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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.