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•QVCOW- FEDERft^ffigEKVE statistical release ••f*4LRE^ 140V RESERVE BANK FEDERAL! _ TaLl? For Immediate Release OCTOBEfi 2 6 , AGGREGATE RE^pVptfflW^Flftfg¥BANK DEPOSITS 1981 Average of daily figures Member bank deposits subject to reserve requirements private demand deposits time and other savings total net interbank billions of dollars Reserves of depository institutions"! total2 Period nonborrowed required Monetary base3 total millions of dollars seasonal l\f adjusted 1980—AUG. SEPT. OCi. NOV. DEC. 40,749 41,517 41,727 41,251 40,127 40,090 40,206 40,417 39,191 38,437 40,447 41,262 41,521 40,730 39,659 158.2 159.4 160.6 160.6 159.5 667.8 678.2 684.7 694.3 701.8 474.2 482.0 486.7 494.1 504.0 191.5 194.5 195.6 198.0 195.9 14.4 15.9 16.5 17.3 17.5 177.1 178.-6 179.1 180.6 178.4 2.1 1.8 2.4 2.2 1.9 1981 — 40,060 39,880 40,185 40,322 40,764 40,753 40,997 41,469 41,122 38,665 38,577 39,186 38,985 38,536 38,715 39,318 40,050 39,666 39,750 39,605 39,937 40,195 40,589 40,504 40,747 41,267 40,798 160.1 160.4 161.2 162.2 163.5 163.7 164.8 165.7 164.6 703.8 704.3 703.4 711.3 715.1 720.8 728.2 740.2 744-6 517.5 523.4 524-7 531.1 538.1 545.6 553.8 565.3 570.9 184.1 178.8 176.7 177.4 174.7 173.3 172.2 172.6 171.5 17.0 17.9 18.1 17.7 17-9 18.2 17.7 17.9 17.7 167.0 160.9 158.6 159.7 156.8 155.2 154.4 154.7 153-8 2.3 2.1 2.0 2.8 2.3 1.9 2.2 2.3 2.1 2 9 16 23 30 41,751 40,599 40,933 41,192 41,587 40,303 39,014 39,584 39,746 40,139 41,500 40,246 40,621 41,011 41,114 165.7 164.2 164.6 164.6 165.0 743.2 746.0 746-4 742.9 742.0 568.9 571.2 570.5 571.0 570.5 172.2 172.1 173.2 170.2 169.8 19-1 17.5 17-6 17.3 18.0 153.1 154.6 155.6 153.0 151.8 2.1 2.7 2.7 1.7 1.6 7 P 14 P 40,574 40,513 39,428 39,403 40,357 163.8 164.4 750.2 752.0 574.1 576.5 174.2 173.3 16.4 16.9 157.7 156.4 1.9 2.1 1980—AUG. SEPT. OCX. NOV. DEC. 40,373 41,164 41,704 41-, 24 4 40,614 39,715 39,852 40,394 39,184 38,924 40,071 40,908 41,498 40,723 40,146 158.0 159.0 160.6 161.6 162.4 662.5 675.6 684.2 694.5 710.3 471.8 479.6 485.7 493.2 505.0 189.0 193.9 196.4 199.5 203.2 14.2 15.9 16.5 18-0 18.2 174.. 8 178.0 179.8 181-5 185.0 1-7 2-1 2.1 1.9 2.1 1981 — J A N . FEB. MAR. APE. MAY JUNE JULY AUG. SEPT. 41,535 39,754 39,693 40,291 40,433 40,353 40,917 40,933 40,501 40,141 38,450 38,694 38,953 38,205 38,316 39,238 39,514 39,045 41,226 39,478 39,445 40,164 40,258 40,104 40,667 40,731 40,177 161.0 158.8 159.5 161.6 162.6 163.3 165.4 165.4 163.9 712.6 701.5 702.9 713.5 710.0 719-7 727-7 734.7 741.6 520.6 524.9 527.8 531.6 538.1 545-0 552.7 562-5 568-1 189.9 174.5 173.0 178.9 169.8 172.2 173.0 170.3 171.0 18.2 17.7 17.7 17.3 16.9 17.8 18..0 17.6 17.7 171.7 156.8 155.4 161.6 152.9 154.4 155.1 152.7 153.3 2.1 2.1 2.1 3.0 2.1 2-5 2.0 1. 9 2.5 2 9 16 23 30 41,084 39,661 40,118 40,575 41,484 39,636 38,076 38,769 39,129 40,036 40,833 39,300 39,806 40,394 41,011 ' 164.5 164.7 164.0 163-4 163,4 737.3 742.3 746.1 740-2 737.4 5 6 6 -*6. 568.9 567.4 567-'9 568.2 169*2 171.2 175-6 169-6 167.1 17.8 17.7 18.0 17.4 17.3 151.4 153.5 157.6 152.2 149.8 1.5 2.2 3.1 2.7 2-1 7 P 14 P 40,322 40,027 39,176 38,917 40,105 39*?42 . 164.3 164,6 573.5 575,9- 177*2 174.0 17.3 15.7 160.0 158-3 2.0 1.7 WEEK JAN. FEB,. MAE. APE. MAY JUNE JULY AUG. SEPT. ENDING: 1981—SEPT. OCT. 1*0,228 not seasonally adjusted WEEK ENDING: 1981—SEPT. OCT. See reverse side for explanation of footnotes. . 752.8 751.6 . H.3 Table 2 AGGREGATE RESERVES AND MONETARY BASE Adjusted for changes in reserve requirements 4 Averages of daily figures Reserves of depository institutions total 2 ~1 non borrowed required millions of dollars seasonally adjusted Period Monetary base3 billions of dollars Reserves of depository institutions total 2 | nonborrowed required millions of dollars not seasonally adjusted Monetary base3 billions of dollars 1980—AUG, SEPT. OCT. NOV. 5 / DEC. 37,174 37,856 38,039 39,187 39,187 36,516 36,545 36,729 37,128 37,497 Jb,d72 37,601 37,833 38,666 38,719 153.3 154.3 155.6 157.7 158.2 36,645 37,547 38,023 39,189 39,657 36,167 36,235 36,713 37,130 37,966 36,544 37,291 37,817 38,668 39,189 153.2 154.0 155.6 158.7 161.0 1981—JAN. FEB. MAR. APR- 3 9 , 182 38,948 39,070 39,266 39,543 39,351 39,609 39,863 40,615 37,787 37,645 38,070 158.7 159.0 159.5 160.5 161.7 1 o1. 6 162.7 163.4 164.0 40,601 38,819 38,590 39,231 39,228 38,964 39,54b 39,389 39,997 39,207 37,516 37,590 37,894 37,000 40,291 38,544 38,342 3 9 , 104 37,315 37,314 37,929 38,464 39,159 38,872 38,673 38,822 39,138 39,367 39,102 39,358 39,681 40,290 36,JA 1 3 6,71") 37,867 37,970 38,541 39,187 J9,673 159-6 157.4 157.8 159.9 160.8 161.2 163.3 163-2 163.3 2 9 16 23 30 40,012 40,167 40,486 40,770 41,209 38,564 38,582 39,137 39,324 39,761 39,761 39,814 40,174 40,589 40,736 163.2 163.7 164.1 164.1 164.6 39,397 39,229 39,671 40,153 41,106 37,949 37,644 38,322 38,707 39,658 39,146 33,376 39,359 39,372 + 0 , 6 33 162. 1 164.2 163.5 162.9 16 3 . 0 7 P 14 P 40,145 40,064 38,999 38,954 39,928 39,779 163.3 163.8 39,892 39,578 38,746 38,468 39,675 39,293 163.8 164.0 MAY JUNE JULY AUG. SEPT. J7,928 39#05J ib,i.f;o WEEK ENDING 1981—SEPT. OCT. P - PRELIMINARY 1/ RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH <JO ADJUSI S-.t^S TO ELIMINATE THE EFFECT OF CHANGES IN REGULATION D, INCLUDING CHANGES ASSOCIATED KITH IHE IMPLEMENTATION JF THE MONETARY CONTROL AC*. INCLUDES REQUIRED RESERVES OF MEMBER EANKS AND EDGE ACI .. CaPCAAIiONS AND, BEGINNING NOVEMBER 13, 1980, OTHER DEPOSITORY INSTITUTIONS. UNDER THE TRANSITIONAL PHASE-IN PRCGRaM OF ::i3 MONETARY CONTROL ACI OF 1980, THE NET CHANGES IN REQUIRED RESERVES OF DEPOSITORY INSHIUIIGNS HAVE 3E5X \3 FOLLOWS: EFFECTIVE NOVEMBER 13, 1980, A REDUCTION OF $2.8 BILLION; FEBRUARY 12, 1981, AN INCREASE OF 5^5 MILLION; MARCH 12, 1981, AN INCREASE OF $75 MILLION; MAY 14, 1981, AN INCREASE Qi $245 MILLION; AUGUST 13, 1981, AN INCREASE OF $245 MILLION; AND SEPTEMBER 3, 1981, A REDUCTION OF $1.3 BILLION. 2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) ?LUS VAULT CASH AI INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AI OIHER INSTITUTIONS. 3/ INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AI FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER USED 10 SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS CURRENCY OUTSIDE THE U.S. IREASUiY, FEDERAL RESERVE BANKS, IHE VAULTS OF DEPOSITORY INSTITUTIONS, AND SURPLUS VAULT CASH AI DEPOSITORY INSTITUTIONS. 4/ RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH IHE IMPLEMENTATION OF THE MONETARY CONTROL ACT, THE INCLUSION OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION D. RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED HISTORICALLY TC CONFORM TO IHE STRUCTURE CF RESERVE REQUIREMENTS CURRENTLY IN EFFECT. 5/ RESERVE MEASURES FOR NOVEMBER REFLECT INCREASES IN REQUIRED RESERVES ASSOCIAIED WITH IHE REDUCTION OF WEEKEND AVOIDANCE ACTIVITIES OF A FEW LARGE BANKS. THE REDUCTION IN THESE ACTIVITIES LEADS TO ESSENTIALLY A CNE-TIME INCFEASE IN IHE AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO BE HELD FOR A GIVEN LFVKL OF DEPOSITS ENTERING THE MONEY SUPPLY. IN NOVEMBER, THIS INCREASE IN REQUIRED RESERVES IS ESTIMAGhb AT $550 TO $600 MILLION. 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.
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