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^B^EPAL RESERVE statistical release
H.S(»a
For Release at 4:30 Eastern Time
MAY
RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
31,
1984
Average* of
i of
Date
toSP
I
Reserves of depository Institutions
required
nonoorrowed
nonoorrowed plus
extended credit*
excess
NSA4
Monetary base9
Borrowings of depository institutions
from the Federal Reserve, NSA
seasonal
extended credit 1
total
1983—APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
34,506
34,596
35,051
35,194
35,218
35,307
35,317
35,245
35,279
33,496
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
1 22
17?
198
190
142
121
96
405
513
958
578
491
515
256
6
2
1984—JAN.
FEB.
MAR.
APR.
35,502
36,065
36,103
36,105
34,787
35,498
35,152
34,871
34,791
35,503
35,179
34,915
34,889
35,123
35,395
35,615
613
942
709
490
186,939
188,582
188,712
189,631
715
567
952
1 ,234
86
103
133
139
4
5
27
44
11
25
35,576
36,475
34,263
35,243
34,299
35,287
35,232
35,907
344
568
188,415
190,247
1 ,313
1 ,232
131
138
36
44
9 P
2 3 PE
36,230
36,671
35,166
32,492
35,227
32,525
35,639
36,052
591
619
190,581
191,534
1 ,063
4,179
159
195
61
33
TWO WEEKS
ENDING
19S4-APR.
MAY
P
1/
PRELIMINARY
PE—PRELIMINARY ESTIMATE
RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE
MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES IN
RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL
SERIES. SIMILARLY, IN ADJUSTING FOR DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO
COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES.
2/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE
REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS.
SUCH VAULT CASH CONSISTS OF 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.
3/ EXTENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT WINDOW UNDER THE TERMS AND CONDITIONS ESTABLISHED FOR THE EXTENDED
CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SAME NEED TO
REPAY SUCH BORROWING PROMPTLY AS THERE IS WITH TRADITIONAL SHORT-TERM ADJUSTMENT CREDIT, THE MONEY MARKET IMPACT OF EXTENDED
CREDIT IS SIMILAR TO THAT OF NONBORROWED RESERVES.
4/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES.
5/ THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS
TO COMPENSATE 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 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 MEASURED OVER THE MONDAY-ENDING COMPUTATION 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 CRR, 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 COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE.
NOTE: HISTORICAL DATA—INCLUDING CORRECTIONS TO HISTORICAL DATA PREVIOUSLY RELEASED FOR THE PERIOD FROM 1959 TO 1960—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
AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Nof adjusted for changes in reserve requirements^
Averages of dafiy figures, not seasonally adjusted
Millions of dollars
Vault cash4
Reserves of depository institutions
Monetary
base1'
Date
total
nonborrowed
Reserve balances
with F.R. BanMrL
required
total
used to satisfy
required
reserves*
surplus6
Net carryover
of excess or
deficit
in reserve
balances7
1983—APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
38,650
38,282
38,415
38,948
38,661
37,916
38,137
38,144
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
3,485
3,438
3,491
3,604
3,340
3,467
3,393
3,356
2,847
1984--JAN.
FEB.
MAR.
APR.
40,12©
36,365
36,278
37,153
39,405
35,798
35,326
35,920
39,507
35,423
35,569
36,663
192,301
186,672
187,810
190,312
21,325
18,414
19,484
20,351
22,578
22,269
20,396
20,152
18,795
17,951
16,794
16,802
3,782
4,318
3,602
3,349
11
25
36,758
37,659
35,444
36,427
36,413
37,091
189,354
191,093
20,237
20,556
19,803
20,476
16,520
17,103
3,282
3,373
9'?'".>
9 P
23 PE
36,607
36,555
35,544
32,375
36,016
35,936
190,232
191,377
20,026
19,396
20,010
20,655
16,581
17,158
3,428
3,496
34
76
TUO UEEKS
ENDING
1984—APR.
MAY
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P
PRELIMINARY
PE—PRELIMINARY ESTIMATE.
1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, UITH NO ADJUSTMENTS TO ELIMINATE
THE EFFECTS OF DISCONTINUITIES ASSOCIATED UITH 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 MONEY 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 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 UHICH 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 UHICH 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 FORUARD INTO THE TWO-WEEK RESERVE
MAINTENANCE PERIOD ENDING ON THE DATE SHOWN.
""*"o
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
non borrowed
I
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
1984--JAN.
FEB.
MAR.
APR.
37,303
35,654
35,630
36,465
36,588
35,087
34,678
35,231
36,690
34,712
34,921
35,975
188,100
185,931
187,162
189,623
11
25
36,123
36,945
34,810
35,713
35,779
36,377
188,719
190,379
9 P
2 3 PE
35,872
35,812
34,808
31,633
35,281
35,193
189,496
190,634
TWO WEEKS
ENDING
1984—APR.
MAY
P
PRELIMINARY
PE—PRELIMINARY ESTIMATE.
1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY C0NTR01 ACT
AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
@FedFRASER