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H.3 (502) For Immediate Release Table 1 DECEftBEB 21, 1981 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE Adjusted for changes in reserve requirements 1 Averaaes of dailv fiaures Reserves o epos1tory mstitut1ons required Period total2 non borrowed millions of dollars seasonally adjusted 1980--NOV. DE(:. Monetary baseJ1 lbillionsofdollars Reserves of depository mst1tut1ons reauared total2 non borrowed millions of dollars not seasonally adjusted Monetaryb~ I !billions of dollars 39,187 39,187 37,128 37,497 38,666 38,719 157.7 158.2 39,189 39,657 31,130 37,966 38,668 39,189 158.7 161.0 3 9,182 38,948 39,010 39,265 39,542 39,351 39,609 39,883 40,615 40,266 40,268 31,181 37,645 38,010 31,928 37,314 37,314 31,930 38,463 39,158 39,086 39,605 38,812 38,612 38,821 39,138 39,367 39,102 39,359 39,681 40,290 40,071 40,002 158.7 159.0 159.5 160.5 161.7 161.6 162.7 163.4 164.0 163.9 164.7 40,601 38,819 38,590 39,231 39,228 38,964 39,546 39,389 39,997 40,130 40,250 39,207 37,516 37,590 37,894 31,000 36,927 31,861 31,910 38,541 38,949 39,587 40,291 38,544 38,342 39,104 39,053 38,715 39,296 39,187 39,673 39,941 39,984 159.6 157.4 157.8 159.9 160.8 161.2 163.3 163.2 163.3 163.8 165..6 4 11 18 25 p 40,413 40,008 40,127 40,203 39,116 38,999 39,566 39,866 40,126 39,576 40,056 40,051 164.5 164.• 1 164.5 164.6 40,360 39,581 40,340 40,239 39,123 38,572 39,779 39,902 40,073 39,149 40,269 40,087 164.2 165.3 165.8 165.6 2 p 9 p 40,801 4,0, 110 40,484 40,355 39,939 165.3 164.7 40,986 40,051 40,669 39,433 40,540 39,880 166.7 167.• 4 ~I 1981--JAN. FEB. !!Ali. APB. IIAX JUNE JULX AUG. SEPT. OCT. IIOV. p IIEEK EIIDIIIG: -----------1981--IIOV. DEC. 39,~92 P - PBBLUIHARX 1/ RESERVE AGGREGATES IIICLUDE REQUIRED RESERVES Of BEBBER BARKS AID EDGE ACT CORPOBATIOIS AID OTHER DEPOSITORY IIISTUUTIOIIS. DISCOlll'IIIUITIES ASSOCIATED IIITH THE IIIPLEIIEITATIOB OP THE IIOIETIRX COITROL ACT, THE IRCLUSIOII OP EDGE ACT CORPORATION RESERVES, AIID OTHER CHANGES IN REGULATIOR D HAVB BEER RE!OVED. 2/ RESERVE BALAIICES IIITB FEDERAL RESERVE BARKS (WHICH EXCLUDE REQUIRED CLEARING BALAIICES) PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES A~ OTHER INSTITUTIONS. 3f IBCLUDBS RESERVE BALANCES ABD REQUIRED CLBARIBG BALABCES AT FEDERAL RESERVE BAIIKS II THE CURRENT WEEK PLUS VAULT CASH BALD TIIO IIEEKS EARLIER USED TO SATISFY RESERVE REQUIBEIIEIITS AT ALL DEPOSITORY ~HSTITUTIOBS PLUS CURRENCY OUTSIDE THE u.s. TREASURY, FEDERAL RESERVE BARKS, THE VAULTS OP DEPOSITORY INSTITUTIORS, AIID SURPLUS VAULT CASH AT DEPOSITORY INSTiiUTIOHS. 4/ RESERVE BEASURES FROII IIOVEBBER 1980 TO DATE REFLECT A ORE-TI!E IICREASE -- ESTIIIATED AT S550 TO S600 IIILLION -- IH REQUIRED RESERVES ASSOCIATED IIITH THE REDUCTION OF IIEEK-EID AVOIDANCE ACTIVI~ES OF A FEll LARGE BANKS. BOTE: HISTORICAL DATA ARB AVAILABLE FRO! THE BABKiliG SBCTIOB, DIVISIOI OF RESEARCH AND STATISTICS, BOARD OP GOVERNORS OP THE FEDERAL RBSEiVE SYSTE!, IIASHIBGTOR, D.C. 20551. H.3 Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS Not adjusted for changes in reseNe requirements Average of daily figures, not seasonally adjusted Reserves of depository institutions Period total2 nonborrowed I 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--JAII. 41,535 39,754 39,693 40,291 40,433 40,353 40,917 40,933 40,501 40,622 40,867 40,141 38,450 38,694 38,953 38,205 38,316 39.238 39,514 39,045 39,442 40,204 41,226 39,478 39,445 40,164 40.258 40,104 40,667 40,731 40,177 40,433 40,601 161.0 158.8 159.5 161.6 162.6 163.3 165.4 165.4 163.9 164.3 166.3 4 11 18 25 p 40,822 40,068 41,074 40,905 39,585 39,059 40,513 40,568 40,535 39,636 41,003 40,753 164.8 165.9 166.6 166.3 2 p 9 p 41,676 40,779 41,359 40,161 41,230 40,608 167.5 168.2 FEB. !lAB. APR. IllY JOHB JULY lOG. SEPT. OCT. NOV. P IIEEK BHDUG: ----------1981--NOV. DEC. 1/ 2/ 3/ RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQOIREIIENT PERCENTAGES WITH NO ADJOSTIIENTS TO ELIIIINATE THE EFFECT OF CHANGES IN REGOLATIOH D, INCLUDING CHANGES ASSOCIATED IIITH THE IIIPLEIIEHTATION OF THE IIOHETARY CONTROL ACT. INCLUDES REQUIRED RESERVES OF IIEIIBER BANKS AND EDGE ACX CORPORATIONS AND, BEGINNING NOVEIIBER 13, 1980, OTHER DEPOSITORY INSTITUTIONS. UNDER THE TRANSITIONAL PHASE-IN PROGRAII OF THE IIONETARY CONTROL ACT OF 1980, THE RET CHANGES IN REQUIRED RESERVES OF DEPOSITORY INSTITUTIONS HAVE BEEH AS FOLLOIIS: EFFECTIVE NOVEIIBER 13, 1980, A REDUCTION OF $2.• 8 BILLION; FEBliUARY 12, 1981, AN INCREASE OF $245 IIILLION; !lARCH 12, 1981, AN INCREASE OF $75 IIILLION; IllY 14, 1981, AN INCREASE OF $245 IIILLION; AUGUST 13, 1981, AN INCREASE OF $245 ULLION; SEPTEIIBER 3, 1981, A REDUCTION OF $·1.3 BILLION; AND NOVEIIBER 19, 1981, AN INCREASE OF $220 IIILLION. RESERVE BALANCES IIITH FEDERAL RESERVE BANKS (IIHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT INSTITUTIONS IIITH REQUIRED RBSBRVE 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 IIEEK PLUS VAULT CASH HELD TIIO IIEEKS EARLIER USED TO SATISFY RESERVE REQU~REIIENTS 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.