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; °^v FEDERAL RESERVE statistical release H.3(902) Table 1 For Release at 4:30 Eastern Time OCTOBER 2, 1986 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 1 Adjusted for changes in reserve requirements Averages of dally figures, seasonally adjusted unless noted otherwise Millions of dollars reserves of depository institutions Date Monetary beee^ •orrowlngs of depository Institutions from the Federal Reserve, NSA seasonal extended credit' total , 570 221 1,073 1,289 656 203 1,187 172 629 1,741 107 530 1,318 56 499 1985—AUG. SEPT. OCT. NO?. DEC. 43,654 43,882 44,244 44,847 45,612 42,581 42,593 43,056 43,106 44,294 43,151 43,249 43,685 43,637 44,793 42,826 43,216 43,491 43,919 44,554 excess N3A4 827 666 753 928 1,058 1986—JAN. FEB. MAR. APR. 45,881 46,370 46,865 47,275 48,577 49,445 50,489 51,318 45,111 45,486 46,104 46,383 47,701 48,642 49,748 50,446 45,608 45,978 46,622 47,017 48,285 49,172 50,126 50,911 44,771 45,272 45,968 46,474 47,739 48,514 49,579 50,578 1,111 1,097 896 801 838 931 910 741 218,404 219,788 221,262 222,359 224,904 226,631 22&93QQ 230,588 770 884 761 893 876 803 741 872 36 56 68 73 94 108 116 144 497 492 518 634 584 531 378 465 13 27 50,829 51,642 50,071 50,732 50,444 51,246 50,244 50,775 585 867 229,721 231,114 759 910 134 152 373 515 10 P 24 PE 51,776 51,777 50,665 50,796 51,257 51,365 50,975 51,074 801 703 231,567 231,341 1,111 981 149 135 592 569 HAY JUNE JULI AUG. P __ nonoovrowea nonborrowed plus extended credit* required 211,208 212,289 213,566 215,253 216,721 TffO WEEKS ENDING 1986-AUG. SEPT. P 1/ _____________ 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 RESERfABLE N0NDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL SERIES. SIMILARLY, IN ADJUSTING FOR DISCONTINUITIES IN THE MONETAE! BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES. 2/ TOlAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES KITH FEDERAL RESERVE BANKS (MHICH 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 TURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES AT FEDERAL RESERVE BANKS PLOS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURIMG THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. 3/ EXTENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT HINDOR 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 HEED 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 tEDERkL 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 HONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE NOTE: FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 M.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?** total required used to satisfy required reserves' Net carryover of excess or deficit In reserve balances7 surplus* ^ F' 1985—AUG. SEPT. OCT. NOV. DEC. 42,963 44,447 45,469 46,382 48,142 41,890 43,158 44,282 44,641 46,824 42,135 43,782 44,716 45,454 47,085 213,156 214,501 216,192 218,962 223,534 23,415 24,972 25,431 26,385 27,620 22,839 22,465 22,724 22,457 22,956 19,548 19,475 20,038 19,997 20,522 3,291 2,990 2,686 2,460 2,434 1986—JAN. FEB. HAR. APR. HAY JUNE JULY AUG. P 48,060 46,652 47,274 48,882 48,419 49,938 51,029 51,278 47,289 45,768 46,513 47,989 47,543 49,135 50,288 50,405 46,949 45,555 46,378 48,081 47,581 49,007 50,118 50,537 221,588 219,568 221,703 224,879 226,118 229,676 232,546 233,316 26,373 24,700 27,114 28,892 28,279 29,499 30,313 30,166 24,245 24,962 22,688 22,231 22,474 22,805 23,098 23,451 21,687 21,952 20,160 19,990 20,140 20,439 20,716 21,111 2,559 3,010 2,528 2,241 2,334 2,366 2,381 2,339 SEPT. :t x j! "* will t :„«« 1 , 13 27 51,177 51,146 50,418 50,236 50,592 50,279 233,378 232,923 30,185 29,758 23,323 23,792 20,992 21,388 2,331 2,404 250 -8 10 P 2 4 PE 52,064 53,675 50,953 52,694 51,263 52,973 234,486 235,300 31,532 32,104 22,671 23,623 20,532 21,571 2,139 2,052 150 28 P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO AOJUSTflENTS TO ELIHINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE HONETARI CONTROL ACT OR OTHER REGULATOR! CHANGES TO RESERVE REQUIREMENTS. 2/ CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERkL RESERVE BANKS PLUS THE CURRENCY COHPONENT OF THE HOMEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE HONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BkLkRCES, THE E1CESS 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 SATISFI RESERVE REQUIREMENTS. UNDER CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS IN WHICH THE BALANCES ARE HELD. 5/ EyUAL 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 TNO-VEEK MAINTENANCE PERIODS. REFLECTS EiCESS <+) OR DEFICIT (-) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WEEK RESERVE MAINTENANCE PERIOD ENDING ON THE DATE SHOWN. M , !: " 1 TWO WEEKS ENDING 1986—AUG. i " . W 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 ^ I nonborrowed Monetary base required 1985—AUG. SEPT. OCT. NOV. DEC. 43,069 43,676 44,207 45,082 46,839 41,996 42,388 43,020 43,341 45,520 42,241 43,011 43,454 44,154 45,781 211,514 212,157 213,357 216,038 220,362 1986—JAH. FEB. HAH. APE. HAT JUNE JULY AUG. P 47,113 45,684 46,338 47,936 47,712 49,198 50,319 50,622 46,342 44,800 45,578 47,044 46,836 48,395 49,578 49,750 46,002 44,587 45,442 47,135 46,874 48,267 49,409 49,882 218,741 216,784 218,985 222,134 223,608 227,037 230,019 230,756 50,502 50,496 49,744 49,586 49,917 49,629 230,877 230,294 51,453 51,553 50,342 50,572 50,653 50,850 231,977 231,249 TWO WEEKS EUDING 1986—AUG. SEPT. 13 21 10 P 2 4 PE | P PfiaLIHlNABX PE—PBELIHINABY. ESTIMATE. 1/ FIGURES KEFLECT ADJUSTMENTS FOB DISCOBTIIUITIES ASSOCIATED »4*TH THE IflPLEHE UTAH ON OF THE HOHETAB* COiMOJ. ACT AMD OTHER REGULATOR* CHANGES TO RESERVE REQUIEEHEHTS.
@FedFRASER