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: November 19, 1998

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
November 19, 1998
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements1
Averages of daily figures, seasonally adjusted unless noted otherwise
  Reserves of depository institutions   Borrowings of depository institutions from
the Federal Reserve, NSA
Date total2 nonborrowed3 nonborrowed pus required excess NSA5
Monetary total seasonal extended
credit4
 1997-Oct.               45958        45688           45688        44562         1396       471983          270          227            0 
      Nov.               46301        46148           46148        44693         1609       476178          153          115  
      Dec.               46669        46345           46345        44986         1683       480152          324           79  
                                                                                                                              
 1998-Jan.               46501        46291           46291        44721         1780       482837          210           18  
      Feb.               45722        45664           45664        44198         1524       484226           58           12  
      Mar.               46045        46004           46004        44731         1314       485860           41           22  
                                                                                                                              
      Apr.               45959        45887           45887        44614         1345       487203           72           41  
      May                45591        45438           45438        44441         1150       489102          153           94  
      June               45391        45140           45140        43771         1620       491634          251          159  
                                                                                                                              
      July               44813        44556           44556        43449         1365       493698          258          215  
      Aug.               44997        44726           44726        43484         1513       497374          271          242  
      Sep.               44585        44334           44334        42901         1684       502159          251          178  
                                                                                                                              
      Oct. p             44391        44217           44217        42812         1579       506061          174          107  
          
Two weeks ending           
 1998-Sep. 23            44019        43829           43829        42634         1384       502121          190          171  
                                                                                                                              
      Oct.  7            44773        44394           44394        42794         1978       505243          379          152  
           21            43806        43684           43684        42605         1200       504959          122          105  
                                                                                                                              
      Nov.  4p           44944        44841           44841        43115         1829       508177          103           79  
           18pe          43750        43668           43668        42198         1552       506535           82           40  
 p--preliminary     pe--preliminary estimate
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. Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credit program
to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing
promptly as there is with traditional short-term adjustment credit, the money market impact of extended credit is similar to that of
nonborrowed reserves.
5. Excess reserves NSA equals unadjusted total reserves Table 2, column 1) less adjusted required reserves Table 2, column 3.
6. 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.
 
 
 

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
 1997-Oct.                45621        45351        44225       477279        9990        42211        35631         6581  
      Nov.                46442        46290        44834       483495       10550        42851        35892         6959  
      Dec.                47880        47555        46196       491919       10673        44707        37206         7500  
                                                                                                                           
 1998-Jan.                47495        47285        45714       491608        9732        47336        37762         9574  
      Feb.                44974        44916        43450       488411        9394        43167        35580         7587  
      Mar.                45507        45466        44193       490964       10138        41598        35370         6228  
                                                                                                                           
      Apr.                46475        46403        45131       494109       11053        41215        35423         5792  
      May                 44805        44652        43655       494953        9646        41482        35159         6323  
      June                45095        44844        43475       497929        9668        42635        35427         7208  
                                                                                                                           
      July                44600        44342        43235       502195        9646        42035        34954         7081  
      Aug.                44707        44436        43194       504455        9682        42121        35025         7095  
      Sep.                44193        43943        42509       507853        9284        42579        34909         7670  
                                                                                                                           
      Oct. p              44122        43948        42543       511403        9033        43348        35089         8258  
Two weeks ending           
 1998-Sep. 23             43477        43288        42093       507941        8439        42900        35039         7862           85 
                  
                  
                                                                                                                     
var01        44493        44114        42514       509236        9588        42948        34905         8043           33 
           21             43720        43598        42520       511779        8400        44084        35321         8763          265 
                                                                                                                                       
      Nov.  4p            44426        44323        42597       512395        9531        42598        34895         7703          131 
           18pe           43475        43393        41923       514012        8541        43080        34934         8146          289 
 p--preliminary     pe--preliminary estimate
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.
requirements. After the introduction of CRR, currency and vault cash figures are measured over computation periods ending on Mondays.
5. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Starting with the maintenance
period ended November 25, 1992, each maintenance period for weekly reporters ends 16 days after the lagged computation period in which
the vault cash is held. Previously, each maintenance period ended 30 days after the lagged computation period.
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 held by depository institutions minus the amount applied to satisfy reserve requirements.
8. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+)
 
 
 
 

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
 1997-Oct.               45693        45424        44297         470406 
      Nov.               46521        46368        44913         476607 
      Dec.               47971        47647        46288         485113 
                                                                        
 1998-Jan.               47486        47277        45706         484408 
      Feb.               44993        44935        43469         481348 
      Mar.               45543        45501        44228         483999 
                                                                        
      Apr.               46525        46453        45181         487361 
      May                44865        44712        43715         488278 
      June               45171        44920        43552         491177 
                                                                        
      July               44688        44430        43323         495347 
      Aug.               44808        44537        43295         497556 
      Sep.               44310        44059        42626         501043 
                                                                        
      Oct. p             44251        44077        42672         504552 
Two weeks ending      
 1998-Sep. 23            43593        43403        42208         501146 
                                                                        
      Oct.  7            44618        44240        42640         502361 
           21            43848        43726        42648         504875 
                                                                        
      Nov.  4p           44557        44454        42728         505633 
           18pe          43611        43529        42059         507324 
 
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: Historical data are available from the Money and Reserves Projections Section,
Division of Monetary Affairs, Board of Governors of The Federal Reserve System,
Washington, D.C. 20551


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Last update: November 19, 1998