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RESERVE statistical release •••r^rf--' H.3(S02) T»N«1 For nsisass at 4:30 Eastern Time AQQREQATE RESERVES OF 1DEPOSITORY INSTITUTIONS AND THE MONETARY BASE JUNE 12, 1966 Adjusted for changes in reserve requirements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars total1 Date 1 Reserves of depository institutions nonborrowed nonborrowed plus required extended credit3 excess NSA4 Monetary base* Borrowings of depository institutions from the Federal Reserve NSA seasonal extended credit* total 1985—BAI JUNE JOLI AUG. SEPT. OCT. NO?. DEC 41,855 42,669 43,083 43,654 43,882 44,244 44,847 45,612 40,521 41,464 41,976 42,581 42,593 43,056 43,106 44,294 41,055 42,129 42,483 43,151 43,249 43,685 43,637 44,793 41,051 41,764 42,227 42,826 43,216 43,491 43,919 44,554 804 905 855 827 666 753 928 1,058 205,853 207,932 209,105 211,208 212,269 213,566 215,253 216,721 1,334 1,205 1,107 1,073 1,269 1,187 1,74 1 1,318 165 151 167 221 203 172 107 56 534 665 507 570 656 629 530 499 1986—JAN. FEB. BAB. API. HAT 45,881 46,370 46,865 47,275 48,569 45,111 45,486 46,104 46,383 47,693 45,606 45,978 46,622 47,017 48,277 44,771 45,272 45,968 46,474 47,730 1,111 1,097 896 601 838 218,404 219,768 221,262 222,359 224,895 770 664 761 8* J 676 36 56 68 73 94 497 492 518 634 584 48,091 48,399 47,110 47,572 47,747 48,143 47,203 47,685 888 714 223,841 224,620 961 627 89 92 637 571 49,142 48,271 48,836 48,164 978 226,020 871 101 566 PE T I O IBBKS ENDING 1986-fiAY JUNE 7 21 P 4 PE PRELIMINARY PB—PRELIMINARY BSTIflATB EBSEB^ES AID HONETABT BASB FIGURES INCOBPOBATB ADJUSTMENTS FOB DISCONTINUITIES ASSOCIATED HITB THB IMPLEMENTAT10I OF THB HONBTABY CONTBOL ACT AID OTBEB REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOB DISCONTINUITIES DUB TO CHANGBS IN BBSEBVE REQUIREMENTS ON BESBRVABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED EESEEfES ABB SUBTRACTED FROH THE ACTUAL SERIES. SIMILARLY, IB ADJUSTING FOR DISCONTINUITIES IN THB HOHBTART BASE, BEQUIBED CLEARING BALANCES AND ADJUSTHENTS TO COHPBNSATB FOB FLOAT ALSO ARE SUBTRACTED FROH THE ACTUAL SERIES. 2/ TOTAL RESERVES NOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF BBSEBVE BALANCES HITH FBDBBAL RESERVE BANKS (NHICH EXCLUDE BEQUIBED CLEARING BALANCES AND ADJUSTHENTS TO COHPBNSATB FOB FLOAT) PLUS VAULT CASH USED TO SATISFX RESERVR REQUIREMENTS. SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THB LAGGED COMPUTATION PEBIOD BT INSTITUTIONS HAVING BEQUIBED RESERVR BALANCES AT FBDBBAL RBSBBVB BANKS PLOS THE AHOUNT OF VAULT CASH EQUAL TO REQUIRED BBSEBVES DURING THE MAINTENANCE PEBIOD AT INSTITUTIONS HAVING NO BEQUIBED RESERVE BALANCES. 3/ EXTENDED CBBDIT CONSISTS OF BORROWING AT THE DISCOUNT WINDOW UNDEB THE TERMS AND CONDITIONS ESTABLISHED FOB THE EXTENDED CREDIT PBOGBAH TO HELP DEPOSITORY INSTITUTIONS DEAL HITH SUSTAINED LIQUIDITY PBBSSUBBS. BECAUSE THERE IS NOT THE SAHE NEED TO BBPAT SUCH BORROHIHG PROHPTLI AS THERE IS HITH TRADITIONAL SHORT-TERM ADJUSTMENT CREDIT, THE MONEY MARKET IMPACT OF R1TRRDED CBBDIT IS SIMILAR TO THAT OF NONBOBRONED RESERVES* BBSEBVE BALANCES HITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY BBSEBVE REQUIREMENTS LESS BEQUIBED BESBBVBS. 5/ THB HONETABT BASE NOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF TOTAL BBSEBVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTHENTS TO COMPENSATE FOB FLOAT AT FEDBBAL RESERVE BANKS PLUS THB CURRENCY COHPONBNT OF THB HONEY.STOCK LHS5 THE* AHOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE HONEY STOCK PLUS, FOB INSTITUTIONS NOT HAVING BEQUIBED BBSEBVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AHOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTEB THE INTRODUCTION OF CRB, CUBRENCY AND VAULT CASH FIGUBES ABE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. PRIOB TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN BY COHPONENT, AND EXCESS RESEBVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE HONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. NOTE; HISTORICAL DATA ARE AVAILABLE FBON THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 V H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements Averages of daily figures, hot seasonally adjusted Millions of dollars Vault cash4 Reserves of depository institutions Monetary base2 Date total nonborrowed Reserve balances, with F.R. Banks3' required total used to satisfy required reserves5' Net carryover of excess or deficit in reserve balances7,' surplus6 | : 1985—HAI JUBE JULI AUG. SEPT. OCT. BO?. DEC 41,051 42,352 42,803 42,963 44,447 45,469 46,382 48,142 39,718 41,147 41,696 41,890 43,158 44,282 44,641 46,824 40,247 41,447 41,948 42,135 43,782 44,716 45,454 47,085 206,414 209,970 212,269 213,156 214,501 216,192 218,962 223,534 22,385 23,367 23,503 23,415 24,972 25,431 26,385 27,620 21,898 22,180 22,530 22,839 22,465 22,724 22,457 22,956 18,666 18,985 19,300 19,548 19,475 20,038 19,997 20,522 3,231 3,196 3023O 3,291 2,990 2,686 2,460 2,434 1986—JAB. FEB. BAB. APB. HAI 48,060 46,652 47,274 48,882 48,403 47,289 45,768 46,513 47,989 47,527 46,949 45,555 46,376 48,081 47,564 221,588 219,568 221,703 224,679 226,101 26,373 24,700 27,114 28,892 28,265 24,245 24,962 22,688 22,231 22,474 21,687 21,952 20,160 19,990 20,137 2,559 3,010 2,528 2,241 2,337 48,500 48,243 47,519 47,416 47,612 47,529 224,589 226,284 28,676 27,881 22,100 22,700 19,824 20,J^2 2,276 2,338 153 109 48,559 47,688 47,562 226,903 28,516 22,422 20,043 2,379 29 [ * il r I; 1 PB : : TBO BEEKS BBOIBG j 1 9 8 6 — HAI 7 21 P JUBE 4 PB P PBELIfllBABT PB—PBBLIBIBABI ESTIflATE. 1/ REFLECTS ACTUAL BBSBBYB BBQUIBBBEBTS, INCLUDING THOSE OB NOHDEPOSIT LIABILITIES, BITH BO AOJUSTBEBTS TO BLIHIBATB THE EFFECTS OF DISCONTINUITIES ASSOCIATED BITH IMPLEMENTATION OF THEflONETABICOBTBOL ACT OB OTHEB BEGULATOBI CHABGES TO BESEBVE BEUUIBEHBHTS. 2/ COBSISTS OF TOTAL ZESE&1ES PLUS REQUIRED CLEABIBG BALABCES ABD AOJUSTHEBIS TO COBPEBSATE FOB FLOAT AT FEOEBAL BBSBBYB BABKS PLUS THE CUBBEBCI COflPOBEBT OF THE HOBEI STOCK LESS THE AHOUBT OF YAULT CASH HOLOIBGS OF THRIFT IBSTITUTIOBS THAT IS INCLUDED IB THB CUBBEBCI COflPOBEBT OF THE HONEY STOCK PLUS, FOB IBSTITUTIOBS BOT HAYIBG BE^UI'MED BESEBYE BALABCES, THB EXCESS OF COBBEBT YAULT CASH OYER THE AflOUNT APPLIED TO SATISFY CUBBEHT BESEBVE REQUIREMENTS. AFTBtt T&B IBTBODUCTIOB OF CBR, CUBBEBCI ABD YAULT CASH FIGURES ABE MEASURED OYEB THEflOHDAI-BBDIBGCOMPUTATION PEBIOD. 3/ EXCLUDES REQUIRED CLEABIBG BALABCES ABD ADJUSTMENTS TO COMPENSATE FOB FLOAT. 4/ DATES BEFEB TO THB HAIBTBBABCE PEBIODS IB WHICH THE VAULT CASH CAB BE USED TO SATISFY BESEBVE BEQUIBBHBNTS. UNDER COBTEBPOBABEOOS BESEBVE REQUIREMENTS, HAIBTEBABCE PEBIODS EBD 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS IB BHICH THE BALABCES ABE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PEBIOD BY INSTITUTIONS HAYING REQUIRED BESEBVE BALANCES AT FEDEBAL BESEBVE BABKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED BESEBVE BALANCES. 6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED BESEBVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO TUEIB REQUIRED RESERVES DURING THE MAINTENANCE PEBIOD. 7/ CONSISTS OF CABBYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF TUO-UEEK MAINTENANCE PEBIODS.M REFLECTS EXCESS (•) OR DEFICIT (-) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TUO-UEEK BESEBVE MAINTENA CE PEBIOD ENDING ON THE DATE SHOWN. H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Date total Reserves of depository institutions nonborrowed Monetary base required 1985—MAI JUNE JOLT AUG. SEPT. OCT. WO?. DSC. 41,128 42,444 42,896 43,069 43,676 44,207 45,082 46,839 39,794 41,239 41,789 41,996 42,388 43,020 43,341 45,520 40,324 41,539 42,040 42,241 43,011 43,454 44,154 45,781 204,836 208,292 210,555 211,514 212,157 213,357 216,038 220,362 1986—JAM. F£B. BAB. APRBAT 47,113 45,684 46,338 47,936 47,704 46,342 44,800 45,578 47,044 46,828 46,002 44,587 45,442 47,135 46,866 218,741 216,784 218,985 222,134 223,600 47,777 47,601 46,796 46,774 46,889 46,887 222,126 ^2^§S^2 47,798 46,927 46,820 224,266 P£ TWO WEEKS EBDIBG 1986—BAT JOBS 7 21 P 4 P£ P PBELIBIBABY PB—PBBI.IBINABY ESTIMATE. 1/ PIGOBBS BBPLBCT ADJ0STBBBTS FOB DISCONTINUITIES ASSOCIATED WITH THE IBPLEflENTATION OF TBB BOBBTABY COBTBOL ACT ABD OTHBB BB60LATOBY CBABGBS TO U&S&Ul^ BBQQIBBBBBTS.