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* ••fSuS*. For Release at 4:30 Eastern Time MAY H3(802) fstt»1 1 7 , 1984 AGGREGATE RESERVES OF 1DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adfustod for chtnoss In rsssnw rsqulnmsnts Avoraos* of dolly ftouros, mionoMy ssfrntssl untost nottd othsrwfos MHMons of dollars Borrowings of depository Institutions from tns FodsrsJ Rsosrvs, NBA 1963—APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 34,506 34,596 35,051 35,194 35,216 35,307 35,317 35,245 35,279 33,<*96 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 96 405 513 958 578 491 515 256 6 2 1984- • JAN. FEB. MAR. APR. P 35,502 36,065 36,103 36,106 34,787 35,498 35,152 34,872 34,791 35,503 35,179 34,916 34,889 35,123 35,395 35,614 613 942 709 491 186,939 188,582 188,712 189,610 715 567 952 1 ,234 86 103 133 139 27 44 35,576 36,474 34,263 35,242 34,299 35,286 35,232 35,907 344 567 188,415 190,246 1,313 1 ,232 131 138 36 44 36,238 35,175 35,236 35,635 603 190,461 1 ,063 159 TUO UEEK.V ENDING 1984-APR. P 1/ 11 25 P PRELIMINARY P S — PRELlMlNAR Y E S t f M A T t RESERVES AND MONETA RY BASE FIGURES INCORPORATE ADJUSTMENTS FOR D1SCONTINU I T I E S ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL AC T AND U T H t k REGULATORY CHANG ES TO RESERVE REQUIREMENTS . TO ADJUST FOR D I S C O N T I N U I T I E S DUE TO CHANGES I N RESERVE REQUIREMENT S ON RESERVABLE NONOtPOSIT L I A B I L I T I E S , THE SUM OF SUC H REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL S E R I E S . S I M I L A R L Y , IN ADJUSTING FOR D 1 S C 0 N T I N U I T I E S I N THE MONETARY B A S E , REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLCA T ALSO ARE SUBTRACTED FROM T HE ACTUAL S E R I E S . TOTAL RESERVES NOT ADJUSTED F(-R D I S C O N T I N U I T I E S CONSISTS OF RESERVE BALAN CES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE 2/ REQUIRED CLEARING B ALANCES AND ADJUSTMENTS TO C OMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS. SUCH VAULT CASH CON S I S T S OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTA TION PERIOD BY I N S T I T U T I O N S HAVING REQUIRED RESERVE BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMDU NT 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 NO REQUIRED RESERVE faALANCE S . EXTENDED CREDIT CO N S I S T S CF bUKkOWING AT THE D ISCOUNT WINDOW UNDER THE T ERMS AND CONDITIONS ESTABLISHED FOR THE EXTENDED 3/ CREDIT PROGRAM TO H ELP DfcPLSITOkY I N S T I T U T I O N S DEAL WITH SUSTAINED L I Q U I D ITY PRESSURES. BECAUSE THERE I S NOT THE SAME NEED TO REPAY SUCH HORRCWlN b PROMPTLY AS THERE I S WITH T R A D I T I O N A L SHORT-TERM ADJ USTMENT C R E D I T , THE MONEY MARKET IMPACT OF EXTENDED CREDIT I S S I M I L A R T 0 THAT OF NONbORROWEC RESERV E S . RESERVE BALANCES WI TH FEDERAL RESERVE BANKS PLU S VAULT CASH USED TU S A T I S FY RESERVE REQUIREMENTS LESS REQUIRED RESERVES. 4/ THE MONETARY BASE N GT ADJUSTED FOR D I S C O N T I N U E 1ES CONSISTS OF TOTAL RESE RVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS 5/ TO COMPENSATE FTR F LOAT AT FEDERAL RESERVE BANK S PLUS THE CURRENCY COMPON ENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF T H R I F T I N S T I T U T I O N S THAT I S INCLUDE D I N THE CURRENCY COMPONEN T OF THE MONEY STOCK P L U S , F OR I N S T I T U T I O N S NOT HAVING REQUIRED RESERVL bA LANCES, THE tXCESS CF CURREN T VAULT CASH OVER THE AMOU NT APPLIED TO SATISFY CURREN T RESERVE REQUIREMENTS. AFTER THE INTROCUCT ION OF CRR, CURRENCY AND VAU LT CASH FIGURES ARE MEASUR ED OVER THE MONDAY-ENDING CO MPUTATION P E R I O D . PRIOR TO CRR, ALL C OMPONENTS CF THE MONETARY BA SE OTHER THAN EXCESS RESER VES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN BY COMPONENT, AND EXCESS RESERVES I S ADDFD ON A NOT SEASONALLY ADJUSTED B A S I S . AFTER CRR, THE SEASON ALLY ADJUSTED SERIES CONSISTS OF SEASONA LLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RES ERVES ON A NOT SEASONALLY AD JUSTED B A S I S ) PLUS THE SEASONALLY ADJUSTED CURRENCY COMPONENT UF THE M ONEY STOCK PLUS THE REMAIN ING I T E M S SEASONALLY ADJUSTE D AS A WHOLE. NOTE: H I S T O R I C A L OATA A RE AVAILAfaLE FROM THE BANKIN G S E C T I O N , D I V I S I O N OF RES EARCH AND S T A T I S T I C S , BOARD OF GOVERNORS OF THE FEDERAL RESbRVb SYSfFV,, WASHINGTON, D.C i.'C5 5 1 . H.3 (502) Table 2 AGGREGATE RESERVES. QF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not'adjusted for changes in reserve requirements;1 Averages of daffy figures, not seasonally adjusted Millions of dollars Vault cash4 Reservei of depository institutions Monetary base2 Date total nonborrowed Reserve balances with F.R. Banksi total required used to satisfy required reserves5 surplus4 1983—APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 38,650 36,282 36,415 38,946 38,661 37,916 38tl37 36,144 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 38,333 179,861 181,276 183,144 185,303 185,398 185,112 186,598 188,971 192,359 22,566 22,010 21,807 22,139 21,965 20,585 21,059 20,943 20,986 19,569 19,710 20,098 20,413 20,035 20,798 20,471 20,558 20,755 16,085 16,272 16,607 16,808 16,695 17,331 17,078 17,201 17,908 3,465 3,438 3,491 3,604 3,340 3,467 3,393 3,356 2,847 1 984 40,120 36,365 36,278 37,154 39,405 35,798 35,326 35,921 39,507 35,423 35,569 36,663 192,301 186,672 187,810 190,291 21,325 18,414 19,484 20,352 22,578 22,269 20,396 20,148 18,795 17,951 16,794 16,802 3,782 4,318 3,602 3,346 -JAN. FEE*. MAR. APR. P APR. MAY Ml H:::jtli::i!!i:2ll!ill:!ll::illl!lll:lji ::::i:::HHU::H:::H:::H:::s:::i:::Ui lllllllllllllll :S::*::!i::::i:HSJi!!::H!::!:!!"."^JJ^ HjBplll !fiill|!!;§Sliii illill SlliiiHlliill lililiulpi!!!!!!!! ii!)!l!!!i!llpll liilpSiifc lllljMpI TWO UEEKS ENDING 1984 Net carryover of excess or deficit in reserve balances^7 11 25 P 9 PE 36,758 37,658 35,444 36,426 36,413 37,091 189,354 191,092 20,237 20,555 19,803 20,471 16,520 17,103 3,282 3,368 36,616 35,552 36,012 190,111 20,036 20,005 16,579 3,425 tlliiliiiiii p PRELIMINARY PE—PRELIMINARY E S T I M A T E . 1/ REFLECTS ACTUAL ktSERVE REQUIREMENTS, INCLUDING THOSE ON N0NDEP0S IT L I A B I L I T I E S , WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF D I S C O N T I N U I T I E S ASSOCIATED WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OR OTHER REGULATORY CHANGES TO &fcSE*Vt- REQUIREMENTS. 2/ CONSISTS OF TOTAL RESERVES PLUS REUU1RED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CUKKENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT I N S T I T U T I O N S THAT I S INCLUDED I N THE CURRENCY COMPONENT OF THE MONEY STOCK P L U S , FOR I N S T I T U T I O N S 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 Akt MEASURED 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 WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDER CONTEMPORANEOUS RtSERVE REQUIREMENTS, MAINTENANCE PERIOOS END 3 0 DAYS AFTER THE LAGGED COMPUTATION PERIODS I N WHICH THE BALANCES ARE HELD. 5/ EQUAL TO ALL VAULT CASH HfcLD DURING THE LAGGED COMPUTATION PERIOD BY I N S T I T U T I O N S HAVING REQUIRED RESERVE BALANCES AT FEDERAL RFSERVr 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 NO REQUIRED RESERVE BALANCES. 6/ TOTAL VAULT CASh *T INST 1 TUT 1OMS HAVING NO RFQUIREC RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR RFOUIkfcD RESERVES DURING THE MAINTENANCE P E R I O D . 7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITORY I N S T I T U T I O N S MAINTAINING RESERVES ON THE BASIS OF TWO-WEEK MAINTENANCE PERIODS. KfcFLECT^ EXCESS < • ) Ok D E F I C I T < - ) RESERVES E L I G I B L E TO BE CARRIED FORWARD INTO THE TWO-WEEK RESERVE MAINTENANCE PERIUL ENDING ON THE DATE SHOWN. "?'? 9 0 34 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 1983--APR. MAY JUNE JULY AUG SEPT, OCT. NOV. DEC. 34,512 34,282 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 1 984---JAN. FEB. MAR. APR. P 37,303 35,654 35,630 36,466 36,588 35,087 34,678 35,232 36,690 34,712 34,921 35,974 188,100 185,931 187,162 189,603 36,123 36,944 34,810 35,712 35,779 36,377 188,719 190,378 35,880 34,817 35,277 189,375 . TWO WEEKS ENDING 1984--APR. MAY 11 25 P 9 PE P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATtRY CHANGES TO RESERVE REQUIREMENTS.
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