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FEDERAL RESERVE statistical release H.3(502) TaWal For n « t w at 4:30 Eastam Tlma tEiiRUAPY AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 21, 1965 Adjusted for change* in raaarva raqulramants1 Avaragaa of dally flguraa, ssaaonalty adjustad unlaas notad otharwlaa Millions of dollars l___-_____^-_____ _ j i Data 1984--JAN. FEB. NAR. APR. HAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1 9 8 5 — JAN. 36,357 37,026 37,099 37,110 37.450 38,290 38,239 38,386 38.143 37,758 38.113 38,709 waaarvaa of daposttory Inatnutlona raqukad nonborrowad nonborrowad plua axtandad cradlt* axoaaa NSA4 Monatary baaa^ Borrowinga of dapoaltory Inatflutlona from tha Fadaral Raaarvi , NSA aaaaonal total axtandad cradH* 35,642 36,459 36,148 35,876 34,462 34,989 32,315 30,369 30,902 31,741 33.495 35,523 30,646 36,464 36,175 35,921 34,499 3b,862 37.323 37,412 37.360 36,798 37,332 38,127 35,744 36,083 36,388 36,619 36,870 37,516 37,626 37,697 37,515 37,138 37,419 37.857 013 943 711 492 580 774 613 689 628 620 693 853 187,484 189,026 189,902 190,587 191,689 193,984 194,617 195,784 196,253 196,185 197,427 198,736 715 567 952 1,234 2,988 3,300 5,924 8,017 7,242 6,017 4,617 3,186 86 103 133 139 196 264 308 346 319 299 212 113 4 5 27 44 37 1,873 5,008 7,043 6,459 5,057 3,837 2,604 39,715 38,321 39,371 38,966 749 200,065 1,395 62 1,050 2 16 30 P 39,453 39,824 39.600 36,763 38,193 38,625 38,800 39,564 39,217 38,246 39,190 38,821 1,^07 634 779 199,190 200,317 199,830 2,691 1,631 976 81 58 63 2,038 1,371 593 13 40,335 38,966 39,954 39,313 1,022 201,593 1,369 60 988 PE 1 TWO WEEKS ENDING 1985-JAN. FEB. PE —PRELIMINARY P E — PRELIMINARY ESTIHATE RESERVES AND HONETARI BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IBPLEHENTATION 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 ABE SUBTRACTED FROM THE ACTUAL SERIES. SIMILARLY, IN ADJUSTING FOB DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTHEN1S TO COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES. 2/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES HITH FEDBRAL RESERVE BARKS (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 RAVING REQUIRED RESERVE BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DIRING 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 HITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SAME NEED TO REPAY SUCH BORROWING PROMPTLY AS THERE IS HITH TRADITIONAL SHORT-TERM ADJUSTMENT CREDIT, THE MONEY MARKET IMPACT OF EXTENDED CREDIT IS SIMILAR TO THAT OF NONBORROWED RESERVES. 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 kXD ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK JiESS ^HE AMOUNT>OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COHPONENT 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 COHPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED EAS1S. 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 HONEY STOCK PLUS THE REMAINING H E M S SEASONALLY ADJUSTED AS A WHOLE. NOTE: HISTORICAL DATA ARE AVAILABLE FKOM THP BANKING SECTION, DIVISION OF KESEAHCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESEKVE SYSTEM, WASHINGTON, D.C. 20551 1/ H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE No.tjjdjusted for^changes In reserve requirements^ , ^ Avaragaa of daily figuraa, not seasonally adjusted Millions of dollars bw*9 Monetary base'I Data total noffoofrowad Raaarva balancaa. with F.FV BankaJ" raqujrad total uaad to aatltty raqutra* reaafv«#| aurpluf*' Nat carryovar of excess or deficit In reserve balances7 * l!l|l||p|l| 40.120 36,366 36,280 37,156 36.522 37,526 37,471 37,264 38,043 38,512 39,235 40,696 39,405 35,799 35,329 35,922 33,533 34,225 31,547 29,247 30,801 32,495 34,618 37,509 39,507 35,423 35,569 36,664 35,942 36,752 36,858 36,575 37,415 37,892 38,542 39,843 192,316 186,672 187,815 190,344 191,084 193,971 195,516 195,077 196,229 196,688 198,771 202,586 21,325 18,<415 19,486 20,353 19,562 20,217 19,891 19,270 20,143 20,099 20,843 21,738 22,578 22,269 20,396 20,152 20,446 20,770 21,134 21,688 21,232 21,875 21,827 22,316 18,795 17,951 16,794 16,802 16,960 17,308 17.579 17,995 17,900 18,413 18,392 18,958 3,782 4,318 3,602 3,349 3,486 3,461 3,555 3,694 3,333 3,462 3,434 3,358 41,126 39,731 40,377 201,350 21,579 23,044 19,547 3,497 2 16 30 P 41,832 41,820 40,373 39,141 40,189 39,397 40,625 41,187 39,594 204,589 203,099 199,235 22,129 22,819 20,378 23,328 22,089 23,828 19,703 19,002 19,995 3,625 3,087 3,833 65 193 153 13 40,541 39,173 39,520 200,005 19,933 24,893 20,608 4,285 112 1984—JAN. FEB. MAR. APR. MAT JUNE JULT AUG. SEPT. OCT. NOV. DEC. 1985—JAN. Vault caah4 of dapoaitory Institutions PE lili 111 llii 111^:1 llffl iliiiMini'u'i'HiHMi'iiiniHiliHil Jiiiii 11 liiSililiiSlillliili'i TffO WEEKS ENDING 1985—JAN. FEB. PB P PBELIHIWABI PE—PRELINIBABY ESTIMATE. 1/ fiEFLECTS ACTUAL BESEBTE BBQOIBEHENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED VITH IHPLEHENTA1ION OF THE MONETARY CONTROL ACT OK OTHEB BBGULATOBT CHANGES TO BESERVE REQUIREMENTS. 2/ CONSISTS OF TOTAL BESEBVES PLUS REQUIRED CLEARING BALANCES AND ADJOSTflENTS TO COMPENSATE FOB FLOAT AT FEDERAL BBSEBYE BANKS PLUS THE CURRENCT COMPONENT OF THE NONET STOCK LESS THE ArtOONT OF VAULT CASH HOLDINGS OF IHBIFT INSTITUTIONS THAT IS INCLUDED IN THE CUBBENCY COMPONENT OF THE HONEY STOCK PLUS, FOR INSTITUTIONS NOT HA7ING REQUIRED RISERVE BALANCES, THE EXCESS OF CUBRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRR, CURRENCT AND VAULT CASH FIGURES ABE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. 3/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLCA1. DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDER 4/ CONTEMPOBANEOUS 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 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 BEQUIRED 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. 7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF TWO-WEEK MAINTENANCE PERIODS. REFLECTS EXCESS (•) OH DEFICIT (-) FttSrihVKS ELIGIBLE TC UE C U H E D FORWARD INTO THE IWO-WEfcK RESERVE MAINTENANCE PELiIOD ENDING ON THE DATE SHOWN. H.3 (502) Tabla 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changas in raaarva raqulramants1 Avaragaa of daily ftfuraa, not aaaaonally adjusted Millions of dollars Data total 1984—JAN. FEB. MAR. APR, HAY JUNE JULI AUG. SEPT. OCT. NOV. DEC. 1985—JAN. Raaarvaa of depository institutions 1 nonborrowad 1 Monataiy baaa raquirad 38,181 36,611 36,616 37,478 36,771 37,801 37,854 37,698 37,881 37,953 38,687 40,129 37,466 36,043 35,664 36,244 33,783 34,500 31,929 29,681 30,640 31,936 34,070 36,943 37,568 35,667 35,905 36,986 36,191 37,027 37,240 37,008 37,253 37,332 37,994 39,277 40,705 39,310 39,956 200,929 2 lb 30 P 41,213 41,426 39,951 38,523 39,795 38,975 40,006 40,793 39,171 203,970 202,705 198,813 13 PE 40,157 38,789 39,136 199,621 PE 1 186,648 186,875 188,150 190,666 191,333 194,246 195,899 196,111 196,067 196,129 198,224 202,020 TWO SEEKS ENDING -._--•—.-.__—_ 1985—JAN. ?Z&. P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS FCH DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.