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: October 29, 2001

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For release at
4:30 PM EST
H.3 (502)                                        June 8, 2000
 

SPECIAL NOTICE
Data for reserves and the monetary base have been updated to incorporate
revisions to historical data that are not seasonally adjusted (n.s.a.) and to
the factors that adjust for discontinuities in required reserves, including
annual indexations of the low reserve tranche and the reserve requirement
exemption levels (break factors). Starting in February 1984, seasonal factors
for required reserves and the surplus vault cash component of the monetary
base have been re-estimated using the revised break-adjusted n.s.a.
data.(fn.1)
 

The revisions to break-adjusted, seasonally adjusted data for any maintenance
period generally were small, with a few exceptions that amount to about $600
million for reserves and about $1.5 billion for the monetary base in
individual periods. The historical revisions to n.s.a. data for reserves and
the monetary base reflect a re-aggregation of revised data from depository
institutions.

The revisions to the break-adjusted data for reserves and the monetary base
that result from annual indexations begin in January 1999. The actual 2000
low reserve tranche and reserve requirement exemption levels are a bit lower
than those estimated in early 1999. The differences between the actual and
the previously estimated low reserve tranche and exemption levels result in
upward adjustments to the 1999 data of less than $200 million.
 

To make 2000 data comparable with historical data, the 2000 data have been
break-adjusted using estimates of the low reserve tranche and reserve
requirement exemption that will take effect in January 2001. The estimate for
the low reserve tranche for 2001 was updated by extrapolating the actual
growth rate of seasonally adjusted net transaction deposits from June 1999 to
April 2000, and that for the reserve requirement exemption was updated by
extrapolating the actual growth rate of total reservable liabilities over the
same period. The updated estimates of $43.7 million for the low reserve
tranche and $5.1 million for the exemption level are close to preliminary
estimates made last year, resulting in revisions to the 2000 data under $20
million.
 

Revised historical data for measures of reserves will soon be available in
printed form from the Monetary and Reserve Analysis Section, Division of
Monetary Affairs, Mail Stop 72, Board of Governors of the Federal Reserve
System, NW, Washington, DC 20551, (202) 452-3062. See the note at the end of
table 3 of this release for information on how to obtain current and
historical data for the reserve aggregates and the monetary base as well as
their components through the Federal Reserve's web site and other electronic
means.
 

     1. The Monetary Control Act of 1980 established a reserve ratio of 3
percent against the first $25 million in net transaction deposits (low
reserve tranche) at each depository institution. Since 1982, the low
reserve tranche has been indexed each January by 80 percent of the
previous year's (June 30 to June 30) growth rate of net transaction
deposits at all depository institutions. At present, the low reserve
tranche is $44.3 million.
Under the Garn-St Germain Depository Institutions Act of 1982, the first
$2 million of reservable liabilities of each depository institution was
exempted from reserve requirements. Since 1983, this exemption amount has
been indexed each year by 80 percent of the rate of increase of the
reservable liabilities at all depository institutions over the preceding
year (June 30 to June 30). At present, the reserve exemption level is
$5.0 million.
Both of these indexations take effect each year in a reserve maintenance
period that begins around January 1 for weekly respondents to the FR 2900
report.
1




FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
June 8, 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
 1999-May                 44381         44254            43159          1222        533813           127            39            89               
      June                42758         42613            41463          1295        536549           145            18           127               
                                                                                                                                                   
      July                42035         41726            40911          1124        540488           309            83           226               
      Aug.                41910         41566            40750          1160        544354           344            72           271               
      Sep.                41772         41434            40563          1209        550333           338            56           282               
                                                                                                                                                   
      Oct.                41339         41058            40189          1150        557847           281            52           221             8 
      Nov.                41560         41325            40231          1330        569432           236           157            71             7 
      Dec.                41742         41422            40434          1308        591188           320           179            67            74 
                                                                                                                                                   
 2000-Jan.                43113         42739            41088          2025        591965           374           296            31            46 
      Feb.                41635         41527            40521          1113        573419           108            45            44            19 
      Mar.                40453         40274            39244          1209        571162           179           101            71             7 
                                                                                                                                                   
      Apr.                40919         40615            39768          1152        572449           304           184           120             0 
      May  p              41347         40985            40390           957        573445           362            86           276               
          
Two weeks ending           
 2000-Apr.  5             41093         40904            39461          1632        572332           189           104            85             0 
           19             40322         39954            39238          1083        572286           368           264           104             0 
                                                                                                                                                   
      May   3             41601         41325            40581          1019        572708           276           120           156               
           17             40573         40271            39660           913        572704           303            65           238               
           31p            42066         41626            41078           987        574344           440           100           340               
 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
 1999-May                  44828         44700         43606        539942        10019         42590         34809          7781   
      June                 42331         42186         41036        542732         8467         42624         33864          8760   
                                                                                                                                    
      July                 41762         41452         40637        548006         7745         44081         34017         10064   
      Aug.                 41702         41358         40542        550773         7721         44603         33981         10622   
      Sep.                 41314         40976         40105        555336         7646         44448         33669         10779   
                                                                                                                                    
      Oct.                 40733         40451         39583        562681         6777         47039         33956         13083   
      Nov.                 40970         40735         39641        578975         6283         50830         34688         16142   
      Dec.                 41655         41334         40347        607934         5263         60630         36392         24238   
                                                                                                                                    
 2000-Jan.                 44232         43859         42207        604626         5169         74015         39063         34952   
      Feb.                 42095         41987         40982        579134         5078         63764         37017         26747   
      Mar.                 39742         39563         38533        576917         6515         48946         33227         15719   
                                                                                                                                    
      Apr.                 40584         40280         39433        577910         7078         46454         33507         12947   
      May  p               41548         41186         40591        579385         7655         44634         33893         10740   
          
Two weeks ending           
 2000-Apr.  5              40516         40327         38883        577090         7186         48613         33330         15283            61 
           19              39600         39232         38516        578091         6715         47144         32885         14259            84 
                                                                                                                                                
      May   3              41869         41593         40849        578052         7491         44594         34378         10216            71 
           17              40842         40540         39929        579048         7615         44116         33227         10889            91 
           31p             42185         41745         41198        580008         7730         45160         34455         10705           115 
 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
 1999-May                 44925         44798         43703          533142 
      June                42446         42301         41151          535874 
                                                                            
      July                41899         41590         40775          541017 
      Aug.                41861         41518         40702          543894 
      Sep.                41496         41158         40287          548405 
                                                                            
      Oct.                40935         40653         39785          555697 
      Nov.                41195         40960         39866          572012 
      Dec.                41889         41568         40580          600632 
                                                                            
 2000-Jan.                44229         43856         42204          596899 
      Feb.                42102         41994         40989          571789 
      Mar.                39754         39575         38545          570029 
                                                                            
      Apr.                40600         40296         39449          571090 
      May  p              41568         41206         40611          572552 
         
Two weeks ending          
 2000-Apr.  5             40530         40341         38897          570107 
           19             39616         39249         38533          571315 
                                                                            
      May   3             41885         41610         40866          571251 
           17             40861         40559         39948          572139 
           31p            42207         41767         41220          573244 
 
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.

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Last update: October 29, 2001