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FEDERAL RESERVE statisticat release H.3 (502) For Immediate Relets* Table 1 DECEMBER AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE Adjusted for changes in reserve requirements 1 Averages of daily figures Reserves of depository institutions tota!2 I non borrowed required millions of dollars seasonal!'f adjusted Period 1980—OCT. NOV. DEC- Monetary base3 billions of dollars Reserves of depository institutions totaiz "~| non borrowed I required millions of dollars not seasons lly adjusted 7, 1981 Monetary base3 billions of dollars 38,039 39,187 39,187 36,729 37,128 37,497 37,833 38,666 38,719 155.6 157.7 158.2 38,023 39,189 39,657 36,713 37,130 37,966 37,817 38,668 39,189 155-6 158.7 161.0 39,182 38,948 39,070 39,265 39,542 39,351 39,609 39,88* 40,615 40,266 37,787 37,645 38,070 37,928 37,3t4 37,314 37,930 38,46* 39,158 39,086 38,872 38,672 38,821 39,138 39,367 39,102 39,359 39,681 40,290 40,077 158.7 159.0 159.5 160.5 161.7 161.6 162.7 163.4 164.0 163.9 40,601 38,819 38,590 39,231 39,228 38,964 39,546 39,389 39,997 40,130 39,207 37,516 37,590 37,894 37,000 36,927 37,867 37,970 38,541 38,949 40,291 38,544 38,342 39,104 39,053 38,7T5 39,296 39,187 39,673 39,941 159.6 157.4 157.8 159.9 160.8 161.2 163.3 163.2 163.3 163.8 7 14 21 28 39,993 39,959 40,613 40,438 38,847 38,849 39,358 39,251 39,871 39,692 40,415 40,311 163.2 163.8 164.3 164.3 39,739 39,472 40,886 40,322 38,593 38,362 39,631 39,135 39,617 39,205 40,688 40,195 163.6 164.0 164.4 163.0 4 11 18 P 25 P 40,413 40,008 40,256 40,277 39,176 39,043 39,695 39,940 40,126 39,576 40,062 40,051 164.5 164.1 164.6 164,7 40,360 39,581 40,469 40,313 39,123 38,616 39,908 39,976 40,073 39,149 40,275 40,087 164.2 165.3 165.9 165.7 4/ 1981—JAN. FEB. MAR. APR. HAY JUNE JULY AUG. SEPT. OCT. WEEK ENDING: 1981—OCT. NOV. P - PRELIMINARY 1/ RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND OTHER DEPOSITORY INSTITUTIONS. DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, THE INCLUSION OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION D HAVE BEEN REMOVED. 2/ RESERVE BALANCES HITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. 3/ INCLUDES RESERVE BALANCES AND REQUIRED CLEARING 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 MEASURES FROM NOVEMBER 1980 TO DATE REFLECT A ONE-TIME INCREASE — ESTIMATED AT $550 TO $600 MILLION — IN REQUIRED RESERVES ASSOCIATED WITH THE REDUCTION OF WEEK-END AVOIDANCE ACTIVITIES OF A FEW LARGE BANKS. 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 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 total2 Period nonborrowed required Monetary base3 millions of dollars 1980—OCT, NOV. DEC. 41,704 41,244 40,614 40,394 39,184 38,924 41,498 40,723 40,146 160.6 161.6 162.4 1981—JAN. FEB. MAR. APR. HAY JUNE JULY AUG. SEPT. OCT. 41,535 39,754 39,693 40,291 40,433 40,353 40,917 40,933 40,501 40,622 40,141 38,450 38,694 38,953 38,205 38,316 39,238 39,514 39,045 39,442 41,226 39,478 39,445 40,164 40,258 40,104 40,667 40,731 40,177 40,433 161.0 158.8 159.5 161.6 162.6 163.3 165.4 165.4 163.9 164.3 7 14 21 28 40,254 40,005 41,372 40,773 39,108 38,895 40,117 39,586 40,132 39,738 41,174 40,646 164.2 164.6 165.0 163.5 4 11 18 P 25 P 40,822 40,068 41,160 40,979 39,585 39,103 40,599 40,642 40,535 39,636 40,966 40,753 164.8 165.9 166.7 166.4 WEEK ENDING: 1981—OCT. NOV. 1/ 2/ 3/ RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECT OF CHANGES IN REGULATION D, INCLUDING CHANGES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACI. INCLUDES REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND, BEGINNING NOVEMBER 13, 1980, OTHER DEPOSITORY INSTITUTIONS. UNDER THE TRANSITIONAL PHASE-IN PROGRAM OF THE MONETARY CONTROL ACT OF 1980, THE NET CHANGES IN REQUIRED RESERVES OF DEPOSITORY INSTITUTIONS HAVE BEEN AS FOLLOWS: EFFECTIVE NOVEMBER 13, 1980, A REDUCTION OF $2.8 BILLION; FEBRUARY 12, 1981, AN INCREASE OF $245 MILLION; MARCH 12, 1981, AN INCREASE OF $75 MILLION; MAY 14, 1981, AN INCREASE OF $245 MILLION; AUGUST 13, 1981, AN INCREASE OF $245 MILLION; AND SEPTEMBER 3, 1981, A REDUCTION OF $1.3 BILLION* RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. INCLUDES RESERVE BALANCES AND REQUIRED CLEARING 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.