Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : March 8, 1982

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FEDER

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H.3 (502)

For Immediate Release

Table 1
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AGGREGATE RESERVES £ * DEPOSITORY INSTITUTIONS AND MONETARY BASE
Adjusted for changes in reserve requirements 1
Averages of daily figures
Reserves of depository institutions
Period
tota|2
nonborrowed
required
millions of dollars
seasonall / adjusted

Monetary base3
billions of dollars

MARCH 8 ,

Reserves of depository institutions
total2
nonborrowed | , required
millions of dollars
not seasonally adjusted

1982
Monetary base3
billions of dollars

1981--JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEP1.
OCT.
NOV.
DEC.

39,077
39,122
39,237
39,410
39,627
39,619
39,727
39,810
40,312
40,118
40,150
40,527

37,682
37,818
38,238
38,073
37,399
37,582
38,048
38,390
38,855
38,937
39,487
39,891

38,702
38,771
38,957
39,241
39,370
39,281
39,387
39,518
39,898
39,840
39,805
40,208

158.4
159.1
159.6
160.8
161.4
161.7
162.5
162.9
163.7
163.8
164.3
165.8

40,665
38,894
38,622
39,273
39,310
39,053
39,636
39,479
40,087
40,219
40,332
41,263

39,271
37,590
37,622
37,935
37,083
37,016
37,957
38,060
38,630
39,038
39,669
40,626

40,291
38,544
38,342
39,104
39,053
38,715
39,296
39,187
39,673
39,941
39,987
40,943

159.6
157.4
157.8
159.9
160.8
161.2
163.3
163.2
163.3
163.8
165.6
168.9

1982—JAN.

41,277

39,759

40,859

167.4

42,696

41,178

42,278

168.5

»EEK ENDING:
1 9 8 2 — FEB.

3
10
17 P
24 P

41,846
40,635
41,380
40,415

39,999
38,971
39,472
38,515

41,365
40,491
40,803
40,360

168.7
167.3
168.7
167.1

42,327
40,289
41,376
40,094

40,480
38,625
39,468
38,194

41,846
40,145
40,799
40,039

166.9
166.2
167.6
164.6

MAR.

3 P

41,029

39,463

40,482

168.0

40,498

38,932

39,951

165.4

P - PRELIMINARY
1/ RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND OTHER DEPOSITORY
INSTITUTIONS. DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, THE INCLUSION
OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION D HAVE BEEN REMOVED. BEGINNING WITH THE
WEEK ENDED DECEMBER 23, 1981, RESERVES AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF RESERVABLE LIABILITIES TO
INTERNATIONAL BANKING FACILITIES (IBFS). ON THE BASIS OF REPORTS OF LIABILITIES TRANSFERRED TO IBFS BY U.S.
COMMERCIAL BANKS AND U.i. AGENCIES AND BRANCHES OF FOREIGN BANKS, IT IS ESTIMATED THAT REQUIRED RESERVES WERE
LOWERED ON AVERAGE BY $10 TO $20 MILLION IN DECEMBER 1981 AND $40 TO $70 MILLION 1U JANUARY 1982.
2/ REbERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT
INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AI OTHER INSTITUTION*
3/ INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FELERAL RESERVE BANKS IN THE CURRENT WEEK PLUS
VAULT CASH HELD TWO WEEKS EARLIER USED 10 SATISFY RESERVE REQUIREMENTS AI ALL DEPOSITORY INSTITUTIONS PLUS
CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND
SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.
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
Table 2

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS
Not adjusted for changes in reserve requirements
Average of daily figures, not seasonally adjusted
Reserves of depository institutions1
total2

Period

nonbor rowed

required

Monetary
base3

millions of dollars

1981—JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

41,600
39,828
39,725
40,333
40,516
40,442
41,007
41,023
40,591
40,711
40,948
41,924

40,205
38,525
38,726
38,995
38,288
38,405
39,328
39,604
39,134
39,531
40,285
41,287

41,226
39,478
39,445
40,164
40,258
40,104
40,667
40,731
40,177
40,433
40,604
41,604

161.0
158.8
159.5
161.6
162.6
163.3
165.4
165.4
163.9
164.3
166.3
169.7

1982—JAN.

43,203

41,685

42,784

169.1

WEEK ENDING:

1/

2/
3/

1982—FEB.

3
10
17 P
24 P

42,781
40,680
42,034
40,713

40,934
39,016
40,126
38,813

42,300
40,536
41,457
40,658

167.5
166.8
168.3
165.4

MAR.

3 P

41,109

39,543

40,562

166.2

RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECT OF CHANGES IN REGULATION D, INCLUDING CHANGES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT. INCLUDES REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS
AND, BEGINNING NOVEMBER 13, 1980, OTHER DEPOSITORY INSTITUTIONS. UNDER THE TRANSITIONAL PHASE-IN PROGRAM
OF THE MONETARY CONTROL ACT OF 1980, THE NET CHANGES IN REQUIRED RESERVES OF DEPOSITORY INSTITUTIONS HAVE
BEEN AS FOLLOWS: EFFECTIVE NOVEMBER 13, 1980, A REDUCTION OF $2.8 BILLION; FEBRUARY 12, 1981, AN INCREASE
OF $245 MILLION; MARCH 12, 1981, AN INCREASE OF $75 MILLION; MAY 14, 1981, AN INCREASE OF $245 MILLION;
AUGUST 13, 1981, AN INCREASE OF $245 MILLION; SEPTEMBER 3, 1981, A REDUCTION OF $1.3 BILLION; NOVEMBER
19, 1981, AN INCREASE OF $220 MILLION; JANUARY 14, 1982, AN REDUCTION OF $60 MILLION; AND FEBRUARY 11, 1982 AN
INCREASE OF $220 MILLION. BEGINNING WITH THE WEEK ENDED DECEMBER 23, 1981, RESERVE AGGREGATES
HAVE BEEN REDUCED BY SHIFTS OF RESERVABLE LIABILITIES TO INTERNATIONAL BANKING FACILITIES (IBFS). ON THE BASIS
OF REPORTS OF LIABILITIES TRANSFERRED TO IBFS BY U.S. COMMERCIAL BANKS AND U.S. AGENCIES AND BRANCHES OF
FOREIGN BANKS, IT IS ESTIMATED THAT REQUIRED RESERVES WERE LOWERED ON AVERAGE BY $60 10 $90 MILLION IN DECEMBER 1981
AND $180 TO $230 IN JANUARY 1982, MOSTLY REFLECTING A REDUCTION IN RESERyABLE EUROCURRENCY TRANSACTJLONo.
RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT
INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS.
INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS
VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS
CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND
SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.