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FEDERAL RESERVE statistical relefe^
IF •
H.3 (502)
For IrfKiiediate Release
DECEMBER 2 2 , 1980
Table 1
AGGREGATE RESERVES AND MEMBER BANK DEPOSITS
Average of daily figures
Reserves of depository institutions1
total 2
Period
nonborrowed
required
Monetary
base 3
millions of dollars
billions of dollars
seasonally adjusted
1979—NOV.
DEC.
43,057
43,567
1980—JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT. P
NOV. P
43,441
43,350
43,669
44,846
44,446
43,959
42,781
40,749
41,517
41,727
41,227
P
P
?
P
3 P
10 P
41,151 !
42,095
42,812
43,126
152.8
153.8
641.9 j
644.4
450.1
451.1
190.0
191.5
14.7
15.4
175.3
176.1
1.9
1.8
42,200
41,695
40,846
42,391
43,427
43,580
42,386
• 40,090
40,206
40,417
39,168
43,191
43,139
43,483
44,649
44,268
43,756
42,497
40,447
41,262
41,521
40,730
154.7
155.6
156.6
157.9
158.5
158.9
158.8
158.2
159.5
160.9
160.6
643.7
647.2
649.1
655.4
656.8
658.0
658.5
667.8
678.2
684.7
694.5
451.9
454.4
457.9
464.2
46 7 . 7
467.9
46 7 . 0
474.2
482.0
486.7
494.2
189.5
190.9
189.4
188.7
187.3
188.4
189.1
191.5
194.5
195.6
198.2
13.6
14.5
15.6
17.2
17.1
16.9
16.6
14.4
15.9
16.5
17.4
176.0
176.4
173.9
171.5
170.2
171.5
172.5
177.1
178.6
179.1
180.7
2.3
1.9
1.8
2.4
1.8
1.7
2.5
2.1
1.8
2.4
2.2
42,669
42,426
40,195
40,408
40,791
40,359
38,216
38,193
42,102
42,022
39,691
40,091
162.3
162.5
159.2
159.5
688.3
696.0
694.5
695.7
488.5
492.0
494.3
497.7
197.5
201.8
197.7
196.3
17.1
19.2
17.2
17.1
180.4
182.6
180.5
179.2
2.3
2.2
2.5
1.7
40,569
39,530
38,427
37,744
39,688
39,268
159.9
158.7
6 99.4
699.3
498.6
500.2
198.5
197.1
16.1
18.1
182.4
179.0
2.3
2.0
1 44 42 ,,092907 1]
41,092 |
42,547
42,753 ]
43,578 .
153.5 I
642.2
652.6
449.2
452.0 j
191.3
198.6
15.2
16.0
176.2
182.6
1.7
2.0
45,179
43,177
43,096
44,880
43,963 I
43,472
42,859
- 40,373
41,164
41,704
41,221
43,938
41,522
40,273
42,425
42,945
43,092
42,464
39,715 !
39,852
40,394 !
39,161
44,928
42,966
42,910
44,683
43,785
43,268
42,575
40,071
40,908
41,498
40,723
155.9
154.0
154.9
157.5
158.6 |
159.6 I
158.0 !
158.9
160.6
161.4
652*1
643.9
648.0
657.7
651.5
656,9
653.2
662. 5
675,6
684.2
694.8
454.6
455.8
460.6
464.7
467.7
46 7 . 4
466.0
471.8
479.6
485.8
493.2
195.4
186.2
185.5
190.4
182.1
187.2
190.0
189.0
193.9
196.4
199.7
14.5
14.3
15.2
16.8
16.2
16.6
16.8
14.2
15.8
16.5
18.0
180.9
172.0
170.4
173.6
165.9
170.6
173.2
174.0
178.1
179.8
181.6
2, 1
1.8
1.9
2.6
1.7
2.3
2.2
1.7
2. 1
2.1
1.9
487.0
490.6
493.4
497.1
200.9
202.1
200.0
195.2
18.3
18.8
17.9
16.9
182.6
183.3
182.1
178.3
2.2
1.8
2.2
1.5
203.4
201.0
19.0
18.1
184.4
182.9
2.1
1.6
WEEK ENDING:
•KOV.
DEC.
5
12
19
26
not seasonally adjusted
1979—NOV.
DEC.
:
1980—JAN.
t 2B •
HAS.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
P
P
WEEK ENDING
:
1980—NOV.
5
12
19
26
DEC.
156.3
j
157.8 I
P
P
P
P
42,599
42,090
40,521
40,312
40,721
40,023
38,542
38,097
42,032 '
41,686
40,017
39,995 I
162.2
163.4
160.5
160.1
690.1
694.4
695.5
693.9
3 P
10 P
40,791
39,455
38,649
37,669
39,910
39,193
161.4
161.2
704.0
703.4
I
498.4
500.8
i
,
!
!
I
!
i
See revtna sidt for explanation of footnotes.
H3
. iX \ '
Table 2
^
-
AGGREGATE RESERVES AND MONETARY BASE
Adjusted for changes preserve requirements 4
Averages
af djaily
"
<?
' figures
*—
Reserves of depository institutions
required
total
I nonborrowed
Penbd
millions of dollars
seasonal! i adjusted
Monetary base
billions of dollars
Reserves of depository institutions
,total
{ non borrowed !
required
• '
millions of dollars
not seasonally adjusted
Monetary base
billions of dollars
35,029
36,033
36,691
37,064
145.8
146.8
36,892
37,918
34,986
36,446
36,647
37,477
146.5
149.3
37,475
37,400
37,477
37,516
37,485
37,461
37,570
38,050
38,725
38,894
40,057
36,234
35,745
34,653
35,061
36,467
37,081
37,176
37,392
37,414
37,583
37,997
37,224
37,189
37,291
37,319
37,307
37,257
37,286
37,749
38,470
38,687
39,559
147.8
148.7
149.5
149.7
150.7
151.5
152.6
154.6
155.8
157.1
159.1
39,060
37,203
36,919
37,533
37,062
37,007
37,665
37,706
38,401
38,876
40,056
37,8-19
35,548
34,096
35,077
36,043
36,628
37,270
37,048
37,090
37,565
37,997
38,809
36,992
36,733
37,336
36,8B4
36,804
37,381
37,405
38,146
38,669
39,558
148.9
147.1
147.8
149.2
149.9
151.2
153.5
154.4
155.3
156.9
159.9
P
P
P
P
39,786
39,532
40,168
40,382
37,908
37,465
38,189
38,167
39,219
39,128
39,664
40,065
158.5
158.7
159.2
159.5
39,725
39,217
40,495
40,286
37,847
37,150
38,516
38,071
39,158
38,813
39,991
39,969
158.4
159.6
160.5
160.1
3 P
10 P
40,548
39,509
38,406
37,723
39,667
39,247
1*59.9
158.7
40,770
39,434
38,628
37,648
39,889
• 39,172
1979—NOV.
DEC.
36,935
37,506
198 0—JAN,
FEB.
MAP..
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
P
NOV.
P
'
•
WEEK ENDING:
1980—NOV.
5
12
19
26
DEC.
I
|
161.4
161.2
P - PRELIMINARY
1/ RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO ADJUSTMENT TO ELIMINATE THE EFFECT OF CHANGES IN REGULATIONS D AND M. PRIOR TO NOVEMBER 13, 1980, THE DATE OF IMPLEMENTATION OF THE MONETARY CONTROL ACT, ONLY THE RESERVES OF COMMERCIAL BANKS THAT WERE MEMBERS OF THE
FEDERAL RESERVE SYSTEM WERE INCLUDED IN THE SERIES. SINCE THAT DATE THE SERIES INCLUDE THE RESERVES OF ALL
DEPOSITORY INSTITUTIONS. IN CONJUNCTION WITH THE IMPLEMENTATION OF -THE ACT, REQUIRED RESERVES OF MEMBER PAS*^;
VERE REDUCED ABOUT $4.3 BILLION AND REQUIRED RESERVES OF OTHER DEPOSITORY INSTITUTIONS WERE INCREASED ABOUT
$1.4 BILLION. EFFECTIVE OCTOBER 11, 1979, AN 8 PERCENTAGE POINT .MARGINAL RESERVE REQUIREMENT WAS IMPOSED ON
"MANAGED LIABILITIES". THIS ACTION RAISED REQUIRED RESERVES ABOUT $320 MILLION. EFFECTIVE MARCH 12, 1990,
THE 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREMENT WAS RAISED TO 10 PERCENTAGE POINTS. IN ADDITION THE
BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS REDUCED. THIS ACTION INCREASED REQUIRED
RESERVES ABOUT $1.7 BILLION IN THE WEEK ENDING APRIL 2, 1980. EFFECTIVE MAY 29, 1980, THE MARGINAL RESERVE
REQUIREMENT WAS REDUCED FROM 10 TO 5 PERCENTAGE POINTS AND THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS RAISED. THIS ACTION REDUCED REQUIRED RESERVES ABOUT $980 MILLION IN THE WEEK ENDING
JUNE 18, 1980. EFFECTIVE JULY 24, 1980, THE 5 PERCENT MARGINAL RESERVE REQUIREMENT ON MANAGED LIABILITIES
AND THE 2 PERCENT SUPPLEMENTARY RESERVE REQUIREMENT AGAINST LARGE TIME DEPOSITS WERE REMOVED. THESE
ACTIONS REDUCED REQUIRED RESERVES ABOUT $3.2 BILLION.
2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES
PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS.
3/ INCLUDES RESERVE 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 AGGREGATES SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION
OF THE MONETARY CONTROL ACT, MARGINAL RESERVE REQUIREMENTS, THE INCLUSIONS OF EDGE ACT CORPORATION RESERVES,
AND OTHER CHANGES IN REGULATIONS D, K, AND H.
5/ RESERVE MEASURES FOR NOVEMBER REFLECT INCREASES IN REQUIRED RESERVES ASSOCIATED WITH THE REDUCTION OF WEEKEND
AVOIDANCE ACTIVITIES OF A FEW LARGE BANKS. THE REDUCTION IN THESE ACTIVITIES LEADS TO ESSENTIALLY A ONE-TIME
INCREASE IN THE AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO BE HELD FOR A GIVEN LEVEL OF DEPOSITS ENTERING THE MONEY SUPPLY. IN NOVEMBER, THIS INCREASE IN REQUIRED RESERVES IS ESTIMATED AT $550 TO $600 MILLION.
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.
@FedFRASER