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FEDERAL RESERVE statistical release •.f£ui5£V. M.3<502) Ubtol For M N N at 4:30 Extern Tinw NOVEMBER OP DEPOSITORY INSTITUTIONS AND THE MONETARY SASE ^ Otf» - w ' " • ~ _ _ » m* " ~ ™ . . " — ^ • " — m*mmm* • ^ • " v ™ " * " " — ^ ~ imitnr mi*' ™ " ~ ~ " _ ^ ««*« 4 21, 1985 tJTiT dip—Holy bwHHitlooi •*-**** *MR1 feA ft^^taval I ^ ^ ^ M ^ A MftA 1984—OCT. NOV. DEC. 37,961 38,466 39,081 31,944 33,849 3'5,895 37,001 37,686 38,499 37,341 37,773 38,229 NtA 620 693 853 196,397 197,672 199,032 1983—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. P 39,635 40,432 40,471 40,710 41,323 42,177 42,606 43,193 43,507 43,650 38,240 3?, 143 33,878 39,387 39,989 40,972 41,500 42,121 42,218 42,463 39,290 39,947 39,937 40,256 40,522 41,638 42,006 42,690 • 42,874 43,092 38,890 39,529 39,705 39,972 40,519 41,272 41,751 42,366 42,841 42,892 745 903 766 738 804 905 855 827 666 758 200,206 202,049 202,945 203,562 205,355 207,658 208,831 211,154 212,394 213,477 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 9 23 43,609 43,575 42,215 42,457 42,841 43,105 42,962 42,782 647 793 212,791 213,393 1,395 1,118,, 195 169 6 P 20 PE 43,829 44,232 42.754 43,054 43,352 43,576 43,006 43,252 823 980 214,393 215,441 1,075 1 ,1 78 151 104 j total 6,017 4,617 3,186 •MMMl 299 212 .113 •Ktamtedor**' 5,057 3,837 2,604 1,050 803 1 ,059 868 534 665 507 570 656 629 TWO WEEKS ENDING 1985-OCT. NOV. 627 649 i 598 522 P~-PRELIMINARY PE—PRELIMINARY ESTIMATE 1/ 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 NONBORRCJWED 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 ARE A V R I L A B L E 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 u « f . adjusted i 4 i i . o t « J for rAOArua requirements,; roniiirAmAnt& » Not for ithannAe changes In in reserve Average* of daily figure*, not seasonally adjusted i of of depository Institutions Vault cash* Net carryover of excess or Monetary 3 used to satisfy required with F.R. Banks required ?84~ OCT. NOV. DEC. 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 18,958 985—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. P 41,125 40,273 40,494 41,652 41, 051 42, 352 42,803 42,963 44,447 45,468 39,730 38,984 38,901 40,329 39,718 41,147 41,696 41,890 43,158 44,281 40,380 39,370 39,728 40,914 40,247 41,447 41,948 42,135 43,782 44,710 2*M,353 199,937 201,287 203,814 204,944 208,386 210,654 211,601 213,048 214,710 21,577 20,416 22,065 23,217 22,385 23,367 23,503 23,415 24,972 25,431 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 1», 435 18,666 18,985 19,300 19,54$ 19,475 20,037 23 45,523 45,525 44,129 44,407 44,876 44,733 213,877 215,356 25,553 25,232 23,047 22,831 19,971 20,294 6 P 20 PE 45,307 46,458 44,232 45,280 44,485 45,477 214,515 218,237 25,645 26,320 22,151 22,528 19,663 20,138 surplus* TWO WEEKS ENDING 1985—OCT. MOV. P PRELIMINARY PE—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. / 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 r v r r ^ L n c E ? , i 2 ^ E C U R R E N C Y COMPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE B I L A N C E ! THE E5 R VER ™ E A M 0 U N T A P P L I E D T 0 5 A T I S E Y C U R R E N T R E S E R V E REQUIREMENTS. AFTER THE INTRODUCTION OF 3/ rpp r„2prSrv ^n Z2&Z K * K ° *niiu«uu ur 4/ CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT. r S l T L ^ L « ? . . T t < L ^ I N T E N A N C E P E R I 0 W P I N W H I C H ™ E VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDER E RASH V E HELD DURING T H E / A T S?N UM^ UJ ^ 2?R ^ ^ !L L ° ^^.L^JE ^ ^ REQUIREMENTS, MAINTENANCE LAGGED COMPUTATION PERIODS PERIOD END 30 BY DAYS INSTITUTIONS AFTER THE LAGGED HAVING COMPUTATION REQUIRED RESERVE PERIODS BALANCES C IN WHICH THE BALANCES ARE HELD. ™ S ^ f u ^ ^ ^ H E Q U A L T ° R E q U I R E ° R E * E R V E * ° U R I N G T H E HAIMTENANCE PERIOD AT XR^RLE^ r?r?HI" ° r c:ARF<Y0VEf RE ERVE * *ALANCE* "** ™ E A M ° U N T ° FVAULT C A ™ E « U A L TO THEIR < ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF TWO WEEK MAINTENANCE ^ K & c ^ S IE5S # £ E£c&i;:RESERVES ELIGI*LE T0 BE CARRIED F0RUARDINT0 THE TU0~UEEK ™ E H.3(502) Table 3 AQGREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements' Averages off dally figure*, not seasonally adjusted Mllliorta of dollars Data ~ total Reserves of depository Institutions nonbofrowed 1984—OCT. NOV. DEC. 37,953 38,687 40,129 31,936 34,070 36,943 1985--JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. P 40,703 39,878 40,066 41,254 40,643 41,959 42,410 42,596 43,221 43,746 39,308 38,589 38,473 39,932 39,309 40,754 41,303 41,523 41,932 42,559 9 23 43,783 43,805 6 P 20 PE 43,602 44,717 Monetary base required 37,332 37,994 39,277 196,129 198,224 202,020 39,958 38,975 39,301 40,516 39,839 41,054 41,554 41,768 42,555 42,988 200,931 199,542 200,859 203,417 204,535 207,992 210,260 211,234 211,821 212,987 42,389 42,687 43,136 43,012 212,137 213,635 42,527 43,539 42,779 43,736 212,810 216,496 j | i ! ! TWO WEEKS ENDING 1985—OCT. NOV. P PRELIMINARY PE -PRELIMINARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
@FedFRASER