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FEDERAL RESERVE statistical release
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H.3(502)
T«bt« 1
For niltast at 4:30 Eastern Time
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
OCTOBEH
17,
1985
Adjusted for changes in reserve requirements1
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
Date
"total1
Reserves of depository Institutions
nonborrowed plus
non borrowed
"
required
extended credit*
excess
NSA4
Monetary base*
Borrowings of depository Institutions
from the Federal Reserve , NSA
total
seasonal
extended credit*
1984—SEPT,
OCT.
NOV.
DEC
38,086
37,961
38,466
39,081
30,844
31,944
33,849
35,895
37,303
37,001
37,686
38,499
37,458
37,341
37,773
38,229
628
620
693
853
196,206
196,397
197,672
199,032
7,242
6,017
4,617
3,186
319
299
212
113
6,459
5,057
3,837
2,604
1985—JAB.
FEB.
HAB.
APR.
HAT
JUNE
JULY
AUG.
SEPT. P
39,635
40,432
40,471
40,710
41,323
42,177
42,606
43,193
43,493
38,240
39,143
38,878
39,387
39,989
40,972
41,500
42,121
42,204
39,290
39,947
39,937
40,256
40,522
41,638
42,006
42,690
42,860
38,890
39,529
39,705
39,972
40,519
41,272
41,751
42,366
42,836
745
903
766
738
804
905
855
827
657
200,206
202,049
202,945
203,562
205,355
207,658
208,831
211,154
212,552
1,395
1,289
1,593
1,323
1,334
1,205
1,1U7
1,073
1,289
62
71
88
135
165
151
167
221
203
1,050
803
1,059
868
534
665
507
570
6S6
43,366
43,564
41,975
42,394
42,643
43,050
42,695
42,925
672
640
212,208
212,376
1,392
1,171
196
212
669
656
43,571
42,177
42,803
42,898
673
213,798
1,395
195
TNO WEEKS
ENDING
1985-SEPT.
OCT.
P
1/
11
25 P
9 PE
627
1
PBELIHINABY
Pfi—PBELIHINABY ESTIHATE
BESEBYES AND MONETARY BASE FIGUBES INCOBPOBATE ADJUSTMENTS FOB DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE
HONETABY CONTBOL ACT AND OTHEB BEGULATOBY CHANGES TO BESEBVE BEQUIBEMEMTS. TO ADJUST FOB DISCONTINUITIES DUE TO CHANGES IN
BESEBVE REQUIREMENTS ON BESEBVABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH BEQUIBED BESEBYES ABE SUBTBACTED FfiOfl TBE ACTUAL
SERIES. SIMILARLY, IN ADJUSTING FOB DISCONTINUITIES IN THE HONETABY BASE, REQOIBED CLEABING BALANCES AND ADJUSTMENTS TO
COMPENSATE FOB FLOAT ALSO ABE SUBTBACTED FROM THE ACTUAL SERIES.
2/ TOTAL BESEBYES NOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF BESEBVE BALANCES HITH FEDERAL BESEBVE BANKS (WHICH EXCLUDE
REQUIRED CLEABING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS.
SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DUBIMG THE LAGGED COMPUTATION PEBIOD BY INSTITUTIONS HAVING REQUIRED BESEBVE
BALANCES AT FEDEBAL BESEBVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED BESEBVES D0BING THE MAINTENANCE PEBIOD AT
INSTITUTIONS HAYING NO REQUIRED BESEBVE BALANCES.
3/ EXTENDED CBEDIT CONSISTS OF BORROWING AT THE DISCOUNT UINDOH UNDEB THE TEBHS AND CONDITIONS ESTABLISHED FOB THE EllEHDED
CREDIT PBOGBAH TO HELP DEPOSITORY INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THEBE IS NOT THE SAME NEED 10
REPAY SUCH BORROWING PROMPTLY AS THERE IS WITH TRADITIONAL SHORT-TERM ADJUSTMENT CBEDIT, THE MONEY MABKET IMPACT OF EXTENDED
CREDIT IS SIMILAR TO THAT OF NONBORROWED RESERVES.
4/ BESEBVE BALANCES HITH FEDEBAL BESEBVE BANKS PLUS VAULT CASH USED TO SATISFY BESEBVE REQUIREMENTS LESS REQUIRED BESEBVES.
5/ THE HONETABY BASE NOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF TOTAL BESEBVES PLUS BEQUIRED CLEARING BALANCES AND ADJUSTMENTS
TO COMPENSATE FOB FLOAT AT FEDEBAL BESEBVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS XHE AMOUNT OF VAULT CASH
HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOB INSTITUTIONS NOT HAVING
REQUIRED BESEBVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT BESEBVE REQUIREMENTS.
AFTER THE INTRODUCTION OF CBB, CURRENCY AND VAULT CASH FIGUHES ABE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD.
PRIOR TO CRB, ALL COMPONENTS OF THE HONETABY BASE OTHEB THAN EXCESS BESEBVES ABE SEASONALLY ADJUSTED AS A WHOLE, BATHER TBAN
BY COMPONENT, AND EXCESS BESEBVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CBB, THE SEASONALLY ADJUSTED SEBIES
CONSISTS OF SEASONALLY ADJUSTED TOTAL BESEBVES (WHICH INCLUDES EXCESS BESEBVES ON A NOT SEASONALLY ADJUSTED BkSIS) PLUS THE
SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE HONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE.
ROTE: HISTORICAL DATA ABE AVAILABLE FBOM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE
FEDEBAL BESEBVE 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 daify figures, not seasonally adjusted •
Millions of dollars
Vault cash4
Reserves of depository institutions
Monetary
base2!
Date
total
nonborrowed
Reserve balances,
with F.R. Banks?/?
required
total
used to satisfy
required
reserves9'
surplus6
1984—SEPT.
OCT.
NOV*
DEC*
38,043
38.512
39.235
40,696
30,801
32,495
34.618
37,509
37,415
37,892
38,542
39,843
196,229
196,688
198,771
202,586
20,143
20,099
20,843
21,738
21,232
21,875
21,827
22,316
17,900
18,413
18,392
18.958
3,333
3,462
3,434
3,358
1985—JAN.
FEB*
HAB.
APR.
HAT
JONE
JUL!
AOG.
SEPT*
41,125
40,273
40,494
41,652
41,051
42,352
42,803
42,963
44,434
39.730
3 8 . 9 84
38,901
40,329
39,718
41,147
4 1 , 6 96
41,890
43,145
40,380
39,370
39,728
40,914
40,247
41,447
41,948
42,135
43,777
201,353
199,937
201,287
203,814
204,944
208,386
210,654
211,601
213,210
21,577
20,416
22,065
23,217
22,385
23#367
23,503
23,415
24.961
23,044
23,927
21.863
21,567
21,898
22,180
22,530
22,839
22,465
19,547
19,857
18,429
18,435
18,666
18,985
19,300
19,548
19.473
3,497
4,070
3,434
3,132
3,231
3,196
3,230
3,291
2,992
P
TWO WEEKS
ENDING
1985—SEPT.
OCT*
Net carryover
of excess or
deficit
in reserve
balances7 *
!
I
i
t*
Ij-Hj
'
! \*
v>i
5
11
25 P
9
PE
1
43,509
44,784
42,118
43,613
42,838
44,144
212,580
213,098
24,630
25,014
21,887
22,705
18,880
19,770
3,008
2,935
193
19
45,487
44.092
44,814
214,907
25,540
23,067
19,947
3,121
89
P
PRELIMINARY
PE—PBBLIBINABT BSTIHATE.
1/ REFLECTS ACTUAL BESEBfE BEQUIBEflENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE
THE EFFECTS OF DISCONTINUITIES ASSOCIATED NITH IMPLEMENTATION OF TAB MONETABT CONTROL ACT OB OTHBB REGULATORY
CHANGES TO RESERVE fiEQUIHEHENTS.
2/ CONSISTS OF TOTAL BESEfifES PLOS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT AT FEDERAL BESEfiVE
BANKS PLOS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF fAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT
IS INCLUDED IN THE CURRENCT COMPONENT OF THE MONET STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE
EXCESS OF CURRENT VAULT CASH OVER THE AHO0NT APPLIED TO SATISFY CURRENT BESEfiVE REQUIREMENTS. AFTER THE INTRODUCTION OF
CRR, CURRENCY AND VAULT CASH FIGORES 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. UNDER
CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THB LAGGED COMPUTATION PEfilODS
IN WHICH THE BALANCES AfiE HELD.
5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES
AT FEDEBAL 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 {-) HZSEUVES ELIGIBLE TO BE CAflBIED FORWARD INTO THE TWO-WEEK RESERVE
http://fraser.stlouisfed.org/MAINTENANCE PERIOD ENDING ON THE DATE SHOWN.
Federal Reserve Bank of St. Louis
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
total
Reserves of depository institutions
nonborrowed
Monetary base
required
1984—SEPT.
OCT.
MOV.
DEC.
37,881
31,953
38,687
40,129
30,640
31,936
34,070
36,943
37,253
37,332
37,994
39,277
196,067
196,129
198,224
202,020
1985—JAM.
FEB.
MAR.
APR.
HAY
JUNE
JULY
AUG.
SEPT. P
40,703
39,878
40,066
41,254
40,643
41,959
42,410
42,596
43,207
39,308
38,589
38,473
39,932
39,309
40,754
41,303
41,523
41,918
39,958
38,975
39,301
40,516
39,83 9
41,054
41,554
41,768
42,550
200,931
199,542
200,859
203,417
204,535
207,992
210,260
211,234
211,983
43,122
43,080
41,731
41,910
42,451
42,440
212,193
211,395
43,746
42,351
43,073
213,166
TWO WEEKS
ENDING
1985—SEPT.
OCT.
11
25 P
9 PE
F
PRELIMINARY
PE—PRELIMINARY ESTIMATE.
1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTBOL ACT
AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
@FedFRASER