Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : January 5, 1987

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FEDERAL RESERVE statistical release

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H.3 <809
TsMs 1

For HoH— at 4:30 EaiUm Tim
JABOABT

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE

5,

1987

Adjusted forohangssInf
A m ngm off doHy Mgum, i

Rsssnns of depository Institutions

Borrowings of dsposltory Institutions
from ths Fsdsrsl Wsssrvs, N8A

1985— D1C.

# 5 ,6 1 2

4 4 ,2 9 4

4 4 ,7 9 3

4 4 ,5 5 4

1 ,0 5 8

2 1 6 ,7 2 1

1 ,3 1 8

56

4 99

1986— JAM.
FSB.
MAB.
APB*
MAT
JO MS
JOLT
AUG.
SE P T .
OCT.
MOV*
DSC. PS

4 5 ,8 8 1
4 6 ,3 7 0
4 6 ,8 6 5
4 7 ,2 7 5
4 8 ,5 7 7
4 9 ,4 4 5
5 0 ,4 8 9
5 1 ,3 1 8
5 1 ,8 0 9
5 2 ,4 0 1
5 3 ,8 2 3
5 5 ,7 4 4

4 5 ,1 1 1
4 5 ,4 8 6
4 6 ,1 0 4
4 6 ,3 8 3
4 7 ,7 0 1
4 8 ,6 4 2
4 9 ,7 4 8
5 0 ,4 4 6
5 0 ,8 0 1
5 1 ,5 5 9
5 3 ,0 7 1
5 4 ,9 1 8

4 5 ,6 0 8
4 5 ,9 7 8
4 6 ,6 2 2
4 7 ,0 1 7
4 8 ,2 8 5
4 9 ,1 7 2
5 0 ,1 2 6
5 0 ,9 1 1
5 1 ,3 7 1
5 2 ,0 5 6
5 3 ,4 8 9
5 5 ,2 2 0

4 4 ,7 7 1
4 5 ,2 7 2
4 5 ,9 6 8
4 6 ,4 7 4
4 7 ,7 3 9
4 8 ,5 1 4
4 9 .5 7 9
5 0 .5 7 9
5 1 ,0 8 3
5 1 ,6 5 5
5 2 ,8 4 5
5 4 ,2 3 1

1,111
1 ,0 9 7
896
801
838
931
910
740
726
746
978
1 ,5 1 3

2 1 8 ,4 0 4
2 1 9 ,7 8 8
2 2 1 ,2 6 2
2 2 2 ,3 5 9
2 2 4 ,9 0 4
2 2 6 ,6 3 1
2 2 8 ,3 0 0
2 3 0 ,5 8 7
2 3 1 ,6 3 4
2 3 3 ,4 3 9
2 3 5 ,9 2 1
2 3 9 ,5 6 1

770
884
761
893
876
803
741
872
1 ,0 0 8
841
752
827

36
56
73
94
108
116
144
137
99
70
38

497
492
518
634
58 4
531
378
465
57 0
497
41 8
303

5
19

5 2 ,8 7 9
5 3 ,7 2 2

5 1 ,9 8 1
5 2 ,9 1 1

5 2 ,4 5 7
5 3 ,3 4 8

5 2 ,0 6 5
5 2 ,8 0 5

814
916

2 3 4 ,4 5 4
2 3 5 ,7 1 3

899
811

68

476
437

3
17 P
31 PS

5 4 ,3 8 0
5 4 ,4 7 9
5 7 ,3 0 2

5 3 ,7 7 0
5 3 ,9 6 5
5 6 ,1 1 6

5 4 ,1 3 8
5 4 ,2 7 5
5 6 ,3 9 8

5 3 ,2 5 0
5 3 ,7 1 6
5 4 ,9 5 7

1 ,1 3 0
762
2 ,3 4 5

2 3 6 ,8 5 4
2 3 7 ,1 3 1
2 4 2 ,5 7 1

610
514
1 ,1 8 6

63
34
37

368
310
282

68

T iO BBBKS
BMDIM6
1 9 8 6 - MOV*

ABC.

93

P B B L IB IB A B T
pfl— P B B L IB IB A B T B ST IAA T B
BBSBSVSS AMO AOBBTABX BASS PIGOBBS ISCOBPOBATB ADJOSTHSMTS FOB D ISC O M TIM O ITIBS ASSOCIATED V IT H TAB IB P LB A B B T A T IO B OP THB
HOMSTABX COMTBOL ACT AMD OTHBB BEGOLATOBX CAAMGES TO BBSSBVB BBQOIBBABHTS. TO ADJOST FOB D IS C O H T IB IU T IS S DOB TO C8AM6BS I B
BBSBBVB BBQOIBBBSMTS OM BBSBBVABLB VOMDSPOSIT L I A B I L I T I E S , THB SOfl OP SOCH BBQOIBBD BSSBBVSS ABB SOBTBACTBD FBOfl THB ACTOAL
S B B IB S . S IB IL A B L T , I B ADJOSTIBG FOB D IS C O B T IS O IT IB S I B THS HOMBTABI B A SE , BBQOIBBD CLBABIMG BALABCBS AMD ADJOSTASBTS TO
COHPBBSATB FOB FLOAT ALSO ABB SOBTBACTBD FBOfl THS ACTOAL S B B IB S *
2
TOTAL BSSBBVSS MOT ADJOSTBD FOB D IS C O S T IM O IT IS S CO■S IS T S OF BBSSBVB BALABCBS S IT H FBDBBAL BBSBBVB BABKS (BHICH SIC LO DE
BBQOIBBD CLSABIBG BALABCBS ABD ADJOSTHSBTS TO COBPBBSATB FOB FLOAT) PLOS VAOLT CASH OSBD TO S A T I S F I BBSBBVB BSQOIBBASBTS*
SOCH VAOLT CASH COBSISTS OF AL L VAOLT CASH HBLD DOBIBG THB LAGGBD COHPOTATIOB PSB IO D BX IM ST IT O T IO M S HAVIBG BBQOIBBD BBSBBVB
BALABCBS AT FBDBBAL BBSBBVB BABKS PLOS THB ABOOBT OF VAOLT CASH BQOAL TO BBQOIBBD BSSBBVSS DOBIBG THB HAIMTBMAHCB PBBIOD AT
IB S T IT O T IO B S HAVIBG BO BBQOIBBD BBSSBVB BALABCBS*
3/
SXTBBDSD
CBSD IT COBSISTS OF BOBBOBIBG AT THB DISCO0HT BIBDOB OBDSB THB TBBHS ABD COMDITIOMS BSTAB LISABD FOB THB BXTBBDSD
C BSD IT PBOGBAB TO HELP DBPOSITO BI IB S T IT O T IO B S DBAL B IT S SOSTAIBBD L IQ O ID IT X PBESSOBES.
BBCAOSB THBBB I S HOT TAB SABS I BSD TO
BSPAX SOCH BOBBOBIBG PBOHPTLT AS THBBB I S WITH T BADITIO H AL SAO BT-TBBA ADJOSTHSBT C B B D IT , THS HOHBI AABKET IH PACT OF SXTBBDSD
CBBDIT I S S IH IL A B TO THAT OP BOBBOBBOVBD BSSBBVSS.
4/
BBSSBVB BALABCBS SITH FBDBBAL BBSBBVB BABKS PLOS VAOLT CASH OSBD TO SA T IS P X BBSSBVB B S Q O IB S H S B T S L S S ft BSQODtBD RBSEBVBS.
5/
THB BOBBTABT BASS SOT ADJOSTBD FOB D IS C O B T IB O IT IB S C O BSIS T S OF TOTAL BBSBBVBS PLOS BBQOIBBD CLSA&XBC BALABCBS ABD ADJOSTHSBTS
TO COBPBBSATB FOB FLOAT AT FBDBBAL BBSBBVB BABKS PLOS THB COBBBBCT COHPOBBBT OP THS HOBBT STOCK L E S S THS ABOOBT OF VAOLT CASB
HOLDIBGS OF TH B IPT IB S T IT O T IO B S THAT I S IBCLODSD I B THS COBBBBCT COHPOBBBT OP TAB HOBBX STOCK P L O S , FOB IB S T IT O T IO B S SOT HAVIBG
BBQOIBBD BBSBBVB BALABCBS, THB BXCSSS OF COBBBBT VAOLT CASH OVSB THS ABOOBT A P P L IS D TO SA T ISPX COBBSBT BBSSBVB BBQOIBBBSBTS*
APTBB THS IHTBOOOCTIOB OF CBB, COBBBBCT ABD VAOLT CASH FIGOBBS ABB HBASOBBD OVSB THB HOMDAX-SBDIBG COHPOTATIOB P S B IO D .
P B IO B TO C B B , ALL COAPOBEBTS OF THB BOBBTABT BASS OTHBB THAB BXCBSS BBSBBVBS ABB SBASOBALLX ADJOSTBD AS A BHOLS, BATBBB TBAB
BT COHPOBBBT, ABD EXCESS BESEBVBS I S ADDBD OB A BOT SSASOBALLT ADJOSTBD B A S IS .
AFTBB CBB, TAB SEASONALLY ADJOSTBD S B B IB S
COBSISTS OF S E A S0 9A L L I ADJOSTBD TOTAL HESBBVES (WHICH IBCLODBS EXCESS BBSBBVBS OB A BOT SSASOBALLT ADJOSTBD B A S IS ) PLOS TBB
SEASONALLI ADJOSTBD CUBBEKCT COMPONENT OF THE HONET STOCK PLOS THB B E A A IA IB G ITEMS SSASOBALLT ADJOSTBD AS A HAOLE.
BOTE: H IS T O H IC A L DATA ABE A V A ILA B L E FBOfl THE BANKING S E C T IO N , D IV IS IO N OF BESEABCH AND S T A T IS T I C S , BOABD OF GOVEBNOBS OF THB
FEDERAL BESEBVE S IS T E H , WASHINGTON, D, C . 20551

V

/




AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND TH E MONETARY BASE
Not adjusted for*changes in reserve requirements^
Averages of daily figures, jiot seasonally adjusted
Millions of dollars
Reserves of depository institutions

Vault cash4
Monetary
baselF

Date
total

nonborrowed

Reserve balance^
with F.R. Banka3^

required

total

used to satisfy
required
reserves91

surplus8

1 9 85— DEC.

4 8 ,1 4 2

4 6 ,8 2 4

4 7 ,0 8 5

2 2 3 ,5 3 4

2 7 ,6 2 0

2 2 ,9 5 6

2 0 ,5 2 2

2 ,4 3 4

1 9 8 6 — JA I .
FEB.
MAE*
A PB .
M AI
JU IB
JU LT
AUG.
SEPT.
OC T.
HOY.
DEC. PE

4 8 ,0 6 0
4 6 ,6 5 2
4 7 ,2 7 4
4 8 ,8 8 2
4 8 ,4 1 9
4 9 ,9 3 8
5 1 ,0 2 9
5 1 ,2 7 7
5 3 ,1 8 9
5 4 ,6 2 3
5 6 ,3 9 9
5 9 ,6 7 0

4 7 ,2 8 9
4 5 ,7 6 8
4 6 ,5 1 3
4 7 ,9 8 9
4 7 ,5 4 3
4 9 ,1 3 5
5 0 ,2 8 8
5 0 ,4 0 5
5 2 ,1 8 0
5 3 ,7 8 2
5 5 ,6 4 7
5 8 ,8 4 3

4 6 ,9 4 9
4 5 ,5 5 5
4 6 ,3 7 8
4 8 ,0 8 1
4 7 ,5 8 1
4 9 ,0 0 7
5 0 ,1 1 8
5 0 ,5 3 8
5 2 ,4 6 3
5 3 ,8 7 7
5 5 ,4 2 1
5 8 ,1 5 7

2 2 1 ,5 8 8
2 1 9 ,5 6 8
2 2 1 ,7 0 3
2 2 4 ,8 7 9
2 2 6 ,1 1 8
2 2 9 ,6 7 6
2 3 2 ,5 4 6
2 3 3 ,3 1 5
2 3 5 ,0 6 7
2 3 7 ,2 5 7
2 4 1 ,2 6 7
2 4 8 ,5 0 4

2 6 ,3 7 3
2 4 ,7 0 0
2 7 ,1 1 4
2 8 ,8 9 2
2 8 ,2 7 9
2 9 ,4 9 9
3 0 ,3 1 3
3 0 ,1 6 5
3 1 ,9 2 2
3 2 ,9 4 7
3 4 ,8 0 3
3 7 ,4 6 2

2 4 ,2 4 5
2 4 ,9 6 2

2 1 ,6 8 7
2 1 ,9 5 2

22 ,6 8 8

20,160

2 2 ,2 3 1
2 2 ,4 7 4
2 2 ,8 0 5
2 3 ,0 9 8
2 3 ,4 5 1
2 3 ,3 8 4
2 3 ,7 5 3
2 3 ,5 4 3
2 4 ,0 7 1

1 9 ,9 9 0
2 0 , 140
2 0 ,4 3 9
2 0 ,7 1 6
2 1 ,2 6 7
2 1 ,6 7 6
2 1 ,5 9 5
2 2 ,2 0 8

2 ,5 5 9
3 ,0 1 0
2 ,5 2 8
2 ,2 4 1
2 ,3 3 4
2 ,3 6 6
2 ,3 8 1
2 ,3 3 9
2 ,1 1 7
2 ,0 7 8
1 ,9 4 7
1 ,8 6 3

5
19

5 4 ,7 6 1
5 6 ,5 1 5

5 3 ,8 6 2
5 5 ,7 0 *

5 3 ,9 4 7
5 5 ,5 9 9

2 3 7 ,2 7 9
2 4 1 ,6 3 9

3 3 ,5 5 7
3 4 ,9 4 5

2 3 ,2 0 8
2 3 ,4 0 5

2 1 ,2 0 4
2 1 ,5 7 0

2 ,0 0 4
1 ,8 3 5

3
17 P
31 PE

5 6 ,9 9 5
5 8 ,2 7 5
6 1 ,6 3 7

5 6 ,3 8 5
5 7 ,7 6 2
6 0 ,4 5 1

5 5 ,8 6 5
5 7 ,5 1 3
5 9 ,2 9 2

2 4 2 ,6 0 6
2 4 5 ,8 2 0
2 5 2 ,4 5 3

3 5 ,1 8 9
3 6 ,5 5 3
3 8 ,8 5 7

2 3 ,8 7 1
2 3 ,4 5 8
2 4 ,7 2 9

2 1 ,8 0 6
2 1 ,7 2 3
2 2 ,7 8 0

2 ,0 6 5
1 ,7 3 5
1 ,9 4 9

2 1,112

Net carryover
of excees or
deficit
In reserve
balance*71

TWO MEEKS
ENDING
1 9 86— MOW.

DEC.

P----- P B E L IB IN A B T
PE— P B E L IB IB A R I E S T IflA T E .
1/
REFLECTS ACTUAL BESEBFE REQUIREMENTS, IN C LU D IN G THOSE ON NONDBPOSIT L I A B I L I T I E S , B ITH BO ADJUSTBBNTS TO E L IB IN A T E
THE EFFECTS OF D IS C O B T IM U IT IB S A SSO C IATED B ITH IM PLEM EN TATIO N OF THE BOBETABI CONTROL ACT OB OTHEB BBGULATOBY
CHANGES TO BBSEBYE BEQUIBEHENTS.
2/
C O N SISTS OF TOTAL BESEBVES PLUS BEQUIBBD CLEAB IN G BALANCES AND AD JO SfB B BTS TO COBPENSATE FOB F L O A T A T FEDEBAL BBSEBYE
BANKS PLUS THE CUBBBBCT COMPONENT OF THE HOBBI STOCK LESS THE ABOUVT OF VAULT CASH HOLDINGS OF T iU t lF T IN S T IT U T IO N S THAT
I S IBCLUDBD IB THE CUBBBBCT COMPONEBT OF THE HOBBI STOCK P L U S , FOB IN S T IT U T IO N S HOT HAYIBG BEQOIBED BBSEBYE BALABCES, THE
EXCBSS OF CUBBEBT YAULT CASH OYBB THE ABOUBT A P P L IE D TO S A T I S F I CUBBEBT BBSBBVE BEQUIBEHENTS.
AFTBB THE IN TRO D U CTIO N OF
CBB, CUBBBMCX AND VAULT CASH FIG U B B S ABE HBASUBED OVEB THE H O N D AI-BND ING COMPUTATION P E R IO D .
3/
BXCLODBS BEQUIBBD CLEABING BALANCES AND ADJUSTflENTS TO COMPENSATE FOB F L O A T .
4/
DATES BEFBB TO THB HAIBTBBABCE
PB B IO D S IN WHICH THE VAULT CASH CAB BE USED TO S A T IS F Y BBSBBVE BEQUIBEHENTS,
UNDEB
CONTEMPORANEOUS BBSBBVE BEQUIBEHENTS, BAINTBNANCE PBBIODS BND 30 D A IS AFTEB THB LAGGBD COMPUTATION PBBIODS
I N HHICH THB BALANCBS ABB HBLD.
5/
EQUAL TO A L L VAULT CASH HBLD DUBING THB LAGGBD COHPUTATION PB BIO D B I IN S T IT U T IO N S HAVING BEQOIBED BBSBBVE BALANCES
AT FBDBBAL BBSBBVE BANKS PLUS THB AHOUNT OF VAULT CASH EQUAL TO BEQUIBBD BESEBVES DUBING THE BAINTBNANCE PERIO D AT
IN S T IT U T IO N S HAVING NO BEQUIBED BBSEBYE BALANCES.
6/
TO T A L VAULT CASH AT IN S T IT U T IO N S H AVING NO BEQUIBBD BESEBVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO TH E IB
BEQUIBBD BESEBVES DOBING THE MAINTENANCE P E R IO D .
1/
C O N SISTS OF CARRYOVER ONLY AT D EPO SITO R Y IN S T IT U T IO N S M A IN T A IN IN G BESEBVES ON THE B A S IS OF THO—KEEK MAINTENANCE
P E R IO D S .
BEFLECTS EXCESS ( ♦ ) OR D E F IC IT ( - ) RESERVES E L IG IB L E TO BE CARRIED FORWARD IN TO THE THO-HEEK RESERVE
MAINTENANCE PERIOD ENDING ON THE DATE SHORN.




H.3 (502)
Table 3

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND TH E MONETARY BASE
Adjusted for changes in reserve requirements1
Averages of daily figures, not seasonally adjusted
Millions of dollars
Date
total

Reserves of depository institutions
nonborrowed

required

19 85 — DSC*

4 6 ,8 3 9

4 5 ,5 2 0

4 5 ,7 8 1

2 2 0 ,3 6 2

1 9 8 6 — JAM*
FEB*

4 7 ,1 1 3
4 5 ,6 8 4
4 6 ,3 3 8
4 7 ,9 3 6
4 7 ,7 1 2
4 9 ,1 9 8
5 0 ,3 1 9
5 0 ,6 2 2
5 1 ,5 4 6
5 2 ,3 4 1
5 4 ,1 0 7
5 7 ,2 7 0

4 6 ,3 4 2
4 4 ,8 0 0
4 5 .5 7 8
4 7 ,0 4 4
46*8 3 6
4 8 ,3 9 5
4 9 .5 7 8
4 9 ,7 4 9
5 0 ,5 3 8
5 1 ,5 0 0
5 3 ,3 5 5
5 6 *4 4 3

4 6 ,0 0 2
4 4 ,5 8 7
4 5 ,4 4 2
4 7 ,1 3 5
4 6 ,8 7 4
4 8 ,2 6 7
4 9 ,4 0 9
4 9 ,8 8 2
5 0 ,8 2 1
5 1 ,5 9 5
5 3 ,1 2 9
5 5 ,7 5 7

2 1 8 ,7 4 1
2 1 6 ,7 8 4
2 1 8 ,9 8 5
2 2 2 ,1 3 4
2 2 3 ,6 0 8
227*037
2 3 0 ,0 1 9
2 3 0 ,7 5 5
2 3 1 ,5 1 2
2 3 3 ,0 4 0
2 3 6 ,9 1 4
243*818

5 2 ,4 8 9
5 4 ,2 5 6

5 1 ,5 9 0
5 3 ,4 4 5

51*675
5 3 ,3 4 0

2 3 3 ,0 3 3
2 3 7 ,4 0 5

5 4 ,6 5 2
5 5 ,9 4 9
5 9 ,1 5 1

5 4 ,0 4 2
5 5 ,4 3 6

5 3 ,5 2 3
5 5 ,1 8 7

5 7 ,9 6 5

5 6 ,8 0 6

2 3 8 ,0 5 2
2 4 1 ,1 8 6
2 4 7 ,6 8 6

haa*
a

pa,

HAY
JUNE
JULY
AUG*
SEPT*
OCT.
H OY*
DEC* PE

Monetary base

TMO MEEKS
E N D IN G
1 9 8 6 — NOV*

5
19

DEC*

3
17
31

P
PE

P -------P R E L I M I N A R Y
P E --P R E L IH IN A R Y
1/

ESTIM ATE*

F I G U f i E S R E F L E C T A D J U S T M E N T S FOR
A N D OTHER R E G U L A T O R Y C H A N G E S TO




D IS C O N T IN U IT IE S A SSO C IA TE D
RESERVE REQUIREM ENTS*

WITH

TH E

IM P LE M E N T A T IO N

OF

THE

MONETARY

CONTROL

ACT