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Release Date: November 19, 1998
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
November 19, 1998
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
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Reserves of depository institutions Borrowings of depository institutions from
the Federal Reserve, NSA
--------------------------------------------------------------- -----------------------------------------
Date total2 nonborrowed3 nonborrowed plus required excess NSA5 Monetary total seasonal extended
extended credit4 base6 credit4
-------------------------------------------------------------------------------------------------------------------------------------------
1997-Oct. 45958 45688 45688 44562 1396 471983 270 227 0
Nov. 46301 46148 46148 44693 1609 476178 153 115 0
Dec. 46669 46345 46345 44986 1683 480152 324 79 0
1998-Jan. 46501 46291 46291 44721 1780 482837 210 18 0
Feb. 45722 45664 45664 44198 1524 484226 58 12 0
Mar. 46045 46004 46004 44731 1314 485860 41 22 0
Apr. 45959 45887 45887 44614 1345 487203 72 41 0
May 45591 45438 45438 44441 1150 489102 153 94 0
June 45391 45140 45140 43771 1620 491634 251 159 0
July 44813 44556 44556 43449 1365 493698 258 215 0
Aug. 44997 44726 44726 43484 1513 497374 271 242 0
Sep. 44585 44334 44334 42901 1684 502159 251 178 0
Oct. p 44391 44217 44217 42812 1579 506061 174 107 0
Two weeks ending
1998-Sep. 23 44019 43829 43829 42634 1384 502121 190 171 0
Oct. 7 44773 44394 44394 42794 1978 505243 379 152 0
21 43806 43684 43684 42605 1200 504959 122 105 0
Nov. 4p 44944 44841 44841 43115 1829 508177 103 79 0
18pe 43750 43668 43668 42198 1552 506535 82 40 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
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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
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1997-Oct. 45621 45351 44225 477279 9990 42211 35631 6581
Nov. 46442 46290 44834 483495 10550 42851 35892 6959
Dec. 47880 47555 46196 491919 10673 44707 37206 7500
1998-Jan. 47495 47285 45714 491608 9732 47336 37762 9574
Feb. 44974 44916 43450 488411 9394 43167 35580 7587
Mar. 45507 45466 44193 490964 10138 41598 35370 6228
Apr. 46475 46403 45131 494109 11053 41215 35423 5792
May 44805 44652 43655 494953 9646 41482 35159 6323
June 45095 44844 43475 497929 9668 42635 35427 7208
July 44600 44342 43235 502195 9646 42035 34954 7081
Aug. 44707 44436 43194 504455 9682 42121 35025 7095
Sep. 44193 43943 42509 507853 9284 42579 34909 7670
Oct. p 44122 43948 42543 511403 9033 43348 35089 8258
Two weeks ending
1998-Sep. 23 43477 43288 42093 507941 8439 42900 35039 7862 85
Oct. 7 44493 44114 42514 509236 9588 42948 34905 8043 33
21 43720 43598 42520 511779 8400 44084 35321 8763 265
Nov. 4p 44426 44323 42597 512395 9531 42598 34895 7703 131
18pe 43475 43393 41923 514012 8541 43080 34934 8146 289
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 (+)
or deficit (-) reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown.
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
----------------------------------------------------------------------------------
1997-Oct. 45693 45424 44297 470406
Nov. 46521 46368 44913 476607
Dec. 47971 47647 46288 485113
1998-Jan. 47486 47277 45706 484408
Feb. 44993 44935 43469 481348
Mar. 45543 45501 44228 483999
Apr. 46525 46453 45181 487361
May 44865 44712 43715 488278
June 45171 44920 43552 491177
July 44688 44430 43323 495347
Aug. 44808 44537 43295 497556
Sep. 44310 44059 42626 501043
Oct. p 44251 44077 42672 504552
Two weeks ending
1998-Sep. 23 43593 43403 42208 501146
Oct. 7 44618 44240 42640 502361
21 43848 43726 42648 504875
Nov. 4p 44557 44454 42728 505633
18pe 43611 43529 42059 507324
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: Historical data are available from the Money and Reserves Projections Section,
Division of Monetary Affairs, Board of Governors of The Federal Reserve System,
Washington, D.C. 20551
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Last update: November 19, 1998