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FEDERAL RESERVE statistical release
H.3(502)
TaWal
For Release at 4:30 Eastern Time
HAY
AGGREGATE RESERVES OF 1DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
0,
1<*ti6
Adjusted for changes in r—&r* requirements
Averages of daily figures, aaaaonaliy adjusted unlaaa notad otherwise
Millions of dotlara
Data
tola?
1985—APR.
BAT
JURB
JOLT
AUG.
SEPT.
OCT.
NOV.
DEC.
1986—JAR.
FEB.
MAR.
APR.
PR
Reserves of depository institutions
raquirad
nonborrowad
nonborrowad plua
extended credit*
excess
NSA4
Monetary base*
I
Borrowings of depository institutions
from the Federal Reserve , NSA
seasonal
extended
total
135
1,323
1,334
165
1,205
151
1,107
167
1,073
221
1,289
203
1,187
172
1,741
107
1,318
56
credit3
41,148
41,855
42,669
43,083
43,654
43,882
44,244
44,847
45,612
39,825
40,521
41,464
41,976
42,581
42,593
43,056
43,106
44,294
40,693
41,055
42,129
42,483
43,151
43,249
43,685
43,637
44,793
40,410
41,051
41,764
42,227
42,826
43,216
43,491
43,919
44,554
738
804
905
855
827
666
753
928
1,058
203,972
205,853
207,932
209,105
211,208
212,289
213,566
215,253
216,721
45,881
46,370
46,865
47,274
45,111
45,486
46,104
46,382
45,608
45,978
46,622
47,016
44,771
45,272
45,968
46,460
1,111
1,097
896
814
218,404
219,789
221,2*S
222,388
770
884
761
893
36
56
68
73
497
492
518
634
47,096
46,993
46,223
46,132
46,799
46,803
46,474
46,111
622
881
222,086
221,748
874
861
76
64
576
671
48,066
47,085
47,722
47,138
928
224,059
981
89
637
868
534
665
507
570
656
629
530
499
TRO REEKS
ENDING
1986-APR.
HAI
9
23 P
7
PR
PRBLIBIHARI
BE—PRELIMINARY ESTIMATE
RESERVES ARO HORBTARI BASB FIGURES IRCORPORATE ADJUSTHERTS FOR DISCONTINUITIES ASSOCIATED RITH THE IMPIBHBHTATIOH OF THE
RORBTARX CONTROL ACT AND OTHER REGULATOR! CHARGES TO RESERVE REQUIREHERTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHARGES IN
RESERVE REQUIREHERTS OR RESERVABLB RORDEPOSIT LIABILITIES, THB S0H OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL
SERIES. SIMILARLY, IR ADJUSTING FOR DISCONTINUITIES IR THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTHEETS TO
COHPBBSATE FOR FLOAT ALSO ARE SUBTRACTED FROR IHE ACTUAL SERIES.
2/ TOTAL RESERVES ROT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALARCES RITH FEDERAL RESERVE BARKS (RHICH EXCLUDE
REQUIRED CLBARIHG BALARCES ARD ADJUSTHERTS TO CORPERSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREHERTS.
SUCH VAULT CASH CORSISTS OF ALL VAULT CASH HELD DURIRG THB LAGGED COHPUTATIOR PERIOD BT INSTITUTIONS HAVIRG REQUIRED RESERVE
BALARCES AT FEDERAL RESERVE BARKS PLUS THE AHOUHT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURIRG THE RAIRTERARCE PERIOD AT
INSTITUTIONS HAVIRG RO REQUIRED RESERVE BALARCES.
3/ BXTERDED CRBDIT CORSISTS OF BORROWING AT TBE DISCOUNT HIRDOH URDBR THB TERRS ARD CONDITIONS ESTABLISHED FOR THE EIXEEDED
CREDIT PROGRAR TO HELP DEPOSITOR! INSTITUTIONS DEAL RITH SUSTAIRBD LIQUIDITI BRESSQRES. BECAUSE THERE IS HOT THE SAHE MEED TO
RBPAX SUCH BORBORING PROHPTLT AS THERE IS RITH TRADITIONAL SHORT-TERR ADJUSTHENT CRBDIT, THE BOHBY HARKET IHPACT OF EITEEDED
CREDIT IS SIMILAR TO THAT OF RONBORNONED RESERVES.
RESERVE BALARCES RITH FBDBRAL RESERVE BARKS PLUS VAULT CASH USED TO SATISFY RESBRVB RBQUIREHBRTS LESS REQUIRED RESERVES.
5/ THE HORBTARI BASB ROT ADJUSTED FOR DISCORTINUITIES CORSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALARCES ARD ADJUSTHERTS
TO COHPBRSATB FOR FLOAT AT FEDBRAL RESERVE BARKS PLUS THB CURRBHCI COHPOHIHT OF THB BONBX StOCE LESS THE AHOUNT OF VAULT CASH
HOLDIRGS OF THRIFT INSTITUTIONS THAT IS IRCLUDED IR THE CURRBHCI COHPONRNT OF THE HORBI STOCK PLUS, FOR INSTITUTIONS ROT HAVIRG
REQUIRED RESBRVB BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AHOURT APPLIED TO SATISFY CURRERT RESERVE REQUIREHERTS.
AFTER THB INTRODUCTION OF CRR, CURRBHCI ARD VAULT CASH FIGURES ARE HBASURED OVBR THB HOHOAY-RHDIHG COHPUTATIOR PERIOD.
PRIOR TO CRR, ALL COHPOHEHTS OF THE MONETARY BASE OTHER THAR EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAR
BY. COHPOREHT, ARD EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CRR, IH* SEASONALLY ADJUSTED SERIES
CORSISTS OF SEASORALLI ADJUSTED TOTAL RESERVES (UHICH INCLUDES EXCESS RESERVES OR A ROT SEASONALLY ADJUSTED BASIS) PLUS THE
SEASONALLY ADJUSTED CURkEHCY COMPONENT OF THE HONEY STOCK PLUS THE REHAINING ITERS SEASONALLY ADJUSTED AS A WHOLE.
NOTE: HISTORICAL DATA ARE AVAILABLE FBOfl THE BANKING SECTION, DLVISLOR OF RESEARCH ARD STATISTICS, BOARD OF GOVERNORS OF THB
FEDERAL RESERVE SYSTEH, WASHINGTON, D.C. 20551
P
1/
H.3(502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements.
Averages of daily figures, not seasonally adjusted
Millions of dollars
Vault cash4
Reserves of depository institutions
Monetary
base2!
Date
total
nonborrowed
Reserve balances,
with F.R. Banks3-o
required
total
used to satisfy
required
reserves'!
Net carryover
of excess or
deficit
In reserve
balarica#!j
i
surplus''
ifcjpjijjiji
1985—APE.
BAI
JO BE
JUL!
AUG.
SEPT.
OCT.
BOf.
DEC
41,652
41,051
42,352
412,803
42,963
44,447
45,469
46,382
48,142
1986—JAB.
FEB.
BAB.
APB. PE
48,060
46,652
47,274
48,881
40,329
J9#718
41,147
41,696
41,890
43,158
44,282
44,641
46,824
47,289
45,768
46,513
47,988
40,914
40,247
41,447
41,948
42,135
43,782
44,716
45,454
47,085
46,949
45,555
46,378
48,066
203,746
204,874
208,317
210,580
211,525
212,876
214,472
217,177
221,485
219,588
217,672
219,834
223,038
23,217
22,385
23,367
23,503
23,415
24,972
25,431
26,385
27,620
26,373
24,700
27,114
28,900
21,567
21,898
22,180
22,5JO
22,839
22,4b5
22,724
22,457
22,956
24,245
24,962
22,688
2202J%
18,435
18,666
18,985
19,300
19,546
19,475
20,038
19,997
20,522
21,687
21,952
20,160
19,981
3,132 I
3,231
3,196
3,230
3,291
2,990
2,686
2,460
2,434
BAT
IP
jji
iilll
Iflllpl
IB!: i||:ii:H5hp
I
I
i-iHinnipp!:'!
jiiiiiiilil
II
Mhll
jijjl
llillpllll!
9
23 P
7 PB
i jjiiiiiiii'ilHijii ji
48,101
49,585
47,227
48,724
47,479
48,704
221,800
223,820
28,292
29,399
22,121
22,369
19,809
20,186
2,312
2,183
200
45
48,475
47,494
47,548
223,067
28,684
22,100
19,792
2,308
168
P
PBBLIAUBABI
PE— PBBLIBIBABT ESTIBATE.
V BBFLBCTS ACTOAL BBSEBfB BBQOIBBBBBTS, IBCLODIBG THOSE OB BOBDBPOSIT LIABILITIES, BITB BO AOJOSTBBBTS TO BLIBIBATE
THB BFFBCTS OF OISCOBTIBOITIBS ASSOCIATED BITH IBPLEBBBTATIOB OF TBE BOBBTABX COBTBOL ACT OB OTHBB BEGOLATOEI
2/ CHABGBS TO BBSEBfB BBQOIBBBBBTS.
COBSISTS OF TOTAL RESERVES PLOS BBQQIBBO CLEABIBG BALABCBS ABO AOJOSTBBBTS TO COBPBBSATB FOB FLOAT AT WEDEEkL PESEBTE
BABKS PLOS THE COBBBBCI COBPOBBBT OF THE BOBEX STOCK LESS THE ABOOBT OF fAOLI CASH HOLOIB6S OF THBIFT IBSTITOTIOBS THAT
IS INCLUDED IB THB COBBBBCI COBPOBEBT OF TAB BOBBY STOCK PLOS, POB IBSTITOTIOBS BOI BAflHG REQUIRED RESERVE BALABCBS, THB
EXCESS OF COBBBBT fAOLT CASH OfBB THB ABOOBT APPLIED TO SATISFX COBBBBT RESERVE BBQOIBBBBBTS. AFTEB THE IBTBODOCTIOB OF
3/ CBB, COBBBBCT ABD fAOLT CASB FI60BES ABE BBASOBED OfEB THB BOBDAX-BBDIBG COBPOTATIOB PBBIOD.
4/ EZCLODBS BBQOIBED CLBABIBG BALABCBS ABD AOJOSTBBBTS TO COBPBBSATB FOB FLOAT.
DATBS BBFBB TO TBB HAIBTBBABCB PEBIODS IB WHICH THB VAOLT CASH CAB BE OSED TO SATISFX BBSEBfB BBQOIBBBBBTS. UEDER
COBTBHPOBABBOOS BBSEBfB BBQOIBBBBBTS, HAIBTBBABCB PEBIODS EBD 30 DAXS AFTEB THE LAGGED COBPOTATIOB PEBIODS
5/ IE BHICfl THB BALABCBS ABE HELD.
BQOAL TO ALL fAOLT CASH HELD DOBIBG TBB LAGGED COBPOTATIOB PBBIOD BX IBSTITOTIOBS HAflBG REQUIRED BBSEBfB BALABCBS
6/ AT fEDEAkL BBSEBfB BABKS PLOS THE ABOOBT OF fAOLT CASH EQOAL TO BBQOIBED RESERVES DOBIBG THE BAINTEMABCE PBBIOD AT
IBSTITOTIOBS
HAflBG BO BBQOIBED RES*BUZ BALABCBS.
S H S i - I i 0 " C 1 S H A T 1 I S I I T O I 1 0 " S HAflBG BO REQUIRED RESERVE BALABCBS LESS THB ABOOBT OF fAOLT CASH EgOAL TO THBIB
7/ BBQOIBED
BESEBfBS DOBIBG THB HAIBTEBAMCE PEBIUD.
COBSISTS
OF CABBXOfEB OMLX AT DEPOSITOR* INST1X0TIONS MAIBTAIBIBG RESERVES ON THB BASIS OF INU-HBBK HAINTENABCE
£ ? ! ™ S - fi**LBCTS EXCESS <•) Oil DEFICIT (-) aESEEfES ELIGIBLE TO BE CAHBIED FOBUABD IBTO THE TWO-WEEK RESERVE
BAIBTEBABCE PEBIOD ENDING OH THE DAXE SHOWN.
ill
ii!
2,559
i{j{p:jjj«jijjjj{J!§j jijjSjjjj!
3,010
Ijijllplp
iiiiijilj!:!;;;;!;!;;:-!
2,528
2,250 1
TBO BBBXS
BBDIBG
1986—APB.
iffllililj
;j:j!j;::jjjj:$sjjjjjjjj
l
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
[
I
Date
total
Reserves of depository institutions
I
|
nonborrowed
1
Monetary base
required
1985--APB.
HAY
JUNE
JUL!
AUG.
SEPT*
OCT.
MOV.
DEC.
41,735
41,128
42,444
42,896
43,069
43,676
44,207
45,082
46,839
40,413
39,794
41,239
41,789
41,996
42,388
43,020
43,341
45,520
40,998
40,324
41,539
42,040
42,241
43,011
43,454
44,154
45,781
203,718
204,83b
4UH,294
210,555
211,514
212,157
213,357
216,038
220,3o2
1986—JAB.
FZB*
HAB.
APB.
47,113
45,684
46,338
47,936
46,342
44,800
45,578
47,043
46,002
44,587
45,442
47,121
218,741
216,784
218,985
2 2 2 , 1b4
47,125
48,549
46,251
47,688
46,502
47,667
220,914
222,877
47,753
46,772
46,825
222,344
PE
TWO I E E K S
BHDIBG
1986—APB.
HAT
9
23 P
7 B&
p
PRELIHIMABY
PE--PB2LIHIHABI ESTIMATE.
1/ FIGOBES BEFLECT AOJOSTHEBTS FOB DISCOMTIMOITIES ASSOCIATED BITH THE IttPLEflEBTAIIOB OP TttE MOBETABY COBTBOL ACT
AliD OTHEB REGULATOBX CHANGES TO BESEBVE BEQUIBEHBBTS.
@FedFRASER