Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : September 28, 1981

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FEDERAL RESERVE st
H.3 (502)
Table 1

For Immediate Release
/

AGGREGATE RESERVES AND MEMBER BANK DEPOSITS
Average of daily figures

SEPTEMBER 2 8 , 1 9 8 ^

Reserves of depository institutions!
total 2

Period

nonborrowed

required

Monetary
base 3

total

millions of dollars

Member pank deposits subject to reserve requirements
private demand deposits
time and
other
savings
total
net
interbank
billions of dollars

seasonally adjusted

1980—AOG.
SEPT.
OCT.
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 I
40,730
39,659

158.2
159.4
160.6
160.6
159.5

667.8
678.2
684.7 I
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

1.8
2.4
2.2
1.9

1981 — J A N .
FEB.
MAR.
APR.
MAY
JUNE
JOLY
AOG.

40,060
39,880
40,185
40,322
40,764
40,753
40,997
41,479

38,665
38,577
39,186
38,985
38,536
38,715 ;
39,318 I
40,060

39,750
39,605
39,937
40,195
40,589
40,504
40,747
41,278

160.1 I
160.4
161.2
162.2
163.5
163.7
164.8
165.7

703.8
704.3
703.4
711.3
715.1
720.8
728.2
740.2

517.5
523.4
524.7
531.1
538.1
545.6
553.8
565.3

184.1
178.8
176.7
177.4
174.7
173.3
172.2
172.6

17.0
17.9
18.1
17.7
17.9
18.2
17.7
17.9

167.0
160.9
158.6
159.7
156.8
155.2
154.4
154.7

2.3
2.1
2.0
2.8
2.3
1.9
2.2
2.3

40,796 !
40,782
41,752 |
42,199

39,678
39,511
40,295
40,473

40,590
40,671
41,509
41,985

165.0
164.9
165.9
166.4

736.2
741.4
739.2
738.1

560.4
563.9
565.3
565.5

173.3
175.2
171.3
170.8

17.7
16.7 i
18.3
17.6 |

155.6
158.5
153.0 I
153.1

2.6
2.3

41,751
40,697
40,891

40,303
39,112
39,542

41,500
40,245
40,638

165.7
164.3
164.6

1 9 8 0 —AOG.
SEPT.
OCT.
NOV.
DEC.

40,373
41,164
41,704
41,244
40,614

39,715
39,852
40,394
39,184
38,924

40,071
40,908
41,498 I
40,723
40,146

158.0 I
159.0
160.6
161.6
162.4

1981 — JAN.
FEB.
MAR.
APR.
MAY
JONE
JOLY
AOG.

41,535
39,754
39,693
40,291
40,433
40,353
40,917
40,943

40,141
38,450
38,694
38,953
38,205
38,316
39,238
39,523

41,226
39,478
39,445
40,164
40,258
40,104
40,667
40,741

40,584
40,005
41,485 !
41,495
41,084
39,759 i
40,076

2. 1

WEEK ENDING:
1 9 8 1 — AOG. 5
12
19
26
SEPT. 2 P
9 P
16 P

i

i

|
I

j

2.6
1.8

I

172.2
172.1
173.2

19.1
17.5
17.6

153.1
154.6
155.6

2.1
2.7
2.7

662.5 I
675.6
684.2
694.5
710.3 j

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

161.0
158.8
159.5
161.6
162.6
163.3
165.4
165.4

712.6
701.5
702.9
713.5
710.0
719.7
727.7
734.7

520.6
524.9
527.8
531.6
538.1
545.0
552.7
562.5

189.9
174.5
173.0
178.9
169.8
172.2
173.0
170.3

18.2
17.7
17.7
17.3
16.9
17.8
18.0
17.6

171.7
156.8
155.4
161.6
152.9
154.4
155.1
152.7

2.1
2.1
2.1
3.0
2.1
2.5

39,466 * 40,378
38,734
39,894
41,242
40,028
41,281
39,769

165.1
165.5
166.3
165.1

734.4
736.7
734.5
731.3

558.7
561.7
562.5
563.3

173.3
173.3
169.7
166.4

18.4
16.5
18.1
17.1

154.9
156.8
151.6
149.3

2.4
1.7
2.2
1.6

39,636
40,833
38,174 I 39,307
38,727
39,823

164.5
164.8
164.0

737.3
742.3
746.1

566.6
568.9
567.4

151.4
153.5
157.6

1.5
2.2
3.1

;

743.2
745.9
746.4

568.9
571.2
570.5

not seasonal ly adjusted

j

2.0
1.9

WEEK ENDING:
1981—AOG.

SEPT.

5
12
19
26
2 P
9 P
16 P

,

I

t

169.2
171.2
175.6

I
See reverse side for explanation &i footnotes.




I

17.8
17.7
18*0

i
I

H.3
Table 2

AGGREGATE RESERVES AND MONETARY BASE*
Adjusted for changes in reserve requirements 4
Averages of daily figures
Reserves of depository institutions
Period
required
total 2 ~~T non borrowed
millions of dollars
seasonal I/ adjusted

Monetary base '*
billions of dollars

Reserves of depository institutions
total 2
| non borrowed
required
millions of dollars
not seasonally adjusted

Monetary basev
billions of dollars

1980—AUG.
SEPT.
OCT.
NOV. 5 /
DEC.

37,174
37,856
38r039
39,187
3 9 , 187

36,516
36,545
36,729
37,128
37,497

36,872
37,601
37,833
38,666
38,719

153.3
154.3
155.6
157.7
158.2

36,845
37,547
38,023
39,189
39,657

36,187
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.
APP.
MAY
JUNE
JULY
AUG.

39,182
38,948
39,070
39,266
39,543
39,351
39,609
39,893

37,787
37,645
38,070
37,928
37,315
37,314
37,929
38,473

38,872
38,673
38,822
39,138
39,367
39,102
39,358
39,691

158.7
159.0
159.5
160.5
161.7
161.6
162.7
163.4

40,601
38,819
38,590
39,231
39,228
38,964
39,546
39,399

39,207
37,516
37,590
37r894
37,000
36,927
37,867
37,979

40,291
38,544
38,342
39,104
39,053
38,715
39,296
39,197

159.6
157.4
157.8
159.9
160.8
161.2
163.3
163.2

5
12
19
26

39,387
39,324
40,100
40,531

38,269
38,053
38,643
38,805

39,181
39,213
39,857
40,317

162.9
162.7
163.6
164.0

39,204
38,592
39,867
39,878

38,086
37,321
38,410
33,152

38,998
38,481
39,624
39,664

163.1
163.4
164.0
162.8

2 P
9 P
16 P

40,012
40,267
40,444

38,564
38,682
39,095

39,761
39,815
40,191

163.2
163.8
164.1

39,397
39,329
39,629

37,949
37,744
38,280

39,146
38,87-*
39,376

162.1
164.3
163.5

WEEK ENDING:
1981—AUG.

SEPT.

P - PRELIMINARY
1/ 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 PFSEPVES 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 HAVF BFEN AS
FOLLOWS: EFFECTIVE NOVEMBER 13, 1980, A REDUCTION OF $2.8 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 $245 MILLION; AND SEPTEMBER 3, 1981, A REDUCTION OF $1.3 BILLION.
2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEAPING 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.
4/ RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION
OF THE MONETARY CONTROL ACT, THE INCLUSION OF EDGE ACT CORPORATION RESERVES, AND OTHEB CHANGES IN
REGULATION D. RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED HISTORICALLY TO CONFORM TO THE STRUCTURE OF
RESERVE REQUIREMENTS CURRENTLY IN EFFECT.
5/ RESERVE MEASURES FOR NOVEMBER REFLECT INCREASES IN PEQUIPED RESERVES ASSOCIATED WITH THE REDUCTION OF WEEKEND
AVOIDANCE ACTIVITIES OF A FEW LARGE BANKS. THE REDUCTION IN THESE ACTIVITIES LEADS TO ESSENTIALLY A ONE-TIME
INCREASE IN THE AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO BE HELD FOR A GIVEN LEVEL OF DEPOSITS ENTERING
THE MONEY SUPPLY. IN NOVEMBER, THIS INCREASE IN REQUIRED RESERVES IS ESTIMATED 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.
R ~ REVISED