1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time October 7, 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 --------------------------------------------------- -------------------------------------------------- Special Date total2 nonborrowed3 required excess NSA4 Monetary total6 adjustment seasonal Liquidity base5 Facility7 ------------------------------------------------------------------------------------------------------------------------------------------- 1998-Sep. 44540 44290 42846 1694 502038 251 73 178 Oct. 44405 44231 42831 1574 505843 174 67 107 Nov. 44497 44414 42873 1624 509144 83 47 37 Dec. 44902 44785 43319 1583 512321 117 101 15 1999-Jan. 45125 44920 43591 1534 516807 206 199 7 Feb. 44551 44435 43336 1215 520843 116 106 9 Mar. 43717 43652 42412 1305 524233 65 47 18 Apr. 43979 43812 42820 1159 528741 166 128 39 May 44360 44233 43105 1256 534860 127 39 89 June 42867 42722 41606 1261 537625 145 18 127 July 41978 41669 40902 1076 541201 309 83 226 Aug. 42067 41723 40938 1129 544369 344 72 271 Sep. p 42254 41915 41114 1140 548964 338 56 282 Two weeks ending 1999-Aug. 11 41950 41541 40871 1078 543167 409 146 263 25 41864 41560 40730 1134 544299 304 31 273 Sep. 8 42756 42438 41548 1207 546736 318 35 284 22 42106 41783 41136 970 548874 323 48 276 Oct. 6p 42010 41624 40641 1369 551349 386 92 294 1 --------------------------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------------------------------------------------------------------------------------------- 1998-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 42164 34407 7757 May 44875 44747 43619 539984 10070 42459 34805 7654 June 42394 42249 41133 542818 8539 42632 33856 8776 July 41802 41493 40726 548064 7797 44059 34005 10054 Aug. 41871 41527 40742 550814 7802 44664 34069 10595 Sep. p 41927 41588 40787 554633 7705 44519 34222 10297 Two weeks ending 1999-Aug. 11 42046 41637 40967 549971 7923 44994 34123 10871 29 25 41423 41119 40289 550531 7421 44786 34003 10783 -12 Sep. 8 42596 42278 41388 553021 8470 43774 34126 9648 82 22 41740 41417 40770 555123 7441 44556 34300 10256 199 Oct. 6p 41584 41199 40215 555388 7402 45199 34183 11016 -63 -------------------------------------------------------------------------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------------- 1998-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 533116 June 42434 42290 41173 535881 July 41848 41539 40772 540978 Aug. 41923 41579 40794 543823 Sep. p 41988 41649 40848 547574 Two weeks ending 1999-Aug. 11 42095 41686 41016 542940 25 41475 41171 40341 543545 Sep. 8 42653 42335 41446 546089 22 41801 41478 40830 548139 Oct. 6p 41649 41264 40280 548071 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.