Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : December 5, 1985

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FEDERAL RESERVE statistical release
H.3(S02)
Table 1

For Release at 4:30 Eastern Time

DECEMBER

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE

5, 1985

1

Adjusted for changes in reserve requirements
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
total1

Date

j

Reserves of depository institutions
nonborrowed
nonborrowed plus
required
extended credit*

1984—NOV.
DEC.

38,466
39,081

33,849
35,895

37,686
38,499

37,773
38,229

1985--JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV. PE

39,635
40,432
40,471
40,710
41,323
42,177
42,606
43,193
43,507
43,651
44,373

38,240
39,143
38,878
39,387
39,989
40,972
41,500
42,121
42,218
42,464
42,632

39,290
39,947
39,937
40,256
40,522
41,638
42,006
42,690
42,874
43,093
43,162

43,831
44,126

42,756
42,948

45,043

42,115

excess
NSA4
i

I fc&tfttb/M

,¥
Borrowings of depository Institutions
' ' „ r r H Q A the Federal Reservs, NSA
total
seasonal
[ extended credit'

693
853

197,672
199,032

4,617
3,186

212
113

3,837
2,604

38,890
39,529
39,705
39,972
40,519
41,272
41,751
42,366
42,841
42,898
43,434

745
903
766
738
804
905
855
827
666
753
939

200,206
202,049
202,945
203,562
205,355
207,658
208,831
211,154
212,384
213,456
215,339

1
1
1
1
1
1
1
1
1
1
1

,395
,289
,593
,323
,334
,205
,107
,073
,289
,187
,741

62
71
88
135
165
151
167
221
203
172
107

1 ,050
803
1 ,059
868
534
665
507
570
656
629
530

43,354
43,469

43,028
43,232

802
894

214,370
214,950

1 ,075
1 ,178

151
104

598
522

42,618

43,959

1 ,084

216,466

2,928

84

503

TWO WEEKS
ENDING
1985-NOV.

DEC.

P
1/

6
2G P
4

PE

PRELIMINARY
PE—PRELIMINARY ESTIMATE
RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE
MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES IN
RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL
SERIES. SIMILARLY, IN ADJUSTING FOR 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 RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE
REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE 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 AT
INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES.
3/ EXTENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT WINDOW 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 TO
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 RESERVE REQUIREMENTS LESS 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 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.
PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN
BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES
CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE
SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE.
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


H.3(502)
Table 2

AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for^hanges in reserve requirements^
Averages of daily figures, not seasonally adjusted
Millions of dollars
Vault cssti4

Reserves of depository Institutions
Monetary
base2!

Data
total

1984-

NOV.
DEC.

1985--JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV. PE

nonborrowsd

Reserve balances,
with F.R. Banks?<4

required

total

used to satisfy
required
reserves' \

surplus*

1

N#t carryover
of excess or
deficit
In reserve
^i»lanct!j

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

41,125
40,273
40,494
41,652
41,051
42,352
42,803
42,963
44,447
45,469
46,381

39,730
38,984
38,901
40,329
39,718
41 , 1 4 7
41,696
41,890
43,158
44,282
44,640

40,380
39,370
39,728
40,914
40,247
41,447
41,948
42,135
43,782
44,716
45,442

201,353
199,937
201,287
203,814
204,944
208,386
210,654
211,600
213,038
214,690
217,490

21,577
20,416
22,065
23,217
22,385
23,367
23,503
23,415
24,972
25,431
26,372

23,044
23,927
21,863
21 , 5 6 7
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
19,54a
19,475
20,038
20,009

3,497
4,070
3,434
3,132
3,231
3,196
3,230
3,291
2,990
2,686
2,448

45,310
46,359

44,235
45,181

44,508
45,466

214,493
217,747

25,643
26,242

22,151
22,528

19,667
20,118

2,484
2,411

112
99

47,053

44,126

45,969

218,929

26,990

22,543

20,063

2,480

126

TWO WEEKS
ENDING
1985

NOV.

DEC.

6
20 P
4 PE

P---PRELIMINARY
PE—PRELIMINARY ESTIMATE.
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 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 DURING TH£ 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 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.




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

Monetary base

Reserves of depository institutions
total

nonborrowed

required

1984—NOV.
DEC*

38,687
40,129

34,070
36,943

37,994
39,277

198.224
202,020

1985--JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV. PE

40,703
39,878
40,066
41,254
40,643
41,959
42,410
42,596
43,221
43,747
44,620

39,308
38,589
38,473
39,932
39,309
40,754
41,303
41,523
41,932
42,559
42,880

39,958
38,975
39,301
40,516
39,839
41,054
41,554
41,768
42,555
42,994
43,681

200,931
199,542
200,859
203,417
204,535
207,992
210,260
211,233
211,811
212,967
215,730

43,604
44,610

42,529
43,432

42,802
43,716

212,787
215,998

45,244

42,317.

44,160

217,120

TWO WEEKS
ENDING
1985--N0V.

DEC.

P
PE
1/

6
20 P
4 PE

PRELIMINARY
PRELIMINARY ESTIMATE.
FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT
AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.