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FEDERAL RESERVE statistical release
."'•f^LRtS^
H.3(902)
Tab* 1
For neieeee at 4:30 Eastern Tkwe
BABCH
AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
2 1 , 1985
1
Adjusted for chang— tn r—rv requirements
Averages of daily fty"*** seasonally ed)usted untees noted otherwtse
Millions of doners
Date
_
1984—FEB.
MAB.
APB.
MAY
JUNE
JUL!
AUG.
SEPT.
OCT.
NOT.
DEC.
1985—JAN.
FEB.
_^
_
ft—rvea of depository Ifwtttwttone
requfred
nonborrowed
nonborrowed plus
extended credit*
H
I
exce—
Monetary bees'
NSA4
Sorrowings of depoertory institutions
ffom the Federal Reearve, NSA
•—tonal
extended credit*
total
37,026
37,099
37,110
37,450
38,290
38,239
38,386
38,143
37,758
38,113
38,709
36,459
36,148
35,876
34,462
34,989
32,315
30,369
30,902
31,741
33,495
35,523
36,464
36,175
35,921
34,499
36,862
37,323
37,412
37,360
36,798
37,332
38,127
36,083
36,388
36,619
36#870
37,516
37,626
37,697
37,515
37,138
37,419
37,857
943
711
492
560
774
613
689
626
620
693
853
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
212
113
5
27
44
37
1,873
5,008
7,043
6,459
5,057
3,837
2,604
39,713
40,366
38,318
39,077
39,368
39,881
38,968
39,467
745
899
200,067
202,117
1,395
1,289
62
71
1,050
803
13
21 P
40,343
40,375
38,975
39,201
39,962
39,804
39,331
39,570
1,012
806
201,723
202,377
1,369
1,174
60
81
988
601
13
40,533
38,669
39,893
39,782
751
203,609
1,865
69
1^224
PB
TWO WEEKS
ENDING
1985-FEB.
MAR.
P
1/
PE
PBELIHINABT
PE—PBELIHINAil BSTIHATB
RESERVES AND MONETARY BASE FIGURES INCORPOBATE ADJUSTMENTS FOB DISCOMTIN0ITIES ASSOCIATED NITH THE IMPLEMENTATION OF THE
MONETARY CONTROL ACT AMD OTHEB BEGULATORI CHANGES TO RESEBVE BEQU1BEHENTS. TO ADJUST FOB DISCONTINUITIES DUE TO CHANGES II
BESERVE REQUIREMENTS ON BESERVABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED BESBBVBS ABB SUBIB1CTBD FBOH TBE ACTUAL
SERIES. SIMILARLY, IN ADJUSTING FOB DISCONTINUITIES IN THE HONETABT BASE, BEQUIBED CLEABING 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 NITH FEDEBAL BBSBBTB BANIS (NHICH BXCLUDB
REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT) PLUS fAULT CASH 0SED TO SATISFI BFSBBVE BEQUIBIBENTS.
SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BI INSTITUTIONS HAVING BEQUIBEB BESEBVE
BALANCES AT FEDERAL RESEBVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO BEQUIBED BESEBVES DURING THE MAINTENANCE PEBIOD AT
INSTITUTIONS HAVING NO REQUIRED RESEBVE BALANCES.
3/
EITENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT U N D O * UNDER THE TEBHS AND CONDITIONS ESTABLISHED FOB THE EITINDBD
CREDIT PROGRAM TO HELP DEPOSITORI INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PBESSUBES. BECAUSE TBEB! IS NOT THE SAME NEED TC
REPAY SUCH BORROWING PROMPTLY AS THERE IS WITH TRADITIONAL SHORT-TEBH ADJUSTMENT CBEDIT, THE HOMEI MABKEI IMPACT OF EXTENDED
CREDIT IS SIMILAR TO THAT OF NOBBOBROWED RESERVES.
4/
RESERVE BALANCES NITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESEBVE B E Q O I B E B E N T S LESS IBQUIBBD BESEBfBS,
5/
THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLUS BEQUIBED CLEABING BALANCES AND ADJUSTMENTS
TO COMPENSATE FOR FLOAT AT FEDERAL RESEBVE BANKS PLUS THE CURRENCY COMPOIENT OF THE MONEY SIOCK LESS IHE AMOUNT OF VAULT CASH
HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE HONEY STOCK PLUS, FOB INSTITUTIONS NOT HAVING
REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT BESEBVE BEQUIBEHENTS.
AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ABE HEASUBED OVER THE HONDAY-ENDING COMPUTATION PEBICE.
PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESEBVES ABE SEASONALLY ADJUSTED AS A BHOLE, flATHBB THAN
BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED EAM::U
AFTER CRR, THE SEASONALLY ADJUSTED SERIES
CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (NHICH INCLUDES EXCESS R E S E R V E ON A NOT SEASONALLY ADJUSTED BASIS) FLOS THE
SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTEL AS A WHOLE.
NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD CF GOVERNORS CF THE
FEDERAL RESERVE SYSTEM, WASHINGTON, 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 cash 4
Reserves of depository institutions
Monetary
base 2 !
Date
total
nonborrowed
Reserve balances
with F.R. Banks?
required
total
used to satisfy
required
reserves*'
surplus*
Net carryover
of excess or
deficit
in reserve
balances 7
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iisiiipiiippiH
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iiiiiiiiiliiiiiliiliiiiiili jJiNliiiP
1984—FEB.
HAB.
APB.
HAT
JOHE
JULY
AUG.
SEPT.
OCT.
NOT.
DEC.
1 9 8 5 — J AH.
FEB.
PE
36,366
36,280
37,156
36,522
37,526
37,471
37,264
38,043
38,512
39,235
40,696
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
41,125
40,273
39,730
38,984
40,380
39,374
186,672
187,815
190,344
191,084
193,971
195,516
195,677
196,229
196,688
198,771
202,586
201,353
199,950
18,415
19,486
20,353
19,562
20,217
19,891
19,270
20,143
20,099
20,843
21,738
21,577
20,417
22,269
20,396
20,152
20,446
20,770
21,134
21,688
21,232
21,875
21,827
22,316
23,044
23,927
17,951
16,794
16,802
16,960
17,308
17,579
17,995
17,900
18,413
18,392
18,958
19,547
19,856
4,318
1 Ijijipigipijii
3*602
3,349
3#«86
3,461
3,555
3,694
3*333
3*162
3,434
3*358
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3,497
4*071
THO HEEKS
EVDIMG
1985—FEB.
HAB.
Itft^
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111
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13
27 P
40,548
40,003
39,180
38,829
39,537
39,198
200,133
199,665
19,924
20,734
24,893
23,203
20,624
19,270
4*269
3*933
117
176
13
40,476
38,612
39,726
201,555
2203B2
21,518
18,094
3*424
79
PE
P
PRELIMINARY
PE—PBELIHIMABT ESTIHATB.
1/ BEFLECTS ACTOAL BESEBVE BEQUIBEMEBTS, IBCL0DIMG THOSE OR BOMDEPOSIT LIABILITIES, JIITH NO ADJUSTMENTS TO ELIMINATE
THE EFFECTS OF DISCONTIB0ITIES ASSOCIATED WITH IMPLEMENTATION OF THE HONETABI CONTBOL ACT OB OTHEB BECULATOBY
CHANGES TO BESEBVE BEQUIBEMEBTS.
2/ COMSISTS OF TOTAL BESEBVBS PLUS BEQOIBED CLEARING BALANCES AMD ADJOSTRENTS TO COMPENSATE FOB FLOAT AT FBDBBAL BBSEBVE
BANKS PLUS THE CUBBENCT COMPONENT OF THE MONET STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF TfiBlFT INSTITUTIONS 1BAT
IS INCLUDED IN THE CUBBENCT COMPONENT OF THE HOMEY STOCK PLUS, FOB INSTITUTIONS NOT HAVING BEQUIBED BISEBVE BALANCES, THE
EXCESS OF CUBBENT VAULT CASH OVEB THE ABOUNT APPLIED TO SATISFI CUBBENT BESEBVE BEQUIBBMENTS. AFIEB THE INTBODUC1ICN OF
CfiB, CUBBENCT AND VAULT CASH FIGUBES ABE MEASURED OVEB THE HONDAI-EHDING COMPUTATION PEBIOD.
3/ EXCLUDES BEQUIBED CLEABING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLCAI.
4/ DATES BEFEB TO THE HAINTENANCE PEBIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFI BESEBVE BEQUIBIHEMTS. UNDJEB
CONTEHPOBANBOUS BESEBVE BEQUIBEBEMTS, HAINTENANCE PEBIODS END 30 DATS AFIEB THE LAGGED COMPUTATION PEBIODS
IN WHICH THE BALANCES ABE HELD.
5/ EQUAL TO ALL VAULT CASH HELD DUBING THE LAGGED COMPUTATION PEBIOD BT INSTITUTIONS HAVING BEQUIBED BESEBVE BALANCES
AT FEDEBAL BESEBVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO BEQUIBED BESEBVES DUBING THE MAINTENANCE PEBIOD AT
INSTITUTIONS HAVING NO BEQUIBED RESERVE BALANCES.
6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO BEQUIBED BESEBVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIB
BEQUIBED BESEBVES DUBING THE MAINTENANCE PEBIOD.
7/ CONSISTS OF CABRTOVEB ONLT AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES CN THE BASIS OF TWO-MEEK MAINTENANCE
PERIODS. REFLECTS EXCESS (•) OR DEFICIT (-) RESERVES ELIGIBLE TC BE CARRIED FGBNABD INTO IBE TWO-MEEK BESEBVE
HAINTENANCE PERIOD ENDING ON THE DATE SHOWN.
11
li|s
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
Reserves of depository institutions
total
nonborrowed
]
Monetary base
i
186,875
188,150
190,666
191,333
194,246
195,899
196,111
196,067
196,129
198,224
202,020
required
1984—FEB.
HAB.
APR.
HAT
JURE
JULY
AUG.
SEPT.
OCT.
NO¥.
DEC.
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
1985—JAN.
FEB. PE
40,703
39,878
39,308
38,589
39,958
38,979
200,931
199,555
13
27 P
40,166
39,598
38,797
38,424
39,154
38,793
199,750
199,260
13 PE
40,055
38,190
39,304
201,133
TUO WEEKS
ENDING
1985—FEB.
BAR.
P
PBELIHIIIABY
PE—PBBLIMIMABY ESTIHATE.
1/ FIGUBES REFLECT ADJOSTHENTS FOR DXSCOMTINOITIES ASSOCIATED WITH THE MPLEBENTATION OF THE HONBTABI CONTBOL ACT
AND OTHER BEGOLATOBY CHANGES TO BBSEBVE BEQUIBEBEMTS.
@FedFRASER