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FEDERAL RESERVE staii __jrreiease NOV 2 * *"* '••f^my FEDERAL RESERVE B A W OF PHILADELPHIA ' H 3 (502) For Immediate Release Table 1 NOVEMBER 16, 1981 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS Average of daily figures Reserves of depository mstitutionsl total 2 Period nonborrowed required Monetary base3 total millions of dollars Member bank deposits subject to reserve requirements time and private demand deposits U.S. net government other total savings interbank demand billions of dollars seasonallyi adjusted 1980—AUG". SEPTOCT. NOV. DEC. 40,74 9 41,517 41,727 41,251 40,127 40,090 40,206 40,417 39,191 38,437 40,447 41,262 41,521 40,730 39,659 158.2 159.4 160.6 160.6 159.5 667.8 678.2 684.7 694.3 701.8 474.2 482.0 486.7 494.1 504.0 191.5 194.5 195.6 198.0 195.9 14.4 15.9 16.5 17.3 17.5 177.1 178.6 179.1 180.6 178.4 2.1 1.8 2.4 2.2 1.9 1981—JAN. FEB. MAB. APR. MAY JUNE JULY AUG. SEPT. OCT. P 40,060 39,880 40,185 40,322 40,764 40,753 40,998 41,469 41,122 40,777 38,665 38,577 39,186 38,985 38,536 38,716 39,318 40,049 39,666 39,597 39,750 39,604 39,937 40,195 40,589 40,504 40,747 41,267 40,798 40,564 160.1 160.4 161.2 162.2 163.5 163.7 164.8 165.7 164.6 164.5 703.8 704.3 703.4 711.2 715-2 720.8 728.2 740-2 744.6 748.9 517.5 523.4 524.7 531.1 538.1 545.6 553.8 565.3 570.9 574.9 184.1 178.8 176.7 177.4 174.9 173.3 172.2 172.6 171.5 171.9 17.0 17.9 18.2 17.7 18.1 17.7 17.3 17.7 16.1 167.0 160.9 158.6 159.7 156.8 155.2 154.4 154.7 153.8 155.7 2.3 2.1 2.0 2^8 2.2 1-9 2.2 2.3 2.1 2.1 ia.2 JJEEK ENDING: 1981—OCT. 7 14 21 28 P 40,507 40,491 41,098 41,000 39,361 39,381 39,843 39,813 40,385 40,224 40,900 40,741 163.7 164.4 164.9 164.9 750.1 752.0 749.0 745.8 574.1 576.6 574.7 573.9 174.1 173.3 171.8 170.0 16.5 16.9 15.7 15.2 157.6 156.4 156.2 154.8 L9 2.1 2.5 2.0 NOV. 4 P 40,808 39,571 40,574 165.0 750.1 576.8 171.1 16.4 154.7 2.3 1960 —AUG. SEPT. OCT. NOV. DEC. 40,373 41,164 41,704 41,244 40,614 39,715 39,852 40,394 39,184 38,924 40,071 40,908 41,438 40,723 40,146 not seasonally adjusted 662.5 158.0 159.0 675.6 160.6 684.2 694.5 161.6 162.4 710.3 471.8 479.6 485.7 493.2 505.0 189.0 193.9 196.4 199.5 203.2 14.2 15.9 16.5 18.0 18-2 174.8 178.0 179.8 181.5 185.0 1.7 2.1 2.1 1.9 2.1 1981—JAN. FEB. MAfi. APR,. MAY JUNE JULY AUG. SEPT. OCT. P 41,535 39,754 39,693 40,291 40,433 40,353 40,917 40,933 40,501 40,641 40,141 38,450 38,694 38,953 38,205 38,316 39,238 39,514 39,045 39,460 41,226 39,478 39,445 40,164 40,258 40,104 40,667 40,731 40,177 40,427 161.0 158.8 159.5 161.6 162.6 163.3 165.4 165.4 163.9 164.3 712.6 701.5 702.9 713.5 710.1 719.7 727.7 734.7 741.6 748.3 520.6 524,.9 527.8 531.6 538.1 545.0 552.7 562.5 568-1 573.8 189.9 174.5 173.1 178.9 170.0 172.2 173.0 170.3 171.0 172.6 18.2 17.7 17.7 17.3 17.1 17-8 18.0 17.6 17.7 16.1 171.7 156.8 155.4 161.6 152. 9 154.4 155.1 152.7 153.3 156.5 2-1 2.0 2.1 3.0 2.1 2.5 2.0 1-9 2.5 1.9 WEEK ENDING: 1981—OCT. 7 14 21 28 P 40,254 40,005 41,372 40,884 39,108 38,895 40,117 39,697 40,132 39,738 41,174 40,625 164.2 164.6 165.0 163-6 752.7 751.6 748.7 741.3 573.5 576.0 573.5 572*1 177.1 174.0 172.9 167.5 17.3 15.7 16.0 14,. 9 159.8 158.3 156.9 152.6 2-0 1.6 2.2 1-7 NOV. 4 P 40,755 39,518 40,521 164.7 749.6 573.3 174.2 17.4 156.9 2.1 See reverse side for explanation of footnotes. H3 Table 2 AGGREGATE RESERVES AND MONETARY BASE Adjusted for changes in reserve requirements4 Averages of daily figures Reserves of depository institutions total 2 I non borrowed required Period millions of dollars seasonal Iv adjusted Monetary base3 " billionsof dollars Reserves of depository institutions total 2 I non borrowed required millions of dollars not seasonally adjusted Monetary base3 billionsof dollars 1980—AUG,. SEPT. OCT. NOV. DEC. 37,174 37,856 38,039 39,187 39,187 36,516 36,545 36,729 37,128 37,497 36,872 37,601 37,833 38,666 38,719 153.3 154.3 155.6 157.7 158.2 36,845 37,547 38,023 39,189 39,657 36,187 36,235 36,713 37,130 37,966 36,544 37,291 37,817 38,668 39,189 153.2 154.0 155.6 158.7 161.0 1981—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. P 39,182 38,948 39,070 39,265 39,542 39,351 39,609 39,883 40,615 40,314 37,787 37,645 38,070 37,928 37,314 37,314 37,930 38,463 39,158 39,133 38,872 38,672 38,821 39,138 39,367 39,102 39,359 39,681 40,290 40,100 158.7 159.0 159.5 160.5 161.7 161.6 162.7 163.4 164.0 163.9 40,601 38,819 38,590 39,231 39,228 38,964 39,546 39,389 39,997 40,177 39,207 37,516 37,590 37,894 37,000 36,927 37,867 37,970 38,541 38,997 40,291 38,544 38,342 39,104 35,053 38,715 39,296 39,187 39,673 39,964 159.6 157.4 157.8 159.9 160.8 161.2 163.3 163.2 163.3 163.8 WEEK ENDING: 1981—OCT. 7 14 2.1 28 P 40,019 39,983 40,646 40,581 38,873 38,873 39,391 39,394 39,897 39,716 40,448 40,322 163-2 163.8 164.3 164.4 39,765 39,496 40,920 40,465 38,619 38,386 39,665 39,278 39,643 33,229 40,722 40,206 163.7 164.0 164.4 163.1 NOV. 4 P 40,378 39,141 40,144 164.5 40,324 39,087 40,090 164.2 P - PRELIMINARY 1/ 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 OF $245 MILLION; MARCH 12, 1981, AN INCREASE OF $75 MILLION; MAY 14, 1981, AN INCREASE OF $245 MILLION; AUGUST 13, 1981, AN INCREASE OF $245 MILLION; AND SEPTEMBER 3, 1981, A REDUCTION OF $1.3 BILLION. 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 OTHER INSTITUTIONS. 3/ INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER U-SED 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. 4/ RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, THE INCLUSION OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION D. RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED HISTORICALLY TO CONFORM TO THE STRUCTURE CF RESERVE REQUIREMENTS CURRENTLY IN EFFECT5/ RESERVE MEASURES FOR NOVEMBER REFLECT INCREASES IN REQUIRED RESERVES ASSOCIATED WITH THE REDUCTION OF WEEKEND AVOIDANCE ACTIVITIES OF A FEW LARGE BANKS. THE REDUCTION IN THESE ACTIVITIES LEADS TO ESSENTIALLY A ONE-TIME INCREASE IN THE AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO BE HELD FOR A GIVEN LEVEL OF DEPOSITS ENTERING THE MONEY SUPPLY. IN NOVEMBER, THIS INCREASE IN REQUIRED RESERVES IS ESTIMATED AT $550 TO $600 MILLION. 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.
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