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FEDERAL RESERVE statistical release H.3 (902) ft* FW ,M e at 4:30 Eastern Time Tablt1 JULY 26, 1984 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in m i f w requirements1 Average* of daily figures, seasonally adiusted unless noted otherwise Millions of dollars total* Oats Rsssrvss of depository Institutions required nonborrowed nonborrowsd plus extended credit* excess Monetary bass* Borrowings of depository institutions from the Federal Reserve, NSA extended credit9 seasonal total NSA4 1983— JUNE JULY AUG. SEPT. OCT, NOV. DEC. 35 ,0 51 3 5 ,1 9 4 3 5 ,2 1 8 3 5 ,3 0 7 3 5 ,3 1 7 3 5 ,2 4 5 3 5 ,2 7 9 3 3 ,4 1 5 33 ,7 41 3 3 ,6 7 2 3 3 ,8 6 6 34 ,4 7 3 3 4 ,3 4 0 3 4 ,5 0 5 3 4 ,3 7 3 3 4 ,3 1 9 3 4 ,1 6 3 3 4 ,3 8 0 3 4 ,7 2 9 3 4 ,3 4 6 3 4 ,5 0 7 3 4 ,5 7 1 3 4 ,6 8 7 3 4 ,7 7 2 3 4 ,8 0 9 3 4 ,8 1 2 3 4 ,7 1 6 3 4 ,7 1 8 480 507 446 498 505 529 561 17 8,331 1 7 9 ,3 0 8 1 8 0 ,1 2 7 1 8 1 ,7 7 5 1 8 2 ,8 4 5 1 8 3 ,9 4 9 1 8 4 ,9 6 9 1 ,6 3 6 1 ,4 5 3 1 ,5 4 6 1,44 1 844 906 774 122 171 198 190 142 121 96 958 578 49 1 515 256 6 2 1984— JAN. FEB. MAP. APR. MAY JUNE 3 5 ,5 0 2 3 6 ,0 6 5 3 6 ,1 0 3 3 6 ,1 0 4 3 6 ,4 2 7 3 7 ,2 3 3 3 4 ,7 8 7 3 5 ,4 9 8 3 5 ,1 5 2 3 4 ,8 7 0 3 3 ,4 3 9 3 3 ,9 3 2 3 4 ,7 9 1 3 5 ,5 0 3 3 5 ,1 7 9 3 4 ,9 1 4 3 3 ,4 7 6 3 5 ,8 0 5 3 4 ,8 8 9 3 5 ,1 2 3 3 5 ,3 9 5 3 5 ,6 1 4 3 5 ,8 5 0 3 6 ,4 6 6 613 942 709 490 577 767 1 8 6 ,9 4 0 1 8 8 ,5 8 2 1 8 8 ,7 1 5 1 8 9 ,6 5 8 1 9 1 ,2 6 2 1 9 3,1 2 4 715 567 952 1 ,2 3 4 2 ,9 8 8 3 ,3 0 0 86 103 133 139 196 264 4 5 27 44 37 1 ,8 7 3 6 20 3 6 ,2 2 6 3 7 ,5 6 2 3 3 ,1 5 6 3 4 ,5 9 8 3 3 ,1 7 2 36 ,5 71 3 5 ,7 3 9 3 6 ,8 8 3 487 679 1 9 1 ,6 8 9 1 9 3 ,5 9 8 3 ,0 7 0 2 ,9 6 5 239 257 16 1 ,9 7 4 4 P 18 PE 3 7 ,3 75 3 7 ,5 4 8 3 3 ,4 6 6 32 ,1 91 3 6 ,3 1 2 3 6 ,8 0 5 3 6 ,3 1 8 3 7 ,0 4 8 1 ,0 5 8 501 1 9 3,323 1 9 4 ,7 6 7 3 ,9 0 9 5 ,3 5 8 289 284 2 ,8 4 6 4 ,6 1 4 TWO WEEKS ENDING 1984—JUNE JULY p-----PR ELIHINABY PE— P B E L IH IN A B I ESTIMATE 1/ BESEBVES AND HONETABY BASE FIGUBES INCORPORATE ADJUSTMENTS POR D IS C O N T IN U ITIE S ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTBOL ACT AMD OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOB D IS C O N TIN U ITIE S DOE TO CHANGES IN RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT L I A B I L I T I E S , THE SUM OF SUCH BEQUIBED RESEBVES ARE SUBTRACTED PROH THE ACTUAL S E R IE S . S IM IL A R L Y , IN ADJUSTING FOB D IS C O N TIN U ITIE S IN THE MONETARY BASE, BEQUIBED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT ALSO ABE SUBTRACTED FROM THE ACTUAL SERIES. 2/ TOTAL RESERVES NOT ADJUSTED FOB D ISC O N TIN U ITIES CONSISTS OP BESEBVE BALANCES HITH PEDEBAL BESEBVE BANKS (WHICH EXCLUDE RSQUIBED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT) PLUS VAULT CASH USED TO SA TIS F Y RESERVE REQUIREMENTS. SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PEBIOD BY IN S T IT U T IO N S HAVING REQUIRED RESERVE BALANCES AT FEDERAL BESEBVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO BEQUIBED BESEBVES CUBING THE MAINTENANCE PERIOD AT IN S T IT U T IO N S HAVING NO REQUIRED RESERVE BALANCES. 3/ EXTENDED CREDIT CONSISTS OF BOBROWING AT THE DISCOUNT WINDOW UNDER THE TERMS AND CONDITIONS ESTABLISHED FOR THE EXTENDED CREDIT PROGRAM TO HELP DEPOSITOBY IN S TITU TIO N S DEAL WITH SUSTAINED L IQ U ID IT Y PBESSUBES. BECAUSE THEBE I S NOT THE SAME NEED TO BEPAY SUCH BOBBOWING PROMPTLY AS THERE I S WITH TRAD ITIO NAL SHORT-TERM ADJUSTMENT C RE D IT, THE HONEY MARKET IMPACT OP BXTENDED CREDIT I S S IM ILA R TO THAT OF NONBOBROWED RESERVES. 4/ BESERVE BALANCES WITH FEDEBAL BESEBVE BANKS PLUS VAULT CASH USED TO SA TIS F Y BESEBVE BEQUIBEMENTS LESS REQUIRED RESBRVES. 5/ THE MONETARY BASE NOT ADJUSTED POR D ISC O N TIN U ITIES CONSISTS OP TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE POR FLOAT AT FEDERAL BESEBVE BANKS PLUS THE CUBBENCY COMPONENT OF THE HONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF TH R IFT IN STITU TIO N S THAT I S INCLUDED IN THE CURRENCY COMPONENT OP THE MONEY STOCK PLUS, POR IN S T IT U T IO N S NOT HAVING REQUIRED BESEBVE BALANCES, THE EXCESS OP CUBRENT VAULT CASH OVER THE AMOUNT APPLIED TO S A T IS P Y CUBBENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVEB THE MONDAY-ENDING COMPUTATION PERIOD. PBIOR TO CRR, ALL COMPONENTS OP THE MONETARY BASE OTHER THAN EXCESS BESEBVES ABE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED B A S IS . AFTER CRR, THE SEASONALLY ADJUSTED SERIES CONSISTS OP SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS BESEBVES ON A NOT SEASONALLY ADJUSTED B A S IS ) PLUS THE SEASONALLY ADJUSTED CURRENCY COHPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. NOTE: H ISTO R IC A L DATA ABE AVAILABLE FROM THE BANKING SECTION, D IV IS IO N OF RESEARCH AND S T A T IS T IC S , BOARD CF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D .C . 20551 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not'adjusted for changes in reserve requirements^1 Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash4 Reserves of depository institutions Monetary base2 Date total nonborrowed Reserve balances with F.R. Bank** total required used to satisfy required reserves5 surplus6 Net carryover of excess or deficit in reserve balances7 ::::::::::::::::::::::: ::::::::::::::::::::::: 1983— JUNE JULY AUG. SE PT. OCT. NOV. DEC. 3 8 ,4 15 38,948 3 8 ,6 6 1 37,916 38,1 37 3 8,144 38,894 36,7 79 3 7 ,4 95 3 7 , 114 3 6 ,4 75 37 ,2 94 37 ,239 38 ,1 2 0 37 ,9 34 3 8,440 38,2 14 37,4 18 37,6 33 3 7,615 38 ,3 33 183,145 185,303 18 5, 39 8 185,112 186,598 18 8, 97 1 192,359 2 1,807 22,1 39 2 1 ,9 65 2 0 ,5 85 21,059 2 0 ,9 43 20,9 86 20 ,098 20 ,413 20 ,0 35 2 0 .7 98 2 0 ,4 71 2 0 ,5 58 20 ,755 16,607 16,808 16 ,6 95 1 7 ,3 3 1 17,078 1 7 ,2 0 1 17,908 19 84— JAN. FEB. MAR. APR. MAY JUNE 40,120 36,365 36,278 3 7 ,154 36,519 37,5 19 39 ,4 05 3 5,798 35,3 26 35 ,9 20 33 ,5 31 34,219 39,507 3 5 ,4 23 35 ,5 69 36 ,6 64 35 ,9 42 36,752 19 2, 30 1 186.672 187,813 190,340 1 9 1, 08 1 19 3 , 9 6 6 21 ,3 2 5 18,414 19,484 20,351 19 ,560 20 ,211 2 2 ,5 78 2 2 ,2 69 20,396 2 0 ,1 52 20 ,4 46 20,7 70 1 8 ,7 95 1 7 ,9 5 1 16,794 1 6 ,8 0 2 1 6 ,9 6 0 1 7 ,3 0 8 3,491 3,604 3,34 0 3.467 3,393 3,356 2,847 3,78 2 4,318 3,60 2 3,349 3,48 6 3,461 TWO WEEKS ENDING 1984— JUNE JULY iiiiiiiliii Ip ii! iiiiiiiiiiiiiiiiiiiiiii illlliiliiillllililiii; iiiiiiiiiii iiHiiiiiiiiiiiliili ::::::::::: iiiiiiiiiiiiiiiiiiiiiii iiiiiiiiiiiiiiiiiiiiiii iiiiiiiiiiiiiiiiiiiiiii iiiiiiiliii Iiiiiiiliii iiiiiiiiiii 111 iiiiiiiiiii :::::::::: ::!!!iiii!i!iii!i!i:i«!«iisp iiiiiiiiii ii1 1 1 8 1 1 1 1 1 iiiiiii !iiiiiiiiiiiiiiiiiiiiiiiiiiiii; 6 20 36,352 3 7 ,8 87 33 ,282 3 4 ,9 23 35 ,865 3 7 ,2 08 191,645 194,738 1 9 ,3 2 9 20 ,603 20,5 70 20 ,604 17,023 1 7 ,2 8 4 3,547 3,320 109 -41 4 P 18 PE 37 ,704 37,975 3 3 ,7 95 3 2 ,6 17 36 ,6 4 7 3 7,474 194,276 197,065 20,191 2 0 ,5 78 21.121 20,708 1 7 ,5 1 3 17,397 3,608 3,311 108 252 P----- PR E L I MI HA BY PE— PR EL IM IN A RY ESTIMATE. 1/ REFLECTS ACTOAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT L I A B I L I T I E S , WITH NO ADJUSTMENTS TO EL IM IN A TE THE EFFECTS OF D I S C O N T I N U I T I E S 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 HONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF TH R I F T I N S T I T U T I O N S THAT I S INCLUDED I N THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR I N S T I T U T I O N S NOT HAVING REQUIRED RESERVE BALANCES. THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT A PP LI E D TO SA TI SF Y 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 I N WHICH THB VAULT CASH CAN BE USED TO S A T I S F Y RESERVE REQUIREMENTS. UNDER CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS I N WHICH THE BALANCES ARE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY I N S T I T U T I O N S HAVING REQUIRED RESERVE BALANCES AT FEDERAL RESERVE BANKS PLOS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT I N S T I T U T I O N S HAVING NO REQUIRED RESERVE BALANCES. 6/ TOTAL VAULT CASH AT I N S T I T U T I O N S HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR REQUIRED RESERVES DURING THE MAINTENANCE PERI OD. 7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITORY I N S T I T U T I O N S MAI N TAI N IN G RESERVES ON THE BASIS OF TWO-WEEK MAINTENANCE PE RIODS. REFLECTS EXCESS ( ♦ ) OR D E F I C I T ( - ) RESERVES E LI G IB LE TO BE CARRIED FORWARD INTO THE TWO-WEEK RESERVE MAINTENANCE PERIOD ENDING ON THE DATE SHOWN. H.3 (502) Tabla 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted (or changas In raaarva raqulremantt’ Avaragas of daily figures, not ssaaonally adjusted MUIIona of dollars Date total Reserves of depository institutions nonborrowed Monetary base required 1 9 8 3 — J UN E JULY AUG SEPT. OC T . NOV. 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 3 5 , 436 178*164 180,182 180,140 181,238 182,672 185,035 188,231 1984 — JAN. FEB. MAR. APf i . HAY JU N E 37,303 35,654 35,630 36,464 35,763 36,758 36,588 35,087 34,678 35,231 32,775 33*457 36,690 34*712 34,921 35,974 35,186 35,991 188,100 185,931 187,165 189,650 190,325 193,204 6 20 35,559 37,135 32,489 34,171 35,072 36,456 190,852 193,986 4 P 18 PE 36,949 37,365 33,040 32,008 35,891 36,865 193,521 196,456 TWO HEEKS ENDING 1 9 8 4 — JUNE JULY P— P t E L I H H iA R i r PE— P B E L IH IM A B Y 1/ ESTIM ATE. PXGOBES REPLE CT ADJUSTMENTS FOR D I S C O N T I N U I T I E S ASSOCIATED 1 * 0 OTHER BEGULATOBT CHANGES TO BESEBVE BEQOIBEMENTS. B IT H THE IBPL EMEHTATION OP THE HOMETABT COBTBOL ACT