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FEDERAL RESERVE statistical release For flslssss si 4; 30 Eastern Time H.3<502) Table 1 MARCH 14, 1985 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes In f t m w requirements' Averages of deity figures, —tonally adjusted unless noted otherwise Millions of dollars I 1984—FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1985--JAN. FEB. Rosorwje of depository Institutions required nonborrowod nonbonowsd plus tots? Date 37,026 37,099 37,110 37,450 38,290 38,239 38,386 38,143 37,758 38,113 38,709 I 36,459 36,148 35,876 34,462 34,989 32,315 30,369 30,902 31,741 33,495 35,523 I 36,464 36,175 35,921 34,499 36,862 37,323 37,412 37,360 36,798 37,332 38,127 I 36,083 36,388 36,619 36,870 37,516 37,626 37,697 37,515 37,138 37,419 37,857 ^ | exosss MSA4 | 943 711 492 580 774 613 689 628 620 693 853 Monetary base* Borrowings of depository institutions from the Federal Reserve . NSA seasonal extended credit* total I 189,026 189,902 190,587 191,689 193,984 194,617 195,784 196,253 196,185 197,427 198,736 567 952 1 , 234 2,988 3,300 5,924 8,017 7,242 6,017 4,617 3,186 103 133 139 196 264 308 346 319 299 21 2 113 39,713 40,360 38,318 39,071 39,368 39,875 38,968 39,466 745 894 200,067 202,097 1 , 395 1 ,289 62 71 13 27 P 40,343 40,355 38,975 39,181 39,962 39,783 39,331 39,573 1 ,012 782 201,723 202,357 1 ,369 1 ,174 60 81 13 PE 40,655 38,790 40,014 39,723 932 203,314 1,865 70 PE I 5 27 44 37 1 , 873 5,008 7,043 6,459 5,057 3,837 2,604 1 ,050 803 TWO WEEKS ENDING 1985-FEB. MAR. 988 603 1 , 224 F" "PRELIMINARY PE -PRELIMINARY ESTIMATE 1/ RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGFS IN RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL SERIES. SIMILARLY, IN ADJUSTING FOR DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES. 2/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS, SUCH VAULT CASH CONSISTS OF 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. 3/ EXTENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT WINDOW UNDER THE TERMS AND CONDI I IONS ESTABLISHED FOR THE EXTENDED CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SAME NEED TO REPAY SUCH BORROWING PROMPTLY AS THERE IS WITH TRADITIONAL SHORT TERM ADJUSTMENT CREDIT, THE MONEY MARKET IMPACT OF EXTENDED CREDIT IS SIMILAR TO THAT OF NONBORROWED RESERVES. 4/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES. 5/ THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE 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, THE 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 PERIOD. PRIOR TO CRR, ALL COMPONENTS OP THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, 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 (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Kl/%t'«arllaie*A<4 phonnac in rAniiiramanlC/) Not adjusted tr\r for changes in roeoruA reserve requirements/ Averages of daily tiguree, not seasonally adjusted Millions of dollars ' Wassrvei of depository institutions Vault caeV Monetary bWJ Data total required total used to satisfy required reserve**! 35,799 35,329 35,922 33,533 34,225 31,547 29,247 30,801 32,495 34,618 37,509 35,423 35,569 36,664 35,942 36,752 36,858 36,575 37,415 37,892 38,542 39,843 186,672 187,815 190,344 191,084 193,971 195,516 195,677 196,229 196,688 198,771 202,586 18,415 19,486 20,353 19,562 20,217 19,891 19,270 20,143 20,099 20,843 21,738 22,269 20,396 20,152 20,446 20,770 21,134 21,688 21,232 21,875 21,827 22,316 17,951 16,794 16,802 16,960 17,308 17,579 17,995 17,900 18,413 18,392 18,958 4,318 3,602 3,349 3,486 3,461 3,555 3,694 3,333 3,462 3,434 3,358 41,125 40,267 39,730 38,978 40,380 39,373 201,353 199,929 21,577 20,406 23,044 23,927 19,547 19,862 3,497 4,066 13 27 P 40,548 39,983 39,180 38,809 39.537 39,201 200,133 199,644 19,924 20,710 24,893 23,203 20,624 19,273 4,269 3 , 930 13 PE 40,605 38,740 39,673 201,266 22,410 21.518 18,195 3,322 PE Net carryover of excess or deficit inreeerve balance*'* surptaMrV 36,366 36,280 37,156 36,522 37,526 37,471 37,264 38,043 38,512 39,235 40,696 1984--FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1985—JAN. FEB. nonborrowed Reserve balances, with F.R. BanksJ* TWO WEEKS ENDING 1985—FEB. MAR. 117 176 1 P-- PRELIMINARY PEPRELIMINARY 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 REGULATORY CHANGES TO RESERVE REQUIREMENTS. 2/ CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVEBANKS 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 THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENI RESERVE REQUIREMENTS. AFTFR THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY ENDING COMPUTATION PERIOD 3/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT. 4/ DATES REFER TO THE MAINTENANCE PERIODS IN WHICH I HE 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 f lMS THE: V ^ ? t ^ L R W E R V E h*mS ' 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. 70 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 1984 FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1985—JAN. F E B . RE Reserves of depository institutions nonborrowed Monetary base required 36,611 36,616 37,478 36,771 37,801 37,854 37,698 37,881 37,953 38,687 40,129 36,043 35,664 36,244 33,783 34,500 31,929 29,681 30,640 31,936 34,070 36,943 35,667 35,905 36,986 36,191 37,027 37,240 37,008 37,253 37,332 37,994 39,277 186,875 188,150 190,666 191,333 194,246 195,899 196,111 196,067 196,129 198,224 202,020 40,703 39,872 39,308 38,583 39,958 38,978 200,931 199,534 TWO WEEKS ENDING 1985 FEB. 13 27 P 40,166 39,578 38,797 38,404 39,154 38,796 199,750 199,240 MAR. 13 PE 40,178 38,313 39,246 200,839 P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.