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FEDERAL RESERVE
stati611QWkease
,
y
:4 Y ?o fftft
FE:D£.
~~
OF'RAt RE.s
H.3 (502)
For Immediate Release
PlflL .·
Table 1
AGGREGATE RESERVES AND MEMBER BANK DEPOSITS
Reserves of depository institutionsl
total2
Period
Jnonborrowe4
required
Monetary
base3
IllY 11, 1981
.
Averaoe of dailv fiqures
total
millions of dollars
1
• f
Member bank deposits subject to reserve reqUiremenU
time and T
private demand deposits
T u.s.
government
savings
total
net
other
demand
interbank
billions of dollars
I
I
I
I
seasonaII y adJU sted
1980--!IAR.
APR.
!lAY
JUNE
JULY
AUG.
SEPT.
OCT.
IJOV. p
DEC. p
43,669
44,846
44,446
43,959
42,781
40,74 9
41,517
41,727
41,227
40,131
40,846
42,391
43,427
43,580
42,386
40,090
40,206
40,417
39,168
38,441
43,483
44,649
44,268
43,756
42,497
40,447
41,262
41,521
40,730
39,579
156.• 7
158.0
158.8
159. 1
158.9
158.2
159.4
160.7
160.4
159.6
649.1
655.4
656.8
658.0
658.5
667.8
678.2
684.7
694.3
701.8
457.9
464.2
467.7
467.9
467.0
474.2
482.0
486.7
494.0
504.0
189.4
188.7
187.3
188.4
189.1
191.5
194.5
195.6
198.1
196.0
15.6
17.2
17.1
16.9
16.6
14.4
15.9
16.• 5
17.4
17.5
173.9
171.5
170.2
171.5
172..5
177.1
178.6
179,. 1
180.7
178.5
1.. 8
2.4
1.8
1. 7
2;.5
2. 1
1. 8
2.4
2.2
1.. 9
p
p
p
40,099
39,758
40,247
38,704
38,454
39,248
39,555
39,575
39,866
160.1
160.6
161.3
703.8
704.3
703.6
517.4
523.3
524.7
184.1
178.9
176 .• 8
16.9
17.8
18,.0
167.• 1
161.1
158.• 8
2-3
2.1
2.0
11
18
25
p
p
p
p
40,739
39,895
40,254
40,077
39,440
39,127
39,480
39,189
40,042
39,665
39,911
39,917
161.5
160.4
161.2
161.3
704.6
704.2
704.4
701.6
524.6
524.0
525.3
525.6
171.8
171.9
176.5
174.6
18.0
18.1
17.9
17.8
159.8
159.8
158.6
156.9
2.2
2.4
2.6
1.11
1
8
15
22
29
p
p
p
p
p
40,521
39,447
40,096
40,271
40,781
39,057
38,560
38,954
39,407
38,503
39,871
39,396
39,718
40,505
40,676
162.1
160.6
161.7
162.7
163.2
703.7
708.5
711.6
712.1
712.2
525.2
527.2
530.8
532.3
533.7
177.1
177.9
177.4
171.7
175.7
18.6
17.7
18.6
17.2
17.6
158.4
160.1
158.8
160.. 5
158.1
1. 5
3.4
3.4
2.2
2. 8
1980--!IAR.
APR.
!lAY
JUliE
JULY
AUG.
SEPT.
OCT.
NOV. p
DEC. p
43,096
44,880
43,963
43,4 72
42,859
40,373
41,164
41,704
41,221
40,619
40,273
42,425
42,945
43,092
42,464
39,715
39,852
40,394
39,161
38,929
42,910
44,683
43,785
43,268
42,575
40,071
40,908
41,498
40,723
40,067
154.9
157.5
157.8
158.6
159.6
158.0
159.0
160.6
161.5
162.5
648.0
657.7
651.5
656.9
658.2
662.5
675.6
6811.2
694.6
710.3
460.6
464.7
467.7
467.4
466.0
471.8
479.6
485.7
493.0
505.0
185.5
190.4
182.1
187.2
190.0
189.0
193.9
196.4
1.99.6
203.3
15.2
16.8
16.2
16.6
16.8
14.2
15.8
16.5
18.0
18.2
170.• 4
173.6
165.• 9
170.6
173.2
174.8
178.1
179.8
181.6
185.1
1. 9
2.6
1~ 7
2.. 3
2. 2
1-7
2.1
2.1
1. 9
2. 1
p
p
p
41,569
39,631
39,753
40,175
38,327
38,153
41,025
39,448
39,372
161.0
158.9
159.6
712.6
701.5
703.1
520.5
524.8
527.9
189.9
174.6
173.2
18.1
17.5
17.6
171.8
157.0
155.6
2-1
2.0
2.1
1981--JAN.
FEB.
liAR.
WEEK ENDIIIG:
-----------1981--IUR. 4
APR.
not seasonaII y adJU ste d
1981--JAN.
FEB.
liAR.
WEEK EliDING:
-----------1£81--IIAR. 4
p
11 p
18 p
25 p
40,176
39,098
39,834
39,624
38,877
38,330
39,060
38,736
39,479
38,868
39,491
39,464
159.2
159.3
159.9
159.3
702.1
702.4
705.3
699.5
525.. 7
526.1
528.4
528.7
174.5
174.5
113.7
169.1
18.0
17.6
17.4
17..2
156.4
156 .• 9
156.3
151.8
2.0
1.9
3.1
1.7
1
8
15
22
29
p
p
p
p
p
40,292
38,888
39,938
40,505
41,109
38,828
38,001
38,796
39,641
38,831
39,642
38.837
39,620
40,739
41,004
160.1
160.7
162.0
162. 1
161.5
705.6
713.4
715.9
716.1
708.4
529.9
530.9
531.9
531.7
532.1
174.3
179.7
180.9
181.2
173.1
17.9
17.8
17.8
16.5
16.6
156.4
161.9
163.1
164.7
156.5
1.4
2.8
3.1
3. 1
3.2
APR.
See reverse side for explanation of footnotes.
H.3
Table 2
AGGREGATE RESERVES AND MONETARY BASE
Adjusted for changes in reserve requirements 4
AveraQes of dailv fiaures
Reserves of depository institutions
total 2
Period
I nonborrowed I
required
millions of dollars
seasonally adjusted
1 Monetary base' 3
Reserves of depository institutions
1
~2
non borrowed
requtred
millions of dollars
lbillionsofdollars
not seasonally adjusted
1 Mor:tetary base .3
!billions of dollars
p
p
37,tH6
37,516
37,"85
37,"60
37,570
38,050
38,725
38,893
40,056
"0,110
3",653
35,060
36,"66
37,081
37,176
37,392
37,"1"
31,583
37,997
38,"20
37,290
37,319
37,307
37,257
37,286
37,7"8
38,"10
38,687
39,559
39,557
1"9.6
1"9- 8
150.9
151.7
152.8
15"- 6
155.7
156.9
158.9
159.5
36,919
37,532
37,061
37,007
37,665
37,706
38,401
38,875
"0,056
"0,598
3",095
35,077
36,043
36,628
37,270
37,0"8
37,090
37,565
37,996
38,907
36,733
37,335
36,883
36,804
37,380
37,40"
38,1"5
38,669
39,558
"0·0"5
1"7- 8
149.3
150.0
151.2
153.5
154.5
155.3
156.9
160.0
162.5
p
p
p
"0,071
39,588
39,981
38,683
38,28"
38,982
39,533
39,"05
39,600
160.1
160."
161-"
"1,5"8
39,"61
39,487
40,153
38,157
38,487
"1,00"
39,278
39,106
161.0
158.8
159.• 7
11
18
25
"
p
p
p
p
"0,"73
39,629
39,988
39,811
39,174
38,861
39,214
38,923
39,776
39,399
39,645
39,651
161.6
160.5
161.3
161.4
39,910
38,832
39,568
39,358
38,611
38,06"
38,794
38,470
39,213
38,602
39,225
39,198
159.3
159.4
160.0
159."
1
8
15
22
29
p
p
p
p
p
40,255
39,181
39,830
40,005
40,515
38,791
38,294
38,688
39,141
38,237
39,605
39,130
39,512
40,239
40,"10
162.3
160~ 8
161.9
162.9
163.5
40,026
38,622
39,672
40,239
"0,843
38,562
31,135
38,530
39,375
38,565
39,376
38,571
39,354
40,473
40,738
160.3
160.9
162.• 2
162.3
161.7
1980--ltAR.
APB.
KAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV. 5/
DEC.
1981·-JAN.
FEB.
!tAR.
WEEK ENDING:
-----------1981·-MAB.
APR.
P - PRELlltiNARY
1/ RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIRE!tENT PERCENTAGES WITH NO ADJUST·
!tENT TO ELIIIINATE THE EFFECT OF CHANGES IN REGULATIONS D AND K. PRIOR TO NOVEIIBER 13, 1980, THE DATE OF IltPLEIIENTATION OF THE !tONETARY CONTROL ACT, ONLY THE RESERVES OF COMIIERCIAL BANKS THAT WERE IIEIIBERS OF THE
FEDERAL RESERVE SISTEK WERE INCLUDED IN THE SERIES. SINCE THAT DATE THE SERIES INCLUDE THE RESERVES OJ! ALL
DEPOSITORY INSTITUTIONS.. IN CONJUNCTION WITH THE I!!PLEIIENTATION OF THE ACT, REQUIRED RESERVES OF IIEI!BER BANKS
WERE REDUCED ABOUT $4.3 BILLION AND REQUIRED RESERVES OF OTHER DEPOSITORY INSTITUTIONS WERE INCREASED ABOUT
$1." BILLION. ALSO IN CONJUNCTION WITH THE MONETARY CONTROL ACT, REQUIRED RESERVES OF CERTAIN NONIIEMBER BANKS
AND FOREIGN-RELATED INSTITUTIONS INCREASED BY APPROXIMATELY $245 MILLION EFFECTIVE FEBRUARY 18, 1981 PURSUANT
TO THE TRANSITIONAL PHASE-IN PROGRAII. EFFECTIVE OCTOBER 11, 1979, AN 8 PERCENTAGE POINT IIARGINAL RESERVE
REQUIREMENT liAS IIIPOSED ON 11 11ANAGED LIABILITIES"..
THIS ACTION RAISED REQUIRED RESERVES ABOUT $320 IIILLIOII.
EFFECTIVE KARCH 12, 1980, THE 8 PERCENTAGE POINT IIARGINAL RESERVE REQUIREMENT WAS RAISED TO 10 PERCENTAGE POIIITS.
IN ADDITIOII THE BASE UPOII WHICH THE IIARGINlL RESERVE REQUIREIIENT liAS CALCULATED IllS REDUCED. THIS lCTIOII INCREASED
REQUIRED RESERVES ABOUT $1.7 BILLION IN THE REEK ENDING APRIL 2, 1980. EFFECTIVE lilY 29, 1980, THE I!ARGINAL RESERV'
REQUIREIIENT IllS REDUCED FROII 10 TO 5 PERCENTAGE POINTS AND THE BASE UPON WHICH THE IIARGINAL RESERVE REQUIRE·
IIENT IllS CALCULATED RlS RAISED. THIS ACTIOII REDUCED REQUIRED RESERVES ABOUT $980 IIILLION IN THE WEEK ENDING
JUNE 18, 1980. EFFECTIVE JULY 24, 1980, THE 5 PERCENT MARGINAL RESERVE REQUlREIIENT ON !tlNAGED LIABILITIES
AIID THE 2 PERCENT SUPPLEIIENTARY RESERVE REQUIREMEIIT AGAINST LARGE TillE DEPOSITS WERE REMOVED. THESE
ACTIONS REDUCED REQUIRED RESERVES ABOUT $3.2 BILLION.
2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES
PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS.
3/ INCLUDES RESERVE 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 DEPCSI·
TORY INSTITUTIONS.
"I RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION
OF THE IIONETARY CONTROL ACT, IIARGINAL RESERVE REQUIREIIENTS, THE INCLUSION OF EDGE ACT CORPORATION EESE31~S,
AND OTHER CHANGES IN REGULATIONS D AND K. PRIOR TO FEBRUARY 18, 1981, RESERVE AGGREGATES SERIES HAVE 53"i
ADJUSTED HISTORICALLY TO CONFORM TO THE STRUCTURE OF RESERVE REQUIREIIENTS CURRENTLY IN EFFECT. BEGISSI~G
FEBRUARY 18, THE SERIES HAVE BEEII ADJUSTED TO REMOVE THE EFFECTS OF SCHEDULED TRANSITIONAL CHANGES : j
RESERVE REQUIREIIENTS UIIDER THE IICl.
5/ RESERVE IIEASURES FOR NOVEIIBER REFLECT INCREASES IN REQUIRED RESERVES ASSOCIATED WITH THE REDUCTION OF ~!~{!ND
AVOIDANCE ACTIVITIES OF A FEW LARGE BANKS. THE REDUCTIOII IN THESE ACTIVITIES LEADS TO ESSENTIALLY A •::,:::- :r:B
INCREASE IN THE AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO BE HELD FOR A GIVEN LEVEL OF DEPOSITS .~:1 > JIHG THE !'lONEY SUPPLY. IN NOVEIIBER, THIS INCREASE IN REQUIRED RESERVES IS ESTil'llTED AT $550 TO $600 .HLL.:::'.
NOTE:
HISTORICAL DATA ARE AVAILABLE FROII THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS,
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM• WASHINGTON, D.C., 20551.
@FedFRASER