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: July 08, 1999

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
July 8, 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-June                45410         45159            45159         43794          1615        492314           251           159             0 
                                                                                                                                                   
      July                44895         44637            44637         43524          1371        494736           258           215             0 
      Aug.                44983         44712            44712         43453          1530        497869           271           242             0 
      Sep.                44540         44290            44290         42846          1694        502038           251           178             0 
                                                                                                                                                   
      Oct.                44405         44231            44231         42831          1574        505843           174           107             0 
      Nov.                44497         44414            44414         42873          1624        509144            83            37             0 
      Dec.                44902         44785            44785         43319          1583        512321           117            15             0 
                                                                                                                                                   
 1999-Jan.                45125         44920            44920         43591          1534        516807           206             7             0 
      Feb.                44551         44435            44435         43336          1215        520843           116             9             0 
      Mar.                43717         43652            43652         42412          1305        524233            65            18             0 
                                                                                                                                                   
      Apr.                43979         43812            43812         42820          1159        528738           166            39             0 
      May                 44360         44233            44233         43105          1256        534830           127            89             0 
      June p              42874         42730            42730         41601          1273        537532           145           127             0 
          
Two weeks ending           
 1999-May   5             44947         44725            44725         43666          1281        533206           223            59             0 
           19             43653         43551            43551         42560          1093        533984           103            85             0 
                                                                                                                                                   
      June  2             44941         44824            44824         43506          1434        536492           117           106             0 
           16             42516         42403            42403         41366          1150        536753           114           100             0 
           30p            42937         42757            42757         41565          1372        538458           180           158             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-June                 45094         44843         43479        497891         9671         42611         35423          7188   
                                                                                                                                    
      July                 44598         44340         43227        502128         9645         42030         34953          7077   
      Aug.                 44714         44443         43184        504414         9688         42123         35026          7097   
      Sep.                 44196         43946         42502        507834         9289         42524         34908          7616   
                                                                                                                                    
      Oct.                 44117         43943         42543        511359         9027         43268         35089          8179   
      Nov.                 44152         44069         42528        516958         8855         43104         35297          7807   
      Dec.                 45018         44902         43435        525062         9021         44305         35997          8308   
                                                                                                                                    
 1999-Jan.                 46345         46139         44811        527587         9658         45499         36687          8812   
      Feb.                 45237         45122         44022        526850         8578         46468         36660          9809   
      Mar.                 43121         43056         41816        530303         8851         42898         34270          8628   
                                                                                                                                    
      Apr.                 43645         43478         42486        533491         9238         42163         34407          7756   
      May                  44875         44747         43619        539957        10070         42457         34805          7652   
      June p               42401         42257         41128        542730         8546         42630         33855          8775   
          
Two weeks ending           
 1999-May   5              45133         44910         43852        536490        10547         41593         34586          7008             9 
           19              44626         44524         43533        539585         9878         42561         34749          7812           131 
                                                                                                                                                
      June  2              45058         44941         43623        541835        10096         42695         34962          7734           200 
           16              42030         41917         40880        542659         8540         41827         33491          8336           228 
           30p             42393         42213         41021        542929         8332         43424         34062          9362            83 
                                                                                                                                                
 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-June                45145         44894         43529          491113 
                                                                            
      July                44656         44398         43285          495250 
      Aug.                44780         44509         43250          497479 
      Sep.                44273         44023         42579          500983 
                                                                            
      Oct.                44201         44027         42627          504465 
      Nov.                44243         44160         42619          510137 
      Dec.                45118         45002         43535          518278 
                                                                            
 1999-Jan.                46340         46135         44806          520009 
      Feb.                45249         45133         44034          519699 
      Mar.                43141         43076         41836          523353 
                                                                            
      Apr.                43671         43504         42512          526774 
      May                 44908         44781         43652          533089 
      June p              42442         42297         41169          535791 
         
Two weeks ending          
 1999-May   5             45160         44938         43879          529707 
           19             44658         44556         43565          532710 
                                                                            
      June  2             45094         44977         43659          534940 
           16             42068         41955         40918          535870 
           30p            42436         42256         41064          535834 
                                                                            
 
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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