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RESERVE statistical release '•.f^S*? H.3(S02) Table 1 For Release at 4:30 Eastern Time DECEMBER AGGREGATE RESERVES OF 1DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 13, 19«4 Adjusted for changes in reserve requirements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars total2 Date Reserves of depository institutions nonborrowed plus [ nonborrowed required extended credit* 1 excess NSA4 Monetary base* Borrowings of depository institutions from the Federal Reservel, NSA 1 extended credit' ! seasonal total 1983—NOV. DEC. 36,103 36,138 35,198 35,364 35,204 35,366 35,574 35,578 529 561 184,472 185,486 906 774 121 96 t 2 1984—JAN. FEB. MAR, APF. HAY JUNE JULY AUG. SEPT. OCT. NOV. PE 36,357 37,025 37,097 37,109 37,447 38,282 38,233 38,380 38,135 37,745 38,099 35,642 36,458 36,145 35,875 34,459 34,982 32,309 30,363 30,894 31,728 33,482 35,646 36,463 36,172 35,919 34,496 36,855 37,317 37,406 37,352 36,785 37,318 35,744 36,083 36,388 36,619 36,870 37,516 37,626 37,697 37,515 37,138 37,416 613 942 709 490 577 767 607 683 620 607 683 187,469 189,277 189,417 190,357 191,977 193,858 194,755 195,980 195,992 196,375 197,017 715 567 952 1,234 2,988 3,300 5,924 8,017 7,242 6,017 4,617 86 103 133 139 196 264 308 346 319 299 212 4 27 44 37 1,873 5,008 7,043 6,459 5,057 3,837 37,597 38,337 32,225 33,861 36,408 37,749 37,031 37,735 566 602 196,162 197,202 5,373 4,476 265 204 4 , 184 3,888 38,119 33,868 37,356 37,220 899 197,396 ",251 184 3,488 ^ TWO WEEKS ENDING 1984-NOV. DEC. 7 21 P 5 PE 1 P 1/ 2/ 3/ 4/ 5/ PRELIMINARY PF—PRELIMINARY ESTIMATE RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF TH* MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES~IN RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FPOM THE ACTUAL SERIES. SIMILARLY, IN ADJUSTING FOR DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THP ACTUAL SERIES. TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDFRAL RESERVF BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY P E S E R V PEOUIREMFNTS SOCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRFD RESEPVE BALANCES AT FEDERAL PESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. " K l l D AT EXTENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT WINDOW UNDER THE TERMS AND CONDITIONS ESTABLISHED FOR THF FXTENDED CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT "HP SAME NFFD -o REPAY SUCH BORROWING PROMPTLY AS THERE IS WITH TRADITIONAL SHORT-TERM ADJUSTMENT CREDIT, THE MONEY MARKFT 1IMPACTOF EXTENDED l B m i CREDIT IS SIMILAR TO THAT OF NONBORPOWED RESERVES. * tX.ENPtD RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LFSS R*QUIRVD RESERVES THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RFSERVES PLUS REQUIPED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LFSS THE AMOuV OF 5 A U L £ CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRFNCY COMPONENT OF THE HONFY STOCK PLUS, FOR INSTITUTIONS NOT — REQUIRED RESERVE BALANCES, THE EXCESS OF CUPRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CU^RFNT PFSFPVF F^Qnip-NEN-S SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE P EHAINING ITFMS SEASON ALLY* A D J U S T F D " A F A ItillV ^ ^ NOTE: HISTORICAL DATA APE AVAILABLE FPO< THE RANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OP T HpP r jUVf K!mh s FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 205S1 ' ' * "? " ^ H.3 (502) Table 2 AGGREGATE R E S E R V E S ^ DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not'adjusted for.changes in reserve requirements)1 Averages of JaJTy figures, not seasonally adjusted Millions of dollars I Vault cash4 Reserves of depository institutions Monetary base2 Date total nonborrowed Reserve balances with F.R. Banks)' total required used to satisfy required reserves8 1 J I surplus* 1 Net carryover of excess or deficit in reserve balance! 7 1983—NOV, DEC, 38,144 38,894 37,239 38,120 37,615 38,333 188,971 192,359 20,943 20,986 20,558 20,755 17,201 17,908 3,356 2,847 1984—JAN. FEB. HAR. APR, MAY JUNE JULY AUG. SEPT, OCT. NOV. PE 40,120 36,365 36,278 37,154 36,519 37,518 37,464 37,258 38,035 38,499 39,227 39,405 35,798 35,326 35,920 33,531 34,218 31,540 29,241 30,793 32,482 34,610 39,507 35,423 35,569 36,664 35,942 36,752 36,858 36,575 37,415 37,892 38,544 192,301 186,672 187,813 190,344 191,080 193,962 195,525 195,697 196,232 196,678 198,760 21,325 18,414 19,484 20,351 19,560 20,210 19,885 19,263 20,135 20,086 20,835 22,578 22,269 20,396 20,152 20,446 20,770 21,134 21,688 21,232 21,875 21,827 18,795 17,951 16,794 16,802 16,960 17,308 17,579 17,995 17,900 18,413 18,392 3,782 4,318 3,602 3,349 3,486 3,461 3,555 3,694 3,333 3,462 3,435 38,514 39,392 33,142 34,916 37,949 38,790 196,509 199,399 20,566 20,731 21,404 22,117 17,949 18,661 3,456 3,456 74 86 39,526 35,275 38,627 199,517 21,207 21,705 18,319 3,386 70 TWO WEEKS ENDING 1984—NOV. DEC. 7 21 P 5 PE P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OP OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. 2/ CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COflPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURBENCY COMPONENT OF THE HONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE 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. 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. UNDER CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTEF THE LAGGED COMPUTATION PERIODS IN WHICH THE BALANCES ARE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE 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 LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR REQUIRED RESERVES DURING THE MAINTENANCE PERIOD. 7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF TWO-WEFK MAINTENANCE PERIODS* REFLECTS EXCESS (•) OR DEFICIT (-) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WEEK RESERVE MAINTENANCE PERIOD ENDING ON THE DATE SHOWN. H.3 (502) Table 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 1983- NOV. DEC. 1984—JAN. FEB. MAR. APR. NAT JUNE JULY AUG. SEPT. OCT. NOV. PE Reserves of depository institutions nonborrowed Monetary base required 36,199 36,859 35,294 36,085 35,670 36,298 185,561 188,758 38,181 36,610 36,613 37,476 36,768 37,793 37,847 37,691 37,873 37,940 38,674 37,466 36,042 35,662 36,242 33,780 34,493 31,923 29,675 30,632 31,923 34,056 37,568 35,667 35,905 36,986 36,191 37,027 37,240 37,008 37,253 37,332 37,991 188,633 186,875 188,148 190,666 191,329 194,237 195,908 196,130 196,071 196,119 198,207 37,984 38,838 32,611 34,363 37,418 38,236 195,978 198,846 38,954 34,704 38,055 198,945 TWO WEEKS ENDING 1984—NO?. DEC. 7 21 P 5 PE P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE HONBTARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.