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-s* Sk FEDERAL RE$1!R¥^ statistical release s*" H.3(502) A ^ V ,^: For Immediate Release Table 1 JUNE AGGREGATE RESERVES AND MEMBER BANK DEPOSITS 8, 1981 Average of daily figures Reserves of depository institutions 1 total 2 Period no n borrowed; required Monetary base 3 total millions of dollars MemberJpank deposits subject to reserve requirements time and private demand deposits other savings total net government interbank demand billions of dollars us: seasonally adjusted 655-4 656.8 658.0 658.5 667-8 678.2 684*7 694.3 701.8 464.2 467-7 467,9 467-0 474-2 482.0 486.7 494.0 504.0 188.7 187.3 188.4 189.1 191.5 194.5 195.6 198.1 196.0 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 1.9 160.1 160.6 161-3 162.2 703-8 704.3 703-6 711.3 517.4 523.3 524,. 7 531-1 184-1 178.9 176-9 177.4 16.9 17.8 18-1 17.7 167.1 161.1 158-8 159.7 2.3 2.1 2.0 2.8 39,871 39,396 39,779 40,505 40,681 162.1 160-6 161-7 162.9 163.2 703.8 708-6 711.7 712.3 712.3 525.2 527-2 530.8 532.3 533*7 177.2 178.0 177.5 177.8 175.8 18.7 17-8 18-7 17.3 17.7 158.4 160.1 158-8 160.5 158.1 1.5 3-4 3-4 2-2 2-8 40,718 40,289 40,730 40,413 163.2 162.9 163-6 164.2 712-2 713.8 716.6 715.4 I I | 533-2 536.7 538.1 539.4 176.7 175.2 176.0 174.3 16.8 16.9 18.5 19.4 159-9 158.3 157.5 154.9 1980—APE. HAY JDNE JULY AUG. SEPT. 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 1981—JAN. FEB. MAR. APR. 40,099 39,758 40,247 40,248 38,704 38,454 39,248 38,911 39,555 39,575 39,866 40,104 P P P P P 40,521 39,447 40,097 40,509 40,786 39,057 38,560 38,955 39,645 38,508 P P P P 41,054 40,387 40,934 40,852 38,583 38,653 38,959 37,929 P P P P I I WEEK ENDING: 1 8 15 22 29 1981—APE. HAY 6 13 20 27 | j :• 2.4 1.9 2-5 1.7 not seasons ly adjusted 42,425 42,945 43,092 42,464 39,715 39,852 40,394 I 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 I 684.2 i 694.6 710.3 464.7 467.7 467.4 466.0 471.8 479.6 485.7 493.0 505.0 190.4 182.1 187.2 190.0 189.0 193.9 196.4 199.6 203.3 16.8 16.2 16,. 6 16.8 14.2 15.8 i 16-5 j 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 41?569 39,631 39,753 40,217 40-175 38,327 38,753 38,879 41,025 39,448 39,372 40,072 161.0 158-9 159.6 161.6 712.6 701-5 703.2 713.5 5.70.5 ' 524.8 527.9 531.6 189.9 174.6 173.2 178.9 18.1 17.5 17.6 17.3 171.8 * 157.0 155.6 161-7 2.1 2.0 2-1 3-0 40,292 38,888 39,938 40,743 41,114 38,828 38,001 38,796 39,879 38,836 39,642 38,837 39,620 40,739 41,009 160.1 160.7 162.0 162.3 161.5 705.7 713.5 716.0 716.2 708.5 529.9 530.9 531.9 531.7 532.1 174-4. 179.8 181.0 181.3 173.2 18.0 17-9 17-9 16.6 16.7 156-4 161-9 163.1 164-7 156.5 1.4 2.8 3.1 3.1 3.2 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 1 710.9 I 707.7 532-1 536.7 538.6 540.4 174-3 171.4 169.8 165.7 17.1 16.4 16.8 16.7 157.2 155.0 152.9 149-0 2.7 1.6 2.5 1.6 1980—APEHAY JUNE JULY AUG. SEPT. OCIP NOVP DEC- 44,880 43,963 43,472 42,859 40,373 41,164 41,704 41,221 40,619 P P P P 1981—JAN. FEB. HAfiAPE. ! WEEK ENDING: 1981 — APE- HAY 1 8 15 22 29 P P P P P 6 13 20 27 P P P P I I I See reverse side for explanation of footnotes. f i H.3 Table 2 AGGREGATE RESERVES AND MONETARY BASE Adjusted for changes in reserve requirements 4 Reserves of depository institutions total 2 "~I non borrowed required millions of dollars seasonal^/ adjusted Peric>d Monetary basei billions of dollars Reserves of depository institutions total 2 | non borrowed \ required millions of dollars not seasonally adjusted Monetary base^ billions of 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 40r045 149.3 150.0 151.2 153.5 154.5 155.3 156-9 160.0 162.5 1981—JAN. FEB. MAR. APR. 40,077 39,588 39,981 39,982 38,683 38,284 38,982 38,645 39,533 39,405 39,600 39,838 160.1 160.4 161.4 162.4 41,548 39,461 39,487 39,951 40,153 38,157 38,487 38,613 41,004 39,278 39,106 39,806 16U0 158-8 159.7 161.9 P P P P HEEK ENDING: 1981—APR. MAY 1 8 15 22 29 P P P P P 40,255 39,181 39,831 40,243 40,520 38,791 38,294 38,689 39,379 38,242 39,605 39,130 39,513 40,239 40,415 162.3 160.8 161.9 163.2 163.5 40,026 38,622 39,672 40,477 40,848 38,562 37,735 38,530 39,613 38,570 39,376 38,571 39,354 40,473 40,743 6 13 20 27 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 39,662 39,845 39,299 160-3 160.9 162-2 162-5 161.7 i 163-9 162.9 162.6 162.5 P - PRELIMINARY 1/ RESERVES OF DEPOSITORY INSTITOTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO ADJUSTMENT TO ELIMINATE THE EFFECT OF CHANGES IN REGULATIONS D AND 1U PRIOR TO NOVEMBER 13, 1980, THE DATE OF IMPLEMENTATION OF THE MONETARY CONTROL ACT, ONLY THE RESERVES OF COMMERCIAL BANKS THAT HERE 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 HERE REDUCED ABOUT $4.3 BILLION AND REQUIRED RESERVES OF OTHER DEPOSITORY INSTITUTIONS HERE INCREASED ABOUT $1.4 BILLION. ALSO IN CONJUNCTION HITH THE MONETARY CONTROL ACT, REQUIRED RESERVES OF CERTAIN NONMEMBER BASKS AND FOREIGN-RELATED INSTITUTIONS INCREASED PURSUANT TO THE TRANSITIONAL PHASE-IN PROGRAM BY APPROXIMATELY $245 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 HAS IMPOSED ON "MANAGED LIABILITIES". THIS ACTION RAISED REQUIRED RESERVES ABOUT $320 MILLION. EFFECTIVE MARCH 12, 1980, THE 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREMENT HAS RAISED TO 10 PERCENTAGE POINTS. IN ADDITION THE BASE UPON HHICH THE MARGINAL RESERVE * REQUIREMENT HAS CALCULATED HAS REDUCED. THIS ACTION INCREASED REQUIRED RESERVES ABOUT $1-7 BILLION TN THE HEEK ENDING APRIL 2, 1980- EFFECTIVE MAY 29, 1980, THE MARGINAL RESERVE REQUIREMENT HAS REDUCED FROM 10 TO 5 PERCENTAGE POINTS AND THE BASE UPON HHICH THE MARGINAL RESERVE REQUIREMENT HAS CALCULATED HAS RAISED. THIS ACTION REDUCED REQUIRED RESERVES ABOUT $980 MILLION IN THE HEEK ENDING JUNE 18, 1980. EFFECTIVE JULY 24, 1980, THE 5 PERCENT MARGINAL RESERVE REQUIREMENT ON MANAGED LIABILITIES AND THE 2 PERCENT SUPPLEMENTARY RESERVE REQUIREMENT AGAINST LARGE TIME DEPOSITS HERE REMOVED. THESE ACTIONS REDUCED REQUIRED RESERVES ABOUT $3-2 BILLION. 2/ RESERVE BALANCES HITH FEDERAL RESERVE BANKS PLUS VAULT CASH AT INSTITUTIONS HITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. 3/ INCLUDES RESERVE BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT HEEK PLUS VAULT CASH HELD THO HEEKS 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 DEPOSITOR! INSTITUTIONS. 4/ RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED HITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, MARGINAL RESERVE REQUIREMENTS, 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 CURRENTLY IN EFFECT. BEGINNING FEBRUARY 18, THE SERIES HAVE BEEN ADJUSTED TO REMOVE THE EFFECTS OF SCHEDULED TRANSITIONAL CHANGES IN RESBRVE REQUIREMENTS UNDER THE MCA. 5/ RESERVE MEASURES FOR NOVEMBER REFLECT INCREASES IN RBQUIRED RESERVES ASSOCIATED HITH THE REDUCTION OF WEEKEND AVOIDANCE ACTIVITIES OF A FEB LARGE BANKS. THE REDUCTION IN THESE ACTIVITIES LEADS TO ESSENTIALLY A ONE-TIME INCREASE IN THE AVERAGE LEVEL OF RBQUIRED RESERVES THAT NEED TO BE HELD FOR A GIVEN LEVEL OF DEPOSITS ENTERING THE MONEY SUPPLY. IN NOVEMBER, THIS INCREASE IN REQUIRED RESERVES IS ESTIMATED AT $550 TO $600 HIXLIOl. NOTE: HISTORICAL DATA ARE AVAILABLE FBOfl THE BANKING SECTION, DIVISION OF RESEARCH AID STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL BESERYE SYSTEM, *kS*TVi**rrv $.<•., 20551.