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FEDERAL RESERVE statistical release
For Release at 4.30 Eastern Tim
HABCH 2 2 .
mm
1984
AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjuttad for changat In raaarva ntqutntmcnlt'
Avaragaa ot dally figures, aaaaonally adluatad unlaw notad etharwlaa
MiMona of dollara
Date
1
Reserves of depository Institutions
non borrowed
required
nonborrowed plus
extended credit*
1
excess
NBA4
Monetary base*
Borrowings of depository institutions
from the Federal Reserve, NSA
seasonal
extended credit'
total
33,672
34.198
3*4,506
34,596
35,051
35,194
35,218
35,307
35,317
35,245
35,279
33,090
33,406
33,496
33,644
33.415
33,741
33.672
33,866
34.473
34,340
34,505
33,368
33,723
33,901
34,157
34,373
34,319
34,163
34,380
34,729
34,J46
34,507
33,237
33.765
34,029
34,148
34,571
34,687
34,772
34,809
34,812
34,716
34,718
435
433
476
449
480
507
446
498
505
529
561
172,400
174.219
175.411
176,693
178.331
179.308
180,127
181.775
182.845
183.949
184.969
582
792
1,009
952
1,636
1,453
1,546
1,441
844
906
774
40
53
82
99
122
171
198
190
142
121
96
35,502
36,074
34,787
35,507
34,791
35,512
34,889
35,126
613
948
186,939
188,548
715
567
86
103
15 P
29 f
36,403
35,800
35,847
35,230
35,850
35,237
35,206
35,067
1,195
733
189.008
188.169
556
571
90
116
14 PE
36,089
35,400
35,421
35.396
694
188.518
690
118
983—FEB.
BAB.
APB.
BAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
198*—JAN.
FEE.
_ P
PE
278
317
405
513
956
578
491
515
256
6
TWO WEEKS
ENDING
1984—FEB.
"'8.
P
1/
1
i
i
PBElIBINABy
PE—PBBLIHINAiY ESTIBATE
BESEB7ES AKD flONETABY BASE FIGUBES INCOBPOEiATE ADJUSTBENTS FOB DISCOBTIB0ITIES ASSOCIATED NITH TBE IMPLEMENTATION OF TBE
BONETAA/ CONTBOL ACT AND OTHEfi BEGULATOBY CHANGES TO BESEBfB RBQ0IBBBBNTS. TO ADJUST FOB DISCONTINUITIES DOE TC CBANGES IN
BESEBVE BEQUIREHEBTS ON BESEBVABIE NCNDBPOSIT LIABILITIES. TBE SOB OF SUCB fiSQUIBED BBSBBVES ABE SUBIBACTED FBCH TBE ACTOAL
SERIES. SIHILABLY. IN ADJUSTING FOB DISCONTINUITIES IN THE flONETABY BASE, BEQUIBED CLEABING BAIANCES AND ADJUSTBEBTS TO
COflPENSATE FC I FLOAT ALSO ABE SUBTBACTED FBOB THE ACTUAL SERIES.
/ TOTAL BESERVES NOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF BESEBVE BALABCES 8ITB FEDEBAL BESEBVE BANKS (WHICH E1CLUDE
REQUIRED CLEABIBG BALANCES AND ADJUSTBENTS TO COBPENSATE FOB FLOAT) PLUS VAULT CASB 0SBD TC SATISM BESEBVE BEQUIBEBENTS.
SUCH VAULT CASB CONSISTS OP ALL VAULT CASH HELD DURING THE LAGGED COBPOTATION PEBIOD BY INSTITUTIONS BAVIBG BEQUIBEC BESEBVE
BALANCES AT FEDEBAL BESEBVE BANKS PLUS THE AMOUNT OF VAULT CASB EQUAL TO BEQUIBE0 BESEBVES D0BING TBI BAIBTENANCE PERIOD AT
INSTITUTIONS HAVING NO BEQUIBED BESEBVE BALANCES.
/ EXTENDED CREDIT CONSISTS OF BCBBOHING AT TBE DISCOUNT HIBDOH UNDEB TBE TEfiBS AND CONDITIONS ESTAELIS8BD FOB TBE EXPENDED
CREDIT PBOGE6M TO BELP DEPOSITORY INSTITUTIONS DEAL NITH SUSTAINED LIQDICITI PBESSOBBS. EECAOSE THEBI IS NOT TBE SAME BEED TC
REPAY SUCH BOBBCHING PBOBPTIY AS THESE IS WITH TRADITIONAL SBOBT-TBBH ADJUSTBENT CBEDIT, TBE BOBBY BABBET IBPACT OF EXTBBDED
CREDIT XS SIHILAB TO THAT CF NONBOBBOWEO BESEBVES.
4/ BESEBVE BALANCES NITH FEDEBAL RESERVE BANKS PLUS VAULT CASB USED TO SATISFY BBSBBVE BBO0IBEBEBTS LESS BEQUIBED BBSBBVES.
5/ THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL BESEBVES FLOS BEQUIBED CLEABING BALANCES ABO ADJUSTBENTS
TO COflPENSATE FOB FLOAT AT FEDEfiAL BESEBVE EABKS PLUS TBE COBBBNCY COBPOIENT OF TBB BOBBY STOCK LESS TBE ABOOBT OF VAULT CASB
HOLDINGS OF TBBIFT INSTIIUTIONS THAT IS INCLUDED IN THE CUBBEBCY COBPOBEIT OF TBE BOBBY STOCK PLUS, FOB INSTITUTIONS NOT HAVING
BEQUIBED BESEBVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVEB TBB ABOOBT APPLIED TO SATISFY CUBBEBT BESEBVE BEQUIfiEBEBTS.
AFTEB TBE INTRODUCTION OF CBB, CURBEBCY AND VAULT CASH FIGUBES ABB BEASOBBD CVEB TBB HOBDAY-ENDING COBPOTATICB PBBICC.
PRIOR TO CBB, ALL CCBPOBENTS OF THE MONETARY BASE OTHEB THAN EXCESS BBSBBVES ABB SBASOBALLY ADJUSTED AS A BBOLE, BATriEB IKAN
BY COMPONENT, AND EXCESS BESEBVES IS ADDED CN A NOT SBASOBALLY AOJOSTBD EASIS. AFTEB CBB, TBE SEASONALLY ADJUSTBD SERIES
CONSISTS OF SBASOBALLY ADJUSTED TOTAL BESERVES (WHICH INCLUDES EXCBSS BESEBVES OB A NOT SEASONALLY ADJUSTED BASIS) PLUS TBE
SEASONALLY ADJUSTED CUBBENCY COMPONENT OF THE MONEY STOCK PLUS TBB BEMAIIING ITBBS SEASOBALIY ADJUSTED AS A NHCLE.
NOTE: HISTORICAL DATA WILL BE AVAILABLE SHORTLY PROM 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
Not'adjusted for changes in reserve requirements1
Averages of daily figures, not seasonally adjusted
Millions of dollars
~
Monetary
base2
Date
1983--FEE.
MAR.
APRMAY
JUNE
JULY
AUG.
SEPT.
OCT.
NCV*
DEC*
1984—JANFEE-
PE
Vault cash4
Net carryover
total
used to satisfy
required
reserves5
surplus6
of excess or
deficit
in reserve
balances7
16,267
15,871
16,085
16,272
16,607
16,808
16,695
17,331
17,078
17,201
17,908
3,768
3,613
3,485
3,4.36
3,491
3,6C<4
3,340
3,467
3,393
3,356
2,647
Reserves of depository institutions
Reserve balances
with F.R. Banks3
total
nonborrowed
required
39,799
38,035
38,650
38,282
38,415
38,948
38,661
37,916
38,137
38,144
38,894
39,217
37,242
37,641
37,330
36,779
37,495
3 7 , 114
36,475
37,294
37,239
38,120
39,364
37,601
38,174
37,833
37,934
38,440
38,214
37,418
37,633
37,615
38,333
177,261
177,277
179,861
181,276
183,144
185,303
185,398
185,112
186,598
188,971
192,359
23,532
22,163
22,566
22,010
21,807
22,139
21,965
20,585
21,059
20,943
20,986
20,036
19,484
19,569
19,710
20,098
20,413
20,035
20,798
20,471
20,558
20,755
40,120
36,372
39,405
35,805
39,507
35,424
192,301
186,636
21,325
18,413
22,578
22,269
18,795
17,959
3,782
4,310
36,851
35,680
36,295
35,109
35,656
34,946
187,330
185,736
18,445
18,211
22,774
21,750
18,406
17,469
4,368
4,281
17
29 8
36,327
35,637
35,633
187,643
1S,879
19,981
16,448
3,533
101
I
i
TWO WEEKS
ENDING
1984—FEB.
MAE.
15 P
29 P
14
PE
|
P
PRELIMINARY
PE—PRELIMINARY ESTIMATE.
1/ REFLECTS ACTUAL BESEBVE BEQOIBEMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE
THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE MONITABY CCNTBOI ACT OB OTHEB REGULATORY.
CHANGES TO BESEBVE BEQUIEEHENTS.
2/ CONSISTS OF TOTAL RESEBVES PLUS BEQUIBED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT AT FEDERAL BESEBVE
BANKS PLUS THE CURRENCY COMPONENT OF THE HONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THBIM INSTITCIICNS THAT
IS INCLUDED IN THE CUBRENCY CCHPONENT OF THE MONEY STOCK PLUS, FOB INSTITUTIONS NOT HAVING BEQUIBED BESEBVE EALANCES, THE
EXCESS OF CUBBENT VAULT CASH CVEB THE AMOUNT APPLIED TO SATISFY CURRENT BESEBVE BEQUIBEMENTS. AFTEB THE INTRODUCTION OF
CRR, CUBBENCY AND VAULT CASH FIGUBES ABE HEISUBED OfEB THE MONDAY-ENDING COMPUTATION PEBIOD.
3/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLCAT.
4/ DATES REFER TO THE MAINTENANCE PEBICDS IN NHICH THE VAULT CASH CAN BE USED TO SATISFY BESEBVE REQUIREMENTS. UNDER
CONTEMPOBANEOUS BESEBVE BEQUIBEMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED CGMP0TATIO* PEB10DS
IN WHICH THE BALANCES ABE HELD.
5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESIEVE BALANCES
AT FEDERAL BESEBVE EANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO BEQUIBED RESEBVES DURING TBI MAINTENANCE PERIOD AT
INSTITUTIONS HAVING NO REQUIBED BESERVE BALANCES.
6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED RESEBVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR
REQUIRED RESERVES DURING THE MAINTENANCE PEBIOD.
1/
CONSISTS OF CARRYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING BESEBVES CN THE BASIS OF 1IIO-NEEK MAINTENANCE
PERIODS. REFLECTS EXCESS {•) OB DEFICIT (-) BESEBVES ELIGIBLE TO BE CABBIED FCBUARD INTO THE TMC-WBIK RESERVE
MAINTENANCE PERIOD ENDING ON THE DATE SBCttN,
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
nonborrowed
required
33,525
33,648
34,512
34,282
34,444
34,978
34,713
35,008
35,313
35,350
35,997
32,942
32,856
33,503
33,330
32,808
33.525
33,167
33,567
34,469
34,445
35,223
33,089
33,215
34,036
33,834
33,964
34,470
34,266
34,510
34,808
34,821
35,436
170,380
172,143
174,881
176,335
178,164
180,182
180,140
181,238
182,672
185,035
188,231
37,303
35,662
36,588
35,094
36,690
34*714
188,100
185,896
15 P
29 P
36,213
35,034
35,657
34,464
35,018
34.301
186,692
185,090
14
35.680
34,990
34,986
186,996
1983 — F E B .
MAR.
APR.
MAY
JUNE
JULY
AUG
SEPT.
OCT.
NOV.
DEC.
1984—JAN.
FEE.
Monetary base
total
PI
TWO SEEKS
ENDING
1984—FEB.
MAR.
PE
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.
@FedFRASER