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H.3(502)
Table 1
For Release at 4:30 Eastern Time
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS ANO THE MONETARY BASE
JUNE
14,
1984
Adjusted for changes in reserve requirements1
Average* of daily Ngurea. seasonally adjusted unless notad otherwise
Millions of doHara
Date
_p
Reserves of dapoaltory Institutions
required
nonborrovfod
nonborrowad plus
axtandad credttr
excess
NSA4
Monetary base*
Borrowings of depository institutions
from the Federal Reserve, NSA
seasonal
extended credit'
total
1983—MAY
JONE
JOLY
AUGSEPT,
OCT.
NOV.
DEC.
34,596
35,051
35,194
35,218
35,307
35,317
35,245
35,279
33,644
33,415
33,741
33,672
33,866
34,473
34,340
34,505
34,157
34,373
34,319
34,163
34,380
34,729
34,346
34,507
34,148
34,571
34,687
34,772
34,809
34,812
34,716
34,718
449
480
507
446
498
505
529
561
176,694
178,331
179,308
180,127
181,775
182,845
183,949
184,969
952
1,636
1,453
1,546
1,441
844
906
774
99
122
171
198
190
142
121
96
513
958
578
491
515
256
6
2
1984--JAN.
FEB.
MAR.
APR.
MAY PE
35,502
36,065
36,103
36,104
36,424
34,787
35,498
35,152
34,870
33,436
34,791
35,503
35,179
34,914
33,473
34,889
35,123
35,395
35,614
35,847
613
942
709
490
577
186,940
188,582
188,715
189,658
191.220
715
567
952
1,234
2,988
66
103
133
139
196
4
5
27
44
37
36,226
36,670
35,163
32,491
35,224
32,524
35,635
36,052
592
618
190,621
191,430
1,064
4,180
159
195
61
34
36,217
33,147
33,162
35,728
489
191,527
3,070
240
15
TRO WEEKS
ENDING
1984-MAT
JONE
P
1/
9
23 P
6
PE
PRELIMINARY
PE—PRELIMINARY ESTIMATE
RESERVES AND MONETARY BASE FIG0RES INCORPORATE ADJOSTHENTS FOR DISCONTINUITIES ASSOCIATED NITH THE IMPLEMENTATION OF THE
MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTIN0ITIES DOE TO CHANGES IN
RESERVE REQUIREMENTS ON RESERVABLE NORDEPOSIT LIABILITIES, THE SON OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL
SERIES. SIMILARLY, IN ADJUSTING FOR DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO
COHPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES.
2/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL BESERVE BANKS (WHICH EXCLUDE
REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COHPENSATE FOR 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
INSTITOTIONS HAVING NO REQUIRED RESERVE BALANCES.
3/ EXTENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT WINDOW UNDER THE TERMS AND CONDITIONS ESTABLISHED FOR THE EXTENDED
CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SAME NEED TO
REPAY SUCH BOBBOWING PROMPTLY AS THERE IS HITH TRADITIONAL SHORT-TERM ADJUSTMENT CREDIT, THE HONEY MARKET IMPACT OF EXTENDED
CREDIT IS SIMILAR TO THAT OF NONBORROBED RESERVES.
4/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES.
5/ THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CORSISTS 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 BALANCES, 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 OVER THE MONDAY-ENDING COMPUTATION PERIOD.
PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER 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 OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE.
NOTE: HISTORICAL DATA—INCLUDING CORRECTIONS TO HISTORICAL DATA PREVIOUSLY RELEASED FOR THE PEBIOD FROM 1959 TO 1960—ARE
AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,
WASHINGTON, D.C 20551.
H4(502)
Table 2
AGGREGATE RESERVES. OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not*adjusted for changes in reserve requirements)1
Averages of daily figures, not seasonally adjusted
Millions of dollars
Vault cash4
Reserves of depository institutions
Monetary
base*'
Date
total
nonborrowed
Reserve balances
with F.R. Banks!
required
38,282
38,415
38,948
38,661
37,916
38,137
38,144
38,894
37,330
36,779
37,495
37,114
36,475
37,294
37,239
38,120
37,833
37,934
38,440
38,214
37,418
37,633
37,615
38,333
1984—JAN.
FEB.
MAR.
APR.
MAY PE
40,120*
36,365
36,278
37,154
36,514
39,405
35,798
35,326
35,920
33,526
39,507
35,423
35,569
36,664
35,937
!
used to satisfy
required
reserves'
|
surplus*
181,276
183,145
185,303
185,398
185,112
186,598
188,971
192,359
22,010
21,807
22,139
21,965
20,585
21,059
20,943
20,986
19,710
20,098
20,413
20,035
20,798
20,471
20,558
20,755
16,272
16,607
16,808
16,695
17,331
17,078
17,201
17,908
3,438
3,491
3,604
3,340
3,467
3,393
3,356
2,847
192,301
186,672
187,813
190,340
191,037
21,325
18,414
19,484
20,351
19,556
22,578
22,269
20,396
20,152
20,446
18,795
17,951
16,794
16,802
16,958
3,782
4,318
3,602
3,349
3,488
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JUNE
!
jljiifpfll
IjilHJifpp
9
23 P
6 PE
1
36,611
36,555
35,547
32,375
36,019
35,937
190,278
191,275
20,029
19,389
36,334
33,264
35,845
191,474
19,316
j
20,010
20,655
16,582
17,166
3,429
3,490
34
76
20,570
17,018
3,552
109
I
P
PRELIMINARY
PE—PRELIMINARY ESTIMATE.
1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE
THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH 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 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 BALANCES, THE
EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF
CRB, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD.
3/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT.
DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDER
4/
CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS
IN WHICH THE BALANCES ABE HELD.
5/ EQUAL TO ALL VAULT CASH HELD DUBING 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 REQUIBED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR
REQUIRED RESERVES DURING THE MAINTENANCE PERIOD.
CONSISTS OF CARRYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF TWO-WEEK MAINTENANCE
7/
PERIODS. REFLECTS EXCESS {•) OR DEFICIT (-) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WEEK RESERVE
MAINTENANCE PERIOD ENDING ON THE DATE SHOWN.
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iiiiliP"
TBO WEEKS
ENDING
1984—MAY
i|
1983—MAY
JUNE
JULY
AUG.
SEPT,
OCT.
NOV.
DEC
total
Net carryover
of excess or
deficit
in reserve
balances7
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
I
nonborrowed
1
Monetary base
"~
required
176,335
178,164
180,182
180,140
181,238
182,672
185,035
188,231
1983—HAY
JUNE
JULY
AUG
SEPT,
OCT.
NOV.
DEC,
34,282
34,444
34,978
34#713
35,008
35.313
35,350
35,997
33,330
32,808
33,525
33,167
33,567
34,469
34,445
35,223
33,834
33,964
34,470
34,266
34,510
34,808
34,821
35,436
1984—JAN.
FEB.
BAR.
APR.
HAY PE
37,303
35,654
35,630
36,464
35,760
36,588
35,087
34,678
35,231
32,772
36,690
34,712
34,921
35,974
35,184
188,100
185,931
187.165
189,650
190,283
35,869
35,812
34,805
31,632
35,277
35,194
189,536
190,531
35.550
32,480
35,061
190,690
I
TWO WEEKS
ENDING
1984 — HAY
JUNE
9
23 P
6 PE
P
PRELIHINARY
PE—PRELIMINARY ESTIMATE.
1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE HONETARY CONTROL ACT
AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
@FedFRASER