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: May 17, 2001

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
May 17, 2001
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
 2000-Apr.                40783         40479            39626          1157        572495           304           184           120             0 
      May                 41003         40641            40031           972        574144           362            86           276               
      June                39882         39403            38766          1117        575307           479            90           389               
                                                                                                                                                   
      July                40124         39555            38981          1144        576957           570            60           510               
      Aug.                39643         39064            38639          1004        577531           579            25           554               
      Sep.                39386         38908            38267          1119        578336           477            50           427               
                                                                                                                                                   
      Oct.                39021         38602            37874          1147        579698           418           119           299               
      Nov.                39023         38739            37821          1201        581398           283           124           159               
      Dec.                38507         38297            37182          1325        583967           210            99           111               
                                                                                                                                                   
 2001-Jan.                38827         38754            37574          1253        589402            73            39            34               
      Feb.                38867         38815            37434          1432        591125            51            30            21               
      Mar.                38258         38200            36873          1385        592430            58            38            20               
                                                                                                                                                   
      Apr.                38792         38741            37512          1280        595931            51            15            35               
          
Two weeks ending           
 2001-Mar. 21             37265         37227            36084          1180        591101            38            17            21               
                                                                                                                                                   
      Apr.  4             39254         39195            37507          1747        595563            60            42            18               
           18             38204         38162            37005          1199        595027            42             4            38               
                                                                                                                                                   
      May   2             39324         39265            38105          1218        597108            59            20            39               
 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
 2000-Apr.                 40601         40297         39444        578468         7093         46456         33508         12948   
      May                  41585         41224         40614        580222         7692         44643         33894         10749   
      June                 39363         38884         38247        581687         6610         44560         32753         11807   
                                                                                                                                    
      July                 39884         39315         38741        584283         6802         45473         33082         12391   
      Aug.                 39464         38885         38460        583401         6933         45319         32531         12788   
      Sep.                 39168         38691         38050        583519         6852         44807         32316         12491   
                                                                                                                                    
      Oct.                 38776         38358         37629        585014         6778         45178         31998         13180   
      Nov.                 38786         38502         37584        589120         7156         44546         31629         12917   
      Dec.                 38540         38331         37216        597120         7159         45120         31381         13739   
                                                                                                                                    
 2001-Jan.                 39791         39718         38538        598377         7190         47506         32601         14905   
      Feb.                 39349         39298         37917        595586         6615         48397         32734         15663   
      Mar.                 37715         37657         36329        598195         6737         44020         30978         13043   
                                                                                                                                    
      Apr.                 38595         38544         37315        601794         6866         43646         31729         11917   
          
Two weeks ending           
 2001-Mar. 21              36600         36562         35419        597749         6296         43785         30304         13481            81 
                                                                                                                                                
      Apr.  4              38809         38750         37062        599959         7287         44352         31523         12830            78 
           18              37529         37487         36330        601744         6328         43409         31201         12207           113 
                                                                                                                                                
      May   2              39767         39709         38549        602464         7354         43688         32413         11274           111 
           16p             38200         37854         37306        603235         7168         42642         31032         11609           146 
 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
 2000-Apr.                40631         40327         39474          571657 
      May                 41618         41256         40646          573395 
      June                39404         38925         38287          574811 
                                                                            
      July                39930         39360         38786          577493 
      Aug.                39509         38930         38505          576664 
      Sep.                39224         38746         38105          576836 
                                                                            
      Oct.                38837         38419         37690          578291 
      Nov.                38846         38563         37645          582356 
      Dec.                38596         38386         37271          590200 
                                                                            
 2001-Jan.                39775         39702         38522          591498 
      Feb.                39378         39327         37946          589036 
      Mar.                37762         37705         36377          591364 
                                                                            
      Apr.                38659         38608         37379          594875 
         
Two weeks ending          
 2001-Mar. 21             36645         36607         35465          590746 
                                                                            
      Apr.  4             38866         38807         37119          593251 
           18             37594         37553         36395          594933 
                                                                            
      May   2             39832         39774         38614          595348 
 

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: May 17, 2001