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FEDERAL RESERVE statistical release H.3 (502) For Immediate Release Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE Adjusted for changes in reserve requirements 1 Averages of daily figures Reserves of depository institutions total? | nonborrowed required Period millions of dollars seasonally adjusted FEBRUARY 16, 1982 Monetary base 3 [billions of dollars! Reserves of depository institutions total2 | nonborrowed | require?" millions of dollars not seasonally adjusted Monetary base^ [billions of dollars 1981—JAN. FEB. WAR. APR. MAX JUNE JUL'.! AUG. oES'i. OCT. t\CV. 39,077 39,122 39,237 39,410 39,627 39,619 3*,727 3 s , d 10 40,312 40,118 40,150 40,530 37,682 37,818 38,238 38,073 37,399 37,582 38,048 38,390 38,855 38,937 39,487 39,893 38,702 33,771 38,957 39,241 39,370 39,281 39,387 39,513 39,898 39,840 39,805 40,208 158.4 159.1 159.6 160.8 161.4 161.7 162.5 162.9 163.7 163.8 164.3 165.8 40,o65 38,894 38,622 39,273 39,310 39,053 39,636 39,479 40,087 40,219 40,332 41,265 39,271 37,590 37,622 37,935 37,083 37,016 37,957 38,060 38,630 39,038 39,669 40,629 40,291 38,544 38,342 39,104 39,053 38,715 39,296 39,187 39,673 39,941 39,987 40,943 159.6 157.4 157.3 159.9 160.8 161.2 163.3 163.2 163.3 163.8 1fc5.6 1o9.0 1982—JAN. 41,230 39,712 40,330 167.3 42,650 41,132 42,249 168.4 WEEK ENDING: 1962—JAN. 6 13 20 27 P 41,028 40,472 41,969 41,121 39,574 39,472 41,019 38,650 40,402 40,121 41,432 41,005 167. 1 166.2 168. 1 167.6 42,201 41,947 44,307 42,312 40,747 40,947 42,357 39,841 41,575 41,596 43,770 42,196 170.1 168.4 169.8 166.6 FEB. 3 P 10 P 41,760 40,558 39,913 38,894 41,354 40,355 168. 166. 42,242 40,214 40,395 38,550 41,836 40,011 166.8 165.8 P - PRELIMINARY 1/ RESERVE AGGREGAIES I NCLUDE REQUIRED RESERVES OF .MEMBER BANKS AND EDGE ACT CORPORATI ONS AND OTHER DEPOSITORY INSTITUTIONS. DISCOS TINUIIIES ASSOCIATED WITH IH MPLEMENTATION OF THE MONETARY CC NTROL ACT, 1HE INCLUSION OF EDGE ACT CORPORAl ION RESERVES, AND OTHER CHAN JES IN REGULATION D HAVE BEEN REMOV ED. BEGINNING WITH THE WEEK ENDED DECEMbSR 23, 1981, RESERVES AGGREGATE,S HAVE BEEN REDUCED BY SHIFTS OF RESERVABLE LIABILITIES TO ^Nli-RNATIONAL BANKI G FACILITIES (IBFS) . ON THE 3ASIS CF REPORTS OF LIABILITIES TRA NSFERRED TO IBFS BY U.S. COMWERCIAL BANKS AND U.S. AGENCIES AND BRANCHES OF FOREIGN BANKS, IT IS ESTIMATED T HAT REQUIRED RESERVES WERE LOWERED ON AVERAGE Y $10-20 MILLION IN DECEMBER 198 1 AND i40 - 70 J. N J A 5 U A R ? 1332. 2/ RESERVE BALANCES VI H FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING 3ALANC ES) PLUS VAULT CASH AT INSTITUTIONS WITH RE QUIRED RESERVE BALANCES PLUS VAUL1 CASH EQUAL TO REQUIRED RESER VSS AT OTHER INSTITUTIONS. 3/ INCLUi/ES RESERVE BAL ANCES AND REQUIRED CLEARING BALANCES AT FEDERAL RESERVE BANKS I N THE CURRENT WEEK PLUS VAULT CASH HELD TWC WEEKS EARLIER USED 10 SATISF Y RESERVE FEQUIREMENTS AI ALL DEPOS ITORY INSTITUTIONS PLUS CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESE RVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND 5URPLUS VAULT CASH .-,T DEPOSITORY INSTITUTIONS. 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 institutions* Period total2 nonborrowed required Monetary base3 millions of dollars 1981--JAN. FEB. SAP.. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 41,600 39,828 39,725 40,333 40,516 1982--JAN. — — 41,007 41,023 40,591 40,711 40,948 41,9zo 40,205 38,525 38,726 38,995 38,288 38,405 39,328 39,604 39,134 39,531 40,285 «n,2y0 41,226 39,478 39,445 40,164 40,258 40,104 40,667 40,731 40,177 40,433 40,b04 161.0 158.8 159.5 161.6 162.6 163.3 165.4 165.4 163.9 164.3 166.3 41,6U4 TO*. / 43,189 41,671 42,788 169.0 40,442 WEEK ENDING: 1/ 2/ 3/ 1 9 8 2 — JAN. 6 13 20 P 27 ? 42,774 42,524 44,836 42,319 41,320 41,524 43,886 40,348 42,148 42,173 44,299 42,7G3 170.8 169.1 170.4 167.3 FEB. 3 P 10 P 42,738 40,734 40,891 39,070 42,332 40,531 167.5 166.5 iEaERVES 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 ACT. INCLUDES REQUIRED PESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND, BEGINNING NCYEXfaER 13, 1980, OTHER DEPOSITORY INSTITUTIONS. UNDER THE IRANSIIIONAL 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, 199C, A REDUCTION OF $2.8 BILLION; FEBRUARY 12, 1981, AN INCREASE OF $245 MILLION; MAaCH 12, 1981, AN INCREASE OF $75 MILLION; MAY 14, 1981, AN INCREASE OF $245 MILLION; AUGUST 13, 1981, AN INCREASE OF $245 MILLION; SEPTEMBER 3, 1981, A REDUCTION OF $1.3 BILLION; AMD NOT2M3E3 19, 1961, AN INCREASE OF $220 MILLION. BEGINNING WITH THE WEEK ENDED DECEMBER 230 1981, RESERVES AGGREGATES HAVE bEEN"REDUCED BY SHIFTS OF RESERVABLE LIABILITIES TO INTERNATIONAL BANKING FACILITIES (IBFS). ON THE BASIS OF REPORTS OF LIABILITIES TRANSFERRED 10 IBFS BY U.S. CCMMEBCIAL BANKS AND U.S. AGENCIES AND BRANCHES OF FOttLIGN BANKS, IT IS ESTIMATED THAT REQUIRED RESERVES WERE LOWERED ON AVERAGE BY $60-90 MILLION IN DECEMBER 1981 AND $180 - 230 IN JANUARY 1982, MOSTLY REFLECTING A REDUCTION IN RESERVABLE EUROCURRENCY TRANSACTIONS. cLESiaVZ BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULI 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 .xLL DEPOSITORY INSTITUTIONS PLUS CURRENCY OUTSIDE IHS U.S. TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND SURPLUS tMfTT.T ^*^H *T n?.PCSJTORY J.MSTT.TUTIOHS.
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