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FEDERAL RESERVE statistical release
For Ralssis at 4:30 Eastern Time
H.3(902)
Table 1
DRCEHBER
2 7 , 1985
AGGREGATE RESERVES OF DEPOSITORY
INSTITUTIONS AND THE MONETARY BASE
1
Adjusted for changes in reserve requirements
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
D«l«
1984—MOV.
DEC.
1985—JAM.
FBB.
BAB.
APB.
HAY
JUME
JOLY
AOG.
SEPT.
OCT.
MOV. P
total1
Reserves o! depository institutions
nonborrowed
rtquirsd
nonborrowsd plus
extended credit*
I
[ V J » mr
1
Monetary bass*
sxesss
NSA4
Borrowings of depository institutions
from ths Fsdsrsl Reserve, NSA
seasonal
extended credit'
total
38,466
39,081
33,849
35,895
37,b86
38,499
37,773
38,229
693
853
197,672
199,032
4,617
3 , 186
212
113
3,837
2,604
39,635
40,432
40,471
40,710
41,323
42,177
42,606
43,193
43,507
43,651
44,372
38,240
39,143
38,878
39,387
39,989
40,972
41,500
42,121
42,218
42,464
42,631
39,290
39,947
39,937
40,256
40,522
41,638
42,00o
42,690
42,874
43,093
43,161
38,890
39,529
39,705
39,972
40,519
41,272
41,751
42,366
42,841
42,898
43,448
745
903
766
738
804
905
855
827
666
753
923
200,20b
202,049
202,945
203,562
205,355 ,
207,658
208,831
211,154
212,384
213,456
215,250
1*395
1,26 9
1,593
1,323
1,334
1,205
1,107
1,073
1,28 9
1,1*7
1,741
62
71
88
135
165
151
167
221
203
172
107
1,050
603
1,059
6b8
534
665
50 7
570
656
629
530
43,831
44,125
42,756
42,947
43,354
43,468
43,028
43,231
802
893
214,370
214,950
1,075
1,176
42,114
43,886
42,017
44,410
2 1 6 , 1:* 7
216,487
2,92tf
64 1
THO HEEKS
ENDING
1985-NOV.
DEC
6
20
4 P
1 8 PE
45,042
44,727
44,003
43,885
1,038
841
.
P
1/
j
__..
1
|
151
104
598
522
64
53
503
524
>
PBELIMIMAIY
P«—PBBLIMIMABY BSTIHATB
BBSBBVBS AMD BOMBTABY BASE FIGUBES IMCOBPOBATB ADJUSTHEMTS FOB DISCOITIMOITIBS ASSOCIATED NITH M B IHPLBHBNTATION OF THE
HOMBTAMI COITBOL ACT AMD OTHBB BEG0LATOBY CHAMGBS TO BESEBVE BEQUIBBHENTS. TO ADJ0ST FOB DISCOMTIM0ITIES DUB TO CHAMGBS IM
BBSBBVB BBQUIBBH3HTS OM BESBBVABLB MONDEPOSIT LIABILITIES, THE SUB OF SUCH BBQOIBBD RESERVES ABE SUBTBACXED FBOB THE ACTUAL
SBBIBS. SIBILABLY, IM ADJUSTIMG FOB DISCONTINUITIES IN THB BOMBTABY BASE, BBQOIBBD CLBABIMG BALAMCBS AMD ADJUSTMENTS TO
COBPBMSATB FOB FLOAT ALSO ABB SUBTBACTED FBOB TBB ACTUAL SERIES.
2/ TOTAL BBSBBVES MOT ADJUSTED FOB DISCONTINUITIES COMSISTS OF RESERVE BALAMCBS NITH WEDERkL RESERVE BANKS (HHICH EXCLUDE
BEQUIBBD CLBABIIG BALAMCBS AMD ADJOSTBBHTS TO COBPBMSATB FOB FLOAT) PLUS VAULT CASB USED TO SATISFY RESERVE BEQUIBBBEMTS.
SUCH VAULT CASH COMSISTS OF ALL VAULT CASH HELD DUBIMG THB LAGGED COHPUTATIOM PBBIOD BY IMSTITUTIOMS UAVIMG BEQUIBBD RESERVE
BALAMCBS AT FBDBBAL BBSBBVB BAMKS PLUS THE ABOOMT OF VAULT CASB EQUAL TO BBQUIBBD RESERVES DUBIMG TBB BAIBTBMAMCB PBBIOD AT
INSTITUTIONS HAVING HO BBQUIBBD BESEBVE BALANCES.
3/ BITEMDBD CBEDIT CONSISTS OF BOBBOBING AT THB DISCOUNT HINDOH 9RDEB THB TEBBS AND CONDITIONS ESTABLISHED FOB THE EXTEMDBD
CBBDIT PBOGBAB TO HELP DEPOSITORY IMSTITUTIOMS DEAL NITH SUSTAINED LIQUIDITY PBESSUBES. BECAUSE THBBE IS NOT THB SABE NBED TO
BBPAY SUCH BOBBOBING PBOHPTLY AS THBBE IS HITH TBADITIONAL SHOBT-TBBB ADJUSTHBHJ CBEDIT, THE HONEY BABBBT IBPACT OF BXTERVBD
CBBDIT IS SIBILAB TO THAT OF NONBOBBOMED RESERVES^
4/ BBSBBVB BALANCES NITH tRDZRlL BBSBBVB BANKS PLUS VAULT CASH USED TO SATISFY BBSBBVB BEQUIBBBEMTS LESS BEQUIBBD BESBBVES.
5/ THB BOMBTABY BASB MOT ADJUSTED FOB DISCONTINUITIES COMSISTS OF TOTAL BESBBVES PLUS BEQUIBBD CLEAMIMG BALAMCBS AMD ADJUSTMENTS
TO COBPBNSATB FOB FLOAT AT FEDEBAL BBSBBVB BANKS PLUS THB CUBBENCI COBPONENT OF THE HONEY STOCK LESS THB AHOUNT OF VAULT CASH
HOLDINGS OF THBIFT INSTITUTIONS THAT IS INCLUDED IN THB CDBBENCY COHPONBNT OF THE HONEY STOCK PLUS, FOB INSTITUTIONS NOT HAVING
fSHo? I L B ? S B H T B B A L 1 B C B S * *«* BXCBSS OF CUBBEMT VAOLT CASH OVBB THB AHOUMT APPLIED TO SATISFY CDBBBNT RESERVE BEQUIBBHENTS.
AFTBB THB IBTBODUCTIOH OF CRB, CUBBENCY AND VAULT CASH FIGUBBS ABE BBASUBED OVBB THE HONDAY-BMDING COHPUTATIOM PEBIOD.
PBIOfi TO CBB, ALL COMPONENTS OF THB HONETABY BASB OTHEB THAN EXCESS RESERVES ABE SEASOMALLY ADJUSTED AS A HHOLE, BATHEB THAN
?LoT H m°* E 2 T # A S D J B 1 C K S S BSSEHVES IS ADDED OM A MOT SEASOMALLY ADJUSTED BASIS. AFTER CBB, THE SEASOMALLY ADJUSTED SBHIES
COMSISTS OF SEASONALLY ADJUSTED TOTAL BESBBVES (WHICH INCLUDES EXCESS B2SEBVES OM A MOT SEASONALLY ADJUSTED BASIS) PLOS THE
Ek
khLr
ADJUSTED CUBBENCY COMPONENT OF THE HONEY STOCK PLUS THE BEHAINING ITEHS SEASOMALLY ADJUSTED AS A HHOLE.
Mn* *°*
FRHBDi!f M « » « £ L C ? C « A R * A V 1 I L A B L B F 8 0 a T H B BANKING SECTION, DIVISION OF BESEABCH AND STATISTICS, BOAKD OF GOVEBNOBS OF THE
fBUBMiL BBSBBVB SYSTBB, HASHINGTON, D.C« 20551
H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements,
Averages of daily figures, not seasonally adjusted
Millions of dollars
Vault cash 4
Reserves of depository institutions
Monetary
base 2 !
Date
;
total
nonborrowed
Reserve balances^
with F.R. Banks^
required
total
used to satisfy
required
reserves9?
Net carryover
of excess or
deficit
In reserve
balances**
surplus*'
f§ jip|
1984-
NOV.
DEC
39,235
40,696
34,618
37,509
38,542
39,843
198,771
202,586
20,843
21,738
21,827
22,316
18,392
18,958
3,434
3,358
1985—JAN,
FEB.
MAR.
APR.
41,125
40,273
40,494
41,652
41,051
42,352
42,803
42,963
44,447
45,469
46,376
39,730
38,984
38,901
40,329
39,718
41,147
41,696
41,890
43,158
44,282
44,636
40,380
39,370
39,728
40,914
40,247
41,447
41,948
42,135
43,782
44,716
45,453
201,353
199,937
201,287
203,814
204,944
208,386
210,654
211,600
213,038
214,690
217,395
21,577
20,416
22,065
23,217
22,385
23,367
23,503
23,415
24,972
25,431
26,380
23,044
23,927
21,863
21,567
21,898
22,180
22,530
22,839
22,465
22,724
22,457
19,547
19,857
18,429
18,435
18,666
18,985
19,300
19,548
19,475
20,038
19,997
3,497
4,070
3,434
3,132
3,231
3,196
3,230
3,291
2,990
2,686
2,461
'
: it
"»
t
MAJ
JUNE
JULY
AUG.
SEPT.
OCT.
NOV. P
THO KEEKS
ENDING
1985—NOV.
DEC
.
i»•
••
gi s ,
1
' "
s
*
•' '
Vj
t
%
if
1
1
/4
, ' . Tp
? '
'•1i.' • , "»
11 t
6
20
45,310
46,359
44,235
45,181
44,508
45,466
214,493
217,748
25,643
26,242
22,151
22,528
19,667
20,117
2,484
2,412
112
99
4 P
1 8 PE
47,041
47,711
44,113
46,870
46,003
46,869
218,641
221,118
27,014
27,516
22,543
22,464
20,027
20,195
2,516
2,269
128
73
P
PRELIMINARY
PE—PRELIMINARY ESTIHATE.
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 REGULATOR!
CHANGES TO RESERVE REQUIREMENTS.
2/ CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COHPENSATE FOR FLOAT AT FEDERAL RESERVE
BANKS PLUS THE CURRENCY COHPONENT OF THE HONEI STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT
IS INCLUDED IN THE CURRENCY COHPONENT OF THE HONEY 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 COHPENSATE FOR FLOAT.
4/ DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY R&SEB1& 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 PEHIOD 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 («•) OR DEFICIT {-) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WEEK RESERVE
MAINTENANCE PERIOD ENDING ON THE DATE SHOWN.
i
H.3 (602)
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
Monetary base
required
1984—NO?.
DEC.
38,687
40,129
34,070
36,943
37,994
39,277
198,224
202,020
1985—JAN.
¥ZBMAR.
APR.
HAY
JUNE
JULY
AUG.
SEPT.
OCT.
NO?. P
40,703
39,878
40,066
41,254
40,643
41,959
42,410
42,596
43,221
43,747
44,619
39,308
38,589
38,473
39,932
39,309
40,754
41,303
41,523
41,93^
42,559
42,879
39,958
38,975
39,301
40,516
39,839
41,054
41,554
41,768
42,555
42,994
43,696
200,931
199,5*42
200,85*
203,417
204,535
207,992
2%0e2b0
211,23J
211,811
^12,967
^ 1b,038
6
20
43,604
44,609
42,529
43,431
42,802
43,716
212,787
215,998
4 P
18 PE
45,243
45,983
42,31b
45,142
44,205
45,142
2 16,844
^19,390
TWO WEEKS
ENDING
1985—NO?.
DEC.
P
PRELIMINARY
PE™PRELIMINARY ESTIMATE.
1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF TriE MONETAE* CONTROL ACT
AND OTHER REGULATORY CHANGES TO BESER?E REQUIREMENTS.
@FedFRASER