Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : December 27, 1983

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FEDERAL RESERVE statistical release
For Immediate Release

H.3 (502)
Table!

DEC. 2 7 , 1363

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE
Adjusted for changes in reserve requirements1
Averages of daily figures
Reserves of depository institutlons
tota|2
| nonborrowed I
required
Period
millions of dollars
seasonal l\f adjusted

| Monetary base3
billions of dollars

Reserves of depository institutions
total*
I nonborrowed |
required
millions of dollars
not seasonally adjusted

| Monetary base3
billions of dollars

1982—NOV.
DEC.

35,829
36,231

35,208
35,597

35,427
35,731

169.8
171.1

36,090
36,962

35,469
36,328

35,688
36,462

171.0
174.4

1983—JAN.
FEB.
MAfi.
APE.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.

35,634
36,100
36,803
37,153
37,129
37,612
37,800
37,694
37,717
37,624
37,408

35,104
35,517
36,011
36,144
36,177
35,976
36,347
36,148
36,276
36,781
36,503

35,086
35,664
36,370
36,677
36,680
37,132
37,293
37,247
37,220
37,120
36,879

171.9
173.8
176.1
177.3
178.8
180.3
181.1
182.1
183.4
184.6
185.5

37,631
35,973
36,056
36,911
36,637
36,787
37,341
37,064
37,386
37,680
37,694

37,082
35,390
35,264
35,902
35,685
35,151
35,868
35,518
35,946
36,836
36,789

37,063
35,537
35,623
36,435
36,186
36,306
3t0833
36,618
36,889
37,175
37,165

173.2
171.8
173,6
176-3
177-8
179*6
181.7
181-8
182-9
184-4
186.7

37,515
37,166
37,270
! 37,397
j 37,768

37,075
36,124
36,249
36,584
36,891

37,141
36,586
36,625
37,098
37,132

185.3
185.0
185.6
185.6
186.0

37,795
37,016
37,615
37,786
38,332

37,355
35,974
36,594
36,973
37,455

37,421
36,436
36,970
37,487
37,696

184.5
186.2
187.1
j 187.0
187.3

37,607
37,363
38,100

37,165
36,733
37,041

37,097
36,842
37,308

185.8
186.1
187.1

37,680
37,941
39,075

I 37,238
37,311
38,016

37,170
37,420
38g2Q3

188.3
189.2
191.1

WEEK ENDING:
1 9 £ 3 — NOV.

DEC.

1/
2/
3/

2
9
16
23
30
7 P
14 P
21 P

!

BESEBVE AGGBEGAIES INCLUDE BEQUIBED BESEBVES OF MEMBEfi BANKS AND EDGE ACT CCBPCBAIIONS AND CIBEE DEPCSIICBX
INSTITUTIONS. DISCONTINUITIES ASSOCIATED H U H THE IMPLEMENTATION CF THE BCNEIABX CCN1BOL ACT, THE INCIUSICN
OF EDGE ACI COBPOBAIIQN BESEBVES, AND OIHEB CHANGES IN BEGULAIION D HAVE EEEN BEHOVED.
BESEBVE BALANCES WITH FEDEBAL BESEBVE BANKS (WHICH EXCLUDE BEQUIBED CIEABING BALANCES) PLUS VAULT CASE AT
INSTITUTIONS WITH BEQUIBED BESEBVE BALANCES PLUS VAULT CASH EQUAL TO BEQUIBED BESEBVES AI C1HEB INSII2UIICNS.
CONSISIS OF BESEBVE BALANCES AND SEBVICE-BEIAIED BALANCES AND ADJUSTMENTS AT FEDEBAL BESEBVE BANKS IN IBE
CUflBENT WEEK PLUS VAULT CASH HELD TWO WEEKS EABLIEB USED TO SATISFY BESEBVE BEQUIBEMENIS AT ALL DEPCSITCBY
INSTITUTIONS PLUS CUBBENCY OUTSIDE THE U.S. TBEASUBY, FEDEBAL BESEBVE BANKS, AND THE VAULTS CF DEPCSITCBY
INSTITUTIONS, PLUS SUBPLUS VAULT CASH AT DEPOSIIOBY INSTITUTIONS.

NOTE: HISTOBICAL DATA ABE AVAILABLE FBOM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS,
BOABD OF GOVEfiNCBS OF THE FEDEBAL BESEBVE 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

required

nonborrowed
millions of dollars

Monetary
base3
billions of "dotted

L

1 9 8 2 - NOV,
DEC.

41,199
41,853

40,578
41,219

40,797
41,353

176.0
179.3

1983—JAN.
FEE.
MAB.
APB.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.

41,864
39,798
38,035
38,650

41,316
39,362
37,602

38,415
38,948
38,661
37,916
38,138
38,144

41,334
39,215
37,243
37,640
37,330
36,779
37,495
37,115
36,475
37,294
37,239

37,615

177.9
176.0
175.9
178.4
179.8
181.6
183.7
183.8
183.5
184.9
187.2

38,^01
37,436
38,033
38,257
38,834

37,761
36,394
37,012
37,444
37,957

37,827
36,856
37,388
37,956
38,198

184.9
186.7
187.5
187,5
187.8

38,208

37,766
37,847
38,482

37,696
37,956
38,749

188.8
189.7
1 9 1 . to

38,282

38e174

37,833
37,934
38,440
38,214
37,418
31,633

WEEK ENDING;
1983 —NOV.

2
9
16
23
30

DEC.

7
14
21

38,477
39,541

RESERVES OF DEPOSITORY INS1ITUTIONS SEBIES BEFLECT ACTUAL BESEBVE REUUIRE&EUl PEBCENIAGES H U H NC ADJUSTMENTS TO ELIMINATE THE EFFECT OF CHANGES IN BEGULJIION D, INCLUDING CHANGES ASSOCIATED H U H THE IMPLEMENIAT ION OF TBE MONETAEY CONIBOL ACT. INCLUDES BEUUIEED BESEBVES CF MEMBEfi BANKS AND ELGE ACT CCBPCEAIICNS
AND, BEGINNING NOVEMBEB 13, 1980, OTHEfi DEPOSITOBY INSTITUTIONS. UHBER TEE TBANSIIICNAL PHASE-IN FBGGBAM
OF THE MONETARY CCNTBOL ACT OF 1980 AND BRQVISIQUS QF THE DEPOSITOBY INSTITUTIONS ACT CF 1962, THE hEl
CHANGES IN REQUIRED BESEBVES CF DEPOSITOBY INSTITUTIONS HAVE BEEN AS FOLICHS: EFFECTIVE NCVEMEEfi 13, 1980,
A BEDUCTION OF $2.9 BILLION; FEEBUABY 12, 1981, AN INCBEASE CF $245 MILLION; ilAfiCH 12, 1981, AN INCBFASE
OF $75 MILLION; MAY 14, 1981, AN INCBEASE OF $245 MILLION; SEPIEMEEfl 3, 1981, A BEDUCTICN CF $1.1
ElLllCRi
NOVEMBEB 12, 1981, AN INCBEASE CE $210 MILLION; JANUABY 14, 1982, A BEDUCIJ.ON OF $60 MILLION; FEBBDABX 11, 1982
AN INCBEASE OF $170 MIILION; MABCH 4, 1982, AN ESTIMATED BEDUCTION OF $2.0 B1LL1CR; MAY 13, 1982, AN ESTIMATED
INCREASE OF $150 MILLION; AUGUST 12, 1982, AN ESTIMATED INCBEASE CF $140 MILLION; SEPTEMBEfi 2, 1982, AN ESTIMATED
REDUCTION OF $1.2 BILLICN; OCIOEEB 26, 1982, AN ESTIMATED BEDUCTION $100 MILLION; DECEBBER 23, 1982, AR ESTIMATED
REDUCTION OF $800 MILLION; MARCH 3, 1983, AN ESTIMATED BEDUCTION OF $1.9 blLLlChl
AND SEPTEMBER 1, 1983, AN
ESTIMATED BEDUCTION OF $1.1 EILLION. BEGINNING WITH THE WEEK ENDED DECEMBEB 23, 1981, BESEBVE AGGBEGAIES HAVE
BEEN BEDUCED BY SHIFTS OF RESEBVABLE LIABILITIES TO INTERNATIONAL BANKING FACILITIES (IEES) ,.
ON THE BASIS OF BEPCBTS CF LIABILITIES IBANSFEBBED TO IEFS BY U.S. COMMEBCIAL BANKS AND AGENCIES AND EBANCHES CF
FOBEIGN BANKS, IT IS ESTIMATED THAT BEQUIBED BESEBVES HEBE LOHEBED ON AVEfiAGE EY $60 TO $90 BllLICh IK DECEAEER 1981
AND $180 TO $230 MILLION IN JANUABY 1982, MOSTLY BEFLECIING A BEDUCTION IN BESEBVABLE EUBCCDBBENCY 1BANSACTICNS.
BEGINNING WITH THE KEEK ENDING APBIL 20, 1983, REQUIRED BESEBVES HEBE BEDUCED AN ESTIMATED $80 MI1IICA AS A
RESULT OF THE ELIMINATION OF BESEBVE BEQUIBEMENTS ON NONPEBSONAL H U E DEiCSXIS H U H MATOBIIIES CF 2-1/2 YEABS
TO 3-1/2 YEABS. ALSC, BEGINNING HITH WEEK ENDING OCTOBER 26, 1983, REHIRED BESEBVES HEBE REDUCED AN ESTIMATED
$90 MILLION AS A BESULT OF THE ELIMINATION CF BESEBVES BEQUIBEMENTS ON NCNPEBSONAL TIME DEPCSIIS H U B MAIUBIHES
OF 1-1/2 YEABS TO 2-1/2 YEABS.
2/ BESEBVE BALANCES HITH FEDEBAL BESEBVE BANKS (MHICB EXCLUDED BEQUIBED CLEARING BALANCES) PLUS VAULT CASH AT
INSTITUTIONS HITH BEQUIBED BESEBVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT CIHEB INSTITUTIONS.
3/ CONSISTS OF BESEBVE BALANCES AND SERVICE-RELATED BALANCES AND ADJUSTMENTS AT FEDEBAL BESEBVE BARKS IN TBE
CUBBENT HEEK PLUS VAULT CASH HELD THO WEEKS EARLIER USED TO SATISFY RESERVE BEQUIBEMENTS AT ALL DEPOSITOBY
INSTITUTIONS PLUS CUBBENCY OUTSIDE THE U.S. TBEASUBY, FEDEBAL BESEBVE BANKS, AND THE VAULTS CF DEICSI2CEY
INSTITUTIONS, PLUS SUBPLUS VAULT CASH AT DEPOSITOBY INSTITUTIONS.

1/