1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time May 24, 2001 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 ------------------------------------------------------------------------------------------------------------------------------------------- 2000-Apr. 40783 40479 39626 1157 572495 304 184 120 0 May 41003 40641 40031 972 574144 362 86 276 June 39882 39403 38766 1117 575307 479 90 389 July 40124 39555 38981 1144 576957 570 60 510 Aug. 39643 39064 38639 1004 577531 579 25 554 Sep. 39386 38908 38267 1119 578336 477 50 427 Oct. 39021 38602 37874 1147 579698 418 119 299 Nov. 39023 38739 37821 1201 581398 283 124 159 Dec. 38507 38297 37182 1325 583967 210 99 111 2001-Jan. 38827 38754 37574 1253 589402 73 39 34 Feb. 38867 38815 37434 1432 591125 51 30 21 Mar. 38258 38200 36873 1385 592430 58 38 20 Apr. 38791 38740 37513 1278 595928 51 15 35 Two weeks ending 2001-Mar. 21 37265 37227 36084 1180 591101 38 17 21 Apr. 4 39254 39195 37507 1747 595563 60 42 18 18 38201 38160 37005 1197 595025 42 4 38 May 2 39324 39265 38107 1216 597104 59 20 39 16p 38032 37687 37140 892 597159 346 267 79 --------------------------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------------------------------------------------------------------------------------------- 2000-Apr. 40601 40297 39444 578468 7093 46456 33508 12948 May 41585 41224 40614 580222 7692 44643 33894 10749 June 39363 38884 38247 581687 6610 44560 32753 11807 July 39884 39315 38741 584283 6802 45473 33082 12391 Aug. 39464 38885 38460 583401 6933 45319 32531 12788 Sep. 39168 38691 38050 583519 6852 44807 32316 12491 Oct. 38776 38358 37629 585014 6778 45178 31998 13180 Nov. 38786 38502 37584 589120 7156 44546 31629 12917 Dec. 38540 38331 37216 597120 7159 45120 31381 13739 2001-Jan. 39791 39718 38538 598377 7190 47506 32601 14905 Feb. 39349 39298 37917 595586 6615 48397 32734 15663 Mar. 37715 37657 36329 598195 6737 44020 30978 13043 Apr. 38594 38543 37316 601792 6864 43646 31730 11916 Two weeks ending 2001-Mar. 21 36600 36562 35419 597749 6296 43785 30304 13481 81 Apr. 4 38809 38750 37062 599959 7287 44352 31523 12830 78 18 37527 37485 36330 601742 6326 43409 31201 12207 113 May 2 39767 39709 38551 602461 7351 43688 32416 11271 110 16p 38195 37850 37303 603722 7164 42641 31032 11609 145 -------------------------------------------------------------------------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------------- 2000-Apr. 40631 40327 39474 571657 May 41618 41256 40646 573395 June 39404 38925 38287 574811 July 39930 39360 38786 577493 Aug. 39509 38930 38505 576664 Sep. 39224 38746 38105 576836 Oct. 38837 38419 37690 578291 Nov. 38846 38563 37645 582356 Dec. 38596 38386 37271 590200 2001-Jan. 39775 39702 38522 591498 Feb. 39378 39327 37946 589036 Mar. 37762 37705 36377 591364 Apr. 38658 38607 37380 594872 Two weeks ending 2001-Mar. 21 36645 36607 35465 590746 Apr. 4 38866 38807 37119 593251 18 37592 37550 36395 594930 May 2 39832 39774 38616 595345 16p 38270 37924 37378 596887 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.