Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : May 18, 1981

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F^)6RAlg#ESERVE statistical release
°f«4cW?:
For Immediate Release

1*
AGGREGATE RESERVES AND MEMBER BANK DEPOSITS

MAY 1 8 ,

1981

Average of daily figures
Reserves of depository institutions 1
total 2

Period

nonborrowed

required

Monetary
base 3

total

millions of dollars

Member bank deposits subject to reserve requirements
US.
private demand deposits
time and
other
government
savings
total
net
demand
interbank
billions of dollars

seasonal lvr adjusted

1980—APRMAY
JUNE
JOLY
AUG.
SEPT.
OCT.
NOV.
P
DEC.
P

44,846
44,446
43,959
42,781
40,749
41,517
41,727
41,227
40,131

42,391
43,427
43,580
42,386
40,090
40,206
40,417
39,168
38,441

44,649
44,268
43,756
42,497
40,447
41,262
41,521
40,730
39,579

158.0
158.8
159.1
158.9
158.2
159.4
160.7
160.4
159.6

655.4
656.8
658.0
658.5
667.8
678.2
684.7
694.3
701.8

464.2
467.7
467.9
467.0
474.2
482.0
486.7
494.0
504.0

188.7
187.3
188.4
189.1
191.5
194.5
195.6
198.1
196.0

17.2
17.1
16.9
16.6
14.4
15.9
16.5
17.4
17.5

171.5
170.2
171.5
172.5
177.1
178.6
179.1
180.7
178.5

2.4
1.8
1.7
2.5
2.1
1.8
2-4
2.2
1.9

1981—JAN.
FEB.
MAR.
APR.

40,099
39,758
40,247
40,194

38,704
38,454
39,248
38,856

39,555
39,575
39,866
40,103

160.1
160,6
161.3
162.1

703.8
704.3
703.6
711.3

517.4
523.3
524.7
531.1

184.1
178.9
176.9
177.4

16.9
17.8
18.1
17.7

167.1
161.1
158.8
159.7

2.3
2.1
2.0
2.8

P
P
P
P
P

40,521
39,447
40,097
40,271
40,781

39,057
38,560
38,955
39,407
38,503

39,871
39,396
39,779
40,505
40,676

162.1
160.6
161.7
162.7
163.2

703.8
708.6
711.7
712.3
712.4

525.2
527.2
530.8
532^3
533.8

177.2
178.0
177.5
177-8
175.8

18.7
17.8
18.7
17.3
17.7 .

158.4
160.1
158.8
160.5
158.1

1.5
3.4
3.4
2.2
2.8

6 P

41,114

38,643

40,718

163.3

712.3

533.2

176.7

16.7

159.9

2.4

44,880
43,963
43,472
42,859
40,373
41,164
41,704
41,221
40,619

42,425
42,945
43,092
42,464
39,715
39,852
40,394
39,161
38,929

44,683
43,785
43,268
42,575
40,071
40,908
41,498
40,723
40,067

464.7
467.7
467.4
466.0
471.8479.6
485.7
493.0
505.0

190.4
182.1
187.2
190.0
189.0
193.9
196.4
199.6
203.3

16.8
16.2
16.6
16.8
14.2
15.8
16-5
18.0
18-2

173.6
165-9
170-6
173.2
174.8
178-1
179-8
181.6
185.1

2.6
1.7
2.3
2.2
1.7
2.1
2-1
1-9
2.1

41,569
39,631
39,753
40,162

40,175
38,327
38,753
38,824

41,025
39,448
39,372
40,071

161.0
158.9
159.6
161.6

712.6
701.5
703.2
713.6

520.5
524.8
527.9
531.6

189.9
174.6
173.2
178.9

18.1
17.5
17.6
17.3

171.8
157.0
155.6
161.7

2-1
2.0
2.1
3-0

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

705.7
713.5
716.0
716.2
708.6

529.9
530.9
531.9
531.7
532.2

174.4
179.8
181.0
181.3
173.2

18.0
17.9
17.9
16.6
16.7

156.4
161.9
163.1
164.7
156.5

1.4
2-8
3-1
3.1
3.2

6 P

41,485

39,014

41,089

163.6

709.2

532.2

174.3

17.1

157.2

2.7

P
P
P
P

WEEK ENDING
1981—APR.

•

•

1
8
15
22
29

WAY

APR.
r<m~-— MAY
JUNE
JOLY
AUG.
SEPT.
OCT,
NOV.
P
DEC.
P
1 9 8 1 - —JAN.
FEB.
MAP.
APR.

P
P
P
P

not seasonally adjusted
157.5
657.7
157.8
651.5
158.6
656.9
159.6
658.2
158.0
662.5
159.0
675.6
160.6
684.2
161.5
694.6
162.5
710.3

»:

WEEK ENDING

1 9 8 1 - — APR.

MAY

1
8
15
22
29

See reverse side for explanation of footnotes.




H.3
Table 2

AGGREGATE RESERVES AND MONETARY BASE
Adjusted for changes in reserve requirements 4
Averages of daily figures
Reserves of depository institutions
Period
total 2 ~~1 non borrowed
required
millions of dollars
seasonal 1/ adjusted

billionsof dollars

Reserves of depository institutions
total 2
I non borrowed
required
millions of dollars
not seasonally adjusted

Monetary base>3
billions of dollars

P
P

37,516
37,485
37,460
37,570
38,050
38,725
38,893
40,056
40,110

35,060
36,466
37,081
37,176
37,392
37,414
37,583
37,997
38,420

37,319
37,307
37,257
37,286
37,748
38,470
38,687
39,559
39,557

149.8
150.9
151.7
152.8
154.6
155.7
156.9
158.9
159.5

37,532
37,061
37,007
37,665
37,706
38,401
38,875
40,056
40,598

35,077
36,043
36,628
37,270
37,048
37,090
37,565
37,996
38,907

37,335
36,883
36,804
37,380
37,404
38,145
38,669
39,558
40,045

149.3
150.0
151.2
153.5
154.5
155.3
156.9
160.0
162.5

P
P
P
P

40,077
39,588
39,981
39,928

38,683
38,284
38,982
38,590

39,533
39,405
39,600
39,837

160.1
160.4
161.4
162.4

41,548
39,461
39,487
39,896

40,153
38,157
38,487
38,558

41,004
39,278
39,106
39,805

161.0
158.8
159,. 7
161.8

1
8
15
22
29

P
P
P
P
P

40,255
39,181
39,831
40,005
40,515

38,791
38,294
38,689
39,141
38,237

39,605
39,130
39,513
40,239
40,410

162.3
160.8
161.9
162.9
163.5

40,026
38,622
39,67?
40,239
40,843

38,562
37,735
38,530
39,375
38,565

39,376
38,571
39,354
40,473
40,738

160.3
16.0.9
162.2
162.3
161.7

6

P

40,848

38,377

40,452

163.6

41,219

38,748

40,823

163.9

1980—APR,

MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV. 5 /
DEC.
1981—JAN.
FEB.
MAR.
APR.

WEEK

Monetary base --*

ENDING:

1 9 8 1 — APR.

MAY

P - PRELIMINARY
V
RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO ADJUSTMENT TO ELIMINATE THE EFFECT OF CHANGES IN REGULATIONS D AND K. PRIOR TO NOVEMBER 13, 1980, THE DATE OF IMPLEMENTATION OF THE MONETARY CONTROL ACT, ONLY THE RESERVES OF COMMERCIAL BANKS THAT WERE MEMBERS OF THE
FEDERAL RESERVE SYSTEM WERE INCLUDED IN THE SERIES. SINCE THAT DATE THE SERIES INCLUDE THE RESERVES OF ALL
DEPOSITORY INSTITUTIONS. IN CONJUNCTION WITH THE IMPLEMENTATION OF THE ACT, REQUIRED RESERVES OF MEMBER BANKS
WERE REDUCED ABOUT $4.3 BILLION AND REQUIRED RESERVES OF OTHER DEPOSITORY INSTITUTIONS WERE INCREASED ABOUT
$1.4 BILLION. ALSO IN CONJUNCTION WITH THE MONETARY CONTROL ACT, REQUIRED RESERVES OF CERTAIN NONMEMBES BANKS
AND FOREIGN-RELATED INSTITUTIONS INCREASED BY APPROXIMATELY $245 MILLION EFFECTIVE FEBRUARY 18, 1981 PURSUANT
TO THE TRANSITIONAL PHASE-IN PROGRAM. EFFECTIVE OCTOBER 11, 1979, AN 8 PERCENTAGE POINT MARGINAL RESERVE
REQUIREMENT WAS IMPOSED ON "MANAGED LIABILITIES".
THIS ACTION RAISED REQUIRED RESERVES ABOUT $320 MILLIONEFFECTIVE MARCH 12, 1980, THE 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREMENT WAS RAISED TO 10 PERCENTAGE POINTS.
IN ADDITION THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS REDUCED- THIS ACTION INCREASED
REQUIRED RESERVES ABOUT $1.7 BILLION IN THE WEEK ENDING APRIL 2, 1980. EFFECTIVE MAY 29, 1980, THE MARGINAL RESERVE
REQUIREMENT WAS REDUCED FROM 10 TO 5 PERCENTAGE POINTS AND THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS RAISED. THIS ACTION REDUCED REQUIRED RESERVES ABOUT $980 MILLION IN THE WEEK ENDING
JUNE 18, 1980. EFFECTIVE JULY 24, 1980, THE 5 PERCENT MARGINAL RESERVE REQUIREMENT ON MANAGED LIABILITIES
AND THE 2 PERCENT SUPPLEMENTARY RESERVE REQUIREMENT AGAINST LARGE TIME 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 DEPOSITORY INSTITUTIONS.
4/ RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION
OF THE MONETARY CONTROL ACT, MARGINAL RESERVE REQUIREMENTS, THE INCLUSION OF EDGE ACT CORPORATION RESERVES,
AND OTHER CHANGES IN REGULATIONS D AND K. PRIOR TO FEBRUARY 18, 1981, RESERVE AGGREGATES SERIES HAVE BEEN
ADJUSTED HISTORICALLY TO CONFORM TO THE STRUCTURE OF RESERVE REQUIREMENTS CURRENTLY IN EFFECT. BEGINNING
FEBRUARY 18, THE SERIES HAVE BEEN ADJUSTED TO REMOVE THE EFFECTS OF SCHEDULED TRANSITIONAL CHANGES IN
RESERVE REQUIREMENTS UNDER THE MCA.
5/ RESERVE MEASURES FOR NOVEMBER REFLECT INCREASES IN REQUIRED RESERVES ASSOCIATED WITH THE REDUCTION OF WEEKEND
AVOIDANCE ACTIVITIES OF A FEW LARGE BANKS. THE REDUCTION IN THESE ACTIVITIES LEADS TO ESSENTIALLY A ONE-TIME
INCREASE IN THE AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO BE HELD FOR A GIVEN LEVEL OF DEPOSITS ENTERING THE MONEY SUPPLY. IN NOVEMBER, THIS INCREASE IN REQUIRED RESERVES IS ESTIMATED AT $550 TO $600 MILLION.
NOTE:

HISTORICAL DATA APE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS,
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C., 20551-