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*oQt£2tet FEDERAL RESERVE t ^fttistohrelease -f^m? DEC 2 4 1982 H.3 (502) For Immediate Release FEDERAL RESbRVE BAKSC Table 1 CORRECTED COPY DECEMBER 13,1982 AGGREGATE RESERVES OF DEPOSITORY INSTlT^itH/i Afife kflb^tTARY BASE Adjusted for changes in reserve requirements 1 Averages of daily figures Reserves of depository institutions tota|2 | non borrowed required millions of dollars seasonal h/ adjusted Period Monetary base3 billions of dollars Reserves of depository institutions non borrowed total2 required millions of dollars not seasonally adjusted Monetary base? billions of dollars 1981--SEP1. OCT. NOV. DEC. 37,721 37,603 37,615 37,988 36,265 36,422 36,952 37,351 37,307 37,325 37,270 37,668 160.6 160.8 161.2 162.7 37,519 37,696 37,782 38,662 36,063 36,515 37,119 38,025 37,105 37,418 37,438 38,342 160.2 160.8 162.6 165.8 1982—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. . P 38,713 38,262 38,356 38,433 38,504 38,575 38,523 38,804 39,566 39,875 40,467 37,195 36,472 36,801 36,865 37,387 37,370 37,832 38,289 38,632 39,398 39,846 38,295 37,958 37,994 38,160 3 8 , 145 38,266 38,210 38,492 39,182 39,471 40,059 164.3 164.7 165.2 166.5 167.7 168.8 169.2 170.1 171.9 172.9 173.8 40,036 38,052 37,799 38,330 38,189 38,069 38,434 38,512 39,353 39,997 40,688 38,519 36,262 36,244 36,762 37,07 1 36,864 37,743 37,996 38,420 39,519 40,067 39,618 37,748 37,437 38,057 37,830 37,761 3 8 , 120 38,199 38,969 39,592 40,280 165.3 162.9 (163.3 165.6 167. 1 168.2 170.0 170.4 171.4 172.9 175.2 3 10 17 24 P 40,199 39,586 40,790 40,624 39,741 38,864 40,048 40,157 39,657 39,244 40,375 40,312 173.5 172.7 174.1 1 174.0 40,708 39,765 41,036 40,673 40,250 39,043 40,294 40,206 40,166 39,423 40,621 40,361 173.5 174,. 7 175.6 175. 1 1P 8 P 41,067 40,344 40,444 39,905 40,545 40,091 i 174.7 173.4 41,364 40,337 40,741 39,898 40,842 40,084 175.9 176.2 WEEK ENDING: 1982-NOV. DEC. P - PRELIMINARY 1/ RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OP HEHBER BANKS AND EDGE ACT CORPORATIONS AND OTHER DEPOSITORY INSTITUTIONS. DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OP THE HONETARI CONTROL ACT, THE INCLUSION OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION D HAVE BEEN REMOVED. BEGINNING WITH THE WEEK ENDED DECEMBER 23, 1981, RESERVES AGGREGATES HAVB BEEN REDUCED BY SHIFTS OF RESBRVABLE LIABILITIES TO INTERNATIONAL BANKING FACILITIES (IBFS). ON THE BASIS OF REPORTS OF LIABILITIES TRANSFERRED TO IBFS BY U.S. COMMERCIAL BANKS AND U.S. AGENCIES AND BRANCHES OF FOREIGN BANKS, IT IS ESTIMATED THAT REQUIRED RESERVES WERE LOWERED ON AVERAGE BY $10 TO $20 HIXLION IN DECEMBER 1981 AND $40 TO $70 MILLION IN JANUARY 1982. 2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT INSTITUTIONS WITH REQULRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO RBQUIBED RESERVES AT OTHER INSTITUTIONS. 3/ INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FETERAL RESBRVE BANKS IN THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS CURRENCY OUTSIDB THE U.S. TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS. HOTE: 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 Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS Not adjusted for changes in reserve requirements Average of daily figures, not seasonally adjusted Reserves of depository institutions1 Period total2 nonborrowed required Monetary bts*3 millions of dollars 1981--SBPT. OCT. NOV. DEC. 40,59t 40,711 40,948 41,924 39,134 39,531 40,/?85 41,287 40,177 40,433 40,604 41,604 163.9 164.3 166.3 169. 7 1582—JAN. FEB. MAR. APi*. SAY JUNE JULY AUG. SEPT. OCT. NOY. P 43,203 41,286 39,235 39,557 39,550 39,565 39,967 40,178 39,962 40,587 41,208 41,685 39,496 37,680 37,989 38,433 38,360 39,275 39,662 39,028 4 0 , 109 40,587 42,784 40,982 38,873 39,284 39,191 39,257 39,653 39,866. 39,578 40,182 40,800 169. 1 166.8 165.4 167.6 169.2 170.4 172.3 172.8 172.3 173.8 176.0 1982—NOY. 3 10 17 24 P 41^243 40,309 41,550 41,170 40,785 39,587 40,808 40,703 40,701 39,967 41,135 40,858 174.4 175.6 176.5 176.0 DEC. 1 P 41,883 turn si-m W:l WEEK ENDING: lt0,879 8J? 1/ RESERVES OP DEPOSITOR? INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PEBCENTAGES NIIH NO ADJUST* DENTS TO ELIMINATE THE EFFECT GF CHANGES IN BEGULATION D, INCLUDING CHANGES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT. INCLUDES REQUIRED RESERVES Of MEMBER BANKS AND EDGE ACT CCRPCEATIONS AND, BEGINNING NOVEMBER 13, 1980, OTHER DEPOSITORY INSTITUTIONS. UNDEB THE TRANSITIONAL PHASE-IN PROGRAM OF THE MONETABY CONTROL ACT or 1980 AND fFOVISIONS OF THE DEPOSITORY INSTITUTIONS ACT OF 1982, THE NET CHANGES III REQUIRED RESERVES OF DEPOSITORY INSTITUTIONS HAYE BEEN AS FOLLOWS: EFFEC3IYE NOVEMBER 13, 1980, A REXOCTION OF $2.9 BILLICN; FEBRUARI 12, 1981, AN INCREASE OF $245 MILLION; AUGUST 13, 1981, AN INCREASE OF $245 MILLION; MARCH 12, 1981, AN INCREASB OF $75 MILLION; HAY 14, 1981, A£ INCREASE QV $245 JMIILIOK; AN INCREASE OF $230 MILLION; SEPTEMBER 3, 1981, A REDUCTION OF $1.1 BILLION; NOYBMBER 12, 1981, AN INCREASE OF $210 MILLION; JANUARY 14, 1982, A REDUCTION OF $60 MILLION; FEBRUARY 11, 1982 AN INCREASE OF $170 MILLION; HJLRCH 4, 1982, AN ESTIMATED REDUCTION OF $2.0 BILLION; MAY 13, 1982, AN ESTIMATED INCREASB OF $150 MILLION; AUGUST 12, 1962, AN ESTIMATED INCREASE OF $140 MILLION; SEPTEMBEfi 2, 1982, AN ESTIMATED REDUCTION OF $1.2 BILLION, AND OCTOBER 28, 1982, AN ESTIMATED REDUCTION OF $100 MILLION. BEGINNING MITH THE NfcfK ENDED DECEMBER 23, 1981, .RESERVE AGGREGATES HAYE BEEN BEDUCED BY SHIFTS OF BESERYABLE LIABILITIES TO INTERNATIONAL BANKING FACILITIES (IBFS). ON THE BASIS OF fiEPOBTS OF LIABILITIES TRANSFERRED TO IBFS BY U.S. COMMERCIAL BANKS AND U.S. AGENCIES AND BRANCHES OF FOREIGN BANKS, IT IS ESTIMATED THAT REQUIRED RBSERVES WERE LONERED ON AVERASED BY $60 TO $90 MILLION IN DECEMBER 1981 AND $180 TO $230 IN JANUAJY 1982, MOSTLY REFLECTING A REDUCTION IN BESERYABLE EUROCURRENCY TRANSACTIONS. 2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS («HICH EXCLUDED REQUIRED CLEARING BALANCBS) PLUS VAULT CASH AT INSTITUTIONS KITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED BESERVBS AT OTHER INSTITUTIONS. 3/ INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FEDERAL RESERVE BANKS IN THB CURRENT NEBK PLUS VAULT CASH HELD TNO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS, TfiE VAULTS OF DEPOSITORY INSTITUTIONS, AND SURPLUS VAULT CASH AT DEPOSITORS INSTITUTIONS.
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