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FEDERAL RESERVE statistical release
••••••
For Release at 4:30 Eastern Time
H.3(802)
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198<4
AQQREQATE RESERVES OF 1DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for chanoss in rsssrwj rsqulrsmsnts
Avsragss of daily flgurss, seasonally adjusts* untaoa notsd othsrwtss
Millions of dollars
^
Oats
iota?
nsssr¥ss of dsposHofy Institutions
nonborrowsd
nonborrowsd plus
rsqutosd
sxtsndsd crsdK*
sxosss
NBA4
1 Monstary bass*
Borrowings of dspository institutions
from ths Fsdsrsl Rsssrvs, NBA
sxtsndsd crsdlt1
•astonal
total
1983—BAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT. »
OCT.
NOV.
DEC.
34,198
34,506
34,596
35,051
35,194
35,218
35#307
35,317
35,245
35,279
33,406
33,496
33,644
33,415
33,741
33,672
33,866
34,473
34,340
34,505
33,723
33,901
34,157
34,373
14,319
34,163
34,380
34,729
34,346
34,507
33,765
34,029
34,148
34,571
34,687
34,772
34,809
34,812
34,716
34,718
433
476
449
480
507
446
498
505
529
561
174,219
175,411
176,693
178,331
179,308
180,127
181,775
182,845
183,949
184,969
792
1,009
952
1,636
1,453
1,546
1,441
844
906
774
53
82
99
122
171
198
190
142
121
96
317
405
513
958
578
491
515
256
6
2
198*—JAN.
FEB.
HAR.
35,502
36,067
36,101
34,787
35,499
35,150
34,791
35,504
35,177
34,889
35,124
35,394
613
942
707
186,939
188,584
188,710
715
567
952
86
103
133
4
5
27
14
28 P
36,168
36,153
35,479
35,017
35,500
35,047
J5,39 8
35,428
770
725
188,623
188,867
689
1,136
118
149
21
30
11 P
2 5 PE
35,548
36,461
34,235
35,229
34,271
35,273
35,218
35,900
330
561
188,388
190,265
1,313
1,232
131
138
36
44
P
THO WEEKS
ENDING
1984-HAR.
APR.
P
PRELIMINARY
PB--PRELIMINARY
ESTIBATE
1/ RESERVES AND MONETARY BASE FIGOBES INCORPORATE ABJiSTBEBTS F0R DISCOBTIBBITIES ASSOCIATE© BITS THE IBPLFHEBTATION OF THE
MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQBIIEHENTS. TO ABJUST FOB DISCONTINUITIES DUE TO CHANGES IN
RESERVE REQUIREMENTS ON BESERVABLE NONDEPOSIT LIABILITIES, THE SBH OF SBCH BBQBIBEB RESERVES ABE SUBTRACTED FROM THE ACTUAL
SERIES. SIMILARLY, IB ADJUSTING FOB DISCONTINUITIES IB THE MONETARY BASE, REQBIREB CLEARING BALABCES ABD ADJUSTMENTS TO
COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES.
2/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALABCES BITH FEDERAL RESERVE BANKS (WHICH EXCLUDE
REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COHPENSATE FOB FLOAT) PLUS VAOLT CASH BSED TO SATISFY RESERVE REQUIREMENTS.
SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THE LACGBB COMPUTATION PEBIOB BY INSTITUTIONS HAVING REQUIRED RESERVE
BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VABLT CASI EQBAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT
INSTITUTIONS HAVING NO REQUIRED RESERVE BALABCES.
3/ EXTENDED CREDIT CONSISTS OF BORROWING AT THE DISCBBNT WINDOW BBBEB THE TERRS ABB CONDITIONS ESTABLISHED FOR THE EXTENDED
CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS DEAL BITH SBSTAINBB LIQBIBITY PRESSBRES. BECAUSE THERE IS NOT THE SAME HEED TO
REPAY SUCH BORROWING PROMPTLY AS THERE IS BITH TRABITIBNAL SB#)RT-?BHH ABJBSTHEBT CREBIT, THE MONEY MARKET IMPACT OF EXTENDED
CREDIT IS SIMILAR TO THAT OF BOHBORROWEB RESERVES.
4/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VABLT CASH BSBB TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES.
5/ THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES fLWS REQUIRED CLEARING BALANCES AND ABJBSTBENTS
TO COHPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLBS THE CBBREBCY COHPOBEBT ©F THE HOBBY STOCK LESS THE AHO0NT OF VAULT CASH
HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDE® IH THE CBBREBCY COMPONENT OF THE HOBBY STOCK PLUS, FOB INSTITUTIONS NOT HAVING
REQUIRED RESERVE BALANCES, THE EXCESS OF CBRREHT VABLT CASH OVER THE AHOBBT APPLIED TO SATISFY CURRENT RESERVE REQUIREHENTS.
AFTER THE INTRODUCTION OF CBR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVBR THE HOBDAY-ENDING COHPDTATION PERIOD.
PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN
BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CBB, THE SEASONALLY ADJUSTED SERIES
CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE
SEASONALLY ADJUSTED CURRENCY COHPONENT OF THE HONEY STOCK PLUS THE REMAINING ITEHS SEASONALLY ADJUSTED AS A WHOLE.
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 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY
INSTITUTIONS AND THE MONETARY BASE
1
Not'adjusted for changes in reserve requirements!
Averages of dally figures, not seasonally adjusted
Millions of dollars
Vault cash4
Reserves of dapoaitory institutions
Monetary
base*
Date
total
nonborrowad
Reserve balances
with F.R. Banked
total
required
used to satisfy
required
reserve*8
surplus8
Net carryover
of excess or
deficit
in reserve
balances*7
1 9 8 3 — BAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NO?.
DEC.
36,035
36,650
38,282
38,415
38,948
38,661
37,916
38,137
38,144
38,894
37,242
37,641
37,330
36,779
37,495
37,114
36,475
37,294
37,239
38,120
37,601
38,174
37,833
37,934
38,440
38,214
37.418
37,633
37,615
38,333
177,277
179,861
181,276
183,144
185,303
185,398
185,112
166,598
188,971
192,359
22,163
22,566
22,010
21,807
22,139
21,965
20,585
21,059
20,943
20,986
19,484
19,569
19,710
20,098
20,413
20,035
20,798
20,471
20,558
20,755
15,871
16,085
16,272
16,607
16,808
16,695
17,331
17,078
17,201
17,908
3,613
3,485
3,438
3,491
3,604
3,340
3,467
3,393
3,356
2,847
1984—JAN.
FEB.
.1AR. P
40,120
36,365
36,275
39,405
35,798
35,324
39,507
35,423
35,568
192,301
186,672
187,808
21,325
18,414
19,484
22,578
22,269
20,396
18,795
17,951
16,791
3,782
4,318
3,604
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TWO WEEKS
ENDING
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1984—MAR.
APR.
14
28 P
36,406
36,047
35,716
34,911
35,635
35,322
187,748
187,542
19,948
18,859
19,980
20,938
16,458
17,188
3,522
3,750
105
150
11 P
25 PE
36,730
37,643
35,416
36,411
36,399
37,081
189,327
191,109
20,234
20,545
19,803
20,471
16,495
17,098
3,307
3,373
222
-1
P
PRELIMINARY
PE—PRELIMINARY ESTIMATE,
1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDBPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE
THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH 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 COHPENSATE FOR FLOAT AT FEDERAL RESERVE
BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT
IS INCLUDED IN THE CURRENCY COMPONENT OF THE HONEY 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 FIGUPES ARE 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 RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 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 FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT
INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES.
6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR
REQUIRED RESERVES DURING THE MAINTENANCE PERIOD.
7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF TWO-WEEK MAINTENANCE
PERIODS. REFLECTS EXCESS (•) OR DEFICIT <-) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WEEK RESERVE
MAINTENANCE PERIOD ENDING ON THE DATE SHOWN.
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
nonoorrowed
Monetary base
required
1 9 8 3 — MAR.
APR,
HAY
JUNE
JULY
AUG
SEPT.
OCT.
NOV.
DEC.
33,648
34,512
34,282
34,444
34,978
34,713
35,008
35,313
35,350
35,997
32,856
33,503
33,330
32,808
33,525
33,167
33,567
34,469
34,445
35,223
33,215
34,036
33,834
33,964
34,470
34,266
34,510
34,808
34,821
35,436
172,143
174,881
176,335
178,164
180,182
180,140
181,238
182,672
185,035
188,231
198U—JAB.
FEB.
HAR.
37,303
35,654
35,627
36,588
35,087
34,675
36,690
34,712
34,920
188,100
185,931
187,159
14
28 P
35,758
35,395
35,069
34,259
34,988
34,670
187,101
186,889
11 P
2 5 PE
36,095
36,932
34,782
35,700
35,765
36,371
188,693
190,398
P
TWO WEEKS
ENDING
1984 — H A R .
APR.
P
PRELIHINARY
P E — PRELIHINABY ESTIHATE.
1/ FIGURES REFLECT ADJUSTHEHTS FOR DISCONTINUITIES ASSOCIATED WITH THE IHPLBHEHTATIOI OF THE HOiETARI CONTROL ACT
AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
@FedFRASER