONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT
IS INCLUDED IN THE CURRENCY COHPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RBSERVE 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 HONDAY-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. UHDRB
CONTEMPORANEOUS RESERVE REQUIREHENTS, HAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS
IN RHICH THE BALANCES ARE HELD.
5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RBSERVE 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 LKSS THE AMOUNT OF VAULT CASH EQUAL TO THEIR
REQUIRED RESERVES DURING THE MAINTENANCE PERIOD.
7/ CONSISTS OF CARRYOVER ONLY AT DEPOSI10RY INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF TWO-WEEK HAINTENANCE
PERIODS. REFLECTS EXCESS (•) OR DEFICIT {-) RESERVES ELIGIBLE TO bE CARRIED FORWARD INTO THE TWO-WEEK BESBBV&
MAINTENANCE PERIOD ENDING ON THE DATE SHOWN.
H.3 (502)
Tab* 3
AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve rsqulrsmsnts1
Averages of dally figures, not seasonally adjusted
Millions of dollars
DaS
total
Reserves of depository Institutions
"" |
nonborrowed
I
]
MoMtaiy b*M
raqulwd
1985—JOBS
JOLT
AOG.
SEPT.
OCT.
BO¥.
DEC.
42,444
42,896
43,069
43,676
44,207
45,082
46,839
41,239
41,789
41,996
42,388
43,020
43,341
45,520
«1,539
42,040
42,241
43,011
43,454
44,154
45.781
208,292
210,555
211,514
212,157
213,357
216,038
220,362
1986—JAB.
#EB.
BAB.
APB.
HAT
JUBB
47,113
45,684
46,338
47,936
47,712
49,198
46,342
44,800
45,578
47,044
46,836
48,395
46,002
44,587
45,442
47,135
46,874
48,267
218,741
216,784
218,985
222,134
223,607
227,017
4
18
47,853
49,568
46,982
48,849
46,839
48,932
224,323
227,966
2
16 P
3 0 PB
49,214
50,829
49,956
48,335
50,071
49,254
47,967
50,157
48.837
226,809
231,404
228,895
TBO BEEES
BBDIBG
1986—<I0EE
JOLI
I
L
P
PBBLIBIBABY
PB—PBBLIBIBABI ESTIMATE.
1/
PIGUBBS BBFLBCT ADJOSTBBBTS POB OISCOBTIBOITIES ASSOCIATED WITH THE IBPLEBBBIATIOB OP TAB BOBBTABI COJTBOi. ACT
ABO OTUEfi BBGOLATOBX CHABGBS TO BESEflfl BEQOXBEBEBTS.
@FedFRASER