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FEDERAL RESERVE statistical release N.3<800) Tabtol For R O J O O M m 4 : 3 0 AGGREGATE RESERVES OP DEPOSITORY INSTITUTIONS AND THE MONETARY BASE JUNE 13, GMWivn TRVW 1985 Adjusted for chonQOO In rooorvo ropulromontc AvOTOQOO Of d#lfy flQUfVS, OOOOOfMliy OdfUOtOO UfWOOS flOlOd OtflOfWfOO Millions of doltoni Do* toSF nooorvoo of dopooltory InotltiftJofM nonborrowod nonborrowod plus roqulrod oxtoodod crodit* 1984--MAT JUNE JUL! AUG, SEPT. OCT. NOV. DEC. 37,450 38,290 38,239 38,386 38,143 37,758 38,113 38,709 34,462 34,989 32,315 30,369 30,902 31,741 33,495 35,523 34,499 36,862 37,323 37,412 37,360 36,798 37,332 38,127 36,870 37,516 37,626 37,697 37,515 37,138 37,419 37,857 1985r-J£N. 39,713 40,366 40,566 40,917 41,398 38,318 39,077 38,973 39,594 40,064 39,368 39,881 40,032 40,462 40,598 P 40,919 41,683 39,966 40,249 PE 41.380 39,863 JTEB. MAR. APB. RAT. PE OXOOM Borrowingo of oopoonory inoinuiiono from tho rodorol Rooorvi • NSA I to—onol oxtondod crodit 1 totol ltfWMod^oW Hd^BdoP 4 NSA 580 774 613 689 628 620 693 853 191,689 193.984 194,617 195,784 196,253 196,185 197,427 198,736 2,988 3,300 5,924 8,017 7,242 6,017 4,617 3,186 196 264 308 346 319 299 212 113 38,968 39,463 39,801 40,179 40,585 745 903 766 738 813 200,067 202,104 203,009 203,693 205,390 1,395 1,289 1,593 1,323 1,334 62 71 88 135 165 1,059 40,361 40,618 40,220 40,825 699 858 204,362 205,436 953 1,434 169 160 396 369 40,776 40.536 844 206,233 1,518 171 914 ! 37 1,873 5,008 7,043 6,459 5,057 3,837 2,604 1,050 803 868 534 TffO WEEKS ENDING 1985-HAY. JUNE 8 22 5 I p E — PRELIMINARY ESTIMATE PRELIMINARY RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE HOMETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJ0ST FOR DISCONTINUITIES DUE TO CHANGES IN RESERVE REQUIREMENTS ON RESERVABLB NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM IHE ACTUAL SERIES. SIMILARLY, IN ADJUSTING FOR DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES. 2/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH BICLUDE REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS. SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT 3/ INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. EXTENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT WINDOW UNDER THE TERMS AMD CONDITIONS ESTABLISHED FOR THE EITENDED CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SAMB NEED TO REPAY SUCH BORROWING PROMPTLY AS THERE IS WITH TRADITIONAL SHORT-TERM ADJUSTMENT CREDIT, THE HOMEY MARKET IMPACT OF EITENDED 1/ CREDIT IS SIMILAR TO THAT OF NONBORRONED RESERVES. RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFI RESERVE REQUIREMENTS LESS REQUIRED RESERVES. 5/ THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE HONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE EALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVEH THE MONDAY-ENDING COMPUTATION PERIOD. PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESEBVES ARE SEASONALLY ADJUSTED AS A WHOLE, RftTHBR THAN BY COMPONENT, AND EXCESS RESERVES 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 OP THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. 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 P 1/ 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, not seasonally adjusted Millions of dollars Vault cash4 Reserves of depository institutions Monetary base3! Data total nonborrowed Reserve balances, with F.R. Banks'i required total used to satisfy required reserves8t Net carryover of excess or deficit in reserve balances7 surplus*' ,! 1984—MAT JUNE JULT AUG. SEPT, OCT. NOV. DEC. 36,522 37.526 37,471 37,264 38,043 38,512 39,235 40,696 33,533 34,225 31,547 29,247 30,801 32,495 34,618 37,509 35,942 36,752 36,858 36,575 37,415 37,892 38,542 39,843 191,084 193,971 195,516 195,677 196,229 196,688 198,771 202,586 19,562 20,217 19,891 19,270 20,143 20,099 20,843 21,738 20,446 20,770 21,134 21,688 21,232 21,875 21,827 22,316 16,960 17,308 17,579 17,995 17,900 18,413 18,392 18,958 3,486 3,461 3,555 3,694 3,333 3,462 3,434 3,358 1985—JAN. FEB. MAR. APR. HAT. 41,125 40,273 40,494 41,652 41,052 39,730 38,984 38,901 40,329 39,718 40,380 39,370 39,728 40,914 40,239 201,353 199,937 201,287 203,814 204,986 21,577 20,416 22,065 23,217 22,388 23,044 23,927 21,863 21,567 21,898 19,547 19,857 18,429 18,435 18,665 3,497 4,070 3,434 3,132 3,233 PB . TWO WEEKS ENDING 1 9 8 5 — HAT. JUNE ' ' 5 PE < j : jh I .' ' \% !' ' „ , , ' i | *, ' - «• 40,933 41,102 39,980 39,668 40,234 40,244 203,412 205,300 22,751 22,037 21,327 22,357 18,182 19,065 3,145 3,292 170 69 41,082 39,564 40,238 205,898 22,610 21,692 18,472 3,221 111 P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, NITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED NITH 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 HONET STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE HONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT BESERVE 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 IN WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDER CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS IN WHICH THE BALANCES ARE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. 6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR REQUIRED RESERVES DURING THE MAINTENANCE PERIOD. 7 / CONSISTS OF CAKRYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF TWO-WEEK MAINTENANCE PERIODS. REFLECTS EXCESS (•) OR DEFICIT (-) RESERVES ELIGIBLE TC BE CARRIED FORWARD INTO THE TWO-WEEK RESERVE MAINTENANCE PERIOD ENDING ON THE DATE SHOWN. ' > i'i 8 22 P " «5 iiii ,,, , ''"! n««« H.3 (502) Table 3 AGGREGATE RESERVES OF 1DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes inreserverequirements Averages of daily figures, not seasonally adjusted Millions of dollars Date total Reserves of depository institutions nonborrowed 1 1 Monetary base required 36,191 37,027 37,240 37,008 37,253 37,332 37,994 39,277 191,333 194,246 195,899 196,111 196,067 196,129 198,224 202,020 39,308 38,589 38,473 39,932 39,310 39,958 38,975 39,301 40,516 39,831 200,931 199,542 200,859 203,417 204,578 40,520 40,724 39,567 39,290 39,820 39,866 202,999 204,922 40,630 39,112 39,785 205,445 1985—MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 36,771 37,801 37,854 37,698 37,881 37,953 38,687 40,129 33,783 34,500 31,929 29,681 30,640 31,936 34,070 36,943 1985—JAN. FEB. HAB. APB. HAY. PE 40,703 39.878 40,066 41,254 40,644 I TWO WEEKS ENDING 1985—MAY. JUNE 8 22 P 5 PE P PBELIHINABY PE—PBELIHINABY ESTIMATE. 1/ FIGOBES BEFLECT ADJUSTMENTS FOB DISCONTINUITIES ASSOCIATED BITH THE IMPLEMENTATION OF THE MONETARY CONTBOL ACT AND OTHEB BEGULATOBY CHANGES TO BESEBVE REQUIREMENTS.