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FEDERAL RESEBVfERsyfi&ical release 198Z OCT -NK rjJPKAi Kf'.^ H.3 (502) OF PHILAi"' Table 1 For Immediate Release ' OCTOBER 12, AGGREGATE RESERVES OF DEPOSIT DRY INSTITUTIONS AND MONETARY BASE Adjusted for changes in reserve requirements! Averages of daily figures Reserves of depository institutions tota|2 | non borrowed required millions of dollars seasonal l>f adjusted Period Monetary base3 billions of dollars Reserves of depository institutions tota|2 non borrowed required millions of dollars not seasonally adjusted 1982 Monetary base3 billions of dollars 1981—AUG. SEPT. OCT. NOV. DEC. 37,337 37,721 37,603 37,615 37,988 35,917 36,265 36,422 36,952 37,351 37,045 37,307 37,325 37,270 37,668 160.0 160.6 160-8 161.2 162.7 37,058 37,519 37,696 37,782 38,662 35,638 36,063 36,515 37,119 38,025 36,766 37,105 37,418 37,438 38,342 160.3 160.2 160.8 162.6 165.8 1982—JAN. FEB. MA.fi. APR. MAY . JUNE JULY AUG. SEPT. P 38,713 38,262 38,356 38,433 38,504 38,575 38,523 38,804 39,572 37,195 36,472 36,801 36,865 37,387 37,370 37,832 38,289 38,639 38,295 37,958 37,994 38,160 38,145 38,266 38,210 38,492 39,182 164.3 164.7 165.2 166.5 167.7 168.8 169.2 170.1 171.9 40,036 38,052 37,799 38,330 38,189 38,069 38,434 38,512 39,359 38,519 36,262 36,244 36,762 37,071 36,864 37,743 37,996 38,427 39,618 37,748 37,437 38,057 37,830 37,761 38,120 38,199 38,970 165.3 162.9 163.3 165.6 167.1 168.2 170.0 170.4 171.4 1 8 15 22 P 29 P 38,889 39,421 39,457 39,819 33,634 38,382 38,473 38,127 39,010 38,885 38,527 38,756 39,136 39,558 39,351 170.8 171.3 171.8 172.1 172.2 38,670 38,804 38,942 39,714 40,019 38,163 37,856 37,612 38,905 39,270 38,308 38,139 38,621 39,453 39,736 169.4 172.3 171.6 171.4 170.7 6 P 39,936 39,332 39,329 172.3 39,745 39,141 39,138 172.6 WEEK ENDING: 1982—SEPT. OCT. £ - PRELIMINARY V RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND OTHER DEPOSITORY INSTITUTIONS. DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, THE INCLUSION OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION D HAVE BEEN REMOVED. BEGINNING WITH THE WEEK ENDED DECEMBER 23, 1981, RESERVES AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF RESEHVABLE LIABILITIES TO INTERNATIONAL BANKING FACILITIES (TBI'S). ON THE BASIS OF REPORTS OE LIABILITIES TRANSFERRED TO IBFS BY U.S. COMMERCIAL BANKS AND U.S. AGENCIES AND BRANCHES OF FOREIGN BANKS, IT IS ESTIMATED THAT REQUIRED RESERVES WERE LOWERED ON AVERAGE BY $10 TO $20 MILLION IN DECEMBER 1981 AND $40 TO $70 MILLION IN JANUARY 1982. ; 2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT INSTITUTIONS WITH .REQUIRED HESEJRVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. 3/ INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FECEi?AL RESERVE BANKS IN THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIE.fi USED 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. NOTE: HISTORICAL DATA ARE AVAILABLE F.ROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS,OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C 20551. H.3 Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS Not adjusted for changes in reserve requirements Average of daily figures, not seasonally adjusted Reserves of depository institutions1 total2 Period nonborrowed required Monetary base3 millions of dollars 1981—AUG. SEPT, OCT. NOV* DEC. 41#023 40,5:91 40,711 40,948 41,924 39,604 39,134 39,531 40,285 41,287 40,731 40,177 40,433 40,604 41,604 165.4 163.9 164.3 166.3 169.7 1982—JAN. FEB. NAB.. APR. HAY JUNE JULY AUG. SEPT. P 43,203 41,286 39,235 39,557 39,550 39,565 39,967 40,178 39,967 41,685 39,496 37,680 37,989 38,433 38,360 39,275 39,662 39,035 42,784 40,982 38,873 39,284 39,191 39,257 39,653 39,866 39,578 169.1 166.8 165.4 167.6 169.2 170.4 172.3 172.8 172.3 1 8 15 22 P 29 P 40,428 39,379 39,550 40,259 40,562 39,921 38,431 38,220 39,450 39,813 40,066 38,714 39,229 39,998 40,279 172.0 173.1 172.4 172.2 171.5 6 P 40,338 39,734 39,731 173.5 WEEK ENDING: 1982—SEPT. OCT. 1/ RESERVES OF DEPOSITOiRY INSTITUTIONS SERIES .REFLECT ACTUAL RESERVE REQUIREMENT PEBCENTAGES WITH NO ADJUSTMENTS HO ELIMINATE THE EFFECT OF CHANGES IN BEGULATION D, INCLUDING CHANGES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETABY CONTROL ACT. INCLUDES REQUIRED BESERVES OF MEMBER BANKS AND EDGE ACT COBP0RATIONS AND, BEGINNING NOVEMBER 13, 1980, OTHEB DEPOSITORY INSTITUTIONS. UNDEB THE TRANSITIONAL PHASE-IN PBQGBAH OF THE MONETABY CONTBOL ACT OF 1980, THE NET CHANGES IN BEQUIBED BESEBVES OF DEPOSITOBY INSTITUTIONS HAVE BEEN AS FOLLOWS: EFFECTIVE NOVEMBEB 13, 1980, A SEDUCTION OF $2.9 BILLION; FEBBUABY 12, 1981, AN INCREASE OF $245 MXLLION; MABCH 12, 1981, AN INCBEASE OF $75 MILIION; MAY 14, 1981, AN INCBEASE OF $245 MILLION; AUGUST 13, 1981, AN INCREASE OF $230 MILLION; SEPTEMBER 3, 1981, A REDUCTION OF $1.1 BILLION; NOVEMBER 12, 1981, AN INCBEASE OF $210 MILLION; JANUARY 14, 1982, A REDUCTION OF $60 MILLION; FEBRUARY 11, 1982 AN INCREASE OF $170 MILLION; MARCH 4, 1982, AN ESTIMATED REDUCTION OF $2.0 BILLION; HAY 13, 1982, AN ESTIMATED INCREASE OF $150 MILLION; AUGUST 12, 1982 AN ESTIMATED INCBEASE OF $140 MILLION; AND SEPTEMBEfi 2, 1982, AN ESTIMATED BEDUCTICN OF $1.2 BILLION. BEGINNING WITH THE WEEK ENDED DECEMBEB 23, 1981, RESERVE AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF RESERVABLE LIABILITIES TO INTERNATIONAL BANKING FACILITIES (IBFS). ON THE BASIS OF REPORTS OF LIABILITIES TRANSJBBBED TO IBFS BY U.S. COMMEBCIAL BANKS AND U.S.. AGENCIES AND BBANCHES OF FOBEIGN BANKS, IT IS ESTIMATED THAT BEQUIBED RESERVES WERE LOWERED ON AVEBAGE BY $60 TO $90 MILLION IN DECEMBEB 1981 AND $180 TO $230 IN JANUABY 1982, MOSTLY BEFLECTING A SEDUCTION IN BESEBVABLE EUROCURRENCY TRANSACTIONS. 2/ BESERVE BALANCES W M H FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT INSTITUTIONS WITH BEQUIBED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTION.' 3/ INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS CURRENCY OUTSIDE THE U.S. TBEASUBY, FEDERAL BESEBVE BANKS, THE VAULTS OF DEPOSITCBY INSTITUTIONS, AND SUBPLOS VAULT CASH AT DEPOSITIOBY INSTITUTIONS.
@FedFRASER