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FEDERAL RESERVE statistical release
•.f^uf^:
H.3(502)
Table 1
For Release at 4:30 Eastern Time
SEPTEflBEfi
AGGREGATE RESERVES OF 1DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
12.
1985
Adjusted for changes in reserve requirements
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
total1
Date
1984
AUG.
SEPT.
OCT.
NOV.
DEC.
Reserves of depository Institutions
"
— nonborrowed
—
nonborrowed
plus
required
extended credit'
I
excess
NSA4
— — w - w ^ a s ^ w f e t i i g o i a j ^ f e of depository institutions
Monetary base*
from the Federal Reserve, NSA
seasonal
total
extended credit3
38,284
38,086
37,961
38,466
39,081
30,268
30,844
31,944
33,849
35,895
37,311
37,303
37,001
37,686
38,499
37,595
37,458
37,341
37,773
38,229
689
628
620
693
853
195,568
196,206
196,397
197,672
199,032
8,017
7,242
6,017
4,617
3, 1 86
346
319
299
21^
113
7,043
6,459
5,057
3,837
2,604
39,635
40,432
40,471
40,710
41,323
42,177
42,606
43,197
38,240
39,143
38,878
39,387
39,989
40,972
41,500
42,125
39,290
39,947
39,937
40,256
40,522
41,638
42,006
42,694
38,890
39,529
39,705
39,972
40,519
41,272
41,751
42,369
745
903
766
738
804
905
855
829
200,206
202,049
202,945
203,562
205,355
207,658
208,831
211,266
1
1
1
1
1
1
1
1
62
71
88
1 35
165
151
167
221
1 , 050
803
1 ,059
868
534
665
507
570
14
28 P
42,996
43,377
42,006
42,289
42,515
42,899
42,258
42,408
738
969
210,559
211,548
990
1 , 088
224
225
509
610
11
43,301
41,909
42,578
42,703
598
213,247
1 ,392
196
669
1985—JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG. PE
, 395
, 289
, 593
,323
, 334
, 205
, 107
,073
TWO WEEKS
ENDING
1985-AUG.
SEPT.
PE
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 RESFRVE
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 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 PIUS THE REMAINING ITEMS SEASONALLY ADJUSTFD 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, I). C. 20551
H.3 (502)
Table 2
AGGREGATE RESERVE? OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements 1 j
Averages of daily figures, not seasonally adjusted
Millions of dollars
"
"
Vault cash4
Reserves of depository Institutions
Monetary
base 2 !
Date
total
nonborrowed
Reserve balances,
with F.R. Banks3.:
required
total
used to satisfy
required
reserves8'
Net carryover
of excess or
deficit
in reserve
balances7
surplus*'
• " '
1984—AUG.
SEPT.
OCT.
NOV.
DEC.
37,264
38,043
38,512
39,235
40,696
29,247
30,801
32,495
34,618
37,509
36,575
37,415
37,892
38,542
39,843
195,677
196,229
196,688
198,771
202,586
19,270
20,143
20,099
20,843
21 , 7 3 8
21,688
21,232
21,875
21,827
22,316
17,995
17,900
18,413
18,392
18,958
3,694
3,333
3,462
3,434
3,358
1985—JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
A U G . PE
41,125
40,273
40,494
41,652
41,051
42,352
42,803
42,968
39,730
38,984
38,901
40,329
39,718
41,147
41,696
41,895
40,380
39,370
39,728
40,914
40,247
41 , 4 4 7
41,948
42,140
201,353
199,937
201,287
203,814
204,944
208,386
210,654
211,714
21 , 5 7 7
20,416
22,065
23,217
22,385
23,367
23,503
23,422
23,044
23,927
21,863
21,567
21,898
22,180
22,530
22,839
19,547
19,857
18,429
18,435
18,666
18,985
19,300
19,546
3,497
4,070
3,434
3,132
3,231
3,196
3,230
3,293
J
4
i
'
'"
*
1
{
1
!
tj|
^
'
,!
t!
TWO WEEKS
ENDING
1985—AUG.
SEPT.
14
28 P
43,018
42,815
42,028
41,727
42,280
41,846
211,933
211,085
23,468
23,130
22,829
23,052
19,550
19,685
3,280
3,367
147
88
11
43,454
42,062
42,856
213,628
24,577
21,887
18,877
3,011
205
PE
P
PRELIMINARY
PE—-PRELIMINARY ESTIMATE.
1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, UITH 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 RESERVES 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.
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—AUG.
SEPT.
OCT.
NOV.
DEC.
37,698
37,881
37,933
38,687
40,129
29,681
30,640
31,936
34,070
36,943
37,008
37,253
37,332
37,994
39,277
196,111
196,067
196,129
198,224
202,020
1985--JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG. PE
40,703
39,878
40,066
41,254
40,643
41,959
42,410
42,599
39,308
38,589
38,473
39,932
39,309
40,754
41,303
41,527
39,958
38,975
39,301
40,516
39,839
41,054
41,554
41,771
200,931
199,542
200,859
203,417
204,535
207,992
210,260
211,346
14
28 P
42,675
42,426
41,686
41,338
41,937
41,457
211,591
210,696
11 PE
43,057
41,666
42,459
213,231
TWO WEEKS
ENDING
1985—AUG.
SEPT.
P
PRELIMINARY
PE—-PRELIMINARY ESTIMATE.
@FedFRASER