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FEDERAL RESERVE statistical release H.3(S02) Table 1 For Release at 4:30 Eastern Time HAY AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY^»SE 15, 1985 Adjusted for changes in reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars total2 Date 1985—APR. HAY JURE JULY ADG. SEP*. OCT. NOV. DEC. 41,148 41,855 42,669 Jf'fiB. MAR. APE. BE excess NSA4 Monetary base* Borrowings of depository institutions from the Federal Reserve, NSA total seasonal extended credit9 43,654 43,882 44,244 44,847 45,612 40,521 41,464 41,976 42,581 42,^93 43,056 ^3,106 44,294 40,693 41,055 42,129 42,483 43,151 44,249 43,665 43,637 44,793 40,410 41,051 41,764 42,227 42,826 43^216 43,491 43,919 44,554 738 80 4 905 855 82 7 666 753 928 1,058 203,972 205,853 207,932 209,105 211,208 212,289 213,566 215,253 216,721 1,323 1,334 1,205 1,107 1,073 1,289 1,187 1,74 1 1,318 135 165 151 167 221 20 3 172 107 56 868 534 665 507 570 656 629 530 499 45,881 46,370 46,865 47,275 45,111 45,486 46,104 46,382 45,608 45,978 46,6^2 47,017 44,771 45,272 45,968 46,474 1,111 1,097 896 801 218,404 219,788 221,262 222,364 770 884 761 893 36 56 68 73 49 7 492 516 634 47,096 46,985 46,223 46,125 46,799 46,7*5 46,474 46,110 622 87o 222,086 221,790 874 861 76 64 576 671 48,083 47,102 47,739 47,203 881 223,869 981 89 637 4J,083 1986—JAN. Reserves of depository institutions nonborrowed nonborrowed plus required extended credit9 J9,825 TWO WEEKS ENDING 1986-APR. MAY 9 23 p 7 PE PRELIMINARY BE—PBELIHINABY ESTIMATE RESERVES AND MONETARY BASE FIGURES INCOBPOBATE ADJUSTMENTS FOS DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETAE* CONTROL ACT AND OTHEK REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOB DISCONTINUITIES DUE TO CHANGES IN BESEBVE REQUIREMENTS ON RES2BVABLE NONDEPOS1T LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ABE SUBTRACTED FROM THE ACTUAL SERIES. SIMILARLY, IB ADJUSTING FOB DISCONTINUITIES IN THE HONETABY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT ALSO ABE SUBTBACTED FBOM THE ACTUAL SEBIES. 2/ TOTAL RESERVES NOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF BESEBVE BALANCES ilTH FEDERAL BESEBVE BANKS (BHICH EXCLUDE REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT) PLUS VAULT CASH USED TO SATISFY BESEBVE BEQU1REMEMTS. SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THE LAGGED COflPUTATION PERIOD BY INSTITUTIONS HAVING BEQUIBED BESEBVE BALANCES AT FEDERAL BEHLBVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO BEQUIBED RESERVE BALANCES, 3/ EXTENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT NINDOB UUDER THE TERMS AND CONDITIONS ESTABLISHED FOB THE EXTENDED CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS DEAL WITB SUSTAINED LIQUIDITI PfiESSUBES. BECAUSB TBEBB IS NOT THE SAME NEED TO REPAY SUCH BORROWING PROMPTLY AS THERE IS WITH TRADITIONAL SHOBT-TEBM ADJUSTMENT CREDIT, THE MONEY MARKET IMPACT OF EXTENDED CBEDIX IS SIMILAR TO THAT OF NONBORRONED BESERVES. 4/ RESERVE BALANCES WITH FEDEBAL BESEBVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE HEQUIBEMENTS LESS BEQUIBED BESEBYJ8S. 5/ THE MONETARY BASE NOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF TOTAL BESEBVES PLUS BEQUIBED CLEABING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CUfifiEMCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS UF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURBENCI COMPONENT OF THE MONEY STOCK PLUS, FOB INSTITUTIONS NOT BAYING BEQUIBED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CUBBENT BESEBYE BEQUIBEMENTS, AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ABE MEASUBED OVEB THE MONDAY-ENDING COMPUTATION PEBIOD. PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY *ASE OTHER THAN EICESS BESEBVES ABE SEASONALLY ADJUSTED AS A NBOLE, RAIHEB THAN BY COMPONENT, AND EXCESS BESEBVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CBB, THE SEASONALLY ADJUSTED SEBIES CONSISTS OF SEASONALLY ADJUSTED TOTAL BESEBVES (WHICH IBCLUDES EXCESS BESERVES ON A HOT SEASONALLY ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A HHOLE. NOTE: HISTORICAL DATA ARE AVAILABLE FBOM THE BANKING SECTION, DIVISION OF BESBABCH AND STATISTICS, BOARD Of GOVBBMOBS OF THE FEDERAL RESE&VE 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 daily figures, not seasonally adjusted Millions of dollars Vault cash4 Reserves of depository institutions Monetary base2 •' Date total nonborrowed Reserve balances with F.R. Banks3 total required used to satisfy required reserves5 surplus6 1985—APRWAY JUNE JULi AUG. SEPT. OCT. NOV. DEC. 41,652 41,051 42,352 4^,803 42,963 44,447 4t>,4t>9 46,382 48,142 40,329 39,718 41,147 41,696 41,890 43,158 44,282 44,641 46,824 40,914 40,247 41,447 41,948 42,135 43,782 44,716 45,454 47,085 205,321 206,414 209,970 212,269 213,156 214,501 216,192 218,962 223,53 4 23,217 22,365 23,367 23,503 23,415 24,972 25,431 26,385 27,620 21,567 21,898 22,180 22,530 22,839 22,465 22,724 22,$57 22,956 18,435 16,666 18,965 19,300 19,548 19,475 20,038 19,997 20,522 3,132 3,231 3,196 3,230 3,291 2,990 2,686 2,460 2,434 1986—JAN. FEB. MAR. APR. 48,060 46,652 47,274 48,881 47,289 45,768 46,513 47,989 46,949 4t>,555 46,378 48,080 221,588 219,568 221,703 224,883 26,373 24,700 27,114 28,892 24,245 24,962 22,688 22,231 21,687 21,952 20,160 19,909 2,559 3,010 2,528 2,242 PE TMO WEEKS ENDING 1986—APR. MAY Net carryover of excess or deficit in reserve balances7 !: "~* •x.~* --""*« ' «:- ' .IvW.', !s "*** ., i ! - «">i ' 1 9 23 P 7 PE i ' "', 4$'u 48,101 49,578 47,227 48,718 47,479 46,703 223,711 225,771 28,292 29,387 22,121 22,369 19,809 20,191 2,312 2,178 200 45 48,491 47,510 47,611 224,616 26,674 22,100 19,618 2,282 151 B—REVISED TO INCLUDE REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT. P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NOHDEPOSXT LIABILITIES, MITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED H U H IMPLEMENTATION OF THE MONETARY CONTROL ACT OR OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. 2/ CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE M0NE* STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE KEkSURt.D OVER THE MONDAY-ENDING COMPUTATION PERIOD. 3/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT. 4/ DATES REFER TO THE MAINTENANCE PERIODS IN KH1CH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDER CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS EHD 30 DAYS AFTER THE LAGGED COMPUTATION 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 MEDERkL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BkLhBCES. 6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR REyUI&ED RESERVES DURING THE MAINTENANCE PERIOD. 7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF IRO-ifEEK MAIRTENANCE PERIODS. REFLECTS EXCESS (+) OR DEFICIT (-) *ESERV£S ELIGIBLE TO BE CARBIED FGRRARD INTO THE TRO-MEEK RESERVE MAINTENANCE PERIOD ENDING ON THE DATE SHOWN. " ,,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 nonborrowed Monetary base required 1985—APB. HAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 41,735 41,128 42,444 42,896 43,069 43,676 44,207 45,082 46,839 40,413 39,794 41,239 41,789 41,996 42,388 43,020 43,341 45,520 40,998 40,324 41,539 42,040 42,241 43,011 43,454 44,154 45,781 203,718 204,83b 208,292 210,555 211,514 212,1*7 213,357 216,036 220,362 1986—JAM. FEB. HAfi. APB. PE 47,113 45,684 46,338 47,936 46,342 44,800 45,578 47,043 46,002 44,587 45,442 47,135 218,741 21t>,784 218,985 222,139 47,124 48,541 46,251 47,680 46,502 47,665 220,913 222,920 47,770 46,789 46,889 222,154 TWO NEEKS ENDING 1986—APB. flAY 9 23 P 7 PE P PB ELlMlNABY" PE—PBELIWINABY ESTIMATE. 1/ FIGUBES BEFLECT ADJUSTMENTS FOB DISCONTINUITIES ASSOCIATED NITH THE IMPLEMENTATION OF THE MONETARY CONIBOL ACT AND OTHEB BEGULATOBY CHANGES TO BKSHRVE HEUUI4EMENTS.