Federal Reserve Statistical Release, H.3, Aggregate Reserves of Depository Institutions and the Monetary Base; title with eagle logo links to Statistical Release home page

Release Date: February 03, 2000

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
February 3, 2000
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 required excess NSA4 Monetary
base5
total6 adjustment seasonal Special
Liquidity
Facility7
 1998-Dec.                44902         44785            43319          1583        512594           117           101            15               
                                                                                                                                                   
 1999-Jan.                45125         44920            43591          1534        517171           206           199             7               
      Feb.                44551         44435            43336          1215        520745           116           106             9               
      Mar.                43717         43652            42412          1305        523829            65            47            18               
                                                                                                                                                   
      Apr.                43979         43812            42820          1159        528233           166           128            39               
      May                 44360         44233            43105          1256        534029           127            39            89               
      June                42867         42722            41606          1261        537147           145            18           127               
                                                                                                                                                   
      July                41978         41669            40902          1076        541251           309            83           226               
      Aug.                42067         41723            40938          1129        544628           344            72           271               
      Sep.                42113         41774            40916          1197        550215           338            56           282               
                                                                                                                                                   
      Oct.                40943         40661            39790          1153        557742           281            52           221             8 
      Nov.                41198         40962            39864          1334        569729           236           157            71             7 
      Dec.                41537         41217            40225          1311        590772           320           179            67            74 
          
Two weeks ending           
 1999-Dec.  1             41330         41197            39960          1370        573923           133            64            62             7 
           15             40947         40766            39849          1098        581649           181            94            61            27 
           29             41817         41392            40556          1261        599039           425           222            79           124 
                                                                                                                                                   
 2000-Jan. 12             43805         43148            40675          3129        605185           657           530            38            90 
           26p            43240         43017            41828          1413        585075           224           180            28            17 
 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. Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less adjusted required reserves (Table 2, column 3).
5. 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.)
6. Total borrowing includes borrowing under the extended credit program.
7. Borrowing at the discount window under the terms and conditions established for Century Date Change Special Liquidity Facility in effect
from October 1, 1999 through April 7, 2000.
 

p--preliminary
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  
Date total2 nonborrowed required Monetary base3 Reserve
balances
with F.R
Banks4
total used to
satisfy
required
reserves6
surplus7 Net carryover
of reserve
balances8
 1998-Dec.                 45018         44902         43435        525062         9021         44293         35997          8296   
                                                                                                                                    
 1999-Jan.                 46345         46139         44811        527587         9658         45453         36687          8766   
      Feb.                 45237         45122         44022        526850         8578         46473         36660          9813   
      Mar.                 43121         43056         41816        530303         8851         42909         34270          8639   
                                                                                                                                    
      Apr.                 43645         43478         42486        533491         9238         42166         34407          7759   
      May                  44875         44747         43619        539984        10070         42590         34805          7786   
      June                 42394         42249         41133        542818         8539         42623         33856          8768   
                                                                                                                                    
      July                 41802         41493         40726        548065         7797         44080         34005         10075   
      Aug.                 41871         41527         40742        550860         7802         44603         34069         10533   
      Sep.                 41787         41449         40590        555185         7698         44447         34089         10359   
                                                                                                                                    
      Oct.                 40702         40420         39549        562639         6768         47029         33933         13096   
      Nov.                 40944         40709         39610        579016         6285         50753         34660         16093   
      Dec.                 41660         41340         40349        607869         5260         60498         36400         24098   
          
Two weeks ending           
 1999-Dec.  1              41397         41264         40027        585790         5927         52812         35470         17342            87 
           15              40780         40599         39682        596716         5434         56692         35346         21346           166 
           29              42217         41792         40956        617542         4888         63662         37329         26333            66 
                                                                                                                                                
 2000-Jan. 12              44063         43406         40934        629275         6314         68850         37749         31101          -137 
           26p             44956         44732         43543        592291         4660         75758         40296         35461           107 
                                                                                                                                                
 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.
5. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt
from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements.
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 eligible to satisfy reserve requirements, held by depository institutions not exempt from reserve requirements, minus the
amount used 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.
p--preliminary
 
 
 
 
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 base
 1998-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                42434         42290         41173          535881 
                                                                            
      July                41848         41539         40772          540979 
      Aug.                41923         41579         40794          543869 
      Sep.                41848         41510         40651          548126 
                                                                            
      Oct.                40768         40487         39616          555512 
      Nov.                41016         40780         39682          571891 
      Dec.                41736         41415         40424          600399 
         
Two weeks ending          
 1999-Dec.  1             41472         41339         40102          578607 
           15             40859         40678         39761          589548 
           29             42302         41877         41041          609816 
                                                                            
 2000-Jan. 12             44042         43385         40912          621337 
           26p            44949         44726         43537          584662 
 

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,

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Last update: February 03, 2000