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FEDERAL RESEB^ release LiB^ — JUN H7 •r^ALM^T--' 30 FEDERAL RESERVE BANK For Immediate Release AGGREGATE RESERVES AND MEMUfiS §Wi<AJElblr Average of daily figures JUNE 1 5 , 1 Reserves of depository institutions' total 2 Period nonborrowed required Monetary base 3 total millions of dollars 1981 Member Jbank deposits subject to reserve requirements private demand deposits time and other total savings net interbank billions of dollars seasonally adjusted 1980—APRMAY JUNE JULY AUGSEPT. OCT. NOV. P DEC. 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 39,579 158.0 158.8 159.1 158.9 158.2 159.4 160.7 160.4 159.6 655.4 656.8 658.0 658.5 667.8 678.2 684.7 694.3 701.8 464.2 467.7 467.9 467.0 474.2 482.0 486.7 494.0 504.0 188.7 187.3 188-4 189.1 191.5 194.5 195.6 198.1 196.D 17.2 17.1 16.9 16.6 14.4 15.9 16.5 17.4 17.5 171,5 170.2 171.5 172.5 177.1 178„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 1981—JAN. FEB. MAE. APR. MAY 40,099 39,758 40,247 40,248 40,812 38,704 38,454 39,248 38,911 38,584 39,555 39,575 39,866 40,104 40,545 160.1 160.6 161.3 162.2 163.5 703.8 704.3 703.6 711.3 715.0 517.4 523.3 524.7 531.1 538.1 184.1 178.9 176.9 177.4 174.7 16.9 17.8 18.1 17.7 17.9 167.1 161.1 158.8 159.7 156.7 2.3 2.1 2.0 2.8 2.2 P P P P P WEEK ENDING: 6 13 20 27 P P P P 41,054 40,387 40,934 40,852 38,583 38,653 38,959 37,929 40,718 40,289 40,730 40,413 163.2 162.9 163.6 164.2 712.2 713.8 716.6 715-3 533.2 536.7 538.1 539.4 176.7 175.2 176.0 174.2 16.8 16.9 18.5 19.3 159.9 158.3 157.5 154.9 2.4 1.9 2.5 1.7 JUNE 3 P 40,913 38,959 40,646 163.2 720.0 543.9 173.2 18.3 154.9 2.9 1981 — MAY not seasonally adjusted 1980—APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1981—JAN. FEB. MAR. APE. MAY P ? 44,880 43,963 43,472 42,359 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 40,067 157.5 157.8 158.6 159.6 158.0 159-0 160.6 161-5 162.5 657.7 651.5 656.9 658.2 662-5 675.6 684.2 694.6 710.3 464.7 467.7 467.4 466.0 471,8 479.6 4 85.7 493.0 505.0 190.4 182.1 187.2 190.0 189.0 193,9 196.4 199.6 203.3 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 ? P P P P 41,569 39,631 39,753 40,217 40,480 40,175 38,327 38,753 38,879 38,252 41,025 39,448 39,372 40,072 40,213 161.0 158.9 159.6 161.6 162.6 712.6 701.5 703.2 713-5 709.9 520.5 524-8 527-9 531.6 538.1 189.9 174.6 173.2 178.9 169.7 18.1 17.5 17.6 17.3 16.9 171.8 157.0 155.6 161.7 152.8 2.1 2.0 2.1 3.0 2. 1 P P P P 41,425 40,026 40,560 40,249 38,954 38,292 38,585 37,326 41,089 39,928 40,356 39,810 163-5 162.6 162.6 162.4 709.1 709.7 710.9 707.7 532.1 536.7 538.6 540.4 174.3 171.4 169.8 165.6 17.1 16.4 16.8 16.6 157.2 155.0 152.9 149.0 2.7 1,6 2.5 1-6 3 P 40,122 38,168 39,855 162.2 718.2 544,4 171-5 18,3 153,2 2-3 WEEK ENDING: 1981—MAY JUNE 6 13 20 27 See reverse side for explanation of footnotes. H.3 Table 2 AGGREGATE RESERVES AND MONETARY BASE Adjusted for changes in reserve requirements 4 Averages of daily figures Reserves_of_depository institutions total 2 1 nonborrowed 1 required Period millions of dollars seasonally adjusted J Monetary base 3 billionsof dollars Monetary base*3 Reserves of depository institutions j nonborrowed I required total millions of dollars not seasonally adjusted billionsof dollars 1980- -APR,. MAY JUNE JULY AUG. SEPT. OCT. 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. FEB. MAR. APR. MAY P P P P P 40,077 39,588 39,991 39,982 40,404 38,683 38,284 38,982 38,645 38,176 39,533 39,405 39,600 39,838 40,137 160.1 160.4 161.4 162.4 163.7 41,548 39,461 39,487 39,951 40,072 40,153 38,157 38,487 33,613 37,844 41,004 39,278 39,106 39,806 39,805 161.0 158.8 159.7 161.9 162.8 P P P P 40,788 40,121 40,423 40,341 38,317 38,387 38,448 37,418 40,452 40,023 40,219 39,902 163.5 163.1 163.6 164.3 41,159 39,760 40,049 39,738 38,688 38,026 38,074 36,815 40,823 3f,662 39,845 39,299 163.9 162,9 162.6 162.5 3 P 40,402 38,448 40,135 163.3 39,611 37,657 39,344 162.3 WEEK ENDING: 1981—KAY JUNE 6 13 20 27 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 WERE 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 WITH THE IMPLEMENTATION OF THE ACT, REQUIRED RESERVES OF MEMBER BANKS WERE REDUCED ABOUT $4.3 BILLION AND REQUIRED RESERVES OF OTHER DEPOSITORY INSTITUTIONS WERE INCREASED ABOUT $1.4 BILLION. ALSO IN CONJUNCTION WITH THE MONETARY CONTROL ACT, REQUIRED RESERVES OF CERTAIN NONKEMBER BANKS AND FOREIGN-RELATED INSTITUTIONS INCREASED PURSUANT TO THE TRANSITIONAL PHASE-IN PROGRAM BY APPROXIMATELY $246 MILLION EFFECTIVE FEBRUARY 18, 1981 AND BY ANOTHER $245 MILLION EFFECTIVE MAY 20, 1981. EFFECTIVE OCTOBER 11, 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 WAS RAISED TO 10 PERCENTAGE POINTS. IN ADDITION THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS REDUCED. THIS ACTION INCREASED REQUIRED RESERVES ABOUT $1.7 BILLION IN THE WEEK ENDING APRIL 2, 1980. EFFECTIVE MAY 29, 1980, THE MARGINAL RESERVE REQUIREMENT WAS REDUCED FROM 10 TO 5 PERCENTAGE POINTS AND THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT WAS 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 ^ ELEMENTARY RESERVE REQUIREMENT AGAINST LARGE TIME DEPOSITS WERE REMOVED. THESE ACTIONS REDUCED ^SQUIRED iuSERVES ABOUT $3.2 BILLK 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 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/ RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, MARGINAL RESERVE FEQUIREMENTS, 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 CJRS2NTLY IN EFFECT. BEGINNING FEBRUARY 18, THE SERIES HAVE BEEN ADJUSTED TO REMOVE THE EFFECTS OF SCHEDULED TRANSITIONAL CHANGES IN RESERVE REQUIREMENTS UNDER THE MCA. 5/ RESERVE MEASURES FOR NOVEMBER REFLECT 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 ONE-TIME INCREASE IN THE AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO 3E HEL0 FOR A GIVEN LEVEL OF DEPOSITS ENTERING THE MONEY SUPPLY. IN NOVEMBER, THIS INCREASE IN REQUIRED RESERVES IS ESTIMATED AT $550 TO $600 MILLION. NOTE: HISTORICAL DATA AR3 AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C., 20551.
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