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FEDERAL RESERVE statistical release H.3 (502) For Immediate Release Table 1 JULY AGGREGATE RESERVES AND MEMBER BANK DEPOSITS ~7, 1981 Average o fd auv "I fr.gures Reserves o dePOSitOry InStitUtiOnS tota12 Period nonborrowedl required Monetary base3 total millions of dollars Vlember tun deooslt!; subiect to reserve re uorements provate demand deposits u.s. t1meand 1 _] other savings total government net demand interbank billions of dollars I I I I seasonally adjusted 1980--JUNE ,lULY AUG. :iEPi. ocr. NOV. DEC. p p B81--JAN.• fEB. l'IAB. AP&.. l'IAY JUNE p ? p p ? p 194.5 195.6 198.0 195.9 16.9 16.6 14.4 15.9 16.5 17.3 17.• 5 171.5 172.5 177.1 178.6 179.1 180.6 17a.4 1. 7 2.5 2. 1 1. 8 2. 4 2. 2 1. 9 517 .s 523.4 524.7 531.1 538.1 545.6 184.1 178.8 176.7 177.4 174.7 173.3 17.0 17.9 18.1 17.7 17.9 18.2 167.0 160.9 158.6 159-7 156.8 155.2 2.3 2. 1 2.0 2. 8 2-2 720.0 720.6 719.9 719.9 543.9 544.9 544.0 545.4 173.3 173.8 173.7 173.1 18.3 17.8 18.0 19.2 154.9 1sa.1 155.7 153.8 2. 9 1. 9 2. 2 1.5 722.1 726.9 728.4 547.9 550.6 553.2 172.6 174.0 172.9 17.9 17.5 17.9 154.6 156.5 155.1 1. 6 2.3 2.3 658.0 658.5 467.9 467.0 188.4 189.1 i~O. ~ 667.8 117'1.2 191. c; 159.4 160.7 160.5 159.5 678.2 684.7 694.3 701.8 482.0 486.7 494.1 504.0 39,866 40,104 110,546 110,499 160.2 160.6 161.3 162.2 163.6 163.8 703.8 704.• 3 703.4 711.2 715.0 720.8 38,886 38,611 40,646 40,243 40,.492 '10,552 163.2 162.9 163.7 164. 1 39,426 39,129 39,376 40,673 40,494 40,542 164.6 164.5 164. 4 43,!159 42,781 40,749 41,517 41,727 41,227 40,132 43,580 42,386 40,0YO 40,206 40,417 39,168 38,'141 43,756 42,497 4U, .... ·; 41,262 41,521 40,730 3Y,579 159. 1 158.9 o.I0,100 39,757 40,247 40,248 40,80Y 110,832 38,706 38,454 39,248 38,910 38,581 38,795 39.556 38,937 39,514 1.. 9 WEEl< ENDING: -----------1981--JUNE 3 10 17 211 p p p p '10,891 110,1192 40,781 40,916 JULY 1 8 15 p p p 41,161 110,995 40,671 3 8, 285 .. not seasonally adjusted 158.6 159.6 158.0 159.0 160.6 161.6 162.5 656.9 658.2 662.5 675.6 684.2 694.5 710.3 467.4 466.0 471.8 4 79.6 485.7 493.2 505.0 187.2 190.0 189.0 193.9 196.4 199.5 16.6 16.8 111.2 15.9 16.5 18.0 203.2 161.0 158.9 159.6 161.7 162.7 163.3 712.6 701.5 702.9 713.5 710.0 719.7 520.6 524.9 527.8 531.6 538.1 545.0 DEC. p 1981--JAN. fEB. l'IAR. APII. l'IAY JUNE p p p p p p 41,569 3Y,631 39,753 40,217 40,477 40,430 40,175 38,327 38,753 38,879 38,249 38,393 41,025 39,448 39,372 40.072 '10,213 40,098 10 ? 17 p 2<1 p 40,100 39,511 40,512 40,649 38,146 37,304 38,617 38,344 39,855 39,262 40,223 40,285 162.1 163.1 163.7 163.3 718.2 719.3 721.9 716.0 544.4 545.4 544.0 543.8 171.6 172.2 174.1 169.7 18.3 17.2 17.8 17.9 153.2 155.0 156.41 151.8 2. 3 1. 7 3.8 2...5 1 p 8 p 15 p 41,318 40,518 110,6211 39,583 38,652 39,329 40,830 40,017 40,1195 164.0 166.2 165.5 721.9 730.6 728.8 547.3 550.6 551.6 172.8 177.7 175.3 18.7 18.2 18.4 154.2 159.'1 156.9 1. 7 2.3 1.9 OCl. i> NU'I. 43,092 42,464 39.715 39,852 '10,394 43,268 42,575 40,071 40,908 41,498 40,723 40,067 43,4 72 42,859 40,373 41,164 41,704 101,221 '10,619 1980--JUNE JULY AUG. SEPT. 39,161 38,929 18.2 170.6 173.2 174.8 178.0 179.8 181.5 185.0 2.3 2. 2 1-7 2. 1 2.1 1.9 2. 1 189.9 174.5 173.0 178.9 169.8 172.2 18.2 17.• 7 17.7 17.3 16.9 17..8 171.7 156.8 155.4 161.6 152.9 154.4 2.1 2.0 2.1 3.0 2. ·1 2.5 WEEK ENDING: -----------JUNE 3 JULI p H.3 Table 2 AGGREGATE RESERVES AND MONETARY BASE Adjusted for changes in reserve requirements 4 "I f 1gures AveraQeS o f dauv Reserves of depository institutions Period total 2 nonborrowed reQuired millions of dollars seasonally adjusted Monetary base 3 !billions of dollars Reserves ~ depository institutions total 2 nonborrowea reqUirea millions of dollars not seasonally adjusted Mo':letary oase 3 Ibill ions of dollars 1980--JUNE JUNE JULY AUG. SEPT. OCl. NOV. 5/ p p DEC. 37,1160 37,1160 37,570 38,050 311,725 38,893 110,056 110,110 31,0 81 37,J81 37,176 37,392 37,11111 37,583 37,997 38,1120 37,257 37,257 37,286 31,1118 38,1110 38,687 39,559 39,558 151.7 151. 7 152. & 1511.6 155.7 156.9 159.0 159.5 37,007 31,007 37,665 37,70o 38,1101 38,875 110,056 110,598 36,628 36,628 31,210 31,0118 37,090 37,565 37,996 38,!107 36,8011 36,8011 31,380 31,11011 38,1115 38,669 39,558 110,0115 151.2 151.2 153.. 5 1511.5 155.• 3 156.9 160.0 162. II p p p p p p 110,079 3:o, 5d7 39,981 3::1,982 q·), 1101 .. 0,321 38,6811 38,2811 38,982 38,61111 38,173 38,2811 39,535 39,11011 39,600 39,838 110,137 39,988 160.1 160.11 161.11 162.11 16.3.• 7 163.9 111,5118 39,1161 39,1187 39,951 :t0,C68 39", 919 110,153 38,157 38,1187 38,613 37 ,8•Hi 31,862 111,0011 39,278 39,106 3!:1,806 39,805 39,587 161.0 158.7 159.7 161.9 162.3 163.11 ? 10 p 17 p 211 p 110,380 39,981 110,270 110,1105 38,1126 3 7, 774 38,375 38,100 110,135 39,132 39,981 110,0111 163.3 163.0 163.8 1611.2 39,589 39,000 110,001 110,138 31,635 36,193 38,106 31,833 39,31111 38,751 39,712 39,174 162.2 ~63. 2 163.8 163.11 1 p 8 p 15 ? 40,650 110,'1811 110,160 38,915 38,618 38,865 110,162 39,983 110,031 1611.7 1611.6 1611.5 110,807 110,007 110,113 39,072 38,1111 38,818 110,319 3.9,506 39,9811 1611.1 166." 165.6 1981--Jlh. FEB. II Ali. APR. IIAY JUNE WEEK ENDING: -----------1981--JUNE 3 JULY P - PRELl III IIARY 1/ RESERVES OF DE?OSITORY INS7IlUllOIIS SERIES REFLECT ACTUAL RESERVE REQUIRE!EII7 PERCENTAGES •ITH 110 ADJUSTIIEN7 TO ELIIIINA:l"E THE EFFECT OF CHANGES IN REGULATIONS D AIID K- PRIOR TO IIOVE!BER 13, 1980, THE DATE Ol l!PLEIIENTATION OF THE !ONETARY CONTROL ACT, ONLY THE RESERVES Ol CCII!ERCIAL BANKS THAT WERE !E!BERS Ol lHE FEDEbAL RESERVE SYSTBII WERE INCLUDED IN THE SERIES. SINCE THAT DA7E THE SERIES INCLUDE XHE RESERVES CF ALL DEPOSITORY INSTITUTIONS. IN CONJUNCTION WITH THE I!PLE!ENTATION 0~ THE ACT, REQUIRED RESERVES OF !E!BER BANKS WERE REDUCED ABOUT Sll.3 BlLLIC I AND REQUIRED RESERVES Ol OTHER DEROSITORY INSTITUTIONS WERE INC~EASED ABOUT S1.11 &ILLlON. ALSO Ill CONJUNCTION WITH THE !ONETARY CONTROL ACT, REQUIRED RESERVES Of CERTAIN NONIIE!BER BANKS AND fOREIGN-nELATED INSTITUTIONS INCREASED PURSUANT TO XHE TRANSITIONAL PHASE-IN PROGRA! BY APPBOXI!AIELY S2115 IIILLION EFFECTIVE FEBRUARY 18, 1981 AND BY ANOTHER S2115 !ILLION ElFECTI~E IIAY 20, 1981. EFfECTIVE OCTOBER 11, 1979, All 8 PERCENTAGE POINT !ARGINAL RESERVE REQUIREUNT WAS IllROSED ON 11 !AHAGED LIABILITIES". THIS ACUON RAISED REQUIRED RESERVES ABOUT S320 !ILLION. EFFECTIVE !ARCH 12, 1980, THE 8 PERCENtAGE ROINT !AiiGINAL RESERVE REQUIRE!ENT WAS RAISED TO 10 PERCENTAGE ROINTS. IN ADDITION THE BASE URON WHICH THE !ARGINAL RESERVE REQUIREIIENT WAS CALCULATED WAS REDUCED. THIS ACTION INCREASED REQUIRED RESERVES ABOUT S1.7 BILLION IN THE WEEK ENDING APRIL 2, 1980. EFFECTIVE !lAY 29, 1980, THE !ARGINAL RESERVE REQUIRE!ENT WAS REDUCED FRO! 10 TO S PERCENTAGE POINTS AND THE BASE UPON WHICH THE !ARGINAL RESERVE REQUIRE!ENT WAS CALCULAtED WAS RAISED. IHIS ~r.rtoN RRDUCED REQUIRED RESERVES ABOUT $980 IIILLION IN THE WEEK ENDING JUNE 18, 1980. EFFECTIVE JULY 211, 1980, THE 5 PERCENT !ARGINAL RESERVE REQUIREIIENT ON !ANAGED LIABILITIES AND T~E 2 ~ER~£NT Sil~?lEHEaT&ai iESEaoE REQUIRE!ENT AGAINST LARGE TillE DEPOSitS WERE REIIOVED. THESE ACTIGNS REDUCED REQUIRED RESERVES ABOUT $3.2 BILLION. 2/ RESERVE BALANCES •ITH FEDEhAL RESERVE BANKS PLUS VAULT CASH A~ INSTITUTIONS WI7H REQUIRED BESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTI~UTIONS. 3/ INCLUDES RESERVE BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK RLUS VAULT CASH HELD TWO WEEKS EARLIER USED TO SA~ISEY RESERVE REQUIRE!ENTS 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. II/ RESERVE AGGREGAIES SERIES HAVE BEEN ADJUSTED TO RE!OVE DISCONTINUITIES ASSOCIATED WITH XHE IIIPLE!ENTATION OF THE !ONEiARY CONTROL ACT, IIARGINAL RESEiVE REQUIREIIENTS, THE INCLUSION OF EDGE AC1 CORRCRATION BESERVES, AND OTHER CHANGES IN REGULATIONS D AND K. PRIOR TO FEBRUARY 18, 1981, BESE~VE AGGREGATES SERIES HAVE BEEN ADJUS1ED HI:iTORICALLY TO CONl'ORl! 10 THE STRUCJ:URE 01' RESERVE REQUIRE!EHi:i CURliENUY IIi ElFECT. BEGINNING FEBRUARY 18, THE SERIES HAVE BEEN ADJUSTED TO REIIOVE THE EFFECTS 01' SCHEDULED 1RANSIT10NAL CHANGES IN RESERVE BEQUIREIIENTS UNDER THE IICA. 5/ RESERVE l!EASURES FOR NOVEI!BER REFLECT INCREASES IN REQUIRED RESERVES ASSOCIATED WITH THE REDUCTION OF WEEKEND AVOIDANCE ACTIVIT~ES OF A FEW LARGE BANKS. THE REDUCTIOii IN THESE ACTIVITIES LEADS TO ESSENTIALLY A ONE-TI!E INCREASE IN Tit::· A"V·ERAGE LEVEL OF REQUIBED .iESERVES THU NEED TO BE HELD FOB A GIVEN LEVEL 01' DEROSITS ENTERING THE !ONEY SU?PLY. IN NCVE!BER, THIS INCREASE IIi REQUIRED RESERVES IS ESli!AXED AT $550 XO $600 !lLLION. NOTE: HISTORICAL DA".a,,U.E AVAILABLE FRO! 7HE BANKING SECTION, DIVISION OF RESEARCH AND STATISUCS, BOARD O.F GOVERN01ir, OF THE FEDERAL RESERVE SYSTE!, WASHINGTON, D.C., 20551.
@FedFRASER