Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : October 24, 1985

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RESERVE statistical release
H.S<8M»
Tabtol

For miiiM at 4:30 Eastern Tima

OCTOBER

24, 1985

AGGREGATE RESERVES OF 1DEPOSITORY INSTITUTIONS AND THE MONETARY BASE

Adjusted for changes In rosso* requirements
Averages of dally figures, seasonally adjusted unless noted othorwlss
Millions of dollars
Date

total1

Reserves of depository Institutions
noobOfTowsd plus |
nonborrowsti
required
extended credit^

excess
NSA4

^ • w

I

Borrowings of depository Institutions """"
from the Federal Reserve , NSA
total
seasonal
extended c B F "

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

113

6,459
5,057
3,837
2,604

985—JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.

39,635
40,432
40,471
40,710
41,323
42,177
42,606
43,193
43,506

38,240
39,143
38,878
39,387
39,989
40,972
41,500
42,121
42,217

39,290
39,947
39,937
40,256
40,522
41,638
42,006
42,690
42,873

38,890
39,529
39,705
39,972
40,519
41,272
41,751
42,366
42,837

745
903
766
738
804
905
855
827
669

200,206
202,049
202,945
203,562
205,355
207,658
208,831
211,154
212,392

1
1
1
1
1
1
1
1
1

,395
,289
,593
,323
,334
,205
,107
,073
,289

62
71
88
135
165
151
167
221
203

1 ,050
803
1 ,059
868
534
665
507
570
656

11
25

43,366
43,581

41,975
42,410

42,643
43,066

42,695
42,914

672
667

212,208
212,398

1 ,392
1 ,171

196
212

669
656

9 P
23 PE

43,605
43,554

42,211
42,436

42,837
43,084

42,937
42,810

668
743

212,778
214,300

1 ,395
1,118

195
169

i

319
299
Oi O

TWO WEEKS
ENDING
1985-SEPT.
OCT.

|

!

627
649

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 NONBORROWED 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 dRR, 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 AVAILABLE 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
Not'adjusted fori:changes »n_re^rve reqjjjrementv
Averages of deify figures, not seasonally adjusted
Millions of dollars
'
<
Vault cash4

Reserves of depository institutions
Monetary
base*!

Date
total

nonborrowed

Reserve balances^
with F.R. Banks?;

required

total

used to satisfy
required
reserves* \

surplus*'

,!

1& ^

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.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.

41,125
40,273
40,494
41,652
41,051
42,352
42,803
42,963
44,447

39,730
38,984
38,901
40,329
39,718
41,147
41,696
41,890
43,158

40,380
39,370
39,728
40,914
40,247
41,447
41,948
42,135
43,778

201,353
199,937
201,287
203,ai 4
204,944
208,386
210,654
211,601
213,046

21,577
20,416
22,065
23,217
22,385
23,367
23,503
23,415
24,973

23,044
23,927
21,863
21 , 5 6 7
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
19,474

3,497
4,070
3,434
3,132
3,231
3,196
3,230
3,291
2,991

TWO WEEKS
ENDING
1985—SEPT.

OCT.

Net carryover
of excess or
deficit
In reserve
balances^?

:
«,

i

'.

:'

' /h

!..'

»,

9
23

P
PE

J

i

1 ',.• • ' *
J

*

'

:

'

K'i • =
' • "*

i"

ti»\

'''•! '"i
:

11
25

.i

S

• ' .'
r

t

43,509
44,800

42,118
43,630

42,838
44,133

212,580
213,120

24,630
25,034

21,887
22,705

18,880
19,766

3,008
2,939

* 193

45,521
45,509

44,126
44,391

44,853
44,765

213,864
216,287

25,558
25,203

23,067
22,831

19,963
20,306

3,105
2,525

117
-3

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.
2/ 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.
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 THE LAGGED COMPUTATION PERIODS
IN WHICH THE BALANCES ARE HELD.
5/ EQUAL 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 RFSERVES ON THE BASIS OF TWO WEEK MAINTENANCE
PERIODS. REFLECTS EXCESS ( + ) OR DEFICIT <- > RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WEEK RESERVE
MAINTENANCE PERIOD ENDING ON THE DATE SHOWN.




'

19

H.3 (502)
Table 3

AGGREGATE RESERVES OF 1DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements
Averages of daily figures, not seasonally adjusted
Millions of dollars
Date
total

Reserves of depository institutions
nonborrowed

Monetary base
required

1984—SEPT.
OCT.
NOV.
DEC.

37,881
37,953
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—JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.

40,703
39,878
'40,066
41,254
40,643
41,959
42,410
42,596
43,220

39,308
38,589
38,473
39,932
39,309
40,754
41,303
41,523
41,931

39,958
38,975
39,301
40,516
39,839
41,054
41,554
41,768
42,551

200,931
199,542
200,859
203,417
204,535
207,992
210,260
211,234
211,819

11
25

43,122
43,097

41,731
41,926

42,451
42,429

212,193
211,416

9 P
23 PE

43,779
43,784

42,385
42,666

43,111
43,040

212,123
214,562

TWO WEEKS
ENDING
1985—SEPT.
OCT.

P
PRELIMINARY
RE—PRELIMINARY ESTIMATE.
1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT
AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.