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FEDERAL RESERVE statistical release
For Rslsass «t 4:30 Eastern Tim*
DECEMBER 2 8 ,
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
1984
Adjusts* for changt* In mmr»i roqutaomtnts1
Avsragss of dairy figurot, ssMonaMy adjusted unless notsd othstwis*
Millions of dollars
Data
total1
1
Asesfves of depository institutions
required
nonborrowod
nonborvowod plus [
extended crodrr
Monetary baee*
•XCOM
4
NSA
1 9 8 3 — NOV.
DEC
36,103
36,138
35,198
35,364
35,204
35,366
35,574
35,578
1984—JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV. P
36,357
37,025
37,097
37,109
37,447
38,282
38,233
38,380
38,135
37,745
38,100
35,642
36,458
36,145
35,875
34,459
34,982
32,309
30,363
30,894
31,728
33,483
35,646
36,463
36,172
35,919
34,496
36,855
37,317
37,406
37,352
36,785
37,319
35,744
36,083
36,388
36,619
36,870
37,516
37,626
37,697
37,515
37,138
37,418
7
21
37,597
38,340
32,225
33,864
36,408
37,752
37,031
37,745
566
595
196,162
197,201
5 P
19 PE
38,118
38,236
33,867
35,005
37,355
37,779
37,211
37,758
907
478
197,412
197,648
529
561
I
613
942
709
490
577
767
607
683
620
607
682
184,472
185,486
!
187,469
189,277
189,417
190,357
191,977
193,858
194,755
195,980
195,992
196,375
197,022
1
Borrowings of depository institutions
from the Fedsrs 1 Reserve, NSA
totsl
I
ssssonsl
sxtsndsd credit'
906
774
121
96
6
2
715
567
952
1,234
2,988
3,300
5,924
8,017
7,242
6,017
4,617
86
103
133
139
196
264
308
346
319
299
212
5
27
44
37
1,873
5,008
7,043
6,459
5,057
3,837
5,373
4,476
265
204
4 , 184
3,886
4,251
3,231
184
115
3,488
2,774
j
4
TBO WEEKS
ENDING
1984-NOV.
DEC.
j
L
P
1/
PRELIMINARY
PE—PRELIMINARY ESTIMATE
RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED BITH THE IMPLEMENTATION OF THE
MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQOIREHENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES IN
RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT LIABILITIES, THE SDH OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL
SERIES. SIMILARLY, IN ADJUSTING FOfl DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO
COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES.
2/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF BESEBVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE
REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY RESEBVE REQUIREMENTS.
SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE
BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD A1
INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES.
3/ EXTENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT WINDOH UNDER THE TERMS AND CONDITIONS ESTABLISHED FOR THE EXTENDED
CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SAME NEED TC
REPAY SUCH BORROWING PROMPTLY AS THERE IS WITH TRADITIONAL SHORT-TERM ADJUSTMENT CREDIT, THE MONEY MARKET IMPACT OF EXTENDED
CREDIT IS SIMILAR TO THAT OF NONBORROWED RESERVES.
4/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY BESEBVE REQUIREMENTS LtSS REQUIRED RESERVES
5/ THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS
TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE HONEY STOCK LESS THE AMOUNT OF VAULT CASH
HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF IHE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING
REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE fiELUIREMENIS
AFTER THE INTRODUCTION OF CRB, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COBPUTATICN PERICC
PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, BATHER THAN
BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTEC SERIES
CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED EASIS) PLUS THE
SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTEC AS A WHOLE
NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD CF GOVEHNOfis'cF THE
FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551
»*«*u«o or xnz
H.3(502)
Table 2
AGGREGATE RESERVE^ pF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Npjfedjustefltfc^changes In reserve requirements^ ^
Averages ft dally figures, not seasonally adjusted ^ ;
Millions of dollars
"
Vault cash4
Reserves of depository institutions
Monetary
base2'
Date
total
nonborrowed
Reserve balances,
with F.R. Banks*
total
required
used to satisfy
required
reserves8
Net carryover
of excess or
deficit
in reserve
surplus0
balances*7
FTOT
1 9 8 3 — NOV.
DEC.
38,144
38,894
37,239
38,120
37,615
38,333
188,971
192,359
20,943
20,986
20,558
20,755
17,201
17,908
1984—JAN.
FEB.
WAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV. P
40,120
36,365
36,278
37,154
36,519
37,518
37,464
37,258
38,035
38,499
39,222
39,405
35,798
35,326
35,920
33,531
34,218
31,540
29,241
30,793
32.482
34,605
39,507
35,423
35,569
36,664
35,942
36,752
36,858
36,575
37,415
37,892
38,541
192,301
186,672
187,813
190,344
191,080
193,962
195,525
195,697
196,232
196,678
198,759
21,325
18,414
19,484
20,351
19,560
20,210
19,885
19,263
20,135
20,086
^0,830
22,578
22,269
20,396
20,152
20,446
20,770
21,134
21,688
21,232
21,875
21,827
18,795
17,951
16,794
16,802
16,960
17,308
17,579
17,995
17,900
18,413
18,392
3,356
2,847
*
J
3,782
4,318
3,602
3,349
3,486
3,461
3,555
3,694
:
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Ijli^tefefirf!1
/ h i . :,Mft, 1 * ,
7
21
5
19
P
PE
38,514
39,395
33,142
34,919
37,949
38,800
196,509
199,399
20,566
20,734
21,404
22,117
17,949
18,661
3,456
3,456
74
86
39,505
40,104
35,255
36,873
38,599
39,627
199,514
202,070
21,186
21,554
21,705
21,667
18,320
18,550
3,385
3,117
68
172
P
PRELIMINARY
PE—PRELIMINARY ESTIMATE.
1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS 10 ELIMINATE
THE EFFECTS OF DISCONTINUITIES ASSOCIATED KITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OR OTHER REGULATORY
CHANGES TO RESERVE REQUIREMENTS.
2/ CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE
BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT
IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY 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 COMPENSATE FOR FLOAT.
4/ DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE 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 DOPING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES
AT FEDERAL RESERVE BANKS PI.V* THE ASOOMT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT
INSTITUTIONS HAVING NO RFQU3 ai.tt RESEPVE BALANCES.
6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAUIT CASH EQUAL TO THEIR
REQUIRED RESERVES DURING THE MAINTENANCE PERIOD.
7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITOR* 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.
' »
:
,
'
DEC.
h
»
<i
3,462
3,434
TWO WEEKS
ENDING
1984—NOV.
t
f 4! 1
H.3 (502)
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
1 9 8 3 - NOV.
DEC.
36#199
36,859
35,294
36,085
35,670
3d,298
185,561
188,758
1984—JAN.
PEB.
MAR.
APR.
HAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV. P
38,181
36,610
36,613
37,476
36,768
37,793
37,847
37,691
37,873
37,940
38,675
37,466
3 6,0.42
35,662
36,242
33,780
34,493
31,923
29,675
30,632
31,923
34,057
37,568
35,667
35,905
36,986
36,191
37,027
37,240
37,008
37,253
37,332
37,993
188,633
186,875
168,148
190,666
191,329
194,237
195,908
196,130
196,071
196,119
198,211
7
21
37,984
38,841
32,611
34,366
37,418
38,246
195,978
198,846
5 P
19 PE
38,953
39,574
34,702
36,343
38,046
39,096
198,961
201,539
TWO WEEKS
ENDING
1984—NOV.
DEC.
P
PRELIMINARY
PE—PRELIMINARY ESTIMATE.
1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT
AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
@FedFRASER