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FEDERAL RESERVE statistical release For Release at 4:30 Eastern Time MAY H.3(502) Table 1 1 0 , 1984 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Date tota|i Reserves of depository Institutions — required nonborrowed nonborrowed plus extended credit* excess NSA4 Monetary base* Borrowings of depository institutions from the Federal Reserve, NSA I seasonal total 1 extended credit* 1983—APR, HAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 34,506 34,596 35,051 35,194 35,218 35,307 35,317 35,245 35,279 33,496 33,644 33,415 33,741 33,672 33,866 34,473 34,340 34,505 33,901 34,157 34,373 34,319 34,163 34,380 34,729 34,346 34,507 34,029 34,148 34,571 34,687 34,772 34,809 34,812 34,716 34,718 476 449 480 507 446 498 505 529 561 175,411 176,693 178,331 179,308 180,127 181,775 182,845 183,949 184,969 1,009 952 1,636 1,453 1,546 1,441 844 906 774 82 99 122 171 198 190 142 121 96 1984—JAN. FEB. HAR. APR, P 35,502 36,065 36.103 36,101 34,787 35,498 35 , 152 34,867 34,791 35,503 35,179 34,912 34,889 35.123 35,395 35,612 613 942 709 489 186,939 188.582 188,712 189,627 715 567 952 1 .234 86 10? 133 1 39 4 5 27 44 14 23 36,167 36,152 35,478 35,016 35,499 35,047 35,397 35,427 770 725 188,622 188,866 689 1,136 113 149 21 30 11 25 P 35,576 36,467 34,263 35,235 34,299 35,279 35,232 35,906 344 560 183,415 190,237 1,313 1 , 232 131 138 36 44 36,233 35,170 35,231 35,625 608 190.589 1 ,063 1 59 61 405 513 1 958 578 491 515 256 6 2 TWO UEEKS ENDING 1984-MAR. APR. MAY 9 PE J I PRELIMINARY PE—PBSLlIIZNIRT BSTIHJ T E HESEEVES AND HONETARY BASE FIGURES INCORPORATE ADJOSTHENTS FOR DISCONTINOITIES 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 SUBTRACTED FROM THE ACTUAL SERIES. SIMILARLY, IN ADJUSTING FOR DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FPOM THE ACTUAL SERIES. 2/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALAHCES AND ADJUSTMENTS TO COHPENSATE 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 RESERVF 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 EXTENDED 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 HONEY HARKET IMPACT OF EXTENDED CREDIT IS SIMILAR TO THAT OP 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 COHPENSATE FOB FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE HONEY- S*0€X'fc*SSr»*f!S5AftOOTtT"D*rf AU»E$ CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COHPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AHOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE HEASURED 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 RESERVES 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 ITEMS SEASONALLY ADJUSTED AS A WHOLE. 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. P 1/ H.3(502) Table 2 AGGREGATE RESERVES. OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not'adjusted for changes in reserve requirements}' Averages of dally figures, not seasonally adjusted Millions of dollars Vault cash4 Reserves of depository Institutions Monetary base2 Date 1983—APR. HAT JUNE JULT ADG. SEPT. OCT. MO?. DEC. 1984--JAN. FEB. MAR. APR. total nonborrowed required 38,650 38,282 38,415 38,948 38,661 37,916 38,137 38,144 38,894 37,641 37,330 36,779 37,495 37,114 36,475 37,294 37,239 38,120 38,174 37,833 37,934 38,440 38,214 37,418 37,633 37,615 38,333 40,120 36,365 36,278 37,148 P 39,405 35,798 35,326 35,914 39,507 35,423 35,569 36,659 Reserve balances with F.R. Banks3, total 179,861 181,276 183,144 185,303 185,398 185,112 186,598 188,971 192,359 192,301 186.672 187,810 190,306 22,566 22,010 21,807 22,139 21,965 20,585 21,059 20,943 20,986 21,325 18.414 19,484 20,348 19,569 19,710 20,098 20,413 20,035 20,798 20,471 20,558 20,755 22,578 22,269 20,396 20,148 used to satisfy required reserves8 16,085 16,272 16,607 16,808 16,695 17,331 17,078 17,201 17,908 18,795 17.951 16,794 16,800 surplus6 3,485 3,438 3,491 3,604 3,340 3,467 3,393 3,356 2,847 3,782 4,318 3,602 3,348 APR. MAY 1 i ij X X 1 , 1 !» ' •J' ji H' ; : .: J'' TWO WEEKS ENDING 1984—-MAR. Net carry o» of excess ot deficit in reserve balances7 ,: * i i j u s ,' j; : « . i 14 28 36,406 36,047 35,716 34,911 35,635 35,322 187,748 187,542 19,948 18,859 19,980 20,938 16,458 17,188 3,522 3,750 150 11 25 P 36,758 37,647 35,444 36,415 36,413 37,086 189,354 191,079 20,237 20,545 19,803 20,471 16,520 17,102 3,282 3,369 222 0 36,609 35,545 36,000 190,237 20,040 20,005 16,569 3,436 35 9 PE P—-PRELIMINARY P E — PRELIMINARY ESTIMATE1/ REFLECTS ACTOAL RESERVE REQ0IREHENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OR OTHER REGULATOR! CHANGES TO RESERVE REQUIREMENTS. 2/ CONSISTS OF TOTAL RESERVES PLOS REQUIRED CLEARING BALANCES AND ADJOSTHENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLOS THE CORRENCT COMPONENT OF THE HONET STOCK LESS THE AMOONT OF VAOLT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLODED IN THE CORRENCT COHPONENT OF THE HONET STOCK PLOS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AHOONT APPLIED TO SATISFT CORRBNT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRR, CORRENCT AND VAOLT CASH FIGORES ARE HEASORBD OVER THE MONDAY-ENDING COHP0TATI0N PERIOD. 3/ EICLODES REQUIRED CLEARING BALANCES AND ADJOSTHENTS TO COHPENSATB FOR FLOAT. 4/ DATES REFER TO THE HAINTENANCE PERIODS IN HHICH THE VAOLT CASH CAN BE OSED TO SATISFT RESERVE REQUIREMENTS. UNDER CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DATS AFTER THE LAGGED COHPOTATION PERIODS IN NHICH THE BALANCES ARE HELD. 5/ EQUAL TO ALL VAOLT CASH HELD DORING THE LAGGED COHPOTATION PERIOD BT INSTITUTIONS HAVING REQOIRED RESERVE BALANCES AT FEDERAL RESERVE BANKS PLOS THE AHOONT OF VAOLT CASH EQUAL TO REQOIRED RESERVES DORING THE HAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQOIRED RESERVE BALANCES. 6/ TOTAL VAOLT CASH AT INSTITUTIONS HAVING NO REQOIRED RESERVE BALANCES LESS THE AHOONT OF VAULT CASH EQUAL TO THEIR REQUIRED RESERVES DURING THE HAINTENANCE PERIOD. 7/ CONSISTS OF CARRTOVER ONLY AT DEPOSITOR! INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF TWO-WEEK HAINTENANCE PERIODS. REFLECTS EXCESS (») OR DEFICIT (-) RESERVES ELIGIBLE TO BE CARRIED FORNARD INTO THE TWO-WEEK RESERVE MAINTENANCE PERIOD ENDING ON THE DATE SHORN. 10'J 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 1983—APR. Reserves of depository institutions "1 nonborrowed Monetary base required 34,512 3*,282 34,444 34,978 34,713 35,008 35,313 35,350 35,997 33,503 33,330 32,808 33,525 33,167 33,567 34,469 34,445 35,223 34,036 33,834 33,964 34,470 34,266 34,510 34,808 34,821 35,436 174,881 176,335 178,164 180,182 180,140 181,238 182,672 185,035 188,231 37,303 35.654 35,630 36,462 36,588 35.087 34,678 35,228 36,690 34.712 34,921 35,972 188,100 185,931 187,162 189,620 35,758 35,395 35,069 34,259 34,988 34,670 187,101 186,889 APR.'11 25 P 36,123 36,936 34,810 35,704 35,779 36,376 188,719 190,368 MAY 35,876 34,812 35,267 189,504 HAY JOME JULY ADG SEPT. OCT, not. DEC. 1984—JAM. FEB. MAR. APR. P TWO WEEKS: ENDING "• 1984—-MAR. 14 28 9 PE P PBELIBINABY PE—PBELIfllMABY ESTIMATE. 1/ FIGUBES REFLECT ADJOSTHEMTS FOH DISCONTINUITIES ASSOCIATED MITH THE IMPLEMENTATION OF THE HOMETABI COMTBOL ACT AMD OTHEB BBGULATOBT CHANGES TO BESEB7E BBQtIIBEHENTS.
@FedFRASER