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FEDERAL RESERVE statistical release •i^cmrH.3(502) TaMtl For nslssss at 4:30 Eastern Time JUNE AGGREGATE RESERVES OF 1DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 26, 1986 Adjusted for changes In reserve requirements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Date tote? r Reserves of depository institutions nonborrowed required nonborrowed plus extended credit* | excess NSA4 Monetary base* Borrowings of depository Institutions from the Federal Reserve , NSA total extended credit* seasonal 1985—MAY JUNE JULY. AUG. SEPT. OCT. NOV. DEC 41,855 42,669 43,083 43,654 43,882 44,244 44,847 45,612 40,521 41,464 41,976 42,581 42,593 43,056 43,106 44,294 41,055 42,129 42,483 43,151 43,249 4J,685 43,637 44,793 41,051 41,764 42,227 42,826 43,216 43,491 43,919 44,554 804 905 855 827 666 753 928 1,058 205,853 207,932 209,105 211,208 212,289 213,506 215,253 216,721 1,334 1,205 1,107 1,073 1,289 1,187 1,741 1,318 165 151 167 221 203 172 107 56 534 665 507 570 656 629 530 499 1986—JAM. FEB. NAB. APB. HAY 45,881 46,370 46,865 47,275 48,572 45,111 45,486 46,104 46,383 47,696 45,608 45,978 46,622 47,017 48,280 44,771 45,272 45,968 46,474 47,739 1,111 1,097 896 801 833 218,404 219,768 221,262 222,359 224,898 770 884 761 893 876 36 56 68 73 94 497 492 518 634 584 7 21 48,091 48,377 47,110 47,550 47,747 48,121 47,203 47,690 888 688 223,841 224,595 981 827 89 92 637 571 4 P 18 PE 49,182 49,246 48,311 48,527 48,877 49,053 48,185 48,603 998 642 226,063 226,422 871 719 101 102 566 526 P TWO MEEKS ENDING 1986-MAY JUNE P 1/ PBBLIHIMABY PB--PBBLIHIMARY ESTIMATE BBSEBfES AMD HOMETABY BASE FIG0BBS IICOBPOBAIB ADJUSTMENTS FOB DISCOMTIM0ITIES ASSOCIATED ilTH THE IMPLEMENTATION OF THB MONETARY C0BTBOL ACT AMD OTHEB HEGULATOBI CHANGES TO RESERVE BBQUIHBiENTS. TO ADJUST FOB DISCONTINUITIES DUE TO CHANGES IM RESERVE BEQOIBBHBMTS ON BESBBVABLB NOMDEPOS1T LIABILITIES, THB SUM OF SUCH BBQUIBED RESERVES ABE SUBTRACTED FBGH THB ACTUAL SBBIBS. SIHILABLI, IN ADJUSTING FOB DISCONTINUITIES IM THB MONETAEI BASE, BBQUIBED CLEABING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT ALSO ABE SUBTRACTED FROM THE ACTUAL SERIES. 2/ TOTAL HBSEBVES MOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FBDBBAL RESERVE BANKS (HHICH EXCLUDE BEQUIBBD CLEABING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT) PLUS FAULT CASH USED TO SATISFI RESERVE HBQUIBBHBNTS. SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DUBIMG THB LAGGED COMPUTATION PBBIOD BY INSTITUTIONS HAVING BBQUIBED RESERVE BALAMCBS AT TEDERkL RESERVE BANKS PLUS THB AMOUNT OF VAULT CASH EQUAL TO BBQUIBED RESERVES DUMlMG THB MAINTENANCE PBBIOD AT INSTITUTIONS HAVING MO BBQUIBED RESERVE BALAMCBS. 3/ BITBHDBD CBBDIT CONSISTS OF BORROWING AT THB DISCOUNT MIMDOH UMDBfi THE TBBBS AND CONDITIONS ESTABLISHED FOB THB EXTENDED CBBDIT PROGRAM TO HELP DEPOSITOBI INSTITUTIONS DEAL ilTH SUSTAINED LIQUIDITI PBBSSUBBS. BECAUSE THERE IS NOT THB SAME HEED TO BBPAI SUCH BORROWING PBOHPTLI AS THBBB IS MIIH TBADITIONAL SHOHT-TBBH ADJUSTHEMT CBBDIT, THB MONBI MARKET IMPACT OF EXTENDED CREDIT IS SIMILAfi TO THAT OF MOMBOBBOBBD BBSBBVBS. 4/ IBSBBVB BALAMCBS ilTH FEDEHAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFI BBSEBVB BBQUIBBHENTS LESS REQUIRED RESERVES. 1 BASB ' V^J^V^ " ° T A W 0 S T E D F 0 B DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLOS BBQUIBED CLBAHIMG BALAMCBS AMD ADJUSTMENTS BII T FL0 T AT F E D M A L »?,«?25 5i f £ ? L * «SSB*»B BANKS PLOS THB CUBBBMCI COHPOMENT OF THB HONEY STOCK LESS THB AMOUNT OF VAULT CASH S2f"S55«« 21 T ? a i F T INSTITUTIONS THAT IS INCLUDED IN THE CUBBENCI COMPONENT OF THB HONEY STOCK PLUS, FOB INSTITUTIONS NOT HAVIMG ?5HH IBE ? " S B 8 ? E BALANCES, THB EXCESS OF CUHBEHT VAULT CASH OVBB THE AMOUNT APPLIED TO SATISFY CUBBBNT RESERVE BEQUIBEHENTS. AFTEB THB INTBODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ABE MEASUBED OVER THE HONDAI-iitfDING COMPUTATION PEBIOD. PBIOB TO CBB, ALL COMPONENTS OF THE HONETABI BASE OTHEB THAN EXCESS HESEBVES ABE SEASONALLY ADJUSTED AS A NHOLE, BATHEfi THAN BY COMPONENT, AND EXCESS BESEBVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTEB CBB, Tili SEASONALLY ADJUSTED SEBIES CONSISTS OF SEASONALLY ADJUSTED TOTAL BESEBVES (iHICH INCLUDES EiCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CUBBENCI COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEkSQMLLX ADJUSTED AS A NHOLE. NOTE: HISTOBICAL DATA ABE AVAILABLE FROM TdE BANKING SECTION, DIVISION OF BfiSEABCH AND STATISTICS, BOABD OF GOVEBNORS OF THE FEDEBAL BESEBVE SYSTEM, HASHINGTON, D.C. 20551 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 base2 Date total nonborrowed Reserve balances, with F.R. Banks3'? total required used to satisfy required surplus8' reserves5" 1985—MAI JU BE JUL! AUG. SEPT. OCT. MOT. DEC. 41,051 42,352 42,803 42,963 44,447 45,469 46,382 48,142 1986—JAB. FEB. HAB. APB. HAI P 48,060 46,652 47,274 48,882 48,415 39,718 41,147 41,696 41,890 43,158 44,282 44,641 46,824 47,289 45,768 46,513 47,989 47,539 40,247 41,447 41,948 42,135 43,782 44,716 45,454 47,085 46,949 45,555 46,378 48,081 47,582 206,414 209,970 212,269 213,156 214,501 216,192 218,962 223,534 221,588 219,568 221,703 224,879 226,113 22,385 23,367 23,503 23,415 24,972 25,431 26,385 27,620 26,373 24,700 27,114 28,892 28,276 21,898 22,180 22,530 22,839 22,465 22,724 22,457 22,956 24,245 24,962 22,688 22,231 22,474 18,666 18,985 19,300 19,548 19,475 20,038 19,997 20,522 21,687 21,952 20,160 19,990 20,138 3,231 3,196 3,230 3,291 2,990 2,686 2,460 2,434 2,559 3,010 2,528 2,241 2,336 TBO BEBKS BBDING 1986—BAI JOBE Net carryover of excess or deficit In reserve balances 7 ' r"1 ' 5-? 1 • - 1 i 1 i : >5 '!' j 7 21 48,500 48,241 47,519 47,414 47,612 47,554 224,589 226,280 28,676 27,875 22,100 22,700 19,824 20,366 2,276 2,334 4 P 18 PE 48,598 50,277 47,727 49,558 47,601 49,635 226,945 230,554 28,558 30,177 22,422 22,250 20,040 20,100 203B2 i V ft.. - & 2,150 P PBELIBIBABT P E — PBELIB1BABI BSTIHATE. 1/ BEFLECTS ACTUAL RESEBTB BBQUIBEBEBTS, IBCLUDIMG THOSE OB MOHDEPOSIT LIABILITIES, BITH BO ADJUSTHEBTS TO ELIHIBATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED BITH IHPLEBEBTATIOB OF THE HOHETABT COBTBOL ACT OB OTHEB BEGBLATOBI CHABGES TO BESEBTE BEQOIHSBEBTS. 2/ COHSISTS OF TOTAL BESEBTES PLUS BEQUIBED CLEABIBG BALANCES AMD ADJUSTHEBTS TO COBPEHSATB FOB FLOAT AT FEDBBAL BESEBTE BABKS PLOS THE CUBBEBCI COHPOBEBT OF THE HOMEr STOCK LESS THE AHOUBT OF TAULT CASH HOLDIBGS OF THBIFT IMSTITOTIOBS THAT IS IHCLUDBD IB TBE CUBBEBCI COflPOEBBT OF THE HOBEI STOCK PLUS, FOB INSTITUTIONS BOT HAVING BBQOIHED BBSEB1E BALANCES, THE EXCESS OF CBHHBHT FAULT CASH OTEB THE AHOUBT APPLIED TO SATISFI CORBEBT BESEBTE BEQUIBEHENTS. AFTEB THE IHTHODUCTIOB OF CBfi, CUBBEBCI AMD TAULT CASH FIGURES ABE HBASURED OTEB THE HONDAI-EHDING COHPUTATIOB PEBIOD. 3/ EXCLUDES BEQUIBED CLEABIBG BALANCES AND ADJUSTHEBTS TO COHPENSATB FOB FLOAT. 4/ DATES BEFEB TO TBE BAINTEBABCE PEBIODS IN NHICH THE TAULT CASH CAB BE USED TO SATISFI BESEBTE BEQUIBEHENTS. UBDBB COBTEHPORAMBOUS BESEBTE BBQUIBEBEBTS, BAINTENANCB PEBIODS BUD 30 DAIS AFTEB THE LAGGED COHPUTATIOB PEBIODS IB WHICH THE BALANCES ABE HELD. 5/ EQUAL TO ALL TAOLT CASH HELD DUBING THE LAGGED COHPUTATION PEBIOD BI INSTITUTIONS HATING BEQUIBED BBSEBVB BALABCBS AT FEDEBAL BESEBTE BABKS PLOS THE AHOUBT OF TAULT CASB EQUAL TO BEQUIBED BESEBtES DUBING THE HAINTENABCE PERIOD AT INSTITUTIONS HATING BO BEQUIBED BESEBTE BALANCES. 6/ TOTAL TAULT CASH AT IBSTITUTIONS HATING NO BfiuUIBED BESEBTE BALABCBS LESS THE AHOUBT OF TAULT CASH EQUAL TO THEIB BEQUIBED BESEBTES DUBING THE HAINTENANCE PEBIOD. 7/ CONSISTS OF CABHTOTEB OBLI AT DEPOSITORI INSTITUTIONS HAINTAINING BESEBTES ON THE BASIS OF THO-WBEK HAINTENANCE PERIODS. BEFLECTS EXCESS (•) OH DEFICIT (-) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-HEEK RESERTE HAINTENANCE PERIOD ENDING OB THE DATE SHOWN. 153 109 23 116 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 nonborrowed Monetary base required 1985—HAY JONE JUL! AUG. SEPT. OCT* MO?. DEC. 41,128 42,444 42,896 43,069 43,676 44,207 45,082 46,839 39,794 41,239 41,789 41,996 42,388 43,020 43,341 45,520 40,324 41,539 42,040 42,241 43,011 43,454 44,154 45,781 204,836 208,292 210,555 211,514 212,157 213,357 216,036 220,362 1986—JAN. PES- . MAE. APEMA* P 47,113 45,684 46,338 47,936 47,707 46,342 44,600 45,578 47,044 46,831 46,002 44,567 45,442 47,135 46,875 218,741 216,784 216,965 222,134 223,603 7 21 47,777 47,580 46,7*6 46,753 46,889 46,892 222,126 223,837 4 P 16 P£ 47,838 49,582 46,967 46,864 46,840 48,940 224,309 227,990 THO HEEKS ENDING 1986--HAY JONS 9—fEZlIMHkZY *«V»-P**lIMINAfir ESTIMATE. 1/ flGORES BBPLECT ADJUSTMENTS FOE DISCONTINUITIES ASSOCIATED HITfl THE IMPLEMENTATION OP THE MONETAE! COMTBOL ACT AMD OTHEB BEGULATOHY CHANGES TO BESEBfE BBQUIBEMBNTS.
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