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£i^&- FEDERAL RESERy^j|ttetical release .f^TRt^: H.3 (502) For Immediate Release Table 1 SEPTEMBER 13, 1982 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE Adjusted for changes in reserve requirements1 Averages of daily figures Reserves of depository institutions total2 nonborrowed required Period millions of dollars seasonal!/ adjusted Monetary base3 billions of dollars Reserves of depository institutions totaiz nonborrowed required millions of dollars not seasons lly adjusted Monetary base3 billions of dollars 1981 — J U L ! kUG. SEPT^ OCT. NOV. DEC. 37,281 37,337 37,721 37,603 37,615 37r988 35,601 35,917 36,265 36,422 36,952 37,351 36,940 37,045 37,307 37,325 37,270 37,668 160.7 161.1 161.2 161.3 161,7 163.2 37,235 37,058 37,519 37,696 37,782 38,662 35,556 35,638 36,063 36,515 37,119 38,025 36,895 36,766 37,105 37,418 37,438 38,342 161.5 161.4 160.8 161.2 163.1 166.3 1982—JAN. FEB. MAR. APR. HAT JUNE JULY AUG. ? 38,713 38,262 38r356 38,433 38,504 38,575 38,523 •38,795 37,195 36,472 36,801 36,865 37,387 37,370 37,832 38,280 38,295 37,958 37,994 38,160 38,145 38,266 38,210 38,492 164.8 165.2 165.7 167.0 168.2 169.3 169.7 170.6 40,036 38,052 37,799 38,330 38,189 38,069 38,434 38,502 38,519 36,262 36,244 36,762 37,071 36,864 37,743 37,988 39,618 37,748 37,437 38,057 37,830 37,761 38,120 38,200 t65.8 163.4 163.8 166.1 167. 6 168.7 170.6 170.9 4 11 P 18 P 25 P 38,703 38,686 38,988 38,731 38,024 38,317 38,510 38,122 38,409 18,360 38,669 38,462 170.5 170.3 170.9 170.7 38,485 37,971 38,866 38,586 37,806 37,602 38,388 37,977 38,191 37,645 38,547 38,317 170.5 171.4 171.9 170.4 1 P 8 P 38,832 39,642 38,325 38,698 38,531 38,838 171-3 171.3 38,612 39,020 38,105 38,076 38,311 38.216 169.9 172.3 REEK ENDING: 1982—AUG. SEPT. P - PRELIMINARY 1/ RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND OTHER DEPOSITORY INSTITUTIONS. DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, THE INCLUSION OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATION D'HAVE BEEN REMOVED. BEGINNING WITH THE WEEK ENDED DECEMBER 23, 1981, RESERVES AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF RESERVABLE LIABILITIES TO INTERNATIONAL BANKING FACILITIES (IBFS). ON THF BASIS OF REPORTS OF LIABILITIES TRANSFERRED TO IBFS BY U.S. COMMERCIAL BANKS AND U.S. AGENCIES AND BRANCHES OF FOREIGN BANKS, IT IS ESTIMATED THAT REQUIRED RESERVES WERE LOWFRED ON AVERAGE BY $10 TO $20 MILLION IN DECEMBER 1981 AND $40 TO $70 MILLION IN JANUARY 1982. 2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. 3/ INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS. 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 Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS Not adjusted for changes in reserve requirements Average of daily figures, not seasonally adjusted Reserves of depository institutions1 total2 Period nonborrowed required Monetary base3 millions of dollars 1981—JULY AUG. SEPT. OCT. NOV, DEC. 41,007 41,023 40,591 40,711 40,948 41,924 39,328 39,604 39,134 39,531 40,285 41,287 40,667 40,731 40,177 40,433 40,604 41,604 165.4 165.4 163.9 164.3 166.3 169.7 1982—JAN. FEB. MAR. APR. MAI JUNE JULY AUG. P 43,203 41,286 39,235 39,557 39,550 39,565 39,967 40,169 41,685 39,496 37,680 37,989 38,433 38,360 39,275 39,654 42,784 40,982 38,873 39,284 39,191 39,257 39,653 39,866 169.1 166.8 165.4 167.6 169.2 170.4 172.3 172.8 4 11 P 18 P 25 P 39,995 39,488 40,633 40,311 39,3T6 39,119 40,155 39,702 39,701 39,162 40,314 40,042 172.3 173.2 173.9 172.4 1 P 8 P 40,372 39,495 39,865 38,551 40,071 38,691 171.9 173.0 WEEK ENDING: 1982—AUG. SEPT. 1/ 2/ 3/ | RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECT OF CHANGES IN REGULATION D, INCLUDING CHANGES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT. INCLUDES REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND, BEGINNING NOVEMBER 13, 1980, OTHER DEPOSITORY INSTITUTIONS- UNDER THE TRANSITIONAL PHASE-IN PROGRAM OF THE MONETARY CONTROL ACT OF 1980, THE NET CHANGES IN REQUIRED RESERVES OF DEPOSITORY INSTITUTIONS HAVE BEEN AS FOLLOWS: EFFECTIVE NOVEMBER 13, 1980, A REDUCTION OF $2.9 BILLION; FEBRUARY 12, 1981, AN INCREASE OF $245 MILLION; MARCH 12, 1981, AN INCREASE OF $75 MILLION; MAY 14, 1981, AN INCREASE OF $245 MILLION; AUGUST 13, 1981, AN INCREASE OF $230 MILLION; SEPTEMBER 3, 1981, A REDUCTION OF $1.1 BILLION; NOVEMBER 12, 1981, AN INCREASE OF $210 MILLION; JANUARY 14, 1982, A REDUCTION OF $60 MILLION; FEBRUARY 11, 1982 AN INCREASE OF $170 MILLION; MARCH 4, 1982, AN ESTIMATED REDUCTION OF $2.0 BILLION; MAY 13, 1982, AN ESTIMATED INCREASE OF $150 MILLION; AUGUST 12, 1982 AN ESTIMATED INCREASE OF $140 MILLION; AND SEPTEMBER 2, 1982, AN ESTIMATED REDUCTION OF $1.2 BILLION. BEGINNING WITH THE WEEK EN^ED DECEMBER 23, 1981, RESERVE AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF RESERVABLE LIABILITIES TO INTERNATIONAL BANKING FACILITIES (IBFS). ON THE BASIS OF REPORTS OF LIABILITIES TRANSFERRED TO IBFS BY U.S. COMMERCIAL BANKS AND U.S. AGENCIES AND BRANCHES OF FOREIGN BANKS, IT IS ESTIMATED THAT RFQUIRED RESERVES WERE LOWERED ON AVERAGE BY $60 TO 90 MILLION IN DECEMBER 1981 AND $180 TO $230 IN JANUARY 1982, MOSTLY REFLECTING A REDUCTION IN RESEFVABLE EUROCURRENCY TRANSACTIONS. RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIPEMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.
@FedFRASER