The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE statistical release
For r e l e a s e a t
4:30 PM EDT
December 11, 1986
H 3(502)
NOTICE
Because of h o l i d a y - r e l a t e d delays i n data flows, the H.3(502)
s t a t i s t i c a l release "Aggregate Reserves of Depository I n s t i t u t i o n s and the
Monetary Base" w i l l be published on Monday, December 29, 1986 and Monday,
January 5 , 1987 .
FEDERAL RESERVE statistical release
H.3(502)
TsWs1
For f W M M at 4:30 Eastsm TTma
DECEMBER
AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
11,
1986
Adjusted for Changs* In rsssrvs rsquirsmsnts1
Avsragss of dally flflurtt, ssssonslly adjustsd unless notsd othsrwts*
Mltllont of dollars
Borrowings of depository Institutions
nSSSfVSS of dSOOSltOry InStnUttOnS
nonborrowsd plus
txtsndsd crodlt*
required
44,847
45,612
43,106
44,294
43,637
44,793
43,919
44,554
928
1,058
215,253
216,721
1,741
1*318
107
56
530
499
45,881
46,370
46,865
47,275
48,577
49,445
50,489
51,318
51,809
52,401
53,836
45,111
45,486
46,104
46,383
47,701
48,642
49,748
5 0 , 4 46
50,801
51,559
53,085
45,608
45,978
46,622
47,017
48,285
49,172
50,126
50,911
51,371
52,056
53,503
44,771
45,272
45,968
46,474
47,739
48,514
49,579
50,579
51,083
51,655
52,835
1,111
1,097
896
801
838
931
910
740
726
746
1,001
218,404
219,788
221,262
222,359
224,904
226,631
228,300
230,587
231,634
233,439
235,931
770
884
761
893
676
803
741
872
1,008
841
752
36
56
68
73
94
108
116
144
137
99
70
497
492
518
634
584
531
378
465
570
497
418
52,879
53,727
51,980
52,916
52,456
53,353
52,065
52,802
814
925
234,453
235,705
899
611
93
68
476
437
54,412
53,802
54,170
53,228
1,184
236,889
610
63
368
_^
nonQorrowvQ
1985—NO f .
DEC
1 9 8 6 — JAN.
FEB.
MAR.
APB.
HA I
JUNE
JUL!
AUG.
SEPT.
OCT.
NO?. PB
Da*
SXOSSS
NSA*
,
monviary oass^
totl
UiHn IDS rSOSTSI HSSSTVS ,
ssasonal
Hon
axtsndsd crsdit*
THO WEEKS
ENDING
1986-NOV.
DEC*
P
1/
5
19 P
3
PE
PRELIMINARY
PE—PRELIMINARY ESTUIATB
BBSEBTES AND HONETABI BASE FIGURES INCORPORATE ADJUSTMENTS FOB DISCONTINUITIES ASSOCIATED HITH THE IMPLEMENTATION OF THE
flONETABI CONTBOL ACT AND OTHEB REGULATOR! CHANGES TO BESEBVE REQUIREMENTS. TO ADJUST FOB DISCONTINUITIES DOE TO CHANGES IN
BESEBVE REQUIREMENTS ON RESER7ABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ABE SUBTRACTED FBOfl THE ACTUAL
SERIES. SIHILABLI, IN ADJUSTING FOR DISCONTINUITIES IN THE HONETABI BASE, REQUIRED CLEABING BALANCES AND ADJUSTHEHTS TO
COMPENSATE FOB FLOAT ALSO ABE SUBTBACTED FBOfl THE ACTUAL SERIES,
2/ TOTAL BESEB7ES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF BESEBVE BALANCES HITH FEDERAL BESEBVE BANKS (WHICH EXCLUDE
REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT) PLUS VAULT CASH USED TO SATISFY BESEBVE REQUIREMENTS.
SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD D0RING THE LAGGED COMPUTATION PERIOD BI INSTITUTIONS HAVING BEQUIBBD RESERVE
BALANCES AT FEDBBAL BESEBVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT
INSTITUTIONS HAVING NO REQUIRED BESEBVE BALANCES.
3/ EXTENDED CBEDIT CONSISTS OF BORROHING AT THE DISCOUNT WINDOM UNDER THE TEBMS AND CONDITIONS ESTABLISHED FOB THE EXTENDED
CBEDIT PBOGBAH TO HELP DEPOSITOBY INSTITUTIONS DEAL HITH SUSTAINED LIQUIDITY PBESSUBBS. BECAUSE THEBE IS NOT THE SAME NEED TO
BEPAI SUCH BORROWING PROMPTLY AS THEBE IS HITH TRADITIONAL SHORT-TERM ADJUSTMENT CREDIT, THE HONBI MARKET IMPACT OF EXTENDED
CREDIT IS SIMILAR TO THAT OF NONBOBROWED RESERVES.
BESEBVE BALANCES NITH FEDERAL RESEBVE BANKS PLUS VAULT CASH USED TO SATISFT BESEBVE REQUIREMENTS LESS BEQUIBBD RESERVES.
5/ THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLUS BEQUIBBD CLEABING BALANCES AND ADJUSTMENTS
TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE HONEY STOCK LESS THE AMOUNT Or VAULT CASH
HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CUBBENCY COMPONENT OF THE MONEY STOCK PLUS, FOB INSTITUTIONS NOT HAVING
REQUIRED BESEBVE 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 MONDAY-ENDING COMPUTATION PERIOD.
PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A HHOLE, RATHBB THAI
BY COMPONENT, AND EXCESS KESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES
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 HHOLE.
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
H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for,changes in reserve requirements?
Averages of deify figures, _not seasonably Adjusted
Millions of dollars
Vault cash4
Reserves of depository institutions
Monetary
base*
Date
total
nonborrowed
Reserve balance*
with F.R. Banked
required
total
used to satisfy
required
reserves8!
Net carryover
of excess or
deficit
In reserve
balances7'
i
surplus*'
iJIHp1985—NOV.
DEC
46,382
48,142
44,641
46,824
45,454
47,085
218,962
223,534
26,385
27,620
22,457
22,956
19,997
20,522
2,460
2,434
1986—JAN.
FEB.
SAB*
APRHAY
JUNE
JUL!
AUG.
SEPT.
OCT.
NOf. PE
48,060
46,652
47,274
48,882
48,419
49,938
51,029
51,277
53,189
54,623
56,412
47,289
45,768
46,513
47,989
47,543
49,135
50,288
50,405
52,180
53,781
55,660
46,949
45,555
46,378
48,081
47,581
49,007
50,118
50,538
52,463
53,877
55,410
221,588
219,568
221,703
224,879
226,118
229,676
232,546
233,315
235,067
237,257
241,276
26,373
24,700
27,114
28,892
28,279
29,499
30,313
30,165
31,922
32,947
34,813
24,245
24,962
22,688
22,231
22,474
22,805
23,098
23,451
23,384
23,753
23,543
21,687
21,952
20,160
19,990
20,140
20,439
20,716
21,112
21,267
21,676
21,598
2,559
3,010
2,528
2,241
2,334
2,366
2,381
2,339
2,117
2,078
1,944
TWO BBEKS
ENDING
...PHI
1
i
:
»
'
ji
V
t
J
\*
f
.{
:
!
i
ii
i
1
,i
4
•
*l
i
1986—NO?.
DEC
5
19 P
3 PE
54,760
56,519
53,862
55,709
53,947
55,595
57,025
56,415
55,842
237,279
241,631
33,557
34,946
23,20$
23,405
21,204
21,573
2,004
1,832
49
-1
242,641
35,215
23,871
21,810
2,061
87
P
PBELIHINARY
PE—PBELIBINABI ESTIMATE.
1/ BEFLECTS ACTUAL BESEBVE BEQUIREMENTS, INCLUDING THOSE ON NONDBPOSIT LIABILITIES, BITH NO ADJUSTMENTS TO ELIMINATE
THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OB OTHEB BEGULATOBT
CHANGES TO BESEBVE BEQUIBEHENTS.
2/ CONSISTS OF TOTAL BESEBVES PLUS BEQUIBED CLEARING BALANCES AND ADJUSTHENTS TO COHPENSATE FOB FLOAT AT FEDEBAL RESERVE
BANKS PLUS THE CUBBENCI COHPONENT OF THE HONE! STOCK LESS THE AHOUNT OF VAULT CASH HOLDINGS OF THBIFT INSTITUTIONS THAT
IS INCLUDED IN THE CUBBENCI COHPONENT OF THE HONE! STOCK PLUS, FOB INSTITUTIONS NOT HAVING BEQUIBED BESEBVE BALANCES, THE
EXCESS OF CUBBENT VAULT CASH OVEH THE AHOUNT APPLIED TO SATISFI CUBBENT BESEBVE BBQDIREHENTS. AFTEB THE INTRODUCTION OF
CBB, CUBBENCI AND VAULT CASH FIGUBES ABE HEASUBED OVEB THE MONDAY-ENDING COMPUTATION PEBIOD.
3/ EXCLUDES BEQUIBED CLEARING BALANCES AND ADJUSTHENTS TO COHPENSATE FOB FLOAT.
4/ DATES REFER TO THE MAINTENANCE PEBIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY BESEBVE BEQUIBEHENTS. UNDER
CONTEHPOBANEOUS BESEBVE BEQUIBEHENTS, HAINTENANCB PEBIODS END 30 DAIS AFTEB THE LAGGED COHPUTATION PEBIODS
IN NHICH THE BALANCES ABE HELD.
5/ EQUAL TO ALL VAULT CASH HELD DUBING THE LAGGED COHPUTATION PEBIOD BI INSTITUTIONS HAVING REQUIRED BESEBVE BALANCES
AT FEDEBAL BESEBVE BANKS PLUS THE AHOUNT OF VAULT CASH EQUAL TO BEQUIRED BESEBVES DUBING THE MAINTENANCE PEBIOD AT
INSTITUTIONS HAVING NO BEQUIBED RESERVE BALANCES.
6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIB
BEQUIRED RESERVES DURING THE MAINTENANCE PERIOD.
7/ CONSISTS OF CARRYOVER ONLI AT DEPOSITOR! INSTITUTIONS MAINTAINING BESEBVES ON THE BASIS OF TWO-BEEK MAINTENANCE
PEBIODS. BEFLECTS EXCESS (•) OR DEFICIT {-) RESERVES ELIGIBLE TO BE CARRIED FORHARD INTO THE TNO-BEBK RESERVE
MAINTENANCE PERIOD ENDING ON THE DATZ SHOWN.
5
H.3 (502)
Tabic 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—BOlf.
DEC.
45,082
46,839
43,341
45,520
44,154
45,781
216,038
220,362
1986—JAN,
FEB.
HAB.
APH.
HAY
JUNE
JULY
AUG.
SEPT,
OCT.
BOV. PE
47,113
45,684
46,338
47,936
47,712
49,198
50,319
50,622
51,546
52,341
54,120
46,342
44,800
45,578
47,044
46,836
48,395
49,578
49,749
50,538
51,500
53,369
46,002
44,587
45,442
47,135
46,874
48,267
49,409
49,882
50,821
51,595
53,119
218,741
216,784
218,985
222,134
223,608
227,037
230,019
230,755
231,512
233,040
236,923
52,488
54,261
51,590
53,450
51,675
53,336
233,032
237,397
54,684
54,074
53,500
23b40Qd
TWO WEEKS
ENDING
1986—MO?.
DEC.
5
19 P
3 PE
P
PHELIMIMABY
PE—PKELIHIBABY ESTIMATE.
1/ FIGURES BEFLECT ADJUSTMENTS FOB DISCONTINUITIES ASSOCIATED WITH THE IMPLEMEMTATIOM OF THE MOHBTABY COliTBOL ACT
ABO OTHEB BEGULATOBY CHANGES TO BESEBVE REQUIREMENTS.
@FedFRASER