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FEDERAL RESERVE statistical release H.3(S02) Table 1 For RetoeM at 4:30 Eastern Time AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE MARCH 27, 1986 Adjusted for changes in reeerve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Data Hessrves of depository Institutions nonborrowed required nonborrowed plus I extended credit* I I exoess NSA4 moneiary nessr "" Borrowings of depository Institutions from the Federal Ressrvs , NSA seasons! extended credit* total 40,432 40,471 40,710 41,323 42,177 42,606 43,193 43,507 43,651 44,377 39,143 38,878 39,387 39,989 40,972 41,500 42,121 42,218 42,464 42,636 39,947 39,937 40,256 40,522 41,638 42,006 42,690 42,874 43,093 43,167 39,529 39,705 39,972 40,519 41,272 41,751 42,366 42,841 42,890 43,449 903 766 738 804 905 855 827 666 753 928 202,113 202,958 203,672 205,459 207,567 208,730 210,846 212,076 213,117 214,934 1,289 1,593 1 ,323 1 ,334 1 ,205 1 ,107 1 ,073 1 ,289 1 ,187 1 ,741 203 172 107 803 1,059 868 534 665 507 570 656 629 530 45,186 43,867 44,367 44,128 1 ,058 216,437 1 ,318 56 499 45,365 45,816 44,594 44,932 45,091 45 324 44,254 44,720 1,111 1 ,096 218,038 219,413 770 884 36 56 497 492 12 26 45,703 45,898 45,041 44,799 45,521 45,304 44,516 44,861 1,187 1,038 218,980 219,702 662 1,100 44 66 480 506 12 P 2 6 PE 45,916 46,660 45,212 45,891 45,686 46,425 44,958 45,856 958 804 219,995 221,552 704 769 65 69 475 535 1985—FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1986—JAN. FEB. total* P 71 88 135 165 151 167 ??< TWO WEEKS ENDING 1986-FEB. MAR. \ P-—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 CHANGES IN RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTFD FROM THE ACTUAI 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 CONDITIONS ESTABLISHED FOR THE EXTENDFD 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 OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN BY COMPONENT, AND EXCESS RESERVE.:; 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 ITI..MS SEASONAL I Y ADJUSTED AS A WHOLE. NOTE: HISTORICAL DATA ARE AVAILABLE I ROM THE BANKING SLCTION, DIVISION OF RESEARCH AND STATISTICS, HOARD OF GOVERNORS OF THE FEDERAL. RESERVE SYSTEM, WASHINGTON, D.C. 20551 H.3<502) TaM*2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Nofadjusted for^changes in reserve requirements^ Awragts of daily figures, not seasonally adjusted Millions of dollars Vault cash4 of depository institutions Monet)tary base total nonborrowed Reserve balance*, with F.R. BankaM uaed to satisfy required reserve** I required 1985—FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 40,273 40,494 41,652 41,051 42,352 42,803 42,963 44,447 45,469 46,382 48,142 38,984 38,901 40,329 39,718 41,147 41,696 41,890 43,158 44,282 44,641 46,824 39,370 39,728 40,914 40,247 41 ,447 , 41 ,948 , 42 ,135 43,782 44,716 45,454 47,085 199,868 201,219 203,746 204,874 208,317 210,580 211,525 212,876 214,472 217,177 221,485 20,416 22,065 23,217 22,385 23,367 23,503 23,415 24,972 25,431 26,385 27,620 23,927 21,863 21,567 21,898 22,180 22,530 22,839 22,465 22 724 22^457 22,956 19,857 18,429 18,435 18,666 18,985 19,300 19,548 19,475 20,038 19,997 20,522 1986—JAN. FEB. P 48,060 46,650 47,289 45,767 46,949 45,555 219,588 217,673 26,373 24,699 24,245 24,962 21,687 21,951 12 26 46,815 46,445 46,154 45,346 45,629 45,408 217,510 217,620 23,924 25,021 26,078 24,348 22 891 21 424 12 P 26 PE 47,098 47,215 46,394 46,446 46,140 46,412 219,028 219,968 27,093 26,764 22,577 22,986 20 005 20 451 surplus* f TWO WEEKS ENDING 1986—FEB. MAR. PRELIMINARY P PE—PRELIMINARY 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 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. 3/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT. 4/ DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE 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. EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES 5/ 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. 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. H.3(502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements1 Averages of dally figures, not seasonally adjusted Millions of dollars Date total Reserves of depository institutions nonborrowed Monetary base required 1985—FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 39,878 40,066 41,254 40,643 41,959 42,410 42,596 43,221 43,747 44,625 46,404 38,589 38,473 39,932 39,309 40,754 41,303 41,523 41,932 42,559 42,884 45,086 38,975 39,301 40,516 39,839 41,054 41,554 41,768 42,555 42,994 43,697 45,347 199,473 200,792 203,349 204,465 207,923 210,187 211,158 211,649 212,750 215,420 219,747 1986—JAN. FEB. P 46,633 45,174 45,862 44,290 45,522 44,078 218,161 216,197 12 26 45,335 44,963 44,673 43,864 44,148 43,925 216,030 216,137 12 P 26 PE 45,681 45,758 44,977 44,989 44,723 44,955 217,611 218,511 TWO WEEKS ENDING 1986—-FEB. MAR. 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.