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loiGOVj FEDERAL RESERVE statiqft»toTfc»afee '••f^L^y H.3 (BOS, FEDERAL RESERVE ftANK Table 1 PHILADELPhl A rtB w AGGREGATE RESERVES AND MEMBER BANK DEPOSITS Average of daily figures Reserves of depository institutions1 total2 Period nonborrowed required Monetary base3 total millions of dollars For Immediate Release FEBRUARY 1 7 , Deposits subject to reserve requirements private demand deposits time and savings net total other interbank billions of dollars 1981 U.S. government demand seasonally adjusted P P P 43,442 43,350 43,669 44,846 44,446 43,959 42,781 40,749 41,517 41,727 41,227 40,131 42,201 41,695 40,846 42,391 43,427 43,580 42,386 40,090 40,206 40,417 39,168 38,441 43,192 43,139 43,483 44,649 44,268 43,756 42,497 40,447 41,262 41,521 40,730 39,579 154.7 155.6 156.7 157.9 158.6 159.0 158.8 158.2 159.5 160.9 160.7 159.8 644.1 647.2 ! 649.1 655.4 656.8 658.0 658.5 667.8 678.2 684.7 694.3 701.8 452.3 ! 454.4 457.9 464.2 467.7 467. 9 467.0 474.2 482.0 486.7 494. 0 504.0 189.5 190.9 189.4 188.7 187.3 188.4 189.1 191.5 194.5 195.6 198.1 196.0 13.6 14.5 15.6 17.2 17.1 16.9 16«6 14.4 15.9 16.5 17.4 17.5 176.0 176.4 173.9 171.5 170.2 171.5 172.5 177. 1 178.6 179.1 180.7 178.4 2.3 1.9 1.8 2.4 1.8 1.7 2.5 2. 1 1.8 2.4 2.2 1.9 P 40,099 38,704 39,555 160.2 703.8 517.4 184.1 16.9 167.1 2.3 P P P P 39,921 40,227 40,399 39,900 38,804 38,895 38,980 38,107 39,257 39,486 39,892 39,500 159.9 160.1 160.5 160.0 708.1 707.9 702.1 698.8 513.3 519.6 516.6 519.0 192.5 186.1 183.1 177.6 16.3 16.5 18.3 16.3 176.1 169.6 164.8 161.2 2.4 2.2 2.4 2.2 4 P 39,977 38,776 39,749 160.3 704.7 522.5 179.9 18.2 161.7 2.3 1980—JAN. FEB. MAR. APR. ' MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. P P P 45,179 43,177 43,096 44,880 43,963 43,472 42,859 40,373 41,164 41,704 41,221 40,619 43,938 41,522 40,273 42,425 42,945 43,092 42,464 39,715 39,852 40,394 39,161 38,929 44,928 42,966 42,910 44,683 43,785 43,268 42,575 40,071 40,908 41,498 40,723 40,067 not seasonally adjusted 652.5 155.9 643.9 154.0 648.0 154.9 657.7 157.5 I 651.5 157.8 656.9 158.6 658.2 159.6 158-0 662.5 159.0 675.6 684.2 160.6 161.5 694.6 710.3 162.5 455.0 455.8 460.6 464.7 467.7 46 7 . 4 466.0 471.8 479.6 485.7 493.0 505.0 195.4 186.2 185.5 190.4 182.1 187.2 190.0 189.0 193.9 196.4 199.6 203.2 14.5 14.3 I 15.2 16.8 16.2 16.6 16.8 14.2 15.8 16.5 18.0 18.2 180.9 172.0 170.4 173.6 165.9 170.6 173.2 174.8 178.1 179.8 181.6 185.0 2.1 1 .8 1.9 2.6 1.7 2.3 2.2 1.7 2.1 2.1 1.9 2. 1 1981—JAN. P 41,569 40,175 41,025 161.1 712.6 520.5 189.9 ^8.1 171.8 2. 1 P P P P 41,038 41,981 42,687 41,051 39,921 40,649 41,268 39,258 40,374 41,240 42,180 40,651 162.4 162.0 161.8 156.9 730.0 719.9 706.7 698.9 518.5 523.2 518. 1 521.0 j 209.4 194.9 186.2 175.8 20.6 18.0 18.0 16.2 188.8 176.9 168.2 159.6 2.2 1.7 2.4 2. 1 4 P 40,449 39,248 40,221 158.9 704.4 523.5 178.6 18.2 160.4 2.3 1980—JAN. FEB. MAE. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1981—JAN. WEEK ENDING l 1981—JAN. FEB. 1 14 21 28 WEEK ENDING : 1981—JAN. FEB. 7 14 21 28 L See reverse side for explanation of footnotes. I H.3 Table 2 AGGREGATE RESERVES AND MONETARY BASE Adjusted for changes in reserve requirements4 Averages of daily figures Reserves of depository institutions total 2 I non borrowed required Period millions of dollars seasonally adjusted Monetary base3 I billions of dollars Reserves of depository institutions required total? ~ T non borrowed millions of dollars not seasonally adjusted Monetary base3 billions of dollars 1980—JAN. FEBMAE. APE. MAY JUNE JULY AUG, SEPT. P OCT. NOV. 5 P P DEC, 37,470 37,399 37,477 37,516 37,485 37,461 37,570 38,050 38,725 38,894 40,057 40,110 36,229 35,744 34,653 35,061 36,467 37,081 37,176 37,392 37,414 37,583 37,997 3a,420 37,219 37,188 37,291 37,319 37,307 37,257 37,286 37,749 38,470 38,687 39,559 39,558 147.8 148.8 149.6 149.7 150.7 151.6 152.7 154.6 155.8 157.2 159.1 159.8 39,054 37,202 36,919 37,533 37,062 37,007 37,665 37,706 38,401 38,876 40,056 40,598 37,813 35,547 34,096 35,077 36,043 36,628 37,270 37,040 37,090 37,565 37,997 38,908 38,803 36,991 36,733 37,336 36,884 36,804 37,381 37,405 38,146 38,669 39,558 40,045 148.9 147.1 147.8 149.3 150.0 151.2 153.5 154.5 155.3 156.9 160.0 162.5 P 40,078 38,683 39,534 160.1 41,548 40,154 41,004 161.0 P P P P 39,900 40,206 40,378 39,879 38,783 38,874 38,959 38,086 39,236 39,465 39,871 3 9,479 159.9 160.1 160.5 160.0 41,017 41,960 42,666 41,030 39,900 40,628 41,247 39,237 40,353 41,219 42,159 40,630 162.4 162.0 161.8 158.9 4 P 39,956 38,755 39,728 160.3 40,428 39,227 40,200 158.9 1981—JAN. WEEK ENDING : 1981—JAN. FEB. 7 14 21 28 P - PRELIMINARY 1/ RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO ADJUSTMENT TO ELIMINATE THE EFFECT OF CHANGES IN REGULATIONS D AND K. PRIOR TO NOVEMBER 13, 1980, THE DATE OF IMPLEMENTATION OF THE MONETARY CONTROL ACT, ONLY THE RESERVES OF COMMERCIAL BANKS THAT WERE MEMBERS OF THE FEDERAL RESERVE SYSTEM WERE INCLUDED IN THE SERIES. SINCE THAT DATE THE SERIES INCLUDE THE RESERVES OF ALL DEPOSITORY INSTITUTIONS. IN CONJUNCTION WITH THE IMPLEMENTATION OF THE ACT, REQUIRED RESERVES OF MEMEER BANK* WERE REDUCED ABOUT 54.3 BILLICN AND REQUIRED RESERVES OF OTHER DEPOSITORY INSTITUTIONS WERE INCREASED ABOUT $1.4 BILLICN. ELECTIVE OCTOBER 11, 1979, AN 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREMENT WAS IMPOSED ON "MANAGED LIABILITIES". THIS ACTION RAISED REQUIRED RESERVES ABOUT $320 MILLION. EFFECTIVE MARCH 12, 1980, THE 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREMENT WAS RAISED TO 10 PERCENTAGE POINTS. IN ADDITION THE BASE UPCN WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS REDUCED. THIS ACTION INCREASED REQUIRED RESERVES ABOUT $1.7 BILLION IN THE WEEK ENDING APRIL 2, 1980. EFFECTIVE MAY 29, 1980, THE MARGINAL RESERVE REQUIREMENT WAS REDUCED FROM 10 TO 5 PERCENTAGE POINTS AND THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS RAISED. THIS ACTION REDUCED REQUIRED RESERVES ABOUT $980 MILLION IN THE WEEK ENDING JUNE 18, 1980. EFFECTIVE JULY 24, 1980, THE 5 PERCENT MARGINAL RESERVE REQUIREMENT CN MANAGED LIABILITIES AND THE 2 PERCENT SUPPLEMENTARY RESERVE REQUIREMENT AGAINST LARGE TIKE DEPOSITS WERE REMOVED. THESE ACTIONS REEUCED REQUIRED RESERVES ABOUT $3.2 BILLION. 2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH E£UAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. 3/ INCLUDES RESERVE 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 AGGREGATES SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, MARGINAL RESERVE REQUIREMENTS, THE INCLUSIONS OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATIONS D AND K. 5/ RESERVE MEASURES FOR NOVEMBER REFLECT INCREASES IN REQUIRED RESERVES ASSOCIATED WITH THE REDUCTION OF WEEKEND AVOIDANCE ACTIVITIES OF A FEW LARGE BANKS. THE REDUCTION IN TH.JSE ACTIVITIES LEADS TO ESSENTIALLY A ONE-TIME INCREASE IN THE AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO BE HELD FOR A GIVEN LEVEL OF DEPOSITS ENTERING THE MONEY SUPPLY. IN NOVEMBER, THIS INCREASE IN REQUIRED RESERVES IS ESTIMATED AT $550 TO $600 MILLION. 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.