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LIBRARY is *** FEDERAL RESERVE statistical release I/— RESERVE BAH* 0FPHEJ4DELPHU (502) For t*l««M at 4:15 Eastern Tlac MARCH Table 1 8» 1984 AGGREGATE RESERVES OF 1DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars total1 Reserves of depository institutions nonborrowed extended credit* Monetary base* NSA4 Borrowings of depository institutions from the Federal Reserve, NSA I extended credit1 1983—FEE. MAR. APR. HAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 33,672 3«,198 34,506 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 34,346 34,507 33,237 33,765 34,029 34,148 34,571 34,687 34,772 34,809 34,812 34,716 34,718 433 476 449 480 507 446 498 505 529 561 172,400 174,219 175,411 176,693 178,331 179,308 180,127 181,775 182,845 183,949 184,969 582 792 1,009 952 1,636 1,453 1,546 1,441 844 906 774 40 53 82 99 122 171 198 190 142 121 96 278 317 405 513 958 578 491 515 256 6 2 1 9 8 4 — JAN. FEE. PE 35,502 36,032 34,787 35,465 34,791 35,470 34,889 35,118 613 914 186,930 188,307 715 567 86 108 4 5 36,353 35,764 35,797 35,194 35,800 35,201 35,194 35,064 1,159 700 188,996 187,686 556 570 9 \ U'3 43 5 TWO WEEKS ENDING 19ti4--FFE. 15 E 29 PE ~N. A.-NO"T~nfTIlLATLT~ 1/ P PRELIMINARY " ' ' PE—PRELIMINARY ESTIMATE RESERVES AND MONETARY BASE fIGURFC INCORPORATE ADJUSTMENTS FOB D I S C O N T I N U I T I E S ASSOCIATED WITH T H E IMPLEMENTATION OF T H E IIONETAfiY C O N T B O L ACT AND OTHER REGULATORY C H A N G E S TO RESERVE R E Q U I R E M E N T S . TO ADJUST FOR DISCONTINUITIES DOE TC C H A N G E S IN RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT L I A B I L I T I E S , T H E SUM O F SUCH REQUIRED RESERVES ARE SOBTPACTED FROM THE ACTUAL S S H I E S . S I M I L A R L Y , IN ADJUSTING FOB DISCONTINUITIES IN T H E MONETARY B A S E , REQUIRED C L E A R I N G BALANCES AND ADJUSTMENTS TO C O M P E N S A T E FOR FLOAT ALSO ARE S U B T R A C T E D FROM THE ACTUAL S E B I E S . 2/ TOTAL RESEfiVES NOT ADJUSTED FOR D I S C O N T I N U I T I E S CONSISTS OF RESERVE BALANCES WITH FEDERAL R E S E R V E BANKS (WHICH EXCLUDE REQUIRED CLEABING BALANCES AND ADJUSTMENTS TO C O M P E N S A T E FOR FLOAT) PLUS VAULT C A S H USED TO SATISFY RESERVE R E Q U I R E M E N T S . SUCH VAULT CASH C O N S I S T S OF ALL VAULT CASH HELD DURING T H E LAGGED C O M P U T A T I O N PERIOD BY I N S T I T U T I O N S HAVING REQUIRED RESERVE BALANCES AT FEDERAL RESEfcVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT I N S T I T U T I O N S HAVING NC R F Q U U I D RESERVE B A L A N C E S . 3/ EXTENDED C R E D I T CONSISTS OF BORROWING AT THE DISCOUNT WINDOW UNDER T H E TERMS AND C O N D I T I O N S ESTABLISHED FOB THE EXTENDED CREDIT PROGRAM TO HELP DEPCSITOBY INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY P R E S S U R E S . BECAUSE THERE IS NOT THE S A M E NEED TO REPAY S U C H BORROWING PROMPTLY AS T H E R E IS WITH T R A D I T I O N A L SHORT-TERM ADJUSTMENT C R E D I T , THE HONEY MARKET IMPACT OF EXTENDED C R E D I T IS SIMILAR TO THAT CF NONBORHONED R E S E R V E S . 4/ RESERVE BALANCES WITH FEDERAL R E S E R V E BANKS PLUS VAULT CASH USED TO SATISFY RESERVE R E Q U I R E M E N T S LESS REQUIRED R E S E R V E S . 5/ THE MONETARY BASE NCT ADJUSTED FOR DISCONTINUITIES C O N S I S T S OF TOTAL RESERVES PLUS REQUIRED CLEARING B A L A N C E S AND A D J U S T M E N T S TC C O M P E N S A T E FOR FLOAT AT FEDERAL RESERVE BANKS PLUS T H E CURRENCY C O M P O N E N T CF THE HONEY STOCK LESS THE AMOUNT OF VAULT C A S H HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN T H E CURRENCY C O H P O N E I T OF THE HONEY STOCK P L U S , FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE E A L A N C E S , THE EXCESS OF C U R R E N T VAULT C A S H OVER THE AMOUNT APPLIED T O SATISFY CUBBERT B E S E B V E R E Q U I R E M E N T S . AFTER THE INTRODUCTION OF C R P , CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING C O M P U T A T I O N P E R I O D . PRIOR TO C R B , ALL C O M P O N E N T S CF THE MONETARY BASE OTHER THAN EXCESS RESEfiVES ARE SEASONALLY ADJUSTED AS A W H O L E , RATHER THAN BY C O M P O N E N T , AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED EASIS. AFTER C R R , THE SEASONALLY ADJUSTED S E R I E S C O N S I S T S OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CURRENCY C O M P O N E N T OF T H E MONEY STOCK PLUS THE REMAINING ITEMS SEASCNALIY ADJUSTED AS A W H O L E . N O T E : HISTORICAL DATA WILL BE AVAILABLE SHORTLY FROM THE BANKING S E C T I O N , DIVISION OF RESEARCH AND S T A T I S T I C S , BOARD OF GOVFRNCfcS OF THE FECERAL RESERVE S Y S T E M , W A S H I N G T O N , D.C 20551. H 3 (502) Table 2 AQQREQATE 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 cash 4 Reserves of depository institutions Monetary base2 Data total nonborrowed Reserve balances with F.R. Banks3 required total used to satisfy required reserves5 Net carryover of excess or deficit in reserve balances7 surplus6 : j, 1983—FEB. HAB. APR. HAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 39,799 38,035 38,650 38,282 38,415 3e,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 38,333 177,261 177,277 179,861 181,276 183,144 185,303 185,398 185,112 186,598 188,971 192,359 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 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 3,438 3,491 3,604 3,340 3,467 3,393 3,356 2,847 1984—JAB. FEE. 40,120 36,332 39,405 35,765 39,507 35,417 192,291 186,397 21,325 18,387 22,578 22,269 18,795 17,945 3,782 4,324 PE : : ' ' «vl I-.!- i ' • 'j- 1 ,; 36,804 35,643 36,248 35,073 35,645 34,943 187,321 185,252 18,414 18,187 22,774 21,750 18,390 17,456 4.384 4,294 N.A.-NOT AVAILABLE P PRELIMINARY PE—PRELIHINARY ESTIMATE. 1/ REFLECTS ACTUAL BESERVE REQUIREMENTS, INCLUDING THOSE ON NONDBPOSIT LIABILITIES, NITH NO ADJUSTHBNTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OB OTHEB REGULATORY CHANGES TO BESEBVE BEQUIREHEN1S. 2/ CONSISTS OF TOTAL RESERVES PLUS BEQOIBBD CLEARING BALANCES AND ADJUSTMENTS TO COHPBNSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COHPCNENT OF THE HONEY STOCK LESS THE AHOUNT OF VAULT CASH HOLDINGS OF THRIPT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE HONEY STOCK PLUS, FOR INSTITUTIONS NOT RAVING BEQUIBED BESEBVE BALANCES, THE EICESS OF CURRENT VAULT CASH OVER THE AHOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRB, CURRENCY AND VAULT CASH FIGURES ABE HEASUBED OVER THE MONDAY-ENDING COMPUTATION PERIOD. EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTHBNTS TO COHPBNSATE FOB FLCAT. 3/ 4/ DATES REFER TO THE HAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY BESEBVE BEQUIBEHERTS. UNDER CONTEHPOBANEOUS RESERVE REQUIREHENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COHPUTATION PERIODS IN WHICH THE BALANCES ARE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES AT FEDEBAL RESERVE BANKS PLUS THE AHOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO RFQUIRED RESERVE BALANCES6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO RFQUIRED RESERVE BALANCES LESS THE AHOUNT 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 TNO-HEER HAINTENANCE PEPICDS. REELECTS EXCESS (•) OR DEFICIT (-) RESERVES ELIGIBLE TC BE CARFIED FCRHARD INTO THE THO-NEEK RESERVE MAINTENANCE PERIOD ENDING OK THE DATE SHOWN. '! , i , „ * i, > 1 15 P 2 9 PE i ', 'M , ENDING 1984—FEB. * J i' 1 ! «' \ 1,! \ ! ' t 17 282 HI I 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 Reserves of depository institutions 1 nonborrowed Monetary base required 1983—FEB. HAB. APB. BAY JUNE JULY. AOG SEPT. OCT. NCV. DEC. 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 33,223 33,0b5 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 1984—JAM. FEE. PE 37,303 35,620 36,588 35,053 36,690 34,705 188,091 185,655 36,163 34,998 35,607 34,427 35,004 34,298 186,679 184,607 TUO NEEKS ENDING 1984--FEB, 15 P 29 PE M.A.-NOT AVAILAELE P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ FIGUBES REFLECT ADJUSTMENTS FCR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTBOL ACT AND OTHEB REGULATORY CHANGES TO BCSEfiVE REQUIREMENTS.
@FedFRASER