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FEDERAL RESERVE statistical release •f^mTH.3(S02) TaMal For rtslsase at 4:30 Eastern Time AUGUST AGGREGATE RESERVES OF 1DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 9, 1984 Adjusted for changes in reserve requirements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Date total*""-" Reserves of depository Institutions nonborrowed nonborrowed plus required extended credit* 1 excess NSA4 Monetary base* Borrowings of depository institutions from the Federal Reserve, NSA 1 seasonal 1 extended credit* total 1 171 _____ 1 198 190 142 121 96 491 515 256 6 2 715 567 952 1,234 2,988 3,300 5,924 86 103 133 139 196 264 308 4 5 27 44 37 1,873 5,008 193,315 194,669 3,909 5,358 289 284 2,846 4,614 193,466 7,155 340 6,098 1983—JULY AUG. SEPT. OCT. NOV. DEC. 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 34,718 507 446 498 505 529 561 179,308 180,127 181,775 182,845 183,949 184,969 1,453 1,546 1,441 844 906 774 1984—JAM. FEB. MAR. APR. MAY JUNE JUL* P 35,502 36,065 36,103 36,104 36,427 37,232 37,194 34,787 35,498 35,152 34,870 33,439 33,932 31,270 34,791 35,503 35,179 34,914 33,476 35,804 36,278 34,889 35,123 35,395 35,614 35,850 36,465 36,578 613 942 709 490 577 767 616 186,940 188,582 188,715 189,658 191,262 193,122 193,990 37,373 37,525 33,464 32,168 36,310 36,782 36,316 37,074 1,058 451 36,783 29,629 35,727 36,126 658 THO WEEKS EHDIHG 1984-J0LY AUG. 4 18 P 1 PE -PRELIMINARY PB~PBBLIHIMABY ESTIMATE BBSERVES AND MONETABY BASE FIGURES INCORPORATE ADJUSTMENTS FOB DISCONTINUITIES ASSOCIATED HITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND 0TH1B BEGULATOBY CHANGES TO BESEBVE BEQMHEHEMTS. TO ADJUST FOB DISCONTINUITIES DUE TO CHANGES IN RESERVE REQUIREMENTS ON RBSERVABLE NONDBPOSIT LIABILITIES, THE SUM OF SUCH RIQUIBED RBSEBVES ARE SOBTBACTBD FHOM THE ACTUAL SERIES. SIMILARLY, IN ADJUSTING FOR DISCONTINUITIES IN THE MONETABY BASE. BBQUIBED CLEABING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT ALSO ABE SOBTBACTBD FBOH THE ACTUAL SEBIBS. 2/ TOTAL RESERVES HOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF BESEBVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEABING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT) PLUS VAULT CASH USED TO SATISFY BISEBVE REQUIREMENTS. SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PEBIOD BY INSTITUTIONS HAVING REQUIRED BESERVE BALANCES AT FEDEBAL BESBBVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO BBQUIBED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO BEQOIBED BESEBVE BALANCES. 3/ EXTENDED CBEDIT CONSISTS OF BOBBOWIHG AT THE DISCOUNT WINDOW UNDER THB TBBMS AND CONDITIONS ESTABLISHED FOR THE EXTENDED CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS DEAL HITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THEBE IS NOT THE SAME NEED TO BEPAY SUCH BORROWING PBOHPTLY AS THERE IS HITH TRADITIONAL SHOHT-TERH ADJUSTMENT CBEDIT, THE HONEY MARKET IMPACT OF EXTENDED CBEDIT IS SIMILAR TO THAT OF NONBOBBOVED BESEBVES. RBSEBVE BALANCES HITH FEDEBAL BESEBVE BANKS PLUS VAULT CASH USED TO SATISFY BESERVE REQUIREMENTS LESS REQUIRED RESEBVES. 5/ THE MONETARY BASE NOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF TOTAL BESEBVES PLUS BBQUIBED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT AT FEDEBAL BESEBVE BANKS PLUS THE CUBRENCY COBPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THBIFT INSTITUTIONS THAT IS INCLUDED IN THE CUBBEHCY COMPONENT OF THE MONEY STOCK PLUS, FOB INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURBENT VAULT CASH OVEB THE AMOUNT APPLIED TO SATISFY CURRENT BESERVE REQUIREMENTS. APTEB THE INTRODUCTION OF CBB, CUBBENCY AND VAULT CASH FIGUBES ABE HEASUBED OVER THE MONDAY-ENDING COMPUTATION PERIOD. PBICB TO CBB, ALL COMPONENTS OF THE MONETARY BASE OTHEB THAN EXCESS RESEBVES ABE SEASONALLY ADJUSTED AS A WHOLE, RATHBR THAN BY COMPONENT, AND EXCESS RESEBVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CRB, THE SEASONALLY ADJUSTED SERIES CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (NHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THB 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 FEDEBAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 V H.3(502) TaWe2 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Nof adjusted for changes in reserve requirements,1 Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash4 Reserves of depository institutions Monetary base3' Date Reserve balances with F.R. Banks* used to satisfy required reservee* surplus' Net carryover of excess or deficit in reserve balances7 total nonborrowed required 1983—JULI AUG. SEPT. OCT. MOV. DEC, 38,948 38,661 37,916 38,137 38,144 .38,894 37,495 37,114 36,475 37,294 37,239 38,120 38,440 38,214 37,418 37,633 37,615 38,333 185,303 185,398 185,112 186,598 188,971 192,359 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 3,604 3,340 3,467 3,393 3,356 2,847 1984—JAN. FEB. HAB. APB. HAY JUNE JULY P 40,120 36,365 36,278 37,154 36,519 37,518 37,480 39,405 35,798 35,326 35,920 33,531 34,218 31,556 39,507 35,423 35,569 36,664 35,942 36,752 36,864 192,301 186,672 187,813 190,340 191,081 193,963 195,488 21,325 18,414 19,484 20,351 19,560 20,210 19,891 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 * 17,590 3,782 4,318 3,602 3,349 3,486 3,461 3,544 37,702 37,950 33,793 32,593 36,645 37,499 194,268 196,965 20,189 20,546 21,121 20,708 17,513 17,404 3,608 3,304 108 252 36,906 29,752 36,249 194,273 19,093 21,597 17,814 3,783 97 total i]|H|^^^H TBO WEEKS ENDING 1984—JULY AUG. 4 18 P 1 PE / P~—PBBLXHXBABY PE--PBBLIBIBABY ESTIMATE. 1/ BEFLBCTS ACTUAL BESEBVB BBQUIBEHBMTS, INCLUDING THOSE ON MOBDBPOSXT LIABILITIES, BITH BO ADJUSTMENTS TO ELIMINATE TBB EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF TBB MOBFTANY COBTBOL ACT OB OTBEB BEG0LATOBY CHANGES TO BESBBVE BBQUIBEB1MTS. 2/ COBSISTS OF TOTAL BESEBTES PLUS BBQUIBBO CLBABXNG BALANCES ABD AOJOSTBBBTS TO COMPENSATE FOB FLOAT AT FEDBBAL BESBBVB BANKS PLUS TUB CUBBEBCY COMPONENT OF TBE BOBBY STOCK LBSS TAB ABOUBT OF VAULT CASB BOLDIBGS OF TBBIFT INSTITUTIONS TBAT XS INCLUDED IB TBE CUBBEBCY COBPOBBNT OF TBB BOBBY STOCK PLUS, FOB XNSTXTUTXOBS BOT BAVXBG BBQ0XBED BBSBBVB BALABCBS, TBE BXCBSS OF CUBBBBT VAULT CASB OVBB TBB ABOUBT APPLIBD TO SATXSFY CUBBBBT BBSBBVB BBQUIBBBBBTS. APTBB TBB XBTBODUCTXOB OF CBB, CUBBEBCY ABD VAULT CASB FIGUBES ABE MEASURED OVEB TBB MONDAY-ENDING COMPUTATION PERIOD. 3/ EXCLUDES REQUIRED CLEABIBG BALABCBS AND ADJUSTBENTS TO COMPENSATE FOB FLOAT. 4/ OATBS MTE& TO TBE MAINTENANCE PERIODS IN WHICH TBB VAULT CASB CAN BB USED TO SATISFY BBSBBVB BBQUIBBBBBTS. UNDEB CONTEMPORANEOUS BESBBVB BBQUIBBBBBTS, MAIBTEBANCE PBBIODS BBD 30 DAYS AFTEB TBE LAGGBD COMPUTATION PERIODS IB WHICH THE BALANCES ABB HELD. 5/ EQUAL TO ALL VAULT CASB BELD DURING THE LAGGBD COMPUTATION PERIOD BY INSTITUTIONS SAVING BBQUIBED BESBBVB BALABCBS AT PEDEBAL BBSBBVB BANKS PLUS THE AMOUNT OF VAULT CASB EQUAL TO REQUIRED RESERVES DUBIBG TBE BAINTEBABCX PERIOD AT INSTITUTIONS BAVXBG BO REQUIRED BBSEBVE BALANCES. 6/ TOTAL VAULT CASB AT XBSTITUTXOBS HAVING NO BBQUIBED BBSBBVB BALANCES LBSS THE ABOUBT OF VAULT CASB EQUAL TO TBBIB REQUIRED BBSEBVBS DUBXBG TBE BAXNTEBANC6 PEBIOD. 7/ COBSISTS OF CABBYOVEB ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING BBSBBVBS OB TBB BASIS OF TNO-iEEK BAIMTENANCB PBBXODS. REFLECTS BXCBSS (•) OB DEFICIT (-) BESEBVBS ELIGIBLE TO BB CABBIBD FOB1ABD INTO TBB TBO-HEEI BBSBBVB MAINTENANCE PERIOD ENDING OB TBE DATE SHOWN. 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— JU1I AUG SEPT, OCT, HOV. 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—JAB. FEB. BAB* APB. HAI JUNE JULY P 37,303 35,654 35,630 36,464 35,763 36,757 36,820 36,588 35,087 34,678 35,231 32,775 33,457 30,896 36,690 34,712 34,921 35,974 35,186 35,990 36,204 168,100 185,931 187,165 189,650 190,325 193,201 194,828 36,947 37,342 33,038 31,984 35,889 36,891 193,513 196,357 36,220 29,065 35,562 193,586 1BO 1EEKS BBDIBG 1984—JUL f AUG. 4 18 P 1 PB ?—-PBELIBIBBBX *£j—PBBLIBIBABX BSTIBATB. 1/ FIGOBBS BBFLBCT ADJUSTBEBTS FOB DISCOBTIB0ITIES ASSOCIATBD BITB TAB IBPLBBEBTATXOB OF TBB BOBETABI COITHOL ACT ABD OTBEB BEGSJLATOBX CHABGES TO BBSEBYB BSQ0IBEBBBTS.
@FedFRASER