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FEDERAL RESERVE statistical release J For release a t H.3(502) 4:30 pM EDT December 18, 1986 NOTICE Because of h o l i d a y - r e l a t e d delays i n data f l o w s , t h e H.3(502) s t a t i s t i c a l r e l e a s e "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 p u b l i s h e d on Monday, December 29, 1986 and Monday, January 5 , 1987 . RESERVE statistical release H.3(502) TaWel For n i l m i at 4:30 Eastern Time DECEMBER AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 18, 1986 Adjusted for changes In reserve requirements1 Averages of dally figures, seasonally adjusted unless noted otherwise Millions of dollars total1 Date 1985 Reserves of depository Institutions nonborrowed nonborrowed plus I required extended credit* I excess NSA4 1 Monetary bees I | Borrowings of depository Institutions from the Federal Reserve, NSA total I seasonal I extended credit' 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 , 8 0 9 52,401 53,831 45,111 45,48646,104 46,383 47,701 48,642 49,748 50.446 50,001 51,559 53,079 45,608 45,978 46,622 47,017 48,285 49,172 50,126 50.911 51,371 52,056 53,497 44,771 45,272 45,968 46,474 47,739 48,514 49,579 50,579 51,083 51,655 52,838 1,111 1,097 896 801 838 931 910 740 726 746 993 218,404 219,788 221,262 222,359 224,904 226,631 228,300 230.587 231,634 233,439 235,930 770 884 761 893 876 803 741 872 1 ,008 841 752 36 56 68 73 94 108 1 16 144 137 99 70 497 492 518 634 584 531 378 465 570 497 418 5 19 52,879 53,721 51,980 52,910 52,456 53,347 52,065 52,805 814 915 234,453 235,712 899 811 93 68 476 437 3 P 17 PE 54.4G4 54,404 53,794 53,890 54,162 54,200 53,232 53,581 1 , 172 823 : 236,880 238,641 610 514 63 34 NOV. DEC. 1986--JAN. FEB. MAR. APR. MAY JUNE JULY AUG . SEPT. OCT. NOV. P TWO WEEKS ENDING 1986-NOV. DEC. P1/ I 368 310 PRELIMINARY PE--PRELIMINARY ESTIMATE RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE 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 FROM 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 THE ACTUAL SERIES. 2/ TOTAL RESERVES NOT ADJUSTED.FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDF REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE REQUIRFMFNTS. SUCH VAULT CASH CONSISTS OF 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. 3/ EXTENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT WINDOW UNDER THE TERMS AND CONDITIONS ESTABLISHED FOR THE EXTENDED CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SAME NEED TO REPAY SUCH BORROWING PROMPTLY AS THERE IS WITH TRADITIONAL SHORT-TERM ADJUSTMENT CREDIT, THE MONEY MARKET IMPACT OF EXTENDED CREDIT IS SIMILAR TO THAT OF NONBORROWED RESERVES. 4/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RFSERVES. 5/ THE MONETARY BASE NOT ADJUSTED ,FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PIUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE, FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAUlT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOf'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. PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES <UHICH INCLUDES EXCESS RESERVES ON A NO! SEASONALLY ADJUSTFD BASIS) PLUS THE SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. http://fraser.stlouisfed.org/NOTE: HISTORICAL DATA ARE AVAII ABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE Federal Reserve Bank of St. Louis H.3 (502) Table 2 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for^ changes in reserve requirements^ Averages of daify figures, jiot seasonaMy adjusted. Millions of dollars Vault cash4 Reserves of depository institutions Monetary base* Date total nonborrowed Reserve balances^ with F.R. Banked total required used to satisfy required reserves*) i surplus0' Net carryover of excess or deficit in reserve balances^? Uppr •liilj-jl-iliiilillilijlil :::::::::::::::::::::]:::: : 1985—NOVDEC. 46,382 48,142 44,641 46,824 45,454 47,085 218,962 223,534 26,385 27,620 1986--JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. P 48,060 46,652 47,274 48,882 48,419 49,938 51,029 51,277 53,189 54,623 56,407 47,289 45,768 46,513 47,98? 47,543 49,135 50,288 50,405 52,180 53,781 55,655 46,949 45,555 46,378 48,081 47,581 49,007 50,118 .50,538 52,463 53,877 55,414 221,588 219,568 221,703 224,879 226,118 229,676 232,546 233,315 235,067 237,257 241,276 26,373 24,700 27,114 28,892 28,279 29,499 30,313 30,165 31,922 32,947 34,811 22,457 22,956 19,997 20,522 2,460 2,434 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 , 9 5 2 20,160 19,990 20,140 20,439 20,716 21 , 1 1 2 21,267 21,676 * 21,595 2,559 3,010 2,528 2,241 2,334 2,366 2,381 2,339 2,117 2,078 1 ,947 ||pH :l;::::i::i!i::::::- WMMmm 1 jiiiipjipiiiijjii;! p ftmH jijjjjjjjjjijjjjjj";! i\ ?«:::::j:Hiijijjj!:H ::p:::::::::l|||:hjhj::| iiiijiiiiljlilipitl! iiiiiiiiiilljiiliii [||||il||l||||i rlllll!llfllll|i||lillilit iipjiiil iijiiiliiil p iihijihiiiiiiiiiii 1986—NOV. DEC. ::ij!|:|i::H|j:j:|n|:i|: |||r|i|:||||||||||s||||||i \ 5 . 19 54,760 56,514 53,862 55,703 53,947 55,599 237,279 241,638 33,557 34,944 23,208 23,405 21,204 21,570 2,004 1,835 3 P 17 PE 57,018 58,189 56,408 57,675 55,846 57,366 242,632 247,368 35,212 36,480 23,871 23,458 21 , 8 0 6 21 , 7 0 9 2,065 1,749 illlj liiiiiiliiP 49 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 OR 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 COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY 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 USPI) TO SATISFY RESERVE REQUIREMENTS. UNDER CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER 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-WEEK MAINTENANCE PERIODS. REFLECTS EXCESS ( + ) OP DEFICIT <-> RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WEEK RESERVE MAINTENANCE PERIOD ENDING ON THE DATE SHOWN. iiiiiiiliii I:::::::::::!!: jjlnlppij III pjiliijjil iiiiili |jjip|jii[ililiill I::::::::::;::::::::::::::; TUO WEEKS ENDING :::j:|:::i!:::| -1 81 134 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 Reserves of depository institutions nonborrowed I Monetary base required 1985---N0V* DEC* 45,082 46,839 43,341 45,520 44,154 45,781 216,038 220,362 1986--JAN* FEB* MAR * APR* MAY JUNE JULY AUG* SEPT. OCT* NOV* P 47,113 45,684 46,338 47,936 47,712 49,198 50,319 50,622 51,546 52,341 54,115 46', 3 4 2 44,800 45,578 47,044 46,836 48,395 49,578 49,749 50,538 51,500 53,363 46,002 44,587 45,442 47,135 46,874 48,267 49,409 49,882 50,821 51,595 53,122 218,741 216,784 218,985 222,134 223,608 227,037 230,019 230,755 231,512 233,040 236,923 52,488 54,255 51,590 53,444 51,675 53,340 233,032 237,404 54,677 55,869 54,067 55,356 53,504 55,046 238,079 242,689 TWO WEEKS ENDING 1986—NOV* DEC:* 5 19 3 p 17 PE P PRELIMINARY PE--PRELIMINARY ESTIMATE* 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS*
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