1 FEDERAL RESERVE STATISTICAL RELEASE 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 --------------------------------------------------- -------------------------------------------------- Special Date total2 nonborrowed3 required excess NSA4 Monetary total6 adjustment seasonal Liquidity base5 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 23p 39492 38928 38519 972 578330 564 12 552 --------------------------------------------------------------------------------------------------------------------------------------------- 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 -------------------------------------- -------------------------------------- Reserve used to Net carryover Date total2 nonborrowed required Monetary base3 balances total satisfy surplus7 of reserve with F.R. required balances8 Banks4 reserves6 ------------------------------------------------------------------------------------------------------------------------------------------- 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 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 ---------------------------------------------------------------------------------- 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 23p 38828 38264 37856 576457 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.