Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : November 14, 1985

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FEDERAL RESERVE statistical release
H.3(502)
Table 1

For Release at 4:30 Eastern Time

AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE

UOlEHbEU

14,

1985

Adjusted for changes In reserve requirements1
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars

Date

_p

Reserves of depository Institutions
nonborrowed plus
nonborrowod
required
extended credit*
31,944
37,341
37,001
33,849
37,773
37,686
35,895
38,499
38,229

196,397
197,672
199,032

Borrowings of depository Institutions
from the Federal Reserve, NSA
total
l
seasonal
I extended credit*
6,017
299
5,057
4,617
212
3,837
3,186
'
113
2,604

745
903
766
738
804
905
855
827
666
755

200,206
202,049
202,945
203,562
205,355
207,658
208,831
211,154
212,394
213,446

1,395
1,289
1,593
1,323
1 ,334
1 ,205
1 ,107
1 ,073
1 ,289
1 ,187

62
71
88
135
165
151
167
221
203
172

42,962
42,765

647
805

212,791
213,344

1 ,395
1,118

195
169

637
649

43,007

788

214,360

1 ,075

151

598

1984—OCT.
NOV.
DEC.

37,961
38,466
39,081

1985—JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT. PE

39,635
40,432
40,471
40,710
41,323
42,177
42,606
43,193
43,507
43,640

38,240
39,143
38,878
39,387
39,989
40,972
41,500
42,121
42,218
42,452

39,290
39,947
39,937
40,256
40,522
41,638
42,006
42,690
42,874
43,082

38,890
39,529
39,705
39,972
40,519
41,272
41,751
42,366
42,841
42,885

43,609
43,571

42,215
42,453

42,841
43,101

43,794

42,719

43,317

I
excess
NBA4
620
693
853

I—-»•*•

1,050
803
1 ,059
868
534
665
507
570
656
629

TWO WEEKS
ENDING
1985-OCT.
NOV.

P
1/

9
23 P
6 PE

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 NEFD 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 SERIFS
CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PIUS THE
SEASONALLY' ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS 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
Not adjusted for changes in reserve requirements
Averages of daily figures, not seasonally adjusted
Millions of dollars
Vault cash4

Reserves of depository institutions
Monetary
base*[

Date
total

nonborrowed

Reserve balances,
with F.R. Banks!*)

required

total

used to satisfy
required
reserves* |

Net carryover
of excess or
deficit
in reserve
balances!?

j
surplus6:

WISP1"*

J""""TvpHJifJI

i

1984-

OCT.
NOV.
DEC.

1985-—JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG*
SEPT.
OCT. PE

38,512
39,235
40,696

32,495
34,618
37,509

37,892
38,542
39,843

196,688
198,771
202,586

20,099
20,843
21,738

21,875
21,827
22,316

18,413
18,392
18,958

3,462
3,434
3,358

41,125
40,273
40,494
41,652
41,051
42,352
42,803
42,963
44,447
45,458

39,730
38,984
38,901
40,329
39,718
41,147
41,696
41,890
43,158
44,270

40,380
39,370
39,728
40,914
40,247
41,447
41,948
42,135
43,782
44,703

201,353
199,937
201,287
203,814
204,944
208,386
210,654
211,601
213,048
214,678

21,577
20,416
22,065
23,217
22,385
23,367
23,503
23,415
24,972
25,422

23,044
23,927
21,863
21,567
21,898
22,180
22,530
22,839
22,465
22 724

19,547
19,857
18,429
18,435
18,666
18,985
19,300
19,549
19,475
20,035

3,497
4,070
3,434
3,132
3,231
3,196
3,230
3,291
2,990
2,689

i

*
to

,'

3
t
:::

i

:

1985- - O C T .

[3

NOV.

$
:

6 PE

:::

3

»

9
23 P

«

Is !«
I j

TUO WEEKS
ENDING

*L

i

i

45,523
45,521

44,129
44,403

44,876
44,716

213,877
215,306

25,553
25 229

23,067
22,831

19,971
20,292

3,097
2,540

117

45,273

44,198

44,486

214,482

25,614

22,151

19,660

2,491

115

P
PRELIMINARY
RE—PRELIMINARY ESTIMATE.
1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT 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 COMPENSATE FOR FLOAT AT FEDERAL RESERVL
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 WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDERCONTEMPORANEOUS 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.


16

«

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

I
total

Reserves of depository institutions
|
|
nonborrowed

1

Monetary base

required

1984—-OCT.
NOV.
DEC*

37,953
38,687
40,129

31,936
34,070
36,943

37,332
37,994
39,277

196,129
198,224
202,020

1985—JAN*
FEB*
MAR*
APR*
MAY
JUNE
JULY
AUG*
SEPT.
OCT* PE

40,703
39,878
40,066
41,254
40,643
41,959
42,410
42,596
43,221
43,735

39,308
38,589
38,473
39,932
39,309
40,754
41,303
41,523
41,932
42,548

39,958
38,975
39,301"
40,516
39,839
41,054
41,554
41,768
42,555
42,981

200,931
199,542
200,859
203,417
204,535
207,992
210,260
211,234
211,821
212,956

I

I

TWO WEEKS
ENDING
1985--0CT*

NOV*

9
23 P
6 PE

i

43,783
43,800

42,389
42,682

43,136
42,995

212,137
213,585

43,568

42,493

42,780

212,777

-PRELIMINARY
-PRELIMINARY ESTIMATE *
FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF
THE MONETARY CONTROL AC
AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS*