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FEDERAL RESERVE statistical release ^f^ff^**" H.3 (502) For Immediate Release Table 1 DECEMBER 14, 1981 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE Adjusted for changes in reserve requirements 1 Averages of daily figures Reserves of depository institutions Period total2 non borrowed required millions of dollars seasonal Iy adjusted 1980—NOV. DEC. 4/ 1981—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. P Monetary base3 billions of dollars Reserves of depository institutions tota|2 non borrowed required millions of dollars not seasonally adjusted Monetary base3 billions of dollars 39,187 39,187 37,128 37,497 38,666 38,719 157.7 158.2 39,189 39,657 37,130 37,966 38,668 39,189 158.7 161.0 39,182 38,948 39,070 39,265 39,542 39,351 39,609 39,883 40,615 40,266 40,298 37,787 37,645 38,070 37,928 37,314 37,314 37,930 38,463 39,158 39,086 39,635 38,872 38,672 38,821 39,138 39,367 39,102 39,359 39,681 40,290 40,077 40,004 158.7 159.0 159.5 160.5 161.7 161.6 162.7 163.4 164.0 163.9 164.7 40,601 38,819 38,590 39,231 39,228 38,964 39,546 39,389 39,997 40,130 40,280 39,207 37,516 37,590 37,894 37,000 36,927 37,867 37,970 38,541 38,949 39,617 40,291 38,544 38,342 39,104 39,053 38,715 39,296 39,187 39,673 39,941 39,586 159.6 157.4 157.8 159.9 160.8 161.2 163.3 163.2 163.3 163.8 165.6 WEEK ENDING: 1981—NOV. 4 11 18 P 25 P 40,413 40,008 40,256 40,203 39,176 38,999 39,695 39,866 40,126 39,576 4 0 , 0 62 40,051 164.5 164.1 164.6 164.6 40,360 39,581 40,469 40,239 39,123 38,572 39,908 39,902 40,073 39,149 40,275 40,087 164.2 165.3 165.9 165.6 DEC. 2 P 40,800 40,483 40,355 165.3 40,985 40,668 40,540 166.7 P - PRELIMINARY 1/ RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND OTHER DEPOSITORY INSTITUTIONS. DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, THE INCLUSION OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION D HAVE BEEN REMOVED. 2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. 3/ INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS. 4/ RESERVE MEASURES FROM NOVEMBER 1980 TO DATE REFLECT A ONE-TIME INCREASE — ESTIMATED AT $550 TO $600 MILLION — IN REQUIRED RESERVES ASSOCIATED WITH THE REDUCTION OF WEEK-END AVOIDANCE ACTIVITIES OF A FEW LARGE BANKS. 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 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 tota|2 Period nonborrowed required Monetary base3 millions of dollars 1980—NOV. DEC. 41,244 40,614 39,184 38,924 40,723 40,146 161.6 162.4 1981—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. P 41,535 39,754 39,693 40,291 40,433 40,353 40,917 40,933 40,501 40,622 40,886 40,141 38,450 38,694 38,953 38,205 38,316 39,238 39,514 39,045 39,442 40,224 41,226 39,478 39,445 40,164 40,258 40,104 40,667 40,731 40,177 40,433 40,592 161.0 158.8 159.5 161.6 162.6 163.3 165.4 165.4 163.9 164.3 166.3 WEEK ENDING: 1/ 2/ 3/ 1981—NOV. 4 11 18 P 25 P 40,822 40,068 41,160 40,905 39,585 39,059 40,599 40,568 40,535 39,636 40,966 40,753 164.8 165.9 166.7 166.3 DEC. 2 P 41,675 41,358 41,230 167.5 RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECT OF CHANGES IN REGULATION D, INCLUDING CHANGES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT. INCLUDES REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND, BEGINNING NOVEMBER 13, 1980, OTHER DEPOSITORY INSTITUTIONS. UNDER THE TRANSITIONAL PHASE-IN PROGRAM OF THE MONETARY CONTROL ACT OF 1980, THE NET CHANGES IN REQUIRED RESERVES OF DEPOSITORY INSTITUTIONS HAVE BEEN AS FOLLOWS: EFFECTIVE NOVEMBER 13, 1980, A REDUCTION OF $2-8 BILLION; FEBRUARY 12, 1981, AN INCREASE OF $245 MILLION; MARCH 12, 1981, AN INCREASE OF $75 MILLION; MAY 14, 1981, AN INCREASE OF $245 MILLION; AUGUST 13, 1981, AN INCREASE OF $245 MILLION; AND SEPTEMBER 3, 1981, A REDUCTION OF $1.3 BILLION. RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.