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FEDERAL RESERVE statistical release
H.3(602>
Table 1
For Release at 4:30 Eastern Time
AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
JUNE
2 1 , 1984
Adjusted for changes in rsstve requirements1
Averages of dally figures, seasonally adjusted unless noted otherwise
Millions of dollars
1983--MAY
JUNE
JULY
AUG.
SEPT*
OCT.
NOV.
DEC.
!
1984—JAN.
FEB.
MAR.
APR.
MAY
I
Reserves of depository institutions
required
~ nonborrowad
— — — nonborrowad plus
.extended credit*
total1
Data
r
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
I
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
excess
NSA4
!
Monetary base*
Borrowings of depository institutions
from the Federal Reserve, NSA
I
seasonal
I extended credit*
total
449
480
507
446
498
505
529
561
I176,694
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
35,502
36,065
36,103
36,104
36,428
34,787
35,498
35,152
34,870
33,439
34,791
35,503
35,179
34,914
33,476
34,889
35,123
35,395
35,614
35,848
613
942
709
490
579
186,940
188,582
188,715
189,658
191,260
715
567
952
1,234
2,988
86
103
133
139
196
4
5
27
44
37
9
23
36,226
36,672
35,163
32,492
35,224
32,526
35,635
36,052
592
620
190,621
191,431
1 ,064
4,180
159
195
61
34
6 P
2 0 PE
36,227
37,597
33,157
34,632
33,173
36,606
35,732
36,814
495
783
191,682
193,333
3,070
2,965
239
257
TWO WEEKS
ENDING
1984-MAY
JUNE
i
16
1 ,974
?T"E™£!!£5 5 L ^*- E
PE—PRELIMINARY ESTIMATE
2n£r?ADv ? S S T 2 2 ? I ? SAY AN?DA S ET HFEIRC URREEG5U L AINCORPORATE
ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE
T0RY
2 2 ™ S 2 B S n T 51 2 L {NT
£I
°
CHANGES
TO
RESERVE
REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES IN
w S ? c ?SVi Srv ? M °2n^M5l5JI? B tL N 2?5K OSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL
rnMPr5^?r Int r ^ J V ^ f I I N L £ 2 L 5 H E ° N T I N U I T I E S IN T H E MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO
COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES.
2/
IrnMTecnSr,R^fTN,2Tr.?.I>iUSJE:D F 0 R ^CONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE
5 ™ SAIIIL r Crl^l r n S ^ r r ^ L ^ ? . A » ^ f I M ^ I ? T ° COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS.
S F A J £ * L £ 5 L CONSISTS OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE
SlSrf^lS«lAVl% ™ U I R E r S
°F V A U L T C A 5 H E Q U A L T ° R E Q U I R E D RE * ERVE * DURING T H E "«NTENANCE PERIOD AT
3/
n S n ^ L n S S 1 ^ ^ 5 1 5 1 , 5 ° F B 0 R R 0 W I N G AT THE DISCOUNT WINDOW UNDER THE TERMS AND CONDITIONS ESTABLISHED FOR THE EXTENDED
DCDAJ Znu 2SLL°, T S EL rr,2E^ OSITORY INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SAME NEED TO
c K f S ^ S ^^rJS,£SSd'J^S^snam-
2/
?5c E 2nL?2»5 N 2HL M £I2 FDJ??S£L
TS C2SPINSAT E B FOI
RESERVE
*mKS
PLUS
SH0RT TERH ADJUSTHENT CREDIT THE M0NEY MARKETIMPACT 0F EXTENDED
"
-
VAULT NCASH
USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES.
6
S I S T 0F T0TAL
n L? S*JISrS2.R S J S ^ E E J S ! F °
*
RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS
I™ ES5T- itTf.,FR9* F F LI0NASTT IATTU FE
BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH
T I»ERAL
O N S T H ARESERVE
T 1S
£££!££ 2LI2 J L
INCLUDED « THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING
REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REOUTRFMFNTV:
AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATIOM PERIOD
PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A JHSLE 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 <UHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS? PLUS THE
SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONAL. Y ADJUSTED AS A SHOLE
NOTE: HISTORICAL DATA—INCLUDING CORRECTIONS TO HISTORICAL DATA PREVIOUSLY RELEASED FOR THE PERIOD FROM 1959 TO 19A0—ARF
SASHI^T0N'Tc
T
2! 5 5 t N K I N C
SECTI
°N'
D I V m
°
N
° FRESEARCH
AND S T A T I S T I
« ' *>«» ° F GOVERNORS OF TSE
F»!!RJZ REJERJI
SYSTEM,
H.3(502)
Table 2
AGGREGATE RESERVES. OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not'adjusted for changes in reserve requirements!1
Averages of dally figures, not seasonally adjusted
Millions of dollars
Vault cash4
Reserves of depository institutions
Monetary
base*1
Date
total
nonborrowed
Reserve balances
with F.R. Banks?
required
total
used to satisfy
required
reserves8
Net carryover
of excess or
deficit
in reserve
balances7
surplus*
rvi-fcc" > rr,« ,'-
38,282
38,415
38,948
38,661
37,916
38,137
38,144
38,894
1983—-MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
40,120
36,365
36,278
37,154
36,517
1984—JAN.
FEB.
MAR.
APR.
MAY
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
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
39,405
35,798
35,326
35,920
33,529
39,507
35,423
35,569
36,664
35,938
192,301
186,672
187,813
190,340
191,077
21,325
18,414
19,484
20,351
19,558
22,578
22,269
20,396
20,152
20,446
18,795
17,951
16,794
16,802
16,959
3,782
4,318
3,602
3,349
3,487
JUNE
'i '
: ' '
|
,
'«
I'
\
««
«
*
' ,5t! ,*:
,!
,« '
•
' ,
,
',
,
'
!
s
' 1 '
i : i
9
23
36,611
36,556
35,547
32,377
36,019
35,937
190,278
191,275
20,029
19,390
20,010
20,655
16,582
17,167
3,429
3,489
34
6 P
2 0 PE
36,344
37,866
33,274
34,901
35,849
37,082
191,629
194,417
19,323
20,645
20,570
20,604
17,021
17,221
3,549
3 , 383
1 09
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 REGUI ATORY
CHANGES TO RESERVE REQUIREMENTS.
2/ CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESEPVF
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 MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES THF
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 PERIOD3/ 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 CARRYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF TWO-WEEK MAINTENANCE
PERIODS. REFLECTS EXCESS (+) OR DEFICIT <-> RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WEEK RESERVE
MAINTENANCE PERIOD ENDING ON THE DATE SHOWN.
V
t»
i
',
i
TWO WEEKS
ENDING
1984—MAY
: » '
3,438
3,491
3,604
3,340
3,467
3,393
3,356
2,847
:
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
I
Reserves of depository institutions
[
nonborrowed
|
total
I
Monetary base
required
1 983—-MAY
JUNEJULY
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
37,303
35,654
35,630
36,464
35,764
36,588
35,087
34,678
36,690
34,712
34,921
35,974
35,185
188,100
185,931
187,165
189,650
190,323
35,277
35,194
189,536
190,532
35,065
36,387
190,844
193,722
JAN*
FEB*
MAR*
APR *
MAY
\j../,
w *V. ,
*',. \j
i
I
\ ..)
!
176,335
178,164
180,182
180,140
181,238
182,672
185,035
188,231
TWO WEEKS
ENDING
1984-
MAY
JUNE
PPE
1/
9
23
35,869
35,813
6 PE;
2 0 PE
35,560
37,170
|
34,805
31,634
32,490
34,206
|
|
PRELIMINARY
PRELIMINARY ESTIMATE*
FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT
AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS*
@FedFRASER