Full text of H.3 Aggregate Reserves of Depository Institutions and the Monetary Base : September 8, 1981

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FEDERAL RESERVE statistical release

LIBRA

W

H 3 (50?)

For Immediate Release
SEPTEHBEB 8 , 1 9 8 1
PKJTA
Q P ^ H l t - A P ^ ^ " ^ ^
Reserves of depository institutions^
Member bank deposits subject to reserve requirements
r
time and I
private demand deposits'
Monetary
total 2
base 3
other
nonborrowed
required
total
total
net
savings
interbank
millions of dollars
billions of dollars
seasonally adjusted

AGGREGATE RESERVES AND MEMBER B A N i i t t l i ^ f e ^ ^ r
Average of daily figures
Period

1980—JULY
AUG.
SEPT.
OCT.
NOV.
P
DEC.
P
1981 — J A N .
FEB.
NAB.
APfl.
HAY
JUNE
JULY

j

P
P
P
P
P
P
P

42,781
40,749
41,517
41,727
41,227
40,132

42,386
40,090
40,206
40,417
39,168
38,441

42,497
40,447
41,262
41,521
40,730
39,579

158.9
158.2
159.4
160.7
160.5
159.5

658.5
667.8
678,2
684.7
694.3
701.8

467.0
474.2
482.0
486.7
494,1
504.0

189.1
191.5
194.5
195.6
198.0
195.9

16.6
14.4
15.9
16.5
17.3
17.5

172.5
177.1
178.6
179.1
180.6
178.4

2.5
2.1
1.8
2.4
2.2
1.9

40,100
39,757
40,247
40,248
40,809
40,832
41,113

38,706
38,454
39,248
38,910
38,581
38,795
39,434

39,556
39,574
39,866
40,104
40,546
40,499
40,755

160.2
160.6
161.3
162-2
163.6
163.8
165.0

703.8
704.3
703.4
711.2
715.0
720.8
728.3

517.5
523.4
524.7
531.1
538.1
54*5.6
553.8

184.1
178.8
176.7
177.4
174.7
173.3
172.3

17.0
17.9
18.1
17.7
17.9
18.2
17.7

167.0
160.9
158.6
159.7
156.8
155.2
154.5

2.3
2,1
2.0
2.8
2.2
1.9
2.2

41,161
40,995
40,671
41,424
41,392

39,426
39,129
39,376
39,694
39,414

40,673
40,494
40,542
41,094
40,943

164.6
164.5
164.4
165.5
165.7

722.1
727.1
728.4
727.6
728.1

547.9
550.7
553.3
554.8
555.6

172.6
174.1
172.9
170.7
170.2

17.9
17.6
17.8
17.5
18.1

154.6
156.5
155.1
153.2
152.1

1.6
2.3
2.3
2.1
2-3

560.4
563.9
565-3
565.5

173.3
175.2
171-3

17.7
16.7
18.3
17.7

155.6
158.5
153.0
153.2

2.6
2.3
2.6
1.8

j

WEEK ENDING:
1981—JULY

1
8
15
22
29

P
P
P
P
P

AUG. 5
12
19
26

P
P
P
P

40,984
39,866
39,707
40,978
j 41,824
40,367
I 42,145 i 40,419

40,605
40,656
41,565
| 41,983

736.2
165.0
741.4
165.0
739,2
[ 166.1
738.3
I 166.5
not seasonally adjusted

I

I 170.9

1980—JULY
AUG.
SEPT.
OCT.
NOV. P
DEC.
P

42,859
40,373
41,164
41,704
41,221
40,619

42,464
39,715
39,852
40,394
39,161
38,929

42,575
40,071
40,908
41,498
40,723
40,067

159.6
158.0
159.0
160.6
161.6
162.5

658.2
662.5
675.6
684.2
694.5
710.3

466.0
471-8
479,6
485.7
493.2
505.0

190.0
189.0
193.9
196.4
199.5
203.2

16.8
14.2
15.9
16.5
18.0
18.2

173.2
174.8
178.0
179.8
181.5
185.0

1981- -JAN.
fEB.
HAS.
APB.
SAY
JUNE
JULY

41,569
39,631
39,753
40,217
40,477
40,430
41,033

40,175
38,327
38,753
38,879
38,249
38,393
39,354

41,025
39,448
39,372
40,072
40,213
40,098
40,675

161.0
158.9
159.6
161.7
162.7
163.3
165.5

712.6
701.5
702.9
713.5
710.0
719.7
727.8

520.6
524.9
527.8
531.6
538.1
545.0
552.7

189.9
174.5
173.0
178.9
169.8
172.2
173.1

18.2
17.7
17.7
17.3
16.9
17.8
18.0

171.7
156.8
155.4
161.6
152.9
154.4
155.2

P
P
P
P
P
P
P

WEEK ENDING:
1981—JULY

AUG.

1
8
15
22
29

P
P
P
P
P

41,318
40,518
40,624
41,630
4',,344

39,583
38,652
39,329
39,950
39,366

40,830
40,017
40,495
41,350
40,895

164.0
166.3
165.5
166.0
164.6

721.9
730.8
728.8
726.3
723.6

547.3
550.7
551.6
553.2
554.5

172.8
177.8
175.3
171.3
167.3

18.7
18.3
18.4
17.6
17.6

154.2
159.5
156.9
153.7
149.8

5
12
19
26

P
P
P
P

40,771
40,204
41,557
41,443

39,653
38,933
40,100
39,717

40,392
39,882
41,298
41,281

165.2
165.6
166.4
165.1

73*. 4
736.7
734.5
731.5

558.7
561.7
562-5
563.3

173.3
173.3
169.7
166.6

18.4
16.5
18.1
17.1

154-9
156.8
151.6
149-4

See reverse side for explanation of footnotes.




[

H3
Table 2

AGGREGATE RESERVES AND MONETARY BASE
Adjusted for changes in reserve requirements4
Averages of daily figures
Monetary base '*
Reserves of depository institutions
Period
required
total 2 ~~| non borrowed
millions of dollars
~ | billions of dollars
seasonally adjusted

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

Monetary base °
billions of dollars

1980 — J U L Y
AUG.
SEPT.
OCT.
NOV. 5 / P
DEC.
P

37,570
38,050
38,725
38,893
40,060
40,110

37,176
37,392
37,414
37,583
38,000
38,420

37,286
37,748
38,470
38,687
39,562
39,558

152.8
154.6
155.7
156.9
159-0
159.5

37,665
37,706
38,401
38,875
40,059
40,598

37,270
37,048
37,090
37,565
38,000
38,908

37,380
37,404
38,145
38,669
39,562
40,045

153.5
154.5
155.3
156.9
160.0
162.4

P
P
P
P
P
P
P

40,079
39,588
39,981
39,982
40,401
40,321
40,602

38,685
38,284
38,982
38,645
38,173
38,284
38,923

39,535
39,405
39,600
39,838
40,138
39,989
40,244

160.1
160.4
161.4
162.4
163.7
163.9
165.2

41,548
39,461
39,487
39,951
40,069
39,920
40,522

40,154
38,158
38,488
38,613
37,841
37,882
38,843

41,004
39,278
39,106
39,806
39,805
39,587
40,164

161.0
158.7
159.7
161.9
162.9
163.4
165.7

1
8
15
22
29

P
P
P
P
P

40,650
40,484
40,160
40,913
40,882

38,915
38,618
38,865
39,183
38,904

40,162
39,983
40,031
40,583
40,433

164.7
164,6
164.5
165.6
165.9

40,807
40,007
40,113
41,169
40,833

39,072
38,141
38,818
39,439
38,855

40,319
39,506
39,984
40,839
40,384

164.1
166.4
165,6
166.1
164.8

5
12
19
26

P
P
P
P

40,472
40,474
41,072
41,397

39,354
39,203
39,615
39,671

40,093
40,152
40,813
41,235

165.2
165*2
166.0
166.5

40,259
39,699
40,805
40,695

39,141
38,428
39,348
38,969

39,880
39,377
40,546
40,533

16S.4
165.8
166.3
165.0

1981—JAN.
FEB.
MAR.
APR.
HAY
JUNE
JULY

WEEK

ENDING:

1981—JULY

AUG.

P - PRELIMINARY
1/ RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PEBCENTAGES HITH VO ADJUSTMENT TO ELIMINATE THE EFFECT OF CHANGES IN REGULATIONS D AND K. PBIOB TO NOVEHBEB 13, 1980, THE DATB OF IMPLEMENTATION OF THE MONETARY CONTROL ACT, ONLY THB BESEBVES OF COMMERCIAL BANKS THAT HEBE HEHBEBS OF THB
FEDERAL BESERVE SYSTEM ARE INCLUDED IN THE SERIES. SINCE THAT DATE, THE SEBIES INCLUDE THB BESEBVES OF ALL
DEPOSITORY INSTITUTIONS. IN CONJUNCTION HITH THE IMPLEMENTATION OF THE ACT,' REQUIRED RESERVES OF HEHBER BANKS
HERE REDUCED ABOUT $4.3 BILLION AND REQUIRED BESERVES OF OTHER DEPOSITOBI INSTITUTIONS HEBE INCBEASED ABOUT
$1.4 BILLION. ALSO IN CONJUNCTION HITH THE HONETABT CONTBOL ACT, REQUIRED BESEBVES OF CERTAIN HONMEHBEB BANKS
AND FOREIGN-RELATED INSTITUTIONS INCREASED PURSUANT TO THE TRANSITIONAL PHASE-IN PROGRAM BY APPROXIMATELY $245
MILLION EFFECTIVE ON EACH OF THE FOLLOHING DATES: FEBBUABY 18, 1981, HAY 20, 1981 AND AUGUST 19, 1981.. EFFECTIVE
OCTOBBB 11, 1979, AN 8 PEBCBNTAGB POINT MARGINAL BESEBVE BEQUIBEHENT HAS IMPOSED ON "MANAGED LIABILITIES".
THIS ACTION RAISED REQUIRED RESERVES ABOUT $320 MILLION. EFFECTIVE MARCH 12, 1980, THE 8 PEBCBNTAGB POINT
MARGINAL BESEBVE REQUIREMENT NAS RAISED TO 10 PERCENTAGE POINTS. IN ADDITION, THB BASE UPON HHICH THE
HABGINAL RESERVE REQUIREMENT HAS CALCULATED NAS REDUCED. THIS ACTION INCREASBD REQUIRED BESEBVES ABOUT $1.7
BILLION IN THE HEEK ENDING APBIL 2, 1980. EFFECTIVE HAY 29, 1980, THE MARGINAL BESEBVE BEQUIBEHENT HAS BEDUCED
FROH 10 TO 5 PERCENTAGE POINTS AND THE BASB UPON HHICH THE MARGINAL BESEBVE BEQUIBEHENT NAS CALCULATED HAS RAISED.
THIS ACTION REDUCED REQUIRED RESERVES ABOUT $980 MILLION IN THE HEEK ENDING JUNE 18, 1980. EFFECTIVE JULY 24,
1980, THE 5 PERCENT MARGINAL BBSERVE REQUIBEMENT ON MANAGED LIABILITIES AND THE 2 PEBCENT SUPPLEHENTABY BESEBVE
BEQUIBEHENT AGAINST LARGE TIME DEPOSITS HERE REMOVED. THBSE ACTIONS REDUCED BEQUIBED BESEBVES ABOUT $3.2 BILLION*
2/ BESERVE BALANCES HITH FEDERAL RESERVE BANKS PLUS VAULT CASH AT INSTITUTIONS HITH REQUIRED RESERVE BALANCES
PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. BEGINNING THE HEEK OF AUGUST 19, TOTAL BESEBVES
EXCLUDE REQUIRED CLEARING BALANCES.
3/ INCLUDES BESERVE AND REQUIRED CLEARING BALANCES AT FEDEBAL BESBBVE BANKS IN THE CUBBENT HEEK PLUS VAULT CASH HELD THO
HEEKS EARLIER USED TO SATISFY RESERVE BEQUIBEHENTS AT ALL DEPOSITOBY INSTITUTIONS PLUS CUBBENCY OUTSIDE THB U.S.
TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.
4/ RESERVE AGGREGATES SEBIES HAVE BEEN ADJUSTED TO BEHOVE DISCONTINUITIES ASSOCIATED HITH THE IMPLEMENTATION
OF THE HONETARY CONTROL ACT, MARGINAL RESERVE REQUIREMENTS, THE INCLUSION OF EDGE ACT CORPORATION RESERVES,
AND OTHER CHANGES IN REGULATIONS D AND &. PBIOB TO FEBRUARY 18, 1981, BESEBVE AGGBEGATBS SEBIES HAVE BEEN
ADJUSTED HISTORICALLY TO CONFORM TO THE STRUCTURE OF BESEBVE REQUIREMENTS CUBBENTLY IN EFFECT. BEGINNING
FEBBUABY 18, THE SEBIBS HAVE BEEN ADJUSTED TO REMOVE THB EFFECTS OF SCHEDULED TRANSITIONAL CHANGES IN
RESERVE REQUIREMENTS UNDER THE MCA.
5/ RESERVE MEASURES FOR NOVEHBEB REFLECT INCREASES"IN RBQUI1ED BESEBVES ASSOCIATED HITH THE BBDOCTION OF HEEKEND
AVOIDANCE ACTIVITIES OF A FEH LARGE BANKS. THE BBDUCTION IN THESE ACTIVITIES LBADS TO ESSENTIALLY A ONE-TIME
INCREASE IN THE AVERAGE LEVEL OF BEQUIBED RESERVES THAT NEED TO BE HELD FOB A GIVEN LEVEL OF DEPOSITS ENTERING THB HONEY SUPPLY. IN NOVEMBER, THIS INCBBASE IN BEQUIBED BESERVES IS ESTIMATED AT $550 TO $600 MILLION.
NOTE:

HISTORICAL DATA ABE AVAILABLE FBOH THE BANKING SECTION, DIVISION OF BBSBABCB AND STATISTICS,
BOABD OF GOVERNORS OF THE FEDERAL BESEBVE SYSTEM, NASHINGTON, D . C , 20551.