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''i FEDEAA~~~ERVE t~tM\ statistical release ES£-~'1£. sJt.NI'. fil}i.V.L! l!...Dfl.\)t\\~ Of pH~ H.3 (508) For Immediate Release Table 1 FEBRUAEY 23, 1981 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS Aver- of daily fi!IIJres Reserves of depository institutions 1 total2 Period I Monetary basel req~Jired nonborrowedf total millions of dollars I Deposits subject to reserve requirements private (lemana aeposits timeand I savings otfier total net interbank billions of dollars J I I I lJ:S: -, government demand seasonally adjusted 1980--JAN. ~3.~42 l'EB. ~2, 201 41,695 40,846 42,391 43,427 43,580 112,386 4 o, 090 40,206 40,417 39,168 38,441 43,192 15~.7 '~3,139 43,483 44,649 44,268 43,756 42,497 40,41H 41,262 111,521 40,730 39,579 155.6 156.7 157.9 158.6 159.0 158.8 158.2 159.5 160.9 160.7 159.8 644.1 647.2 649.1 655.4 656.8 658.0 658.5 667.8 678.2 684.7 694.3 701.8 4911.0 504.0 189.5 190.9 189.4 188.7 187.3 188.11 189.1 191.5 194.5 195.6 198.1 196.0 13.6 1 ~- 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. ~ 1.8 1. 7 2. 5 2. 1 1. a 2. ~ 2.2 1.9 ~52.3 CCT. p NOV. DEC. p p ll3,350 43,669 44,846 411,446 43,959 42,781 40,749 41,517 41,727 41,227 40,131 1981--JAN. p 40,099 38,704 39,555 160.1 703.8 517.4 184.1 16.9 167.1 2. 3 14 p 21 p 28 p 39,921 . 40,227 40,399 39,900 38,804 38,895 38,980 • 38,107 39,257 39,486 39,892 39,500 159.9 160.1 160.5 160.0 708.1 707.9 702.1 698.7 513.3 519.6 516.6 519.0 192.5 186.1 183.1 177.5 16.3 16.5 18.3 16.3 176. 1 169.6 16~. 8 161.2 2. 4 2.2 2.4 2.2 4 p 11 p 39,977 39,168 38,776 38,055 39,749 38,998 160.3 159.5 704.9 703.8 522.6 523.4 180.0 178.5 18. 1 16.8 161.8 161.7 2.3 1. 9 MAR. APR. MAY JUNE JULY AUG. SEPT. 454.4 457.9 464.2 467.7 467.9 46 7. 0 474.2 482.0 ~86.7 WEEK ENDING: -----------1981--JAN. 7 FEB. p oot INSOflally adjusted 1980--JAN. FEB. !!Ail. NOV. DEC. p p p : 45,179 • 113,177 43,096 44,880 43,9 63 43,472 42,859 40,373 111,164 41,704 41,221 40,619 1981--JAN. l' 41,569 APR. MAY JUNE JULY AUG. SEPT. CCT. 43,938 41,522 40,273 42,425 43,092 42,4611 39,715 39,852 110,394 39,161 38,929 44,928 42,966 42,910 44,683 43,785 43,268 42,575 40,0 71 40,908 41,498 40,723 40,067 155.9 154.0 154.9 157.5 157.8 158.6 159.6 158.0 159 •. 0 160.6 161.5 162.5 652.5 643.9 648.0 657.7 651.5 656.9 658.2 662.5 675.6 684.2 694.6 710.3 455.0 455.8 460.6 464.7 467.7 467.4 466. a 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 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 40,175 41,025 161.0 712.6 520.5 189.9 18. 1 171.8 2.1 40,374 162.4 162.0 161.8 158.9 730.0 719.9 706.7 . 698.9 518.5 523.2 518.1 521.0 209.4 . 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. q 2. 1 ' 158.9 158.8 704.6 701.8 523.7 5211.9 178.7 175.1 18.1 16.6 160.5 158.5 2.3 1. 8 42,9~5 11EBK ENDING: ----------1981--JAN. 7 I iI p 14 p 21 p 28 p 41,038 111,981 42,687 41,051 39,921 40,649 41,268 39,258 4 p 11 p ;40,449 39,096 ;39,248 37,983 i lEB. ! -· -~-- See reve11111ide for explanation of tootnotes. ~1,240 112,180 .110,6 51 li0,221 38,926 I I ' ! ' •· ~ -·- - ----- ·- ---· -- H.3 Table 2 AGGREGATE RESERVES AND MONETARY BASE Adjusted for changes in reserve requirements" Avei1!QI!S of daily fi!IUres Reserves of depository Institutions Period total2 nonborrowed I reouired millions of dollars seasonally adjusted 37,5 65 37,997 381908 41,548 40, 154 41, 004 161.0 159.9 160.1 160.5 160.0 411017 41.96 0 42,666 ll1,030 391900 40,628 41,247 39,237 40,353 41,219 42,159 40,630 162.4 162.0 161.8 158.9 160.3 159.5 40,428 39,075 39,227 37,962 40,200 38,905 158.9 158.8 38,683 39,534 160.1 401206 40,378 39,879 38,783 38,874 38,959 38,086 39,236 39,465 39,871 39,479 39,956 39,147 38,755 38,034 39,728 38,977 p 40,078 p p p p 391900 4 p 11 p 1981--JAN. 311301 !billions of dollars. 148.9 147.1 147.3 149.3 150.0 151.2 153.5 154.5 155.3 156.9 160.0 162.5 371257 371286 37,749 38,1HO 38,687 39,559 391558 APR. !lAY JUNE JULY AUG. SEPT. cc~. 51 P NOV. P DEC. p 37,219 37,188 37,291 37,319 I Monetary baseJ l 38,803 36,99 1 36,733 371336 36,884 36,804 37,381 37,405 381146 38,669 39,558 401045 39,054 36,229 35,744 34, 653 351061 36,467 37,081 37,176 371392 37,414 37, 5 E3 37,997 38,420 !lAB. !billions of dollars Reserves Of depository mstitut1ons total2 I nonoorrowe<fl reoUir~ millions of dollars not seasonally adjusted 147.8 148.8 149.6 149.7 150.7 151.6 152.7 154.6 155.8 157.2 159.1 159.8 37,470 37, 399 371477 371516 371485 37,461 371570 3 a, o5o 38,725 381894 40,057 40,110 1980--JAN. FEB. I Monetary baseJ 311202 361919 37,813 35,547 34, 096 311533 351017 371062 37100 7 371665 37,706 38,401 38,876 4 0, 056 401598 36,043 36,628 311210 371048 31,090 IIEEK ENDING: -----------1981--JAN. l'EB. P - 1/ 2/ 3/ 4/ 5/ 7 14 21 28 l'RELIIII NARY RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WlTH NO ADJUSTIIEiiT TO ELIIIINATE TEE EFFECT CF CHANGES IN REGULATIONS D AND K. PRIOR TO NOVEIIBER 13, 1980, THE DATE OF :!:!1PLEIIENTATION OF THE IIONETARY CONTROL ACT, ONLY THE RESERVES OF COMifERCIAL BANKS TlfAT WERE MEMBERS OF THE FEDERAL RESERVE SYS'IEII WERE INCLUDED IN THE SERIES. SINCE THAT DATE THE SERIES INCLUDE THE RESERVES OF ALL DEPOSITORY INSTITUTIONS. IN CONJUNCTION WITH THE IIIPLEIIENTATION OF THE ACT, REQUIRED RESERVES OF MEMBER :'ANKS WERE REDUCED ABOUT $4.3 BILLION AND REQUIRED RESERVES OF O'IHER DEPOSITORY INSTITUTIONS WERE INCREASED ABOUT $1.4 BILLION. EFFECTIVE OCTOBER 11, 1979, AN 8 PERCENTAGE POINT MARGlNAL RESERVE REQUIREMENT WAS IIIPOSED ON 11 llANAGED LIABIL.ITIES 11 • THIS ACTION RAISED REQUIRED RESERVES ABOUT $320 IIILLION. EFFECTIVE !lARCH 12, 1980, THE 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREMENT WAS RAISED TO 10 PERCENTAGE PCIN'IS. IN ADDITION THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS REDUCED. THIS ACTION INCREASED REQUIRED RESERVES ABOUT $1.7 BILLION Ii THE WEEK ENDING APRIL 2, 1980. EFFECTIVE !lAY 29, 1980, THE MARGINAL RESERVE REQUIREifENT WAS REDUCED FROM 10 TO 5 PERCENTAGE POINTS AND THE BASE UPON WHICH THE IIARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS RAISED. 'IHIS ACTION REDUCED REQUIRED RESERVES ABOUT $980 MILLION IN THE WEEK ENDING JUNE 18, 1980. EFFECTIVE JULY 24 0 1980, 1'HE 5 PERCEN'I lfAllGINAt RESERVE REQUIRE!IENT CN MANAGED LIABILITIES AND THE 2 PERCENT SUPPLEMENTARY RESERVE REQUIREMENT AGAINST LARGE TIME DEPOSITS WERE REMOVED. THESE AC'IICNS REDUCED REQUIRED RESERVES ABOUT $3.2 BILLION. RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES FLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. INCLUDES RESERVE EALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER OS!D TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS CURRENCY OUTSIDE THE O.S. TREASURY. FEDERAL RESERVE BANKS 0 THE VAULTS OF DEPOSITORY INSTITUTIONS, AND SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS. RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH THE IMPLEifENTATION OF THE MONETARY CONTROL ACT, MARGINAL RESERVE REQUIREMENTS, THE INCLUSIONS OF EDGE lCT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATIONS D AND K. RESERVE MEASURES FCR liOVEIIBER REFLECT INCREASES IN REQUIRED RESERVES ASSOCIA'IED WITH THE REDUCTION OF WEEKEND lVOitlNCE ACTIVITIES OF A FEW LARGE BANKS. THE REDUCTION IN THESE ACTIVITIES LEADS TO ESSENTIALLY A ONE-TIME INCREASE IN TH! AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO BE HELD FOR A GIVEN LEVEL OF DEPOSITS ENTERIRG THE MONEY SUPPLY. IN NOVEMBER, THIS INCREASE IN REQUIRED RESERVES IS ESTIMATED AT $550 TO $600 MILLION. BOTE: DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOA6D CF GOVERNORS OF THE FEDEEAL RESERVE. SYS~EII, WASHINGTON, D.C., 20551. HIS~ORIClL
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