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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.