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: September 14, 2000

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
September 14, 2000
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
 1999-Aug.                41910         41566            40750          1160        544354           344            72           271               
      Sep.                41772         41434            40563          1209        550333           338            56           282               
                                                                                                                                                   
      Oct.                41339         41058            40189          1150        557847           281            52           221             8 
      Nov.                41560         41325            40231          1330        569432           236           157            71             7 
      Dec.                41742         41422            40435          1307        591184           320           179            67            74 
                                                                                                                                                   
 2000-Jan.                43116         42742            41095          2020        591999           374           296            31            46 
      Feb.                41636         41529            40525          1112        573593           108            45            44            19 
      Mar.                40463         40284            39258          1205        571441           179           101            71             7 
                                                                                                                                                   
      Apr.                40929         40625            39784          1145        573083           304           184           120             0 
      May                 41357         40995            40414           943        574288           362            86           276               
      June                39958         39478            38894          1064        575627           479            90           389               
                                                                                                                                                   
      July                40258         39688            39190          1068        577264           570            60           510               
      Aug. p              39983         39404            38929          1053        577375           579            25           554               
          
Two weeks ending           
 2000-July 12             39946         39357            38784          1162        576898           589           117           472               
           26             40214         39665            39239           975        577717           549            22           527               
                                                                                                                                                   
      Aug.  9             41129         40548            40026          1102        576873           581            27           555               
           23             39492         38929            38513           979        577805           564            12           552               
                                                                                                                                                   
 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
 1999-Aug.                 41702         41358         40542        550773         7721         44603         33981         10622   
      Sep.                 41314         40976         40105        555336         7646         44448         33669         10779   
                                                                                                                                    
      Oct.                 40733         40451         39583        562681         6777         47039         33956         13083   
      Nov.                 40970         40735         39641        578975         6283         50830         34688         16142   
      Dec.                 41655         41334         40348        607935         5263         60630         36392         24238   
                                                                                                                                    
 2000-Jan.                 44235         43862         42215        604630         5171         74017         39064         34953   
      Feb.                 42097         41989         40985        579208         5074         63770         37023         26747   
      Mar.                 39752         39573         38547        577125         6515         48952         33237         15715   
                                                                                                                                    
      Apr.                 40593         40289         39448        578333         7081         46456         33512         12944   
      May                  41558         41196         40616        580088         7661         44643         33898         10745   
      June                 39217         38738         38153        581433         6460         44560         32757         11802   
                                                                                                                                    
      July                 39668         39098         38600        583838         6582         45475         33086         12389   
      Aug. p               39524         38945         38471        583018         6914         45322         32610         12712   
          
Two weeks ending           
 2000-July 12              39266         38677         38103        584961         6524         45783         32742         13041           110 
           26              39572         39023         38596        583049         6388         44921         33184         11737            16 
                                                                                                                                                
      Aug.  9              40904         40323         39802        583351         7267         46291         33638         12654            16 
           23              38797         38234         37818        582761         6603         45398         32195         13204            61 
                                                                                                                                                
      Sep.  6p             39244         38641         38117        583092         7062         44099         32182         11917            37 
 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
 1999-Aug.                41861         41518         40702          543894 
      Sep.                41496         41158         40287          548405 
                                                                            
      Oct.                40935         40653         39785          555697 
      Nov.                41195         40960         39866          572012 
      Dec.                41889         41568         40581          600632 
                                                                            
 2000-Jan.                44232         43859         42212          596903 
      Feb.                42104         41996         40992          571863 
      Mar.                39764         39585         38559          570237 
                                                                            
      Apr.                40610         40306         39465          571513 
      May                 41579         41217         40636          573256 
      June                39241         38762         38177          574549 
                                                                            
      July                39697         39127         38628          577040 
      Aug. p              39556         38977         38503          576277 
         
Two weeks ending          
 2000-July 12             39293         38704         38131          577990 
           26             39600         39051         38625          576337 
                                                                            
      Aug.  9             40934         40353         39832          576732 
           23             38828         38265         37849          575942 
                                                                            
 

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: September 14, 2000