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FEDERAL RESERVE o'gfiBfe REM*? ^Bi release FEDBRALMSERVEBAW H.3 (502) For Immediate Release Table 1 JULI 6/ 1981 AQQflEQATE RESERVES AND MEMBER BANK DEPOSITS Average of daily figures Reserves of depository institutions1 total2 Period nonborrowed required base3 total millions of dollars Menytw^aank deposits subject to reserve requirementi 'ate demand deposits time and other savings net government interbank billions of dollars —us— seasonally adjusted 678.2 684.7 ! 694.3 701.8 467.7 467.9 467.0 474.2 482.0 486.7 494*1 504.0 187.3 188.4 189.1 191.5 194.5 195.6 198.0 195.* 17.1 16.9 16.6 ' 14.4 15.9 16.5 17.> 17.5 | 170.2 171.5 172.5 177.1 178.6 179.1 180.6 178.4 1.8 1.7 2.5 2.1 1.8 2.4 2.2 1.9 160.2 160.6 161.3 162.2 163.6 703.8 704.3 703.4 711.2 715.0 517.5 523.4 524.7 53%. 1 538.1 184.1 178.8 176.7 177.4 174.7 17.0 17.9 18.1 17.7 17*9 167.0 160.9 158.6 159.7 156.8 2.3 2.1 2.0 2.8 2.2 163.2 162.9 163.6 164.2 712.1 713*8 716.6 715.3 533.2 536.7 538.1 539.3 176.6 175.2 176.0 174.2 16.7 16.9 18.5 19.3 159.8 158.3 157.5 154.9 2.4 1.9 2.5 1.7 163.2 162.9 163.7 164.1 720.0 720.6 719-9 720.1 543.9 544.9 544.0 545.4 173.3 173.8 173.7 173.2 18.3 17.8 18.0 19.3 154.9 15*. 1 155.7 153.9 1980—SAY JO HE JULY AUG. SEPT. OCT. SO?. P DEC. P 44,445 43,959 42,781 40t749 41,517 41,727 41,227 40,132 43,427 43,580 42,386 40,090 40,206 40,417 39,168 38,441 44,267 43,756 42,497 40,447 41,262 41,521 40,730 39,579 158.8 159.1 158.9 158.2 159.4 160.7 160.5 159.5 656.8 658.0 658.5 1 9 8 1 — J AM. FEB. BAB. APB. HAY 40,100 39,757 40,247 40,248 40,809 38,706 38,454 39,248 38,910 38,581 39,556 39,574 39,866 4 0 , 104 40,546 38r584 38,653 38,959 37,926 40,719 40,269 40,730 40,413 P P P P P 667.8 I VZ&K BVOIMG: 6 U 20 27 P P P P 41,055 40,387 40,934 40,849 JUME 3 10 1.7 24 P P P P 40,891 40,492 40,781 . 40,916 1981—HAY 38,937 I 40,646 38,285 40,243 i 38,886 40,492 38,611 40,552 2.9 i 1 9 - 2.2 1.5 not seasonally adjusted 1980—HAY JOKE JULY AUG. SEPT. OCT. MOV. P DEC. P 43,963 43,472 42,859 40,373 41,164 41,704 41,221 40,619 42,945 43,092 ! 42,464 ] 39,715 39,852 40,394 39,161 38,929 43,785 43,268 42,575 40,071 40,908 41,498 40,723 40,067 157.8 158.6 159.6 158.0 159.0 160.6 161.6 162.5 651.5 656.9 1 658.2 662.5 675.6 684.2 694.5 710.3 467.7 467.4 466.0 471.8 479.6 485.7 493.2 505.0 182.1 187.2 190.0 189.0 I 193.9 196.4 199.5 203.2 16.2 16.6 16.8 14.2 15.9 16.5 18.0 13.2 165.9 170.6 I 173.2 174.8 ] 178.0 179.8 181.5 185.0 1.7 2.3 2.2 1.7 2.1 2.1 1.9 2.1 P P P P P 41,569 39,631 39,753 40,217 40,477 40,175 38,327 38,753 38,879 38,249 41,025 39,448 39,372 40,072 40,213 161.0 158.9 159.6 161.7 162.7 712.6 701.5 702.9 713.5 710.0 520.6 524.9 527.8 531.6 538.1 189.9 174.5 173.0 178.9 169.8 18.2 17.7 17.7 17.3 16.9 171.7 156.8 155.4 161.6 152-9 2.1 2.0 2.\ 3.0 2.1 174.2 171.3 169.8 165.6 17.1 16.4 16.8 16.6 157.1 155.0 152.9 149.0 2.7 1.6 2.5 1.6 171.6 172.2 174.1 169.8 13.3 17.2 17.8 17.9 153.2 155.0 156.4 151.9 2.3 1.7 3.8 2.6 1 9 8 1 — J AM. PEB. HAfi. APfi. RAY MEEK BMDIMG: 1981—HAY JUHB _ 6 13 20 27 P P P P 41,425 40,026 40,560 40,246 38,954 41,089 38,292 | 39,928 38,585 ! 40,356 37,323 39,810 163.5 162.6 162.6 162.4 709.0 709.6 710.9 707.6 532.1 536.7 538.6 540.4 3 10 17 24 P P P P 40,100 39,511 j 40,512 40,649 | 38,146 37,304 38,617 38,344 162.1 163.1 163.7 163.3 718.2 719.3 721.9 716.2 544.4 545.4 544.0 543.8 | lee reverse side for explanation of footnotes. 39,855 39,262 40,223 40,285 1 H.3 T*to2 AND MONETARY BASE AGOftEOATf Adjusted for changes in ™Y'TWm W 1 * - l requirements 4 "WZ. Reserves of depository institutions required total 2 " 1 nonborrowed millions of dollars seasonal f adjusted Period Monetary 6esa -* billions of dollars | Reserves of depository institutions nonborrowad^ required millions of dollars not seasonally adjusted total 2 ~ n Monetary b a W 3 billions of dollars 1 9 8 0 — BAT JUNE JULI AUG. SEPT. OCT. NOV. 5 / P P DEC. 37,484 37,460 37,570 38,050 38,725 38,893 40,056 40,110 36,466 37,081 37,176 37,392 37,414 37,583 37,997 38,420 37,306 37,257 37,286 37,748 38,470 38,687 39,559 39,558 150.9 151.7 152.8 154.6 155.7 156.9 159.0 159.5 37,061 37,007 37,665 37,706 38,401 38,875 40,056 46,598 36,043 36,628 37,270 37,048 37,090 37,565 37,996 38,907 36,883 36,804 37,380 37,404 38,145 38,669 39,558 40,045 150.0 151.2 153.5 154.5 155.3 156.9 160.0 162.4 ? P P P P 40,079 39,587 39,981 39,982 40,401 38,684 38,284 38,982 38,644 38,173 39,535 39,404 39,600 39,838 40,137 160.1 160.4 161.4 162.4 163.7 41,548 39,461 39,487 39,951 40% 068 40,153 38,157 38,487 38,613 37,840 41,004 39,278 39,106 39,806 39,805 161.0 158.7 159*7 161.9 162.9 6 13 20 27 P P P P 40,789 40,121 40,423 40,338 38,318 38,387 38,448 37,415 40,453 40,023 40,219 39,902 163.5 163.1 163.6 164.3 41,159 39,760 40,049 39,735 38,688 38,026 38,074 36,812 40,823 39,662 39,845 39,299 163.9 162.9 162.6 162.5 3 10 17 24 P P P P 40,380 39,981 40,270 40,405 38,426 37,774 38,375 38,100 40,135 39,732 39,981 40,041 163.3 163.0 163.8 164.2 39,589 39,000 40,001 40,138 37,635 36,793 38,106 37,833 39,344 38,751 39,712 39,774 162.2 163.2 163.8 163.4 1981—JAN. FEB. BAB. APB. BAY WBBK ENDING: 1981—HAY JUNE 1 P - PRELIMINARY 1/ RESERVES OF DEPOSITORY INSTITUTIONS SEBIBS BEFLECT ACTUAL RBSEBVE REQUIREBENT PEBCBNTAGBS UTTH NO ADJUSTBENT TO ELIBINATE THE EFFECT OF CHANGES IN BEGULATIONS D AND K. PRIOR TO NOVEBBBB 13, 1980, THE DATE OF IBPLEHBNTATION OF THE BONETABY CONTROL ACT, ONLY THE RESERVES OF COfiBEBCIAL BANKS THAT NBBE BEBBEBS OF THE FEDERAL BESERVE SYSTEM MERE INCLUDED IN THE SERIES. SINCE THAT DATE THE SERIES INCLUDE THE BESEBVES OF ALL DEPOSITORY INSTITUTIONS. IN CONJUNCTION HITH THE IMPLEMENTATION OF THE ACT, REQUIRED RESERVES OF BERBER BANKS NBBE REDUCED ABOUT $4.3 BILLION AND REQUIRED RESERVES OF OTHER DEPOSITORY INSTITUTIONS HERE INCREASED ABOUT S1.4 BILLION. ALSO IN CONJUNCTION WITH THE MONETAEY CONTROL ACT, REQUIRED RESEBVES OF CERTAIN NONBEBBEB BANKS AND FOREIGN-RELATED INSTITUTIONS INCREASED PURSUANT XO THE TRANSITIONAL PHASE-IN PROGRAM BY APPROXIBATELI $245 BILLION EFFECTIVE FEBRUARY 18, 1961 AND BI ANOTHBR $245 BILLION EFFECTIVE HAT 20, 1981. EFFECTIVE OCTOBER 11, 1979, AN 8 PERCENTAGE POINT BABGINAL RESERVE RBQUIREBEN1 MAS IMPOSED ON "MANAGED LIABILITIES". THIS ACTION RAISED REQUIRED RESERVES ABOUT $320 MILLION. EFFECTIVE MARCH 12, 1980, THE 8 PERCENTAGE POINT BABGINAL BESEBVE BBQUIBBBENT WAS RAISED TO 10 PSBCBNTAGE POINTS. IN ADDITION THE BASE UPON WHICH THE BABGINAL BESERVE BEQUIBEHENT HAS CALCULATED WAS REDUCED. THIS ACTION INCREASBD RBQUIRED RESERVES ABOUT $1.7 BILLION IN THE WEEK ENDING APRIL 2, 1960. EFFECTIVE BAY 29, 1980, THE BABGINAL RESERVE BEQUIBEHENT WAS REDUCED FBOB 10 TO 5 PEBCENTAGE POINTS AND TBE BASE UPON WHICH THE BABGINAL RESERVE REQUIREHENT WAS CALCULATED HAS RAISED. 1HIS ACTION REDUCED REQUIRED RESERVES ABO0T $980 BILLION IN THE WEEK ENDING JUNE 18, 1980. EFFECTIVE oULY 24, 1980, THE 5 PEBCENT BABGINAL BESEBVE REQUIREMENT ON MANAGED LIABILITIES AND THE 2 PERCENT SUPPLEMENTARY BESERVE BSQUIBEBENT AGAINST LARGE TIME DEPOSITS WERE REMOVED. THESE ACTIGNS REDUCED REQUIRED RESERVES ABOUT $3,2 BILLION. 2/ BESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED BESEBVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED BESEBVES AT OTHER INSTITUTIONS. 3/ INCLUDES RESERVE BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS 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. 4/ B2SEHVE AGGREGATES SEBIES HAVE BEEN ADJUSTED TO BEHOVE DISCONTINUITIES ASSOCIATED WITH THE IBPLEBENTATION OF THE BOHBTAHY CONTROL ACT, MARGINAL RESERVE REQUIREMENTS, THE INCLUSION OF EDGE ACT CORPORATION RESEBVES, AND OTHER CHANGES IN REGULATIONS D AND K. PRIOR TO FEBRUARY 18, 1961, RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED HISTORICALLY TO CONFORM TO THE STRUCTURE OF RESERVE REQUIREMENTS CURRENTLY IN EFFECT. BEGINNING FBBBUARY 18, THE SERIES HAVE BEEN ADJUSTED TO REMOVE THE EFFECTS OF SCHEDULED TRANSITIONAL CHANGES IN RESERVE REQUIREHENTS UNDER THE MCA. 5/ RESERVE MEASURES FOR NOVEMBER 3EFLECT INCREASES IN REQUIRED RESERVES ASSOCIATED WITH THE REDUCTION OF WEEKEND AVOIDANCE ACTIVITIES OF A FEW LARGE BANKS. THE REDUCTION IN THESE ACTIVITIES LEADS TO ESSENTIALLY A CNE-TIBE INCREASE IN. THE AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO BE HELD FOB A GIVEN LEVEL OF DEPOSITS ENTERING THE MONEY SUPPLY. IN NOVEMBER, THIS INCREASE IN REQUIRED RESEBVES IS ESTIHATED AT $550 TO $600 BILLION. NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C., 20551.
@FedFRASER