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: August 24, 2000

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
August 24, 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-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        591970           374           296            31            46 
      Feb.                41635         41527            40521          1113        573501           108            45            44            19 
      Mar.                40453         40274            39244          1209        571368           179           101            71             7 
                                                                                                                                                   
      Apr.                40919         40615            39768          1152        572866           304           184           120             0 
      May                 41354         40992            40388           966        574142           362            86           276               
      June                39961         39482            38826          1136        575639           479            90           389               
                                                                                                                                                   
      July                40256         39687            39131          1125        577277           570            60           510               
          
Two weeks ending           
 2000-June 28             40531         40060            39252          1279        576925           471            43           428               
                                                                                                                                                   
      July 12             39957         39368            38722          1235        576969           589           117           472               
           26             40219         39670            39192          1027        577701           549            22           527               
                                                                                                                                                   
      Aug.  9             41079         40498            39946          1133        576825           581            27           555               
 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-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        604631         5169         74015         39063         34952   
      Feb.                 42095         41987         40982        579215         5078         63764         37017         26747   
      Mar.                 39742         39563         38533        577124         6515         48946         33227         15719   
                                                                                                                                    
      Apr.                 40584         40280         39433        578327         7078         46453         33507         12946   
      May                  41555         41193         40589        580081         7660         44632         33895         10737   
      June                 39222         38743         38087        581439         6465         44563         32757         11806   
                                                                                                                                    
      July                 39667         39098         38542        583833         6577         45473         33090         12383   
          
Two weeks ending           
 2000-June 28              39752         39281         38473        580784         6420         45105         33332         11773            89 
                                                                                                                                                
      July 12              39277         38688         38042        584969         6530         45782         32747         13035           138 
           26              39578         39029         38550        583051         6390         44916         33188         11729            64 
                                                                                                                                                
      Aug.  9              40855         40274         39722        583296         7212         46292         33643         12650            21 
           23p             38797         38233         37824        583276         6601         45398         32196         13202            50 
 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-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          596904 
      Feb.                42102         41994         40989          571870 
      Mar.                39754         39575         38545          570236 
                                                                            
      Apr.                40600         40296         39449          571507 
      May                 41575         41213         40610          573249 
      June                39246         38767         38111          574555 
                                                                            
      July                39696         39126         38571          577035 
         
Two weeks ending          
 2000-June 28             39777         39306         38498          573901 
                                                                            
      July 12             39305         38716         38070          577997 
           26             39606         39057         38579          576339 
                                                                            
      Aug.  9             40885         40304         39752          576678 
 

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: August 24, 2000