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H.3<502) Table 1 For flsltsie at 4:30 Eastsm Tims JANUABT 3, 1986 AQOREQATE RESERVES OF 1DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements Averages of deity figures, seasonally adjustsd unless noted otherwise Millions of dollars • totap Dsts Reserve of depository institutions required nonborrowed plus nonborrowsd extended credit* i excees NSA4 Monetary best* Borrowings of depository institutions from the Federal Rossrvi , NSA seasonal totsf -" " extended credit* 1984—DEC, 39,081 35,895 38,499 38,229 853 199,032 3,1*36 113 2,604 1985—JAN. FEB. HARAPR. BAY JUNE JULY AUG. SEPT. OCT. NOV. D E C PS 39,635 40,432 40,471 40,710 41,323 42,177 42,606 43,193 43,507 43,651 44,377 45,172 38,240 39,143 38,878 39,387 39,989 40,972 41,500 42,121 42,218 42,464 42,636 43,854 39,290 39,947 39,937 44), 2 5 6 40,522 41,638 42,006 4^,690 42,874 43,093 43,1b7 44,353 • 38,890 39,529 39,705 39,972 40,519 41,272 41,751 42,366 42,841 42,898 43,449 44,116 745 903 766 738 804 905 855 827 666 753 928 1,056 200,206 202,049 202,945 203,562 205,355 207,658 208,831 211,154 212,384 213,456 215,255 217,117 1,395 1,289 1,593 1,323 1,334 1,205 1,107 1,073 1,289 1,187 1,741 1,318 62 71 88 135 165 151 167 221 203 172 107 56 1,050 803 1,059 868 534 665 507 570 656 629 530 499 45,057 44,711 42,130 43,870 42,632 44,394 44,005 43,886 1,052 826 216,213 216,482 2,938 84,1 84 53 503 524 45,703 44,366 44,837 44,398 1,306 218,079 1,BJW 51 472 THO SEEKS ENDING 1985-DEC 1986-JAM. 4 18 P 2 P£ -PBELIMINABY PE—PBELIMINABY ESTIMATE RESERVES AND MOMSTABI BASE FICUBES INCOBPOBATE ADJUSTMENTS FOB DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTBOL ACT AND OTHER BEG0LATOBI CHANGES TO BESEBVE REQUIREMENTS. TO ADJUST FOB DISCONTINUITIES DUE TO CHANGES IN RESERVE REQUIREMENTS ON BESEBYABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ABE SUBTRACTED FBOM THE ACTUAL SERIES. SIMILARLY, IN ADJUSTING FOB DISCONTINUITIES IN THE MONETABX BASE, REQUIBED CLEAB1NG BALANCES? AND ADJUSTMENTS TO COMPENSATE FOB FLOAT ALSO ABE SUBTRACTED FBOM THE ACTUAL SERIES. r f 2/ TOTAL RESERVES NOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF RESERVE BALANCES KITH FEDERAL RESERVE BAHKS (WHICH EXCLUDE REQUIRED CLEABING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT) PLUS VAULT CASH USED TO SATISFY fESERVE REQUIREMENTS, SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DUBING THE LAGGED COMPUTATION PEBIOD BY INSTITUTIONS! HAVING REQUIRED BESEBVE BALANCES AT FEDERAL BESEBVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED BESEBVES DURING THE MAINTENANCE PEBIOD AT INSTITUTIONS HAVING NO REQUIBED BESEBVE BALANCES. j 3/ EXTENDED CBEDIT CONSISTS OF BORROWING AT THE DISCOUNT WINDOW UNDER THE TEBMS AND CONDITIONS ESTkBHSEED FOB THE EXTENDED CBEDIT PBOGBAH TO HELP DEPOSITORY INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PRESSUBBS. BECAUSE TH£jt£ IS NOT THE SAME NEED TO REPAY SUCH BOBBOWING PROMPTLY AS THEBE IS WITH TRADITIONAL SHORT-TERM ADJUSTMENT CBEDIT, THE MONEY MARKET IMPACT OF EXTENDED CBEDIT IS SIMXLAB TO THAT OF NONBOBBOHED RESERVES. I\ V BESEBVE BALANCES WITH FEDERAL BESEBVE BANKS PLUS VAULT CASH USED TO SATISFY BESEBVE REQUIREMENTS LBS6 REQUIRED BESEBVES. 5/ THE. MONETABX BASE NOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF TOTAL BESEBVES PLUS BEQUIBED CLEARING,BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT AT FEDEBAL BESEBVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS*THE AMOUNT OF VAULT CASH HOLDINGS OF THBIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOB INSTITUTIONS NOT HAVING BEQUIBED BESEBVE BALANCES, THE EXCESS OF CUBBEBT VAULT CASH OVEB THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CBB, CUBBENCY AND VAULT CASH FIGURES ABE MEASURED OVEB THE MONDAY-ENDING COMPUTATION PEBIOD. PBIOB TO CBB, ALL COMPONENTS OF THE MONETABY BASE OTHER THAN EXCESS RESERVES ABE SEASONALLY ADJUSTBDUS A IHOLE, BATHEB THAN BY COMPONENT, AND EXCESS BESEBVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CBB, THE SEASONALLY ADJUSTED SERIES CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (NHICH INCLUDES EXCESS BESEBVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CUBBENCY COMPONENT OF THE HONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. NOTE: HISTORICAL DATA ABE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOABDlOF GOVEBNOBS OF THE FEDEBAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 V H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not'adjusted for changes in reserve requirements,, Averages of daify figures, not seasonally adjusted ' • Millions of dollars i Vault cash4 Reserves of depository institutions Monetary base2 Reserve balances with F.R. Banks?- Net carryover of excess or deficit in reserve balances'7. total used to satisfy required reserves5 surplus8 21,738 22,316 18,958 3,358 201,353 199,937 201,287 203,814 204,944 208,386 210,654 211,600 213,038 214,090 217,400 221,909 21,577 20,416 22,065 23,217 22,385 23,367 23,503 23,415 24,972 25,431 26,385 27,601 23,044 23,927 21,863 21,567 21,898 22,160 22,530 22,839 22,465 22,724 22,457 22,956 19,547 19;857 18,429 18,435 18,666 18,985 19,300 19,548 19,47 5 20,038 19,997 20,528 3,497 4,070 3,434 3,132 3,291 2,990 2,686 2,460 2,427 4o,005 46,869 218,057 221,112 27,029 27,501 22,543 22,464 20,028 20,194 2,515 2,270 128^ 74 47,620 223,768 27,884 23,612 21,042 2,570 112 Date total nonborrowed required 1984—DEC 40,69o J7,509 39,843 202,586 1985—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPTOCT. NOV. DEC. PE 41,125 40,273 40,494 41,652 41,051 42,352 42,803 42,963 44,447 45,469 46,382 48,129 39,730 38,984 38,901 40,329 39,718 41,147 41,696 41,890 43,158 44,282 44,o41 40,810 40,380 39,370 J9,728 40,914 40,247 41,447 41,948 42,135 43,782 44,716 43,454 47,073 47,057 47,695 44,129 46,854 48,926 47,588 3,231 llHIIlllllllllllB 3,230 ^^^H^^B 3,196 — TVO WEEKS ENDING 1 9 8 5 — DEC. 1986—JAN, 4 1d P 2 PE P PRELIMINARY PE—PRELIMINARY ESTIMATE. V REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OR OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. 2/ CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY. STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT 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. 3 / EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT. 4/ DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDER CONTEMPORANEOUS 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 » L ! ! f £ ^ ^ L ? t S E f i V S BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING TdE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. 6/ n^ix,^ U «L^ AS " A T 1 N S T I T U T I 0 * S HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR REQUIRED RESERVES DURING THE MAINTENANCE PERIOD. 7/ 5 ? J ? J | ; ! S ° L » ™ I o V ? R ° H L Y A T D E P O S 1 T O f i * INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF TWO-WliEK MAINTENANCE ( # ) «T«2p^«r-5 nSSnn l l ^ S °* D E F I C I T <~> RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WEEK RESERVE MAINTENANCE PERIOD ENDING ON THE DATE SHOWN. • H.3(502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Date total Reserves of depository institutions l nonborrowed I I Monetary base required 1984—DEC- 40,129 36,943 39,277 202,020 1985—JAN. FEB. MAR. APR. HAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. PE 40,703 39,878 40,066 41,254 40,643 41,959 42,410 42,596 43,221 43,747 44,625 46,390 39,308 38,589 38,473 39,932 39,309 40,754 41,303 41,523 41,932 42,559 42,884 45,072 39,958 38,975 39,301 40,516 39,839 41,054 41,554 41,768 42,555 42,994 43,697 45,334 200,931 199,542 200,859 203,417 204,535 207,992 210,260 2\%92^ 211,811 212,967 2 15,643 220,171 45,259 45,968 42,332 45,127 44,207 45,142 216,860 2 19,384 47,194 45,856 . 45,888 222,Q3t> | T¥0 NEEKS ENDING 1985—DEC. 1986—JAN. 4 18 P 2 PE j P PRELIMINARY PE—PRELIH1NARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT ANO OTUER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
@FedFRASER