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r o s y g s g ,;..
FEDERAL RESERVE statistical release
For Release at 4:30 Eertem Time
H.3 (502)
Table 1
OCTOBER
9,
1986
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adfrttfd <or chug— m resstvs requirements1
Averagee of dally flow**, seasonally aflustsd unlsss nolsd othsrwiss
MNNons o# dollars
Reoorvee of dopoeltory Institutions
........ "I
Onto
total^
nonborvowsd
PSQ
U
lfSd
in f ill
Monstary bsss*
N8A4
1 9 8 5 - - SEPT.
OCT.
NOV.
DEC.
1986—
JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT. PE
Borrowings of dsposltory Institutions
from the Federal Receive, NSA
extended credit*
seasonal
total
43,882
44,244
44,847
45,612
42,593
43,056
43,106
44,294
43,249
43,685
43,637
44,793
43,216
43,491
43,919
44,554
666
753
928
1 ,058
212,289
213,566
215,253
216,721
1,289
1 ,187
1,741
1 ,318
203
172
107
56
656
629
530
499
45,881
46,370
46,865
47,275
48,577
49,445
50,489
51,318
51,829
45,111
45,486
46,104
46,383
47,701
48,642
49,748
50,446
50,820
45,608
45,978
46,622
47,017
48,285
49,172
50,126
50,911
51,391
44,771
45,272
45,968
46,474
47,739
48,514
49,579
50,579
51,058
1,111
1 ,097
896
801
838
931
910
740
771
218,404
219,788
221,262
222,359
224,904
226,631
228,300
230,587
231,788
770
884
761
893
876
803
741
872
1 ,008
36
56
68
73
94
108
116
144
137
497
492
518
634
584
531
378
465
570
51,773
51,787
50,662
50,806
51,254
51,375
50,980
51,066
793
721
231,563
231,358
1,111
981
149
135
592
569
52,020
51 ,118
51,656
51,170
849
233,169
902
125
538
TWO WEEKS
ENDING
1986-SEPT.
OCT.
10
24 P
8 PE
P ------ PRELIMINARY
PE— PRELIMINARY ESTIMATE
RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCO NTIN UIT IE S 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 L I A B I L I T I E S , 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 D ISCONTINUITIES 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 I N S T I T U T I O N HAVING REQUIRED RESERVE
BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING fHE MAINTENANCE PERIOD AT
IN STITUTIO N S 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 INS TITUTIO NS DEAL WITH SUSTAINED L I Q U I D I T Y 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.
A/
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 THRTFT INST ITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR IN S TITU TIO N S 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 MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE.
NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND S T A T I S T I C S , BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM, WASHINGTON, D .C . 20551
1/
H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Notadjustetf for, changes in reserye requirements^
Averages of daily figures, npt seasonably adjusted
Millions of dollara
Vault cash4
Raaarvas of depository institutions
Monetary
base*
Data
nonborrowad
Reserve balances
used to satisfy
required
reserves* {
total
required
surplus6!
Net carryover
of excess or
deficit
In reserve
balances7’ 1
ll B l i ! ! ! ! ! ! !
1985— S E P T.
OCT.
NOV.
DEC.
4 4 ,4 4 7
4 5 ,4 6 9
4 6 ,3 8 2
4 8 ,1 4 2
4 3 ,1 5 8
4 4 ,2 8 2
4 4 ,6 4 1
4 6 ,8 2 4
4 3 ,7 8 2
4 4 ,7 1 6
4 5 ,4 5 4
4 7 ,0 8 5
2 1 4 ,5 0 1
2 1 6 ,1 9 2
2 1 8 ,9 6 2
2 2 3 ,5 3 4
2 4 ,9 7 2
2 5 ,4 3 1
2 6 ,3 8 5
2 7 ,6 2 0
2 2 ,4 6 5
2 ? 724
2 2 ,4 5 7
2 2 ,9 5 6
1 9 ,4 7 5
2 0 ,0 3 8
1 9 ,9 9 7
20 522
2 ,9 9 0
2 ,6 8 6
2 , 460
2 , 434
1986— -JA N .
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
4 8 ,0 6 0
4 6 ,6 5 2
4 7 ,2 7 4
4 8 ,8 8 2
4 8 ,4 1 9
4 9 ,9 3 8
5 1 ,0 2 9
5 1 ,2 7 7
5 3 ,2 0 4
4 7 ,2 8 9
4 5 ,7 6 8
4 6 ,5 1 3
4 7 ,9 8 9
4 7 ,5 4 3
4 9 ,1 3 5
5 0 ,2 8 8
5 0 ,4 0 5
5 2 ,1 9 6
4 6 ,9 4 9
4 5 ,5 5 5
4 6 ,3 7 8
4 8 ,0 8 1
4 7 ,5 8 1
4 9 ,0 0 7
5 0 ,1 1 8
5 0 ,5 3 8
5 2 ,4 3 4
2 2 1 ,5 8 8 .
2 1 9 ,5 6 8
2 2 1 ,7 0 3
2 2 4 ,8 7 9
2 2 6 ,1 1 8
2 2 9 ,6 7 6
2 3 2 ,5 4 6
2 3 3 ,3 1 5
2 3 5 ,2 1 2
2 6 ,3 7 3
3 0 ,1 6 5
3 1 ,9 3 2
2 4 ,2 4 5
2 4 ,9 6 2
2 2 ,6 8 8
2 2 ,2 3 1
2 2 ,4 7 4
2 2 ,8 0 5
2 3 ,0 9 8
2 3 ,4 5 1
2 3 ,3 8 4
2 1 ,6 8 7
2 1 ,9 5 2
2 0 ,1 6 0
1 9 ,9 9 0
2 0 ,1 4 0
2 0 ,4 3 9
2 0 ,7 1 6
21,112*
2 1 ,2 7 2
2 , 559
3 ,0 1 0
2 ,5 2 8
2 ,2 4 1
2 ,3 3 4
2 ,3 6 6
2 , 381
2 ,3 3 9
2,112
5 2 ,0 6 1
5 3 ,6 8 4
5 0 ,9 5 0
5 2 ,7 0 3
5 1 ,2 6 8
5 2 ,9 6 4
2 3 4 ,4 8 2
2 3 5 ,3 1 6
3 1 ,5 2 7
3 2 ,1 1 5
2 2 ,6 7 1
2 3 ,6 2 3
2 0 ,5 3 4
2 1 ,5 6 9
2 , 137
2 ,0 5 4
150
30
P
5 3 ,9 9 0
5 3 ,0 8 8
5 3 ,1 4 0
2 3 6 ,1 8 6
3 2 ,1 8 0
2 4 ,0 1 5
21,810
2 ,2 0 5
87
PE
PE
2 4 ,7 0 0
2 7 ,1 1 4
2 8 ,8 9 2
2 8 ,2 7 9
2 9 ,4 9 9
3 0 ,3 1 3
illlillilliillll
liliis iiilliiiiS i
iis iiis iiiiiis
j||j! i! il! !i l! !l| };| |
lllliiilip llll
jiillillllllillillill
llllllB S lliillili
TWO WE EK S
EN DING
1986— S E P T.
10
24
OCT.
8
.
P --------P R E L I M I N A R Y
PE— PR ELIM INA R Y E S T IM A T E .
W ITH
R E F L E C T S A C T U A L R E S E R V E R E Q U I R E M E N T S , I N C L U D I N G T H O S E ON N O N D E P O S I T L I A B 1 L I I l E S ,
1/
T H E E F F E C T S O F D I S C O N T I N U I T I E S A S S O C I A T E D W I T H I M P L E M E N T A T I O N OF TH E M O N E T A R t L O N T h l J L
2/
NO A D J U S T M E N T S T O E L I M I N A T E
u rriii a t h r y
AC I OR O T H E R R E G U L A T O R Y
f Rt o t ^
c l e a r in g
b a l a n c e s _a n d a d j u s t m e n t s
to
com pensate
for f l o a t
a t fed er al
reserve
“ £s i ^
B A N K S P L U S T H E C U R R E N C Y C O M P O N E N T OF T H E MO N EY S T O C K _L E S S T H E AM OUN T OF V A U L T C A S H H O L D I N G S O F T H R I F T I N S T I T U T I O N S T H A T
I S I N C L U D E D I N T H E C U R R E N C Y C O M P O N E N T O F T H E MO N EY S T O C K P L U S , FO R I N S T I T U T I O N S N O T H A V I N G R E Q U I R E D R E S E R V E B A L A N C E S ,
I HE
E X C E M T 2u££e !
^
AM O UN T A P P L I E D T O S A T I S F Y C U R R E N T R E S E R V E R E Q U I R E M E N T S .
A F T E R T H E I N T R O D U C T I O N OF
CRR,
CURRENCY
AND
VAULT
CASH
FIG U R E S
ARE
MEASURED
OVER
THE
M O N D A Y -E N D IN G
COM PUTATION
P ER IO D .
3/
4/
E X C L U D E S R E Q U I R E D C L E A R I N G B A L A N C E S AND A D J U S T M E N T S T O C O M P E N S A T E FO R F L O A T .
rA _ T __v
D A TES REFER TO TH E M A INTEN ANCE
P E R I O D S I N W H I C H T H E V A U L T C A S H CAN BE U S E D TO S A T I S F Y
C O N T E M P O R A N E O U S R E S E R V E R E Q U I R E M E N T S , M A I N T E N A N C E P E R I O D S END 3 0 D A Y S A F T E R T H E L A G G E D
5/
EQUAL1™
I I I 5 a U ^ C C A S H R H E L D L d G r IN G T H E L A G G E D C O M P U T A T I O N P E R I O D BY I N S T I T U T I O N S
A T F E D E R A L R E S E R V E BANKS PLU S TH E AMOUNT OF V A U L T CASH EQ U A L TO R E Q U IR E D R E S E R V E S
6/
IN S T I T U T IO N S HAVING
T O T A L V A U L T CASH AT
NO R E Q U I R E D R E S E R V E
IN S T I T U T I O N S HAVING
BALANCES.
NO R E Q U I R E D
RESERVE
BALANCES
R E Q U IR E D R E S E R V E S DURING TH E M A IN TE N A N C E P E R IO D *
C O N S I S T S OF C A R R Y O V E R O N L Y A T D E P O S I T O R Y I N S T I T U T I O N S M A I N T A I N I N G
P E R IO D S .
R E F L E C T S E X C E S S < + > OR D E F I C I T < -- > R E S E R V E S E L I G I B L E T O
M A I N T E N A N C E P E R I O D E N D I N G ON T H E D A T E SH OW N.
LESS
THE
o r r c .r, wc. , . r n „ r r r M r w T ?
RESERVE R E Q U IR E M E N TS .
C O M P U TA TIO N P ER IO D S
HAVING
DUR IN G
AMOUNT
OF
n um r.'
LNDL .k
REQUIRED RESERVE BALANCES
T H E M A I N T E N A N C E FF .R 1 0 D AT
VAULT
.............. ....
LA.; 11 E Q U A L
m
TO
ru n r
TH E IK
N
nr~ r i i n l i r r „ M . T H T r > j A K i r r
R E S E R V E S ON T H E
OF I W O -W EEK M A I N T E N A N C E
BE C A R R I E D FORW ARD I N T O 1ME TWO WEEK R E S E R V E
H.3 (502)
Table 3
AQQREQATE RESERVES O F DEPOSITORY INSTITUTIONS AND TH E MONETARY BASE
Adjusted for changee in teeerve requirements1
Averages of daily figuree, net aeaeonally equated
Millions of deMare
Date
total
Reserves of depository Institutions
nontooivowed
Monetary base
required
1985— SEPT *
OCT*
NOV*
DEC*
43,676
44 , 2 0 7
45,082
46,839
42,388
43,020
43,341
45;520
43,011
43,454
44,154
45,781
212,157
213,357
216,038
220,362
1 9 8 6 — JAN*
FEB*
MAR*
APR*
MAY
JUNE
JU LY
AUG*
SEPT* PE
47,113
45,684
46,338
47,936
47 , 7 1 2
49,198
50,319
50,622
51,566
46,342
44,800
45,578
47,044
46,836
48,395
49,578
49,749
50,558
46,002
44,587
45,442
47,135
46,874
48,267
49,409
49,882
50,796
218,741
216,784
218,985
222,134
223,608
227,037
230,019
230,755
23*1 ,667
1986-—S EP T * 10
24 P
51,450
51,563
50,339
50,582
50,658
50,842
231,973
231,266
OCT*
51,767
50,866
50,918
232,092
TWO W E E K S
ENDING
8 PE
P --- P R E L I M I N A R Y
ES T I M A T E *
F I G U R E S R E F L E C T A D J U S T M E N T S FO R D I S C O N T I N U I T I E S A S S O C I A T E D W I T H THE I M P L E M E N T A T I O N OF T HE M O N E T A R Y C O N T R O L A C T
AN D O T H E R R E G U L A T O R Y C H A N G E S TO R E S E R V E R E Q U I R E M E N T S *
P E — -PR ELIM IN AR Y
1/
@FedFRASER