1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time July 15, 1999 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars ------------------------------------------------------------------------------------------------------------------------------------------- Reserves of depository institutions Borrowings of depository institutions from the Federal Reserve, NSA --------------------------------------------------------------- ----------------------------------------- Date total2 nonborrowed3 nonborrowed plus required excess NSA5 Monetary total seasonal extended extended credit4 base6 credit4 ------------------------------------------------------------------------------------------------------------------------------------------- 1998-June 45410 45159 45159 43794 1615 492314 251 159 0 July 44895 44637 44637 43524 1371 494736 258 215 0 Aug. 44983 44712 44712 43453 1530 497869 271 242 0 Sep. 44540 44290 44290 42846 1694 502038 251 178 0 Oct. 44405 44231 44231 42831 1574 505843 174 107 0 Nov. 44497 44414 44414 42873 1624 509144 83 37 0 Dec. 44902 44785 44785 43319 1583 512321 117 15 0 1999-Jan. 45125 44920 44920 43591 1534 516807 206 7 0 Feb. 44551 44435 44435 43336 1215 520843 116 9 0 Mar. 43717 43652 43652 42412 1305 524233 65 18 0 Apr. 43979 43812 43812 42820 1159 528738 166 39 0 May 44360 44233 44233 43105 1256 534857 127 89 0 June p 42865 42720 42720 41604 1261 537582 145 127 0 Two weeks ending 1999-May 19 43653 43551 43551 42560 1093 534003 103 85 0 June 2 44941 44824 44824 43506 1434 536541 117 106 0 16 42523 42410 42410 41369 1154 536820 114 100 0 30p 42910 42730 42730 41567 1343 538493 180 158 0 July 14pe 41540 41209 41209 40495 1045 539889 331 196 0 p--preliminary pe--preliminary estimate 1. Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. For more information, see Table 3. 2. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. Also, see footnote 2 on Table 2 and footnote 2 on Table 3. 3. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. 4. 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. 5. Excess reserves NSA equals unadjusted total reserves Table 2, column 1) less adjusted required reserves Table 2, column 3. 6. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. Also see footnote 3 on Table 2 and footnote 4 on table 3. 1 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 ------------------------------------------------------------------------------------------------------------------------------------------- Reserves of depository institutions Vault cash5 -------------------------------------- -------------------------------------- Reserve used to Net carryover Date total2 nonborrowed required Monetary base3 balances total satisfy surplus7 of reserve with F.R. required balances8 Banks4 reserves6 ------------------------------------------------------------------------------------------------------------------------------------------- 1998-June 45094 44843 43479 497891 9671 42611 35423 7188 July 44598 44340 43227 502128 9645 42030 34953 7077 Aug. 44714 44443 43184 504414 9688 42123 35026 7097 Sep. 44196 43946 42502 507834 9289 42524 34908 7616 Oct. 44117 43943 42543 511359 9027 43268 35089 8179 Nov. 44152 44069 42528 516958 8855 43104 35297 7807 Dec. 45018 44902 43435 525062 9021 44305 35997 8308 1999-Jan. 46345 46139 44811 527587 9658 45499 36687 8812 Feb. 45237 45122 44022 526850 8578 46468 36660 9809 Mar. 43121 43056 41816 530303 8851 42898 34270 8628 Apr. 43645 43478 42486 533491 9238 42163 34407 7756 May 44875 44747 43619 539984 10070 42457 34805 7652 June p 42392 42247 41131 542780 8536 42630 33856 8774 Two weeks ending 1999-May 19 44626 44524 43533 539604 9878 42561 34749 7812 131 June 2 45058 44941 43623 541884 10096 42695 34962 7734 200 16 42037 41924 40883 542726 8546 41827 33492 8335 228 30p 42366 42186 41023 542962 8305 43424 34062 9363 89 July 14pe 41344 41013 40299 547962 7563 44017 33781 10236 207 p--preliminary pe--preliminary estimate 1. Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. 2. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 3. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. Currency and vault cash figures are measured over computation periods ending on Mondays. 4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. requirements. After the introduction of CRR, currency and vault cash figures are measured over computation periods ending on Mondays. 5. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Starting with the maintenance period ended November 25, 1992, each maintenance period for weekly reporters ends 16 days after the lagged computation period in which the vault cash is held. Previously, each maintenance period ended 30 days after the lagged computation period. 6. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 7. Total vault cash held by depository institutions minus the amount applied to satisfy reserve requirements. 8. 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. 1 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 --------------------------------------------------------------------------------- Reserves of depository institutions --------------------------------------- Date total2 nonborrowed required3 Monetary base4 ---------------------------------------------------------------------------------- 1998-June 45145 44894 43529 491113 July 44656 44398 43285 495250 Aug. 44780 44509 43250 497479 Sep. 44273 44023 42579 500983 Oct. 44201 44027 42627 504465 Nov. 44243 44160 42619 510137 Dec. 45118 45002 43535 518278 1999-Jan. 46340 46135 44806 520009 Feb. 45249 45133 44034 519699 Mar. 43141 43076 41836 523353 Apr. 43671 43504 42512 526774 May 44908 44781 43652 533116 June p 42432 42288 41171 535841 Two weeks ending 1999-May 19 44658 44556 43565 532729 June 2 45094 44977 43659 534989 16 42075 41962 40921 535937 30p 42409 42229 41066 535867 July 14pe 41390 41059 40346 541010 p--preliminary pe--preliminary estimate 1. Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. 2. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). 3. To adjust required reserves for discontinuities due to regulatory changes in in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. 4. The break-adjusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. Note: Current and historical H.3 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.