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FEDERAL RESERVE statistical release H.3(502) JjBBT" For Release at 4:30 p.m. EDT September 27, 1984 SPECIAL NOTICE Aggregate data for reserves and the monetary base, presented in Tables 1 and 3, have been revised to reflect a change in reserve requirements. Under the provisions of the Monetary Control Act this change is the result of a scheduled phase-in for non-member institutions that occurred in the two-week maintenance period ending September 26, 1984. This revision converts historical data to a basis consistent with the current structure of reserve requirements. Revised historical data will be available shortly from the Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. ••?f^^:- H.3(S02) Table 1 For Release at 4:30 Eastern Time SEPTEMBER AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 27, 1984 Adjusted for changes in reserve requirements1 Averages of dally figures, seasonally adjusted unless noted otherwise Millions of dollars 1983--AUG. SEPT. OCT. NOV. DEC. 36,115 36,212 36,232 36,179 36,215 Reserves of depository institutions nonborrowed plus required extended credit* 35,668 35,059 34,569 35,286 35,715 34,772 35,644 35,727 35,388 35,274 35,280 35,650 35,654 35,441 35,443 1984—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. 36,432 37,090 37,163 37,176 37,516 38,352 38,303 38,452 35,717 36,523 36,212 35,942 34,527 35,052 32,379 30,435 35,721 36,528 36,239 35,986 34,564 36,925 37,387 37,478 35,819 36,148 36,455 36,686 36,939 37,586 37,697 37,767 613 942 709 490 577 767 607 685 187,555 189,380 189,504 190,438 192,065 193,946 194,841 196,073 715 567 952 1 ,234 2,988 3,300 5,924 8,017 86 103 133 139 196 264 308 346 4 5 27 44 37 1 , 873 5,008 7,043 1 15 29 37,861 38,760 38,202 30,706 30,773 30,056 36,804 37,749 37,240 37,225 38,061 37,525 635 699 677 194,373 196,421 195,825 7,155 7,987 8,146 340 338 360 6,098 6,976 7,184 12 P 26 PE 38,341 38,227 30,586 31 , 1 1 8 37,587 37,486 37,676 37,596 665 631 196,222 195,793 7,755 7,110 309 328 7,001 6,369 toTai , Date |~ rtortoorrowea excess NSA4 446 498 505 529 561 Monetary base* 180,698 182,353 183,439 184,555 185,570 Borrowings of depository institutions from the Federal Reserve, NSA total seasonal extended credit1 198 491 1 ,546 1 ,441 190 515 844 142 256 906 121 6 774 96 2 TWO WEEKS ENDING 1984-AUG. SEPT. 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 RESERVF 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 PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. NOTE. HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SEC HON, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE http://fraser.stlouisfed.org/ FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 Federal Reserve Bank of St. Louis H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash 4 Reserves of depository institutions Monetary base2 Date total nonborrowed Reserve balances with F.R. Banks}' total required used to satisfy required reserves5 surplus 6 Net carryover of excess or deficit in reserve balances 7 mm* nnpns b 1983--AUG. SEPT. OCT. NOV. DEC. 38,661 37,916 38,137 38,144 38,894 37,114 36,475 37,294 37,239 38,120 1984—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. 40,120 36,365 36,278 37,154 36,519 37,518 37,464 37,259 39,405 35,798 35,326 35,920 33,531 34,218 31,540 29,242 39,507 35,423 35,569 36,664 35,942 36,752 36,858 36,574 192,301 186,672 187,813 190,344 191,080 193,962 195,525 195,697 21,325 18,414 19,484 20,351 19,560 20,210 19,885 19,265 36,868 37,613 36,887 29,713 29,626 28,742 36,233 36,914 36,211 194,361 196,504 194,860 19,079 19,690 18,722 21,597 21,533 21,981 17,789 17,923 18,166 3,808 3,610 3,815 97 109 136 37,581 38,398 29,826 31,289 36,917 37,767 196,575 195,883 20,177 20,094 20,782 21,522 17,404 18,304 3,378 3,218 157 83 38,214 37,418 37,633 37,615 38,333 185,398 185,112 186,598 188,971 192,359 21,965 20,585 21,059 20,943 20,986 • 20,035 20,798 20,471 20,558 20,755 16,695 17,331 17,078 17,201 17,908 3,340 3,467 3,393 3,356 2,847 22,578 22,269 20,396 20,152 20,446 20,770 21,134 21,688 18,795 17,951 16,794 16,802 16,960 17,308 17,579 17,994 3,782 4,318 3,602 3,349 3,486 3,461 3,555 3,694 i « f : , :ij .'j'i TUO WEEKS ENDING 1984--AUG. SEPT. 1 15 29 12 26 P PE 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 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 1983—AUG SEPT. OCT. NOV. DEC. 35,593 35,901 36,219 36,275 36,936 34,049 34,461 35,375 35,370 36,162 35,149 35,404 35,714 35,746 36,375 180,711 181,815 183,265 185,645 188,843 1984—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. 38,259 36,674 36,679 37,544 36,835 37,863 37,917 37,762 37,544 36,106 35,727 36,310 33,847 34,562 31,992 29,745 37,646 35,731 35,970 37,054 36,258 37,096 37,310 37,077 188,719 186,939 188,214 190,734 191,397 194,307 195,977 196,200 1 15 29 37,279 38,140 37,366 30,125 30,153 29,220 36,644 37,441 36,689 194,772 197,031 195,339 12 P 2 6 PE 38,127 37,806 30,372 30,696 37,462 37,174 197,121 195,291 TWO WEEKS ENDING 1 984—AUG. SEPT. P PRELIhlNARY PE---PRELIMINARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
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