Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : May 3, 1982

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H.3 (502)

For Immediate Release

Table 1
SAY

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE
Adjusted for changes in reserve requirements 1
Averages of daily figures
Reserves of depository institutions
total2
| nonborrowed
~
required
Period
millions of dollars
seasonall y adjusted

Monetary base3
billionsof dollars

Reserves of depository institutions
total2 ~~1 nonborrowed I
required
millions of dollars
not seasonally adjusted

3,

1982

Monetary base3
billions of dollars

1981—MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.

39,237
39,410
39,627
39,619
39,727
39,810
40,312
40,118
40,150
40,527

38,238
38,073
37,399
37,582
38,048
38,390
38,855
38,93 7
39,487
39,891

38,957
39,241
39,370
39,281
39,387
39,518
39,898
39,840
39,805
40,208

159.6
160.8
161.4
161.7
162.5
162.9
163.7
163.8
164.3
165.8

38,622
39,273
39,310
39,053
39,636
39,479
40,087
40,219
40,332
41,263

37,622
37,935
37,083
37,016
37,957
38,060
38,630
39,038
39,669
40,626

38,342
39,104
39,053
38,715
39,296
39,187
39,673
39,941
39,987
40,943

157.8
159.9
160.8
161.2
163.3
163.2
163.3
163.8
165.6
1€8.9

1982—JAN.
FEB.
MAR.
APR.

41,277
40,927
41,089
41,160

39,759
39,137
39,533
39,615

40,859
40,623
40,728
40,911

167.4
167.9
168.5
169.7

42,696
40,735
40,533
41,064

41,178
38,946
38,977
39,519

42,278
40,432
40,172
40,315

168.5
166.1
166.5
168.9

40,977
40,737
41,269
41,181
41,217

39,415
39,290
39,805
39,527
39,561

40,464
40,430
40,932
40,912
40,751

168.0
167.6
168.5
168.6
168.9

40,447
39,897
40,773
40,679
40,819

38,885
38,450
39,309
39,025
39,163

39,934
39,590
40,436
40,410
40,353

165.5
166.5
167.2
166.5
166.3

40,763
40,725
41,606
41,439

39,283
39,388
39,947
39,617

40,491
40,401
41,454
41,206

169.1
168.8
170.1
170.2

39,925
40,200
41,969
41,905

38,445
38,863
40,310
40,083

39,653
39,876
41,817
41,672

168.0
168.9
169.6
168.5

WEEK

P
P

ENDING:

1982—MAR.

3
10
17
24
31

APR.

7
14
21
28

P
P
P
P

p - PRELIMINARY
RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND OTHER DEPOSITORY
1/

2/
3/

INSTITUTIONS. DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, THE INCLUSION
OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION 0 HAVE BEEN REMOVED. BEGINNING WITH THE
WEEK ENDED DECEMBER 23, 1981, RESERVES AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF RESERVABLE LIABILITIES TO
INTERNATIONAL BANKING FACILITIES (IBFS). ON THE BkSIS OF REPORTS OF LIABILITIES TRANSFERRED TO IBFS BY U.S.
COMMERCIAL BANKS AND U.S. AGENCIES AND BRANCHES OF FOREIGN BANKS, IT IS ESTIMATED THAT REQUIRED RESERVES WERE
LOWERED ON AVERAGE BY $10 TO $20 MILLION IN DECEMBER 1981 AND $40 TO $70 MILLION IN JANUARY 1982.
RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT
INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS.
INCLUDES RESERVE BALANCES AND REQUIRED CLEARING 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.

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.




H.3
Table 2

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS
Not adjusted for changes in reserve requirements
Average of daily figures, not seasonally adjusted
Reserves of depository institutions1
tota|2

Period

nonborrowed

Monetary
base3

required

millions of dollars
1981—BAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
1982—JAN.
FEB.
MAR.
APR.

P
P

39,725
40,333
40,516
40,442
41,007
41,023
40,591
40,711
40,948
41,924

38,726
38,995
38,288
38,405
39,328
39,604
39,134
39,531
40,285
41,287

39,445
40,164
40,256
40,104
40,667
40,731
40,177
40,433
40,604
41,604

159.5
161.6
162.6
163.3
165.4
165.4
163.9
164.3
166.3
169.7

43,203
41,286
39,234
39,536

41,685
39,496
37,678
37,991

42,784
40,982
38,873
39,287

169. 1
166.8
165.4
167.6

41,055
38,463
39,274
39,130
39,290

39,493
37,016
37,810
37,476
37,634

40,542
38,156
38,937
38,861
38,824

166.2
165.3
165.9
165.2
165.0

38,435
38,713
40,402
40,344

36,955
37,376
38,743
38,522

38,163
38,389
40,250
40,111

166.7
167.6
168.3
167.2

WEEK E N D I N G :
1982--MAR.

APR.

V

3
10
17
24
31
7
14
21
28

P
?
P
?

,

RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECT OF CHANGES IN REGULATION D, INCLUDING CHANGES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT. INCLUDES REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS
AND, BEGINNING NOVEMBER 13, 1980, OTHER DEPOSITORY INSTITUTIONS. UNDER THE TRANSITIONAL PHASE-IN PROGRAM
OF THE MONETARY CONTROL ACT OF 1980, THE NET CHANGES IN REQUIRED RESERVES OF DEPOSITORY INSTITUTIONS HAVE
BEEN AS FOLLOWS: EFFECTIVE NOVEMBER 13, 1980, A REDUCTION OF $2.8 BILLION; FEBRUARY 12, 1981, AN INCREASE
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WITH THF
WEEK ENDED DECEMBER 23, 1981, RESERVE AGGREGATES HAVE BEEN REDUCED BY~SHIFTS OF RESERVABL^LIABILITIES "O
INTERNATIONAL BANKING FACILITIES (IBFS). ON THE BASIS OF REPORTS OF LIABILITIES TRANSFERRED TO IBFS
BY U.S. COMMERCIAL BANKS AND U.S. AGENCIES AND BRANCHES OF FOREIGN BANKS, IT IS ESTIMATED THAT REQUIRED
RESERVES WERE LOWERED ON AVERAGE BY $60 TO $90 MILLION IN DECEMBEP 1981 AND $180 TO $230 IN JANUARY 1982
MOSTLY REFLECTING A REDUCTION IN RESERVABLE EUROCURRENCY TRANSACTIONS.
2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT
INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHE* INSTITUTIONS
3/ INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLU*' "
VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY ^NSTTTUTIONS PLUS
CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS AND
SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.
^ ^ i i u u u M b , AND