Economic Report of the President
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Economic Report of the President

Report - The American Presidency Project

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TABLE B-64.—Aggregate reserves and member bank deposits, 1959-80[Averages <strong>of</strong> daily figures; billions <strong>of</strong> dollars, seasonally adjusted]Year and monthReserves <strong>of</strong> depositoryinstitutions 1Total 2NonborrowedRequiredMonetarybase 3Member bank deposits subject toreserve requirementsTotalTimeandsavingsPrivateAdjusted for changes in reserverequirements 4TotalsitoryinstitutionsU.S.GovernmentNonborrowedRequiredMonetarybase1959: Dec18.6117.6718.1048.3157.854.498.64.816.1215.1815.6145.8I960: Dec1961: Dec1962: Dec .1963: Dec.1964: Dec18.9119.7619.7220.3921.2718.8419.6319.4620.0621.0118.1719.1819.1419.9020.8748.750.251.253.856.5162.2175.4189.1203.7219.158.967.880.192.4104.198.8102.7103.3105.9109.14.64.95.75.45.916.3516.9117.3617.8518.5016.2716.7717.1017.5218.2415.6016.3216.7917.3618.1046.147.348.851.353.81965: Dec1966: Dec1967: Dec1968: Dec1969: Dec22.3423.3924.9127.1828.0721.9022.8624.6926.4326.9521.9223.0524.5426.7527.7859.862.966.572.075.6238.9246.8276.3300.4288.0121.1129.0149.3164.9150.7113.0114.1121.5130.6132.14.83.75.44.95.219.3019.4121.2022.5322.4318.8618.8820.9721.7821.3118.8819.0720.8222.1022.1456.758.962.867.369.91970: Dec1971: Dec1972: Dec1973: Dec1974- Dec29.2231.2831.4034.9836.6628.8931.1530.3533.6835.9428.9731.0931.1134.6836.4179.885.590.298.6106.8321.7361.1402.8443.4487.2179.4211.4242.4280.4323.3136.1143.8154.4158.2160.66.25.86.14.83.323.9825.6328.5330.2532.1523.6525.5027.4828.9531.4223.7325.4428.2529.94318974,679.987.393.910211975: Dec.1976: Dec1977: Dec1978: Dec .1979: Dec34.6734.9036.0041.1643.5734.5434.8535.4340.2942.1034.4034.6335.8140.9343.13111.0118.4127.6142.2153.8504.9528.3567.6616.1644.4337.5353.6385.6428.7451.1164.6171.7178.5185.1191.52.83.03.52.21.832.1732.6734.1036.0337.5132.0432.6233.5335.1636.0331.9032.3933.9135.8037.06107.6115.2124.8136.1146.81980: Dec. P40.1338.4439.58159.8701.8503.9195.91.940.1138.4239.56159.71979:JanFebMarp..-:::June413640.87407540.7040.6740.5340 3639,9039 7639.7838.9039.11411540.6640 5940.5240.5340.31143 2143.4143 9144.6145.1145.9619 0617.5615 4618.7616.0614.7431.2432.9432.3431.8429.8427.6185 8182.71812185.0184.2185.0201.9181.91.92.1361935.7135 6035.5735.5935.56351934.7434 6134.6533.8334.1435 9835.51354435.4035.4535.34137 1137.3137 9138.5139.2140.1JulyAueSeptOctNovDec40:7841.1141.4342.2043.0643.5739.6140.0340.0940.1841.1542.1040.5740.8941.2441.9342.8143.13147.1148.6150.0151.5152.8153.8619.3625.4631.5638.2641.9644.4430.6436.3441.7446.6450.1451.1186.9187.0188.1189.8190.0191.51.82.11.71.71.91.835.8036.0536.2936.8236.9437.5134.6334.9634.9534.8035.0336.0335.5935.8336.1036.5536.6937.06141.2142.6144.0145.2145.8146.81980:JanFeb...MarAprMayJuneJutvAugSeptOctNovDec "43.4443.3543.6744.8544.4543.9642.7840.7541.5241.7341.2340.1342.2041.7040.8542.3943.4343.5842.3940.0940.2140.4239.1738.4443.1943.1443.4844.6544.2743.7642.5040.4541.2641.5240.7339.58154.7155.6156.6157.9158.5158.9158.8158.2159.5160.9160.6159.8643.7647.2649.1655.4656.8658.0658.5667.8678.2684.7694.5701.8451.9454.4457.9464.2467.7467.9467.0474.2482.0486.7494.2503.9189.5190.9189.4188.7187.3188.4189.1191.5194.5195.6198.2195.92.31.91.82.41.81.72.52.11.82.42.21.937.4837.4037.4837.5237.4937.4637.5738.0538.7338.89M0.0640.1136.2335.7534.6535.0636.4737.0837.1837.3937.4137.585 38.0038.4237.2237.1937.2937.3237.3137.2637.2937.7538.4738.695 39.5639.56147.8148.7149.5149.7150.7151.5152.6154.6155.8157.15 159.1159.71 Reserves <strong>of</strong> depository institutions series reflect actual reserve requirement percentages with no adjustment to eliminate <strong>the</strong> effect<strong>of</strong> changes in Regulations D and M. Prior to November 13, 1980, <strong>the</strong> date <strong>of</strong> implementation <strong>of</strong> <strong>the</strong> Monetary Control Act, only <strong>the</strong>reserves <strong>of</strong> commercial banks that were members <strong>of</strong> <strong>the</strong> Federal Reserve System were included in <strong>the</strong> series. Since that date <strong>the</strong> seriesinclude <strong>the</strong> reserves <strong>of</strong> all depository institutions. In conjunction with <strong>the</strong> implementation <strong>of</strong> <strong>the</strong> act, required reserves <strong>of</strong> memberbanks were reduced about $4.3 billion and required reserves <strong>of</strong> o<strong>the</strong>r depository institutions were increased about $1.4 billion. EffectiveOctober 11, 1979, an 8 percentage point marginal reserve requirement was imposed on "managed liabilities". This action raisedrequired reserves about $320 million. Effective March 12, 1980, <strong>the</strong> 8 percentage point marginal reserve requirement was raised to 10percentage points. In addition <strong>the</strong> base upon which <strong>the</strong> marginal reserve requirement was calculated was reduced. This action increasedrequired reserves about $1.7 billion in <strong>the</strong> week ending April 2, 1980. Effective May 29, 1980, <strong>the</strong> marginal reserve requirement wasreduced from 10 to 5 percentage points and <strong>the</strong> base upon which <strong>the</strong> marginal reserve requirement was calculated was raised. Thisaction reduced required reserves about $980 million in <strong>the</strong> week ending June 18, 1980. Effective July 24, 1980, <strong>the</strong> 5 percent marginalreserve requirement on managed liabilities and <strong>the</strong> 2 percent supplementary reserve requirement against large time deposits wereremoved. These actions reduced required reserves about $3.2 billion.2 Reserve balances with Federal Reserve Banks plus vault cash at institutions with required reserve balances plus vault cash equal torequired reserves at o<strong>the</strong>r institutions.3 Includes reserve balances at Federal Reserve Banks in <strong>the</strong> current week plus vault cash held two weeks earlier used to satisfyreserve requirements at all depository institutions plus currency outside <strong>the</strong> U.S. Treasury, Federal Reserve Banks, <strong>the</strong> vaults <strong>of</strong>depository institutions, and surplus vault cash at depository institutions.4 Reserve aggregates series have been adjusted to remove discontinuities associated with <strong>the</strong> implementation <strong>of</strong> <strong>the</strong> Monetary ControlAct, marginal reserve requirements, <strong>the</strong> inclusions <strong>of</strong> Edge Act Corporation reserves, and o<strong>the</strong>r changes in Regulations D, K, and M.5 Reserve measures beginning November reflect increases in required reserves associated with <strong>the</strong> reduction <strong>of</strong> weekend avoidanceactivities <strong>of</strong> a few large banks. The reduction in <strong>the</strong>se activities leads to essentially a one-time increase in <strong>the</strong> average level <strong>of</strong> requiredreserves that need to be held for a given level <strong>of</strong> deposits entering <strong>the</strong> money supply. In November, this increase in required reserves isestimated at $550 to $600 million.Source: Board <strong>of</strong> Governors <strong>of</strong> <strong>the</strong> Federal Reserve System.307

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