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 06, 1999

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
May 6, 1999
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 nonborrowed plus
extended credit4
required excess NSA5 Monetary
base6
total seasonal extended
credit4
 1998-Apr.                45959         45887            45887         44614          1345        487686            72            41             0 
      May                 45591         45438            45438         44441          1150        489980           153            94             0 
      June                45391         45140            45140         43771          1620        492397           251           159             0 
                                                                                                                                                   
      July                44813         44556            44556         43449          1365        494617           258           215             0 
      Aug.                44997         44726            44726         43484          1513        498169           271           242             0 
      Sep.                44585         44334            44334         42901          1684        502238           251           178             0 
                                                                                                                                                   
      Oct.                44385         44211            44211         42813          1572        505765           174           107             0 
      Nov.                44571         44488            44488         42947          1624        509503            84            37             0 
      Dec.                44905         44788            44788         43321          1584        513037           117            15             0 
                                                                                                                                                   
 1999-Jan.                44885         44679            44679         43350          1535        516642           206             7             0 
      Feb.                44348         44233            44233         43133          1215        520733           116             9             0 
      Mar.                43860         43795            43795         42555          1305        524962            65            18             0 
                                                                                                                                                   
      Apr. pe             44182         44016            44016         43018          1164        528705           166            39             0 
          
Two weeks ending           
 1999-Mar. 10             43988         43966            43966         42688          1300        523493            22            14             0 
           24             43742         43679            43679         42525          1217        524902            63            18             0 
                                                                                                                                                   
      Apr.  7             43912         43782            43782         42424          1487        527181           130            24             0 
           21p            43532         43383            43383         42619           913        525840           149            33             0 
                                                                                                                                                   
      May   5pe           45404         45182            45182         44102          1302        534346           223            59             0 
 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.
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
 1998-Apr.                 46475         46403         45131        494045        11053         41221         35423          5798   
      May                  44805         44652         43655        494889         9646         41504         35159          6344   
      June                 45095         44844         43475        497865         9668         42611         35427          7184   
                                                                                                                                    
      July                 44600         44342         43235        502130         9646         42030         34954          7075   
      Aug.                 44707         44436         43194        504390         9682         42123         35025          7098   
      Sep.                 44193         43943         42509        507797         9284         42524         34909          7614   
                                                                                                                                    
      Oct.                 44115         43942         42544        511357         9026         43268         35090          8178   
      Nov.                 44152         44068         42527        516958         8855         43104         35297          7807   
      Dec.                 45019         44902         43435        525062         9022         44305         35997          8308   
                                                                                                                                    
 1999-Jan.                 46346         46140         44811        527588         9659         45499         36687          8812   
      Feb.                 45237         45122         44022        526849         8578         46468         36660          9809   
      Mar.                 43121         43056         41816        530265         8851         42898         34270          8628   
                                                                                                                                    
      Apr. pe              43644         43478         42481        533956         9238         42162         34406          7755   
          
Two weeks ending           
 1999-Mar. 10              43362         43341         42062        528653         9356         42284         34007          8277           -35 
           24              42830         42767         41613        530386         8309         43524         34521          9004            40 
                                                                                                                                                
      Apr.  7              43360         43230         41872        532328         9213         42525         34147          8378           101 
           21p             42823         42674         41909        532006         8403         42348         34420          7928           211 
                                                                                                                                                
      May   5pe            45145         44922         43843        538257        10557         41591         34588          7003            11 
 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
 1998-Apr.                46525         46453         45181          487297 
      May                 44865         44712         43715          488214 
      June                45171         44920         43552          491113 
                                                                            
      July                44688         44430         43323          495283 
      Aug.                44808         44537         43295          497491 
      Sep.                44310         44059         42626          500987 
                                                                            
      Oct.                44244         44070         42672          504508 
      Nov.                44292         44209         42668          510187 
      Dec.                45172         45055         43589          518333 
                                                                            
 1999-Jan.                46340         46134         44805          520009 
      Feb.                45246         45131         44031          519696 
      Mar.                43136         43072         41831          523313 
                                                                            
      Apr. pe             43665         43499         42502          527237 
         
Two weeks ending          
 1999-Mar. 10             43374         43353         42074          521668 
           24             42845         42782         41628          523336 
                                                                            
      Apr.  7             43379         43249         41891          525617 
           21p            42843         42695         41930          525326 
                                                                            
      May   5pe           45168         44945         43866          531471 
 
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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