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\A^ %%h^\<#a M FEDEB^LBgSlHVE statistical release For Immediate Release H.3 (502) 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 2 non borrowed required Period millions of dollars seasonally adjusted 1980—NOV. DEC. 4/ . Monetary base3 billions of dollars JANUARY 11, 1982 Reserves of depository institutions totaS2 non borrowed required missions of dollars not seasonally adjusted Monetary base3 billions of dollars 3.9,187 39,187 37,128 37,497 38,666 38,719 157.7 158- 2 39,189 39,6C7 37,130 37,966 38,668 39,189 158.7 161.0 3 9 , 182 38,948 39,070 39,265 39,542 39,351 39,609 39,883 40,615 40,266 40,264 37,787 37,645 38,070 37,928 37,314 37,314 37,930 38,463 39,158 39,086 39,601 38,872 38,672 38,821 39,138 39,367 39,102 39,359 39,681 40,290 40,077 40,005 158.7 159.0 159.5 160.5 161.7 161.6 162.7 163.4 164.0 163.9 164.7 40,601 38,819 38,590 39,231 39,228 38,964 39,546 39,389 39,997 40,130 40,246 39,207 37,516 37,590 37,894 37,000 36,927 37,867 37,970 38,541 38,949 39,583 40,291 38,544 38,342 39,104 39,053 38,715 39,296 39,187 39,673 39,941 39,987 159.6 157.4 157.8 159.9 160.8 161.2 163.3 163.2 163.3 163.8 165.6 4 11 18 25 40,413 40,008 40,125 40,285 39,176 38,999 3?,564 3 ? , 948 40,126 39,576 40,056 40,061 164.5 164.1 164.5 164.7 40,360 39,581 40,338 40,321 39,123 38,572 39,777 39,984 40,073 39,149 40,269 40,097 164.2 165.3 165.8 165.7 2 9 16 P 23 P 30 P 40,667 40,090 41,046 40,972 41,089 40,350 39,472 40,648 40,351 40,206 40,358 39,886 40,926 40,597 40,617 165.2 164.7 166.0 166.4 167.4 40,852 40,039 41,509 41,480 41,920 40,535 39,421 41,111 40,859 41,037 40,543 39,835 41,389 41,105 41,448 166.6 167.4 168.8 169.9 170-4 1981—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. •WEEK E N D I N G : 1981—NOV. DEC. P ~ PBELIMINARY 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 AC!T, THE INCLUSION OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION D HAVE BEEN REMOVED. BEGINNING WITH THE WEEK ENDED DECEMBER 23, 1981, RESERVES AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF RESERVABLE LIABILITIES TO INTERNATIONAL BANKING FACILITIES (IBFS). AN ESTIMATE OF THE SIZE OF THIS IMPACT WILL BE PUBLISHED WHEN AVAILABLE ON THE BASIS OF REPORTS OF LIABILITIES TRANSFERRED TO IBFS BY U.S. COMMERCIAL BANKS AND U.S. AGENCIES AND BRANCHES OF FOREIGN BANKS. / 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. 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 GOVEfiNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D..C. 20551. BOA£D OF H.3 TefaJe 2 A.QQREGATE RESERVES OF DEPOSITORY INSTITUTIONS Not adjusted for changes inreserve;requirements Average of daily figures, not seasonally ariyjgted Reserves of depository institutions* Period totai2 'tonborrowed required I Monetary base3 millions of dollars 1980—NOV. DEC. 41,244 40,614 39,184 38,924 40,723 40,146 161.6 162.4 1981—JANFEB. MAR. APR. MAY JUNE JULY 41,535 39,754 39,693 40,291 40,433 40,353 40,917 40,933 40,501 40,622 40,863 40,141 38,450 38,694 38,953 38,205 38,316 39,238 39,514 39,045 39,442 40,200 41,226 39,478 39,445 40,164 40,258 40,104 40,667 40,731 40,177 40,433 40,604 161.0 158.8 159.5 161.6 162.6 163.3 165.4 165.4 163.9 164.3 166.3 4 11 18 25 40,822 40,068 41,072 40,987 39,585 39,059 40,511 40,650 40,535 39,636 41,003 40,763 164.8 165.9 166.6 166.4 2 9 16 P 23 P 30 P 41,542 40,767 42,237 42,096 42,503 41,225 40,149 41,839 41,475 41,620 41,233 40,563 42,117 41,721 42,031 167.4 158.2 169.7 170.7 171.1 A K* is . SEIT. OCT. NOV. KEEK ENDING: 1981—NOV. DEC- 1/ 2/ 3/ j ! 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 KITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT. INCLUDES REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND, BEGINNING NOVEMBER 13, 1980, OTHER DEPOSITORY INSTITUTIONS. UNDER THE TRANSITIONAL PHASE-IN PBOGBAM OF THE MONETARY CONTROL ACT OF 1980, THE NET CHANGES IN REQUIRED RESERVES OF DEPOSITORY INSTITUTIONS HA?E BEEN AS FOLLOWS: EFFECTIVE NOVEMBER 13, 1380, A REDUCTION OF $2.8 BILLION; FEBRUARY 12, 1961, 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; SEPTEMBER 3, 1981, A REDUCTION OF $1.3 BILLION; AND NOVEMBER 19, 1981, AN INCREASE OF $220 MILLION. BEGINNING WITH THE WEEK ENDED DECEMBER 23, 1981, RESERVES AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF RESERVABLE LIABILITIES TO INTEBNATIONAL BANKING FACILITIES (IBFS). AN ESTIHATE OF THE SIZE OF THIS IMPACT WILL BE PUBLISHED HHEN AVAILABLE ON THE BASIS OF REPORTS OF LIABILITIES TRANSFERS?"*:* TO IBFS BY U.S. COMMERCIAL BANKS AND U.S. AGENCIES AND BRANCHES OF FOREIGN BANKS. RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE BEQUIRED CLEARING BALANCES) PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESEBVES 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.
@FedFRASER