Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : March 30, 1984

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FEDERAL RESERVE statistical release "
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w

rEOERAL Rt3t*v^ w»
ETT OF PHILADEU'HIA

IMMEDIATE RELEASE
NARCH

30,

1984

AQQREQATE RESERVES OF 1DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes In reserve requirements
Averaoaa of dally figures, seasonally actuated unfasa noted otherwise
Millions of dollars
1

toli?

Data

Reserves of depository Institutions
nonborrowad | nonborrowad plus
required
extended credit*

1983—FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

33t672
34,198
34f506
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
34,346
34,507

33,237
33,765
34,029
34,148
34,571
34,687
34,772
34,809
34,812
34,716
34,718

1984—JAN.
FEB. P

35,502
36,066

34,787
35,499

34,791
35,504

36,403
35,785

35,847
35,214

36,096
36,0*5

35,407
34,939

"
excess
NSA4

]
Monetary base*

*35
433
476
449
460
507
446
498
505
529
561

172,400
174,219
175,*11
176,693
178,331
179,308
160,127
181,775
182,845
183,9^9
184,969

34,889
35,124

613
942

186,940
188,556

35,850
35,221

35,208
35,064

1*195
721

35,428
3 4 , 9 70

35,403
35,403

!

Borrowings of depository Institutions
from the Federal Reserve, NSA
1
seasonsl
1 extended credit*

totsi

58*
79<£
1,009
95*
1,636
1,453
1,546
1*441
»44
906
?74

40
53
82
V9
122
171
198
190
1*2
121
96

276
31/
405
513
V58
578
491
515
4i56

715
567

86
103

4
5

189,008
188,186

556
571

90
116

3
7

188,471
188,778

69*
1*136

118
149

22
31

1

6

2

TWO WEEKS
ENDING
1984—FEB.

MAR.

P
1/

2/

3/

4/
5/

15
29 P
14 P
2 8 *»E

|

j

694
.67 2

j

PRELIMINARY
P E ~ P R E L I MINARY ESTIMATE
RESERVES AND NONE TAR Y BASE FIGUR ES INCORPORA TE ADJUSTMENTS FOR DISCO N T I N U 1 T I E S A SSOCIATED MI TH THE IMPLEIMENTATION UF THE
MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR D I S C O N T I N U I T I E S DUE TO CHANGES I N
RESERVE REQUIREMENTS ON RESERVA8LE NONDEPOSIT L I A B I L I T I E S * THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL
S E R I E S . S I M I L A R L Y * I N ADJUSTING FOR D I S C O N T I N U I T I E S I N THE MONETARY BASE, REQUIRED CLEARING BALANCtS AND ADJUSTMENTS TO
COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL S E R I E S .
TOTAL RESERVES NOT ADJUSTED FOR D I S C O N T I N U I T I E S CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS IWHICH EXCLUDE
REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT I PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS.
SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY I N S T I T U T I O N S H A V l N b RfcQUlREU RESERVE
BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE HfcKlOO AT
I N S T I T U T I O N S HAVING NO REQUIRED RESERVE BALANCES.
EXTENDED
C R E D I T CONSISTS OF BURROWING AT THE DISCOUNT WINDOW UNDER THE TERMS AND CONDITIONS ESTABLISHED FOR THE EXTfcNDED
CREDIT PROGRAM 1 0 HELP DEPOSITORY I N S T I T U T I O N S DEAL WITH SUSTAINED L I Q U I D I T Y PRESSURES.
BECAUSE THERE I S NUT THE SAME NEED T U
REPAY SUCH BORROWING PROMPTLY AS THERE I S WITH T R A D I T I O N A L SHORT-TERM ADJUSTMENT C R E D I T , THE MONEY MARKET IMPACT UF t X l f c N D t U
CREDIT I S S I M I L A R TO THAT OF NONBORROWED RESERVES.
RESERVE BALANCES WITH FEOERAL RESERVE BANKS PLUS VAULT CASH USED TO S A T I S F Y RESERVE REQUIRtMENTS LESS REQUIRED RESERVES.
THE MONETARY BASE NOT ADJUSTED FOR D I S C O N T I N U I T I E S CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND AUJU^TMkNTS
TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMUUNT OF VAULT C A * H
HOLDINGS OF T H R I F T I N S T I T U T I O N S THAT I S INCLUDED I N THE CURRENCY COMPONENT OF THE MONEY STOCK P L U S , FOR I N S I 1 T U T I U N S NUT HAVlNto
REQUIRED RESERVE BALANCES, THE EXCESS OF CURRfcNT VAULT CASH OVER THE AMOUNT A P P L I E D TO S A T I S F Y CUKRENT RESERVE REwUlREMfcNT*.
AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION P E K I U U .
PRIOR TO CRR, ALL COMPUNENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUilfcO AS A WHOLE, KAlhtR
THAN
BY COMPONENT, AND EXCESS RESERVES I S ADDED ON A NUT SEASONALLY ADJUSTED B A S I S .
AFTER CRR, T H I SfcASONALLY A0JUS1EU SERIES
CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES ( W H I C H INCLUOES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BAS1SI PLUS THfc
SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING I T E M S SEASONALLY ADJUSTED AS A WHOLE.




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
Vault cash4

Reserves of depository institutions
Monetary
base2

Date
total

nonborrowed

Reserve balances
with F.R. Bankaj,

required

total

used to satisfy
required
reserves5

Net carryover
of excess or
deficit
in reserve
balances7

surplus6

:iiiHipirij" m l': • , ih'HlUifHH

1983—FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

39.799
38.D35
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
37.114
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
183,145
185,303
185,398
185,112
186,598
188,971
19 2 , 3 5 9

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

16,267
15,871
16,085
16.Z72
16,607
16.80b
16,695
17,331
17,078
17,201
17,908

3,768
3,613
3»4b5
3, t38
3,4V1
3.O04
3,340
3,*o7
3,3V3
3,3!>6
2,847

1984—JAN.
FEB. P

40.120
36.365

39.405
35.797

39,507
35,423

192,301
186,644

21,325
18,414

22,578
22,269

18,795
17,951

3,782
4,318

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Hit, j!!j

TWO WEEKS
ENDING

HI
1984—FEB.

MAR.

15
29 P

36.851
35.664

36.295
35.094

35,656
34,943

18 7 , 3 3 0
185,752

18,445
18,212

22,774
21.750

18,406
17,452

4,368
4,298

17
29b

14 P
2 8 PE

36.334
35.970

35,644
34.834

35,640
35,297

187.596
187.453

19,874
18,879

19,981
20,935

16,460
17,091

3,521
3.844

105
154

P
PRELIMINARY
PE—PRELIMINARY ESTIMATE.
1/
REFLECTS ACTUAL RESERVE REQUIREMENTS. I N C L U D I N G THOSE ON NONOEPOSIT L I A B I L I T I E S . WITH NO ADJUSTMENTS TO E L I M I N A T E
THE EFFECTS OF D I S C O N T I N U I T I E S ASSOCIATED WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT UR OTHfcK REGULAIURV
CHANGES TO RESERVE REQUIREMENTS.
2/
CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAI AT FEDERAL RESERVE
BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT 1NST1TU11UNS THAT
I S INCLUDED I N THE CURRENCY COMPONENT OF THE MONEY STOCK P L U S . FOR I N S T I T U T I O N S NOT HAVING REQUIRED RESERVE BALANCES. THE
EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT A P P L I E D TO S A T I S F Y CURRENT RESERVE REQUIREMENTS.
AFTER THE I N I R U U U C T I U N OF
CRR. CURRENCY ANO VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION P E R I O D .
3/
EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT.
4/
DATES REFER TO THE MAINTENANCE
PERIODS I N WHICH THE VAULT CASH CAN BE USED TU S A T I S F Y RESERVE R E v U I R E M E N T S .
UNDER
CONTEMPORANEOUS RESERVE RfcQUIKEMENlS. MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED CUMPUTAIIUN P t R I U O S
I N WHICH THE BALANCES ARE H E L D .
5/
EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY I N S T I T U T I O N S HAVING REQUIRfcU RESERVE BALANCES
AT FEDERAL RESERVE BANKS PLUS THE AMOUNT UK VAULT CASH fcuUAL TO REQUIRED RESERVES DURING THE MAlNTfcNANCE PERAUi; AT
I N S T I T U T I O N S HAVING NO REQUIRED RESERVE BALANCES.
6/
TOTAL VAULT CASH AT I N S T I T U T I O N S HAVING NO REQUIRfcU RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EwUAL TU THfclR
REQUIRED RESERVES OURINb THE MAlNTLNANCt P t K l O D .
7/
CONSISTS OF CARKYOVER UNLY AT D b P u S l f O R Y I N S T I T U T I O N S M A I N T A I N I N G RfcSEKVcS ON THE BASIS UP TWO-WtEK MAiNTENANct
PERIODS.
R E F L t C T ^ fcXCLSS t * » UR U t H C l T ( - ) R t S E K V t S E L I G I B L E 10 8E CARRlfcD FURWAKD I N f U Trlt IWlJ-w6fcK KfcbfcKWc
MAINTENANCE PERIOD ENL1NG 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 daily figures, not seasonally adjusted
Millions of dollars
Date
total

Monetary base
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
176,164
180,182
160,140
181,238
182,672
185,035
188,231

37,303
35,654

36,588
35,087

36,690
34,712

188,100
185,904

15
29 P

36,213
35,019

35,657
34,448

35,018
34,298

186,691
185,107

14 P
2 8 PE

35,687
35,318

34,997
34,182

34,993
34,646

186,948
186,802

1983—FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG
SEPT.
OCT.
NOV.
DEC.
1984—JAN.
FEB.

Reserves of depository institutions
nonborrowed

P

TWO WEEKS
ENDING
1984—FEB.

MAR.

P
PRELIMINARY
PE—PRELIMINARY E S T I M A T E .
1/
FIGURES REFLECT ADJUSTMENTS FOR D I S C O N T I N U I T I E S ASSOCIATED WITH THE
AND OTHER REGULATORY CHANGES 10 RESERVE REQUIREMENTS.




IMPLEMENTATION OF THE MONETARY CONTROL ACT