Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : June 1, 1981

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B>x stafisticai release

FEDERAL RE
#

.

#

H.3 (502)

For Immediate Release

Table 1
^
S
AGGREGATE RESERVES AND MEMBEFKBANK DEPOSITS

JUNE

Average of daily figures
Reserves of depository institutions'
total 2

Period

nonborrowed

Monetary
base 3

required

total

millions of dollars

1 , 1981

Member bank deposits subject to reserve requirements
TI5
private demand deposits
time and
government
other
total
savings
net
demand
interbank
billions of dollars

seasonally adjusted
I
1980—APEMAY
JOKE
JULY
AUG.
SEPT,
OCT.
HO?,
DEC.
1 9 8 1 — JAN.
FEBMAEAPE*

P
P

44,846
44,446
43,959
42,781
40,749
41,517
41,727
41,227
40,131

42,391
43,427
43,580
42,386
40,090
40,206
40,417
39,168
38,441 !

44,649
44,268
43,756
42,497
40,447
41,262
41,521
40,730
39,579

158-0
158.8
159-1
158-9
158.2
159-4
160.7
160-4
159.6

655-4
656.8
658.0
658-5
667.8
678.2
684.7
694.3
701-8

P
P
P
P

40,099
39,758
40,247
40,248

38,704
38,454
39,248
38,911

39,555
39,575
39,866
40,104

160.1
160-6
161-3
162-2

703.8
704,. 3
703-6
711-3

517.4
523.3
524.7
531.1

184.1
178-9
176-9
177.4

40,521
39,447
40,097
40,509
40,786

39,057
38,560
38,955
39,645
38,508

39,871
39,396
39,779
40,505
40,681

162- 1
160.6
161.7
162-9
163-2

703-8
708.6
711-7
712-3
712.3

525*2
527-2
530-8
532-3
533.7

41,054
40,387
40,934

38,583
38,653
38,979

40,718
40,289
40,730

163-2
162.9
163-6

712-2
713.8
716.6

171-5
170*2
171.5
172-5
177-1
178.6
179-1
180-7
178.5

2-4
1*8
1-7
2-5
2.1
1-8
2-4
2.2
1-9

16.9
17.8
18-1
17-7

167-1
161.1
158*8
159.7

2.3
2.1
2-0
2-8

177-2
178.0
177-5
177-8
175.8

18-7
17-8
18-7
17-3
17.7

158-4
160-1
158.8
160-5
158-1

1-5
3-4
3.4
2-2
2-8

533-2
536-7
538-1

176-7
175.2
176.0

16-8
16.9
18-5

159.9
158-3
157-5

2.4
1,9
2-5

464.2
467.7
467.9
467-0
474.2
482-0
486.7
494.0
504-0

!

I

188.7
187-3
188.4
189-1
191.5
194-5
195.6
198.1
196-0

I

17-2
17-1
16-9
16-6
14-4
15.9
16-5
17.4
17.5

!

SEEK ENDING:
1981—APE.

HAY

1
8
15
22
29
6
13
20

P
P
P
P
P
P
P
P

|

i

|

i

not seasonally adjusted
44,880
43,963
43,472
42,859
40,373
41,164
41,704
41,221
40,619

42,425
42,945
43.092
42,464
39,715
39,852
40,394
39,161
38,929

44,683
43,785
43.268
42,575
40,071
40,908
41,498
40,723
40,067

157.5
157-8
158.6
159-6
158-0
159.0
160-6
161-5
162.5

657.7
651-5
656-S
658-2
662-5
675-6
684.2
694.6
710.3

464.7
467-7
4 67*4
466.0
471-8
479-6
485-7
493-0
505.0

190-4
182-1
187„2
190.0
189-0
193-9
196.4
199.6
203.3

16-8
16-2
16-6
16-8
14-2
15-8
16-5
18-0
18.2

173-6
165-9
170-6
173.2
174.8
178-1
179-8
181.6
185-1

2-6
1.7
2-3
2-2
1-7
2-1
2-1
1-9
2.1

41,569
39,631
39,753
40,217

40,175
38,327
38,753
38,879

41,025
39,448
39,372
40,072

161-0
158.9
159-6
161*6

712.6
701-5
703-2
713-5

520.5
524.8
527.9
531.6

189.9
174.6
173.2
178-9

18.1
17-5
17.6
17-3

171-8
157.0
155.6
161-7

2-1
2-0
2.1
3-0

1
8
15
22
29

40,292
38,888
39,938
40,743
41,114

38,828
38,001
38,796
39,879
38,836

39,642
38,837
39,620
40,739
41,009

160-1
160.7
162-0
162-3
161.5

705-7
713-5
716-0
716-2
708.5

529-9
530.9
531-9
531-7
532.1

174-4
179.8
181.0
181.3
173.2

18-0
17.9
17.9
16.6
16-7

156-4
161.9
163.1
164-7
156.5

1-4
2-8
3-1
3-1
3-2

6 P
Ji P
20 P

41,425
40,026
40,560

38,954
38,292
38,605

41,089
39,928
40,356

163-5
162.6
162.5

709-1
709-7
710.9

532. 1
536-7
538.6

174-3
171.4
169-8

17.1
16-4
16-8

157.2
155-0
152-9

2.7
1-6
2-5

1980—APEMAY
JONE
JULY
A0G.
SEPT.
OCTNOVDEC.
1981—JANFEBMAEAPE-

P
P
P
P

KEEK ENDING:
1981 — A P E -

HAY

9ee reverse stde for expfariatfon of footnotes.




H.3
Table 2

AGGREGATE RESERVES AND MONETARY BASE
Adjusted for chsnges in reserve requirements 4
Averages of daily figures
Reserves of depositary institutions
required
Period
total 2 ~] non borrowed
millions of dollars
seasonally adjusted

Monetary base 1billionsof dollars

Reserves of depository institutions
total 2
l nonborrowed
required
millions of dollars
not seasonally adjusted

Monetary base -3
billionsof dollars

1980—APR<.
MAY
JUNE
JULY
AUG.
SEPTOCT.
NOV. 5 / P
DEC.
P

37,516
37,485
37,460
37,570
38,050
38,725
38,893
40,056
40,110

35,060
36,466
37,081
37,176
37,392
37,414
37,583
37,997
38,420

37,319
37,307
37,257
37,286
37,748
38,470
38,687
39,559
39,557

149.. 8
150-9
151.7
152.8
154.6
155.7
156.9
158.9
159.5

37,532
37,061
37,007
37,665
37,706
38,401
38,875
40,056
40.598

35,077
36,043
36,628
37,270
37,048
37,090
37,565
37,996
38,907

37,335
36,883
36,804
37,380
37,404
38,145
38,669
39,558
40,045

149.. 3
150.0
151.-2
153*5
154«.5
155-3
156.9
160.0
162.5

1981—JAN.
FEBMARAPE-

P
P
P
P

40,077
39,588
39,981
39,982

38,683
38,284
38,982
38,645

39,533
39,405
39,600
39,838

160.1
160.4
161-4
162.4

41,548
39,461
39,487
39,951

40,153
38,157
38,487
38,613

41,004
39,278
39,106
39,806

161*0
158.8
159-7
161-9

p
P
P
P
P

40,255
39,181
39,831
40,243
40,520

38,791
38,294
38,689
39,379
38,242

39,605
39,130
39,513
40,239
40,415

162.3
160.8
161-9
163.2
163.5

40,026
38,622
39,672
40,477
40,848

38,562
37,735
38,530
39,613
38,570

39,376
38,571
39,354
40,473
40,743

160-3
16a. 9
162-2
162-5
161*7

6 p
13 P
20 P

40,788
40,121
40,423

38,317
38,387
38,468

40#452
40,023
40,219

163-5
163.1
163.6

41,159
39,760
40,049

38,688
38,026
38,094

40,823
39,662
39,845

163*9
162.9
162-6

WEEK ENDING:
1981—APR.

MAY

1
8
15
22
29

P - PRELIMINARY
1/ RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO ADJUSTMENT TO ELIMINATE THE EFFECT OF CHANGES IN REGULATIONS D AND K. PRIOR TO NOVEMBER 13, 1980, THE DATE OF IMPLEMENTATION OF THE MONETARY CONTROL ACT, ONLY THE RESERVES OF COMMERCIAL BANKS THAT SERE MEMBERS OF THE
FEDERAL RESERVE SYSTEM WERE INCLUDED IN THE SERIES. SINCE THAT DATE THE SERIES INCLUDE THE RESERVES OF ALL
DEPOSITORY INSTITUTIONS. IN CONJUNCTION HITH THE IMPLEMENTATION OF THE ACT, REQUIRED RESERVES OF MEMBER BANKS
HERE REDUCED ABOUT $4.3 BILLION AND REQUIRED RESERVES OF OTHER DEPOSITORY INSTITUTIONS HERE INCREASED ABOUT
SI-4 BILLION. ALSO IN CONJUNCTION HITH THE MONETARY CONTROL ACT, REQUIRED RESERVES OF CERTAIN NONMEHBER BANKS
AND FOREIGN-RELATED INSTITUTIONS INCREASED PURSUANT TO THE TRANSITIONAL PHASE-IN PROGRAM BY APPROXIMATELY
$245 MILLION EFFECTIVE FEBRUARY 18, 1981 AND BY ANOTHER $245 MILLION EFFECTIVE MAY 20,1981.
EFFECTIVE OCTOBER "IV, 1979, AN 8 PERCENTAGE POINT MARGINAL RESERVE
REQUIREMENT WAS IMPOSED ON "MANAGED LIABILITIES".
THIS ACTION RAISED REQUIRED RESERVES ABOUT $320 MILLION.
EFFECTIVE MARCH 12, 1980, THE 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREMENT HAS RAISED TO 10 PERCENTAGE POIN^
IN ADDITION THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT HAS CALCULATED WAS REDUCED- THIS ACTION INCEE
REQUIRED RESERVES ABOUT $1„7 BILLION IN THE WEEK ENDING APRIL 2, 1980. EFFECTIVE MAY 29, 1980, THE MARGINAL RE
REQUIREMENT WAS REDUCED FROM 10 TO 5 PERCENTAGE POINTS AND THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT HAS CALCULATED WAS RAISED. THIS ACTION REDUCED REQUIRED RESERVES ABOUT $980 MILLION IN THE WEEK ENDING
JUNE 18, 1980- EFFECTIVE JULY 24, 1980, THE 5 PERCENT MARGINAL RESERVE REQUIREMENT ON MANAGED LIABILITIES
AND THE 2 PERCENT SUPPLEMENTARY RESERVE REQUIREMENT AGAINST LARGE TIME DEPOSITS WERE REMOVED,. THESE
ACTIONS REDUCED REQUIRED RESERVES ABOUT $3.2 BILLION.
2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES
PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS.
3/ INCLUDES RESERVE BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS VAULT CASH HELD THO HEEKS 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/ RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION
OF THE MONETARY CONTROL ACT, MARGINAL RESERVE REQUIREMENTS, THE INCLUSION OF EDGE ACT CORPORATION RESERVES,
AND OTHER CHANGES IN REGULATIONS D AND K- PRIOR TO FEBRUARY 18, 1981, RESERVE AGGREGATES SERIES HAVE BEEN
ADJUSTED HISTORICALLY TO CONFORM TO THE STRUCTURE OF RESERVE REQUIREMENTS CURRENTLY IN EFFECT. BEGINNING
FEBRUARY 18, THE SERIES HAVE BEEN ADJUSTED TO REMOVE THE EFFECTS OF SCHEDULED TRANSITIONAL CHANGES IN
RESERVE REQUIREHENTS UNDER THE MCA5/ RESERVE MEASURES FOR NOVEMBER REFLECT INCREASES IN REQUIRED RESERVES ASSOCIAIED WITH THE REDUCTION OF WEEKEND
AVOIDANCE ACTIVITIES OF A FEW LARGE BANKS. THE REDUCTION IN THESE ACTIVITIES LEADS TO ESSENTIALLY A ONE-TIME
INCREASE IN THE AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO BE HELD FOR A GIVEN LEVEL OF DEPOSITS ENTER- '
ING THE MONEY SUPPLY. IN NOVEMBER, THIS INCREASE IN REQUIRED RESERVES IS ESTIMATED AT $550 TO $600 MILLIONNOTE:
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-