Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : June 22, 1981

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FEDERAL RESERVE statistical release
H.3 (502)

For Immediate Release

Table 1

AGGREGATE RESERVES AND MEMBER BANK DEPOSITS

JUNE 2 2 ,

Reserves of depository institutions?
total 2

Period

nonborrowed

required

Monetary
base3

total

millions of dollars

1981

Member bank deposits subject to reserve requirements
U.S.
private demand deisosits
time and
other
government
net
savings
total
demand
interbank
b llions of dollars

seasonal l\f adjusted
1980— HAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
1981— JAN.
FEB.
MAR.
APB.
MAY

?
P

44,4 46
4 3 ,9 5 9
42,781
4 0 ,7 4 9
4 1 ,5 1 7
41 ,7 2 7
41 ,2 2 7
40,131

4 3,4 27
43,5 8 0
42,3 8 6
40 ,0 9 0
40,2 0 6
4 0 ,4 1 7
3 9 ,1 6 8
38,441

44,268
4 3,756
42,497
40,447
41,2 62
41,521
40,730
39,5 7 9

158.8
159.1
158.9
158.2
159.4
160.7
160-4
159.6

6 5 6 .8
6 5 8 .0
65 8.5
6 6 7.8
678.2
68 4.7
694.3
7 0 1.8

4 67.7
4 67.9
46 7.0
47 4.2
48 2.0
486.7
4 9 4 .0
5 0 4 .0

187.3
188.4
189.1
191.5
194.5
195.6
198.1
196.0

17.1
16.9
16.6
14.4
15 .9
16.5
17.4
17.5

170.2
171.5
172.5
177.1
178.6
179.1
180.7
178.5

1.8
1.7
2 .5
2.1
1.8
2 .4
2 .2
1.9

?
?
P
P
P

4 0 ,0 9 9
3 9 ,7 5 8
4 0,2 47
4 0 ,2 4 8
4 0 ,8 1 2

3 8 ,7 0 4
3 8 ,4 5 4
3 9 ,2 4 8
38,9 1 1
38 ,5 8 4

39,5 55
39 ,5 75
39,866
40, 104
40,545

160. 1
160.6
161.3
162.2
163.5

70 3.8
7 0 4.3
703.6
71 1.3
715.0

51 7.4
523.3
5 2 4 .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

HEEK ENDING:
1981— <1AY

6
13
20
27

P
P
P
P

41,054
4 0,3 87
40,9 34
40 ,8 4 9

3 8 ,5 8 3
3 8 ,6 5 3
3 8 ,9 5 9
3 7 ,9 2 6

40,718
40 ,2 89
40,730
40,4 13

163.2
162.9
163.6
164.2

7 1 2.2
7 1 3.8
71 6.6
7 1 5.3

5 3 3.2
53 6.7
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
10

P
P

40,9 13
4 0 ,4 9 2

3 8 ,9 5 9
3 8 ,2 8 5

40,646
40,243

163.2
162.9

7 2 0.0
7 2 0 .5

543.9
544.8

173.3
173.7

18.3
17.8

155.0
156.0

2 .9
1.9

not seasonally adjusted
1980— BAY
JUNE
JULY
AUG.
SEPT,
OCT.
NOV.
DEC.
1981— JAN.
FEB.
HAS.
APR .
NAY

P
P

43,963
43,4 7 2
4 2 ,8 5 9
^0,373
41,1 64
4 1 ,7 0 4
41,221
40,6 19

4 2 ,9 4 5
43,0 92
4 2 ,4 6 4
3 9 ,7 1 5
3 9 ,8 5 2
4 0 ,3 9 4
39 ,1 6 1
3 8 ,9 2 9

43,785
43,268
42,575
40,071
40,908
41,498
40,723
40,067

157.8
158.6
159.6
158.0
159.0
160.6
161.5
162.5

6 5 1 .5
65 6.9
65 8.2
6 6 2 .5
675.6
6 8 4.2
6 9 4.6
710.3

4 6 7.7
467 * 4
4 6 6 .0
471*8
479.6
4 8 5.7
4 93.0
5 0 5 .0

182.1
187.2
190.0
189.0
193.9
196.4
199.6
20 3.3

16.2
16.6
16.8
14.2
15.8
16.5
18.0
18.2

165.9
170.6
173.2
174.8
178^1
179.8
181.6
185.1

1.7
9 "i
9 9
1.7
9 11
4.
2.1
1.9
2.1

P
P
P
P
P

41,5 6 9
39,631
39 ,7 5 3
40,2 17
40,4 79

40,1 75
3 8 ,3 2 7
3 8 ,7 5 3
3 8 ,8 7 9
3 8 ,2 5 1

41,025
39,448
39,372
40,072
40,213

161.0
158.9
159.6
161.6
162.6

71 2.6
70 1.5
703.2
71 3.5
709.9

5 2 0.5
524.8
527.9
531.6
538,1

18 9.9
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
9 u
n
z.
2.1
i u
n
J.
2.1

P
P
?
?

41,4 2 5
40,0 2 6
4 0 ,5 6 0
4 0 ,2 4 6

3 8 ,9 5 4
3 8 ,2 9 2
3 8 ,5 8 5
37,3 23

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

9 . 7/
Z
11.0&
9. . w
C
£
1.6

3 P
10 P

40 ,1 2 2
3 9,5 11

3 8 ,1 6 8
3 7 ,3 0 4

39,855
39,262

162.1
163.1

71 8.3
719.1

544.4
545.4

171.6
172.1

18.3
17.2

153.3
154.9

1.7

WEEK ENDING:
1981— HAY

JUNE

6
13
20
27

See reverseside for explanation of footnotes.




Table 2

AGGREGATE RESERVES AND MONETARY BASE
Adjusted for changes in reserve requirements 4
vi uvii r irsiw
Reserves o f depository institutions
required
non borrowed !
Period
total ^
millions o f dollars
seasonally adjusted

Monetary base •^
billions o f dollars

Reserves o f depository institutions
required
i non borrowed I
total L
millions o f dollar!
not seasonally adjusted

Monetary base'3
billions o f dollars

19 80— MAY
JUNE
JU LY
AUG.
SEPT.
OCT.
NOV. 5 / P
P
DEC.

3 7 ,4 8 5
3 7 ,4 6 0
3 7 ,5 7 0
3 8 ,0 5 0
3 8 ,7 2 5
3 8 ,8 9 3
4 0 ,0 5 6
4 0 ,1 1 0

3 6 ,4 6 6
3 7 ,0 8 1
3 7 ,1 7 6
3 7 ,3 9 2
3 7 ,4 1 4
3 7 ,5 8 3
3 7 ,9 9 7
3 8 ,4 2 0

3 7 ,3 0 7
3 7 ,2 5 7
3 7 ,2 8 6
3 7 ,7 4 8
3 8 ,4 7 0
3 8 ,6 8 7
3 9 ,5 5 9
3 9 ,5 5 7

1 5 0 .9
1 5 1 .7
1 5 2 .8
1 5 4 .6
1 5 5 .7
1 5 6 .9
1 5 8 .9
1 5 9 .5

3 7 ,0 6 1
3 7 .0 0 7
3 7 ,6 6 5
3 7 ,7 0 6
3 8 ,4 0 1
3 8 ,8 7 5
4 0 ,0 5 6
4 0 ,5 9 8

3 6 ,0 4 3
3 6 ,6 2 8
3 7 ,2 7 0
3 7 ,0 4 8
3 7 ,0 9 0
3 7 ,5 6 5
3 7 ,9 9 6
3 8 ,9 0 7

3 6 ,8 8 3
3 6 ,8 0 4
3 7 ,3 8 0
3 7 ,4 0 4
3 8 ,1 4 5
3 8 ,6 6 9
3 9 ,5 5 8
4 0 ,0 4 5

150. 0
1 5 1 .2
1 5 3 .5
1 5 4 .5
1 5 5 .3
1 5 6 .9
1 6 0 .0
1 6 2 .5

19 8 1 — J A N .
FEB .
MAR.
APR.
MAY

P
P
P
P
P

4 0 ,0 7 7
3 9 ,5 8 8
3 9 ,9 8 1
3 9 ,9 8 2
4 0 ,4 0 3

3 8 ,6 8 3
3 8 ,2 8 4
3 8 ,9 8 2
3 8 ,6 4 5
3 8 ,1 7 5

3 9 ,5 3 3
3 9 ,4 0 5
3 9 ,6 0 0
3 9 ,8 3 8
4 0 ,1 3 7

1 6 0 .1
1 6 0 .4
1 6 1 .4
1 6 2 .4
1 6 3 .7

4 1 ,5 4 8
3SU461
3 9 ,4 8 7
3 9 ,9 5 1
4 0 ,0 7 1

4 0 ,1 5 3
3 8 ,1 5 7
3 8 ,4 8 7
3 8 # 6 13
3 7 ,8 4 3

4 1 ,0 0 4
3 9 ,2 7 8
3 9 ,1 0 6
3 9 ,8 0 6
3 0 ,8 0 5

1 6 1 .0
1 5 8 .8
1 5 9 .7
1 6 1 .9
1 6 2 .8

P
P
P
P

4 0 ,7 8 8
4 0 ,1 2 1
4 0 ,4 2 3
4 0 ,3 3 8

3 8 ,3 1 7
3 8 ,3 8 7
3 8 ,4 4 8
3 7 ,4 1 5

4 0 ,4 5 2
4 0 ,0 2 3
4 0 ,2 1 9
3 9 ,9 0 2

1 6 3 .5
1 6 3 .1
1 6 3 .6
1 6 4 .3

4 1 ,1 5 9
3 9 ,7 6 0
4 0 ,0 4 9
3 9 ,7 3 5

3 8 ,6 8 8
3 8 ,0 2 6
3 8 ,0 7 4
36 *812

4 0 ,8 2 3
3 9 ,6 6 2
3 9 ,8 4 5
3 9 ,2 9 9

1 6 3 .9
1 6 2 .9
1 6 2 .6
1 6 2 .5

3 P
10 P

4 0 ,4 0 2
3 9 ,9 8 1

3 8 ,4 4 8
3 7 ,7 7 4

4 0 ,1 3 5
3 9 ,7 3 2

1 6 3 .3
1 6 3 .0

3 9 ,6 1 1
3 9 ,0 0 0

3 7 ,6 5 7
3 6 ,7 9 3

3 9 ,3 4 4
3 8 ,7 5 1

1 6 2 .2
1 6 3 .2

WEEK E N D IN G :
19 81— MAY

JUNE

P 1/

2/
3/

4/

5/

6
13
20
27

P R E L IM IN A R Y
RESERVES OF D EPO SITO R Y IN S T IT U T IO N S S B filE S REFLECT ACTOAL RESERVE REQUIREMENT PERCENTAGES WITH HO ADJUST­
MENT TO E L IM IN A T E THE EFFECT OF CHANGES IH REGOLATIONS D AMD K .
P R IO R TO NOVEMBER 1 3 , 1 9 8 0 , THE DATE OF IM­
PLEM ENTATION OF THE MONETARY CONTROL A C T , ONLY THE RESERVES OF COMMERCIAL BANKS THAT K IB E MEMBERS OF THE
FEDERAL RESERVE SYSTEH HERE INCLODED I N THE S E R IE S .
S IN C E THAT DATE THE S E R IE S IN CLU D E THE RESERVES OF ALL
D EPO SITO R Y I N S T I T U T I O N S .
IN CONJUNCTION WITH THE IM PLE M E N TA TIO N OF THE A C T , REQUIRED RESERVES OF MEMBER BANKS
HERE REDUCED ABOUT $ 4 .3 B IL L IO N AND REQUIRED RESERVES OF OTHER D E P 0 6 IT 0 R Y IN S T IT U T IO N S KEEE INCREASED ABOUT
$ 1 .4 B IL L IO N .
ALSO I N CONJUNCTION WITH THE MONETARY CONTROL A C T , REQUIRED RESERVES OF C E R TA IN MONHEHBER BANES
AND FO R E IG N -R E LA TE D IN S T IT U T IO N S INCREASED PURSUANT TO THE T R A N S IT IO N A L P H A S E -IN PROGRAM BY A PPR O XIM ATE LY £2 45
B IL L IO N E F F E C T IV E FEBRUARY 1 8 , 1981 AND BY ANOTHER $2 4 5 M IL L IO N E F F E C T IV E HAY 2 0 , 1 9 8 1 .
E F F E C T IV E OCTOBER 1 1 *
1 9 7 9 , AN 8 PERCENTAGE P O IN T M ARGINAL RESERVE REQUIREMENT NAS IMPOSED ON "MANAGED L I A B I L I T I E S " .
T H IS ACTIO N
R A IS E D REQUIRED RESERVES ABOUT $3 2 0 M IL L IO N .
E F F E C T IV E MARCH 1 2 , 1 9 8 0 , THE 8 PERCENTAGE P O IN T MARGINAL RESER? :
REQUIREMENT HAS R A IS E D TO 10 PERCENTAGE P O IN T S .
I N A D D IT IO N THE BASE UPON WHICH THE MARGINAL RESERVE
REQUIREMENT HAS CALCULATED HAS REDUCED.
T H IS A C TIO N INCREASED REQUIRED RESERVES ABOUT $ 1 . 7 B IL L IO N I N THE
WEEK ENDING A P R I L 2 , 1 9 8 0 .
E F F E C T IV E MAY 2 9 , 1 9 8 0 , THE MARGINAL RESERVE REQUIREMENT NAS REDUCED FROM 10 TO
5 PERCENTAGE P O IN T S AND THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT HAS CALCULATED WAS R A IS E D *
T H IS
A C T IO N REDUCED REQUIRED RESERVES ABOUT $ 9 8 0 M IL L IO N I N THE WEEK ENDING JUNE 1 8 , 1 9 8 0 .
E F F E C T IV E J U L f
1980,
THE 5 PERCENT MARGINAL RESERVE REQUIREMENT ON MANAGED L I A B I L I T I E S AND THE 2 PERCENT SUPPLEMENTARY RESERVE
REQUIREMENT A G A IN S T LARGE T IM E D E P O S IT S WERE REMOVED.
THESE A C T IO N S REDUCED REQUIRED RESERVES ABOUT $ 3 . 2 B I L L IO N .
RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH AT I N S T IT U T IO N S WITH REQUIRED RESERVE BALANCES
PLU S VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER I N S T I T U T I O N S .
INCLU D ES RESERVE BALANCES AT FEDERAL RESERVE BANKS I N THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EAR­
L IE R USED TO S A T IS F Y RESERVE REQUIREMENTS AT ALL DEPO SITO RY I N S T IT U T IO N S PLUS CURRENCY O U TSID E THE U . S .
TR EASU RY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPO SITO RY I N S T I T U T I O N S , AND SURPLUS VAULT CASH A T D E P O S I­
TORY I N S T I T U T I O N S .
RESERVE AGGREGATES SE R IE S HAVE BEEN ADJUSTED TO REMOVE D IS C O N T IN U IT IE S ASSO C IATED WITH THE IM PLEM ENTATIO N
OF
THE MONETARY CONTROL A C T , MARGINAL RESERVE REQUIREMENTS, THE IN C L U S IO N OF EDGE ACT CORPORATION RESERVES,
AND OTHER CHANGES IN REGULATIONS D AND K .
PR IO R TO FEBRUARY 1 8 , 1 9 3 1 , RESERVE AGGREGATES SE R IE S HAVE BEEN
ADJUSTED H IS T O R IC A L L Y TO CONFORM TO THE STRUCTURE OF RESERVE REQUIREMENTS CURRENTLY IN EF F E C T .
BEGINNING
FEBRUARY 1 8 , THE SE R IE S HAVE BEEN ADJUSTED TO REMOVE THE EFFECTS OF SCHEDULED T R A N S IT IO N A L CHANGES IN
RESERVE REQUIREMENTS UNDER THE MCA.
RESERVE MEASURES FOR NOVEMBER REFLECT INCREASES I N REQUIRED RESERVES ASSO C IATED WITH THE REDUCTION OF WEEKEND
AVOIDANCE A C T I V I T I E S OF A FEW LARGE BANKS.
THE REDUCTION I N THESE A C T I V I T I E S LEADS TO E S S E N T IA L L Y A O N E-TIM E
IN C R EA SE I N THE AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO BE HELD FOR A GIVEN LEVEL OF D E P O SITS ENTER­
IN G THE HONEY S U P P L Y .
I N NOVEMBER, T H IS IN CR EASE IN REQUIRED RESERVES I S ESTIM ATED AT $ 5 50 TO $6 0 0 M IL L IO N .

NOTE:

H IS T O R IC A L DATA ARE A V A IL A B L E FROM THE BANKING S E C T IO N , D IV IS IO N OF RESEARCH
BOASD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM , W ASHINGTON, D . C . , 2 0 5 5 1 .




AND S T A T IS T I C S ,