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FEDERAL RESERVE statistical release ••firsts? For ntlsssa at 4:30 Eastern Tim* H.3 0O2) Tabtol AOQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE JULY 12, 1984 Adfuowd for chanQas In reasrvs roojulremsntacr Avsragos of dairy fIgurea, seasonally adfuatad unless r Millions of dollars tots!1 Date nseenrea of depository institutions required nonborrowsd nonborrowd plus extended credit* excess NSA4 Monetary bsee* Borrowings of dspoaitory Institutions from the Federal Roservi , NSA asasonal •xtsndod credit* total 1983—JUNE JULY AUG. SEPT. OCT. NOV. DEC. 35.051 35,191* 35,218 35,307 35,317 35,245 35,279 33,415 33,741 33,672 33,866 34,473 34,340 34,505 34,373 34,319 34,163 34,380 34,729 34,346 34,507 34,571 34,687 34,772 34,809 34,812 34,716 34,718 480 507 446 498 505 529 561 178,331 179,308 180,127 181,775 182,845 183,949 184,969 1,636 1,453 1,54 6 1,441 844 906 774 1984--JAN. FEB. MAR. APR. HAY JUNE PE 35,502 36,065 36,103 36,104 36,427 37,226 34,787 35,498 35,152 34,870 33,439 33,926 34,791 35,503 35,179 34,914 33,476 35,798 34,889 35,123 35,395 35,614 35,850 36,453 613 942 709 490 577 773 186,940 188,582 188,715 189,658 191,262 193,071 36,226 37,560 33,156 34,595 33,172 36,569 35,739 36,883 487 677 37,359 33,450 36,295 36,27 8 1,081 122 198 190 142 121 96 958 578 491 515 256 6 2 715 567 952 1,234 2,988 3,300 86 103 133 139 196 264 4 5 27 44 37 1,873 191,689 193,595 3,070 2,965 239 257 16 1,974 193,165 3,909 289 7,846 1 171 TWO WEEKS ENDING 1984-JUNE JULY 6 20 P 4 PE i PE—PRELIMINARY ESTIMATE RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR D I S C O N T I N U I T I E S ASSOCIATED MITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR D I S C O N T I N U I T I E S DUE TO CHANGES IN RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT L I A B I L I T I E S , THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL S E R I E S . S I M I L A R L Y , IN ADJUSTING FOR D I S C O N T I N U I T I E S I N THE MONETARY B A S E , REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT ALSC ARE SUBTRACTEC FROM THE ACTUAL S E R I E S . 2/ TOTAL RESERVES NOT ADJUSTED FOR D I S C O N T I N U I T I E S C O N S I S T S OF RESERVE BALANCES MITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES AMD ADJUSTMENTS TO COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO S A T I S F Y RESERVE REQUIREMENTS. SUCH VAULT CASH C O N S I S T S OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY I N S T I T U T I O N S HAVING REQUIRED BESERVE BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES tURING THE MAINTENANCE PERIOD AT I N S T I T U T I O N S HAVING NO REQUIRED RESERVE BALANCES. 3/ EXTENDED CREDIT C O N S I S T S OF BORROWING AT THE DISCOUNT WINDOW UNDER THE TERMS AND CONDITIONS ESTABLISHED FOB THE EXTENDED CREDIT PROGRAM TO HELP DEPOSITORY I N S T I T U T I O N S DEAL HITH SUSTAINED L I Q U I E 1 I Y P R E S S U P E S . BECAUSE THERE I S NOT THE SAME NEED TC REPAY SUCH BORROWING PROMPTLY AS THERE I S HITH TRADITIONAL SHORT-TERM ADJUSTMENT C R E D I T , THE HONEY MARKET IMPACT CF EXTENDED CREDIT I S SIMILAR TO THAT OF NOBBORRCHED RESERVES. 4/ RESERVE BALANCES HITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO S A T I S F Y RESERVE REQUIREMENTS LESS REQUIRED R E S E R V E S . 5/ THE MONETARY BASE NOT ADJUSTED FOR D I S C O N T I N U I T I E S C O N S I S T S OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COHPOIENT CF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT I N S T I T U T I O N S THAT I S INCLUDED IN THE CURRENCY COMPONENT OF THE HONEY STOCK P L U S , FOR I N S T I T U T I O N S NOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVEP THE MOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER TIIE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASUBED OVER THE MONDAY-ENDING COMPUTATION PERIOD PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ABE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN BY COMPONENT, AND EXCESS RESERVES I S ADDED ON A NOT SEASONALLY ADJUSTED B A S I S . AFTER CRR, THE SEASONALLY ADJUSTED S E R I E S C O N S I S T S OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED B A S I S * PLUS THE SEASONALLY ADJUSTED CUBBENCY COMPONENT OF THE HONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WflOLE HOTE: HISTORICAL DATA—INCLUDING CORRECTIONS TO HISTORICAL DATA PREVIOUSLY RELEASED FOR THE PERIOD FROM 1 9 5 9 TO I 9 6 0 — A R E J I ^ r l ^ w P R . V o L c i N K I M G S E C T I 0 N ' D I V I S I O N OF RESEARCH AND S T A T I S T I C S , BOARD OF GOVERNORS OF THE FEDERAI RESERVE SYSTEM, 1/ WASHINGTON, D.C 20551. H3(502) Table 2 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not'adjusted for changes in reserve requirements_] Averages'o7 dally figures, not seasonally adjusted Millions of dollars Vault cash4 Reserves of depository institutions Monetary base21 Date total nonborrowed Reserve balances with F.R. Banks? total required used to satisfy required reserve** Net carryover of excess or deficit in reserve balancer7 surplus* I ijangm 1983—JUNE JULY AUG. SEPT. OCT. NOV. DEC. 38,415 38,948 36,661 37,916 38,137 3e,144 38,894 36,779 37,495 37,114 36,475 37,294 37,239 38,120- 37,934 38,440 38,214 37,418 37,633 37,615 38,333 183,145 185,303 185,398 185,112 186,598 188,971 192,359 21,807 22,139 21,965 20,585 21,059 20,943 20,986 20,098 20,413 20,035 20,798 20,471 20,558 20,755 16,607 16,808 16,695 17,331 17,078 17,201 17,908 3,491 3,604 3,340 3,467 3,393 | flfinifij E \\ | 3.356 [J 2,847 | 1984—JAN. FEB. MAR. APR. HAY JUNE PE 40,120 36,365 36,278 37,154 36,519 37,513 39,405 35,798 35,326 35,920 33,531 34,212 39,507 35,423 35,569 36,664 35,942 36,739 192,301 186,672 187,813 190,340 191,081 193,912 21,325 18,414 19,484 20,351 19,560 2C,210 22,578 22,269 20,396 20,152 20,446 20,770 18,795 17,951 16,794 16,802 16,960 17,302 3,782 4,318 3,602 3,349 3,486 3,467 1 jl8|l | | | I Alii iiipiPllilllil JUL! iiiiii 1399119 plifliiili™ TWO WEEKS ENDING 198U—JUNE iiliili 6 20 P 4 PE 36,352 37,885 33,282 34,920 35,865 37,208 191,645 194,736 19,329 20,601 20,570 20,604 17,023 17,284 3,547 3,320 37,688 33,779 36,608 194,119 20,192 21.121 17,496 3,625 liliilliBiH P PRELIMINARY P R — PRELIMINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES. WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED HITH IMPLEMENTATION OF THE MONETARY CONTROL ACT Ofi OTHER REGULATORY CHANGES TO RESERVE REQUIREMENT. 2/ CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTHENTS TC COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE HONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE HONEY 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 CBR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. 3/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLCAT. 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 AT FEDERAL RESERVE EANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED 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 CN THE BASIS OF 1HO-NEEK MAINTENANCE PERIODS. REFLECTS EXCESS <•) OS DEFICIT (-) RESERVES ELIGIBLE TC BE CARRIED FORWARD INTO THE TWO-WEEK RESERVE MAINTENANCE PERIOD ENDING ON THE DfcTE SHOWN. 109 -41 108 H3(502) Tabl*3 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted foe changes in raaarv* r*qulr*manta* Av*rag*s of daily ftgur**, not seasonally adjusted of Oat* total R*s*rv*s of depository Institutions nonborrowad Monetary baa* raqulrad 1983—JUNE JULY AUG SEPT, OCT, MOV. DEC- 34,444 34,978 34,713 35,008 35,313 35,350 35,997 32,808 33,525 33,167 33,567 34,469 34,445 35,223 33,964 34,470 34,266 34,510 34,808 34,821 35,436 178,164 160,182 180,140 161,238 182,672 185,035 188,231 1984 — JAN. FEB. MAR. APR. HAV JUNE PE 37,303 35,654 35,630 36,464 35,763 36,751 36,588 35,087 34,678 35,231 32,775 33,451 36,690 34,712 34,921 35,974 35,186 35,978 188,100 185,931 167,165 189,650 190,325 193,151 35,559 37,133 32,489 34,168 35,072 36,456 190,852 193,983 36,933 33,024 35,852 193,364 TWO WEEKS ENDING 1984—JUNE JULY 6 20 P 4 PE P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ FIGURES REPLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OP THE MONETARY CONTROL ACT AMD OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.