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Release Date: January 14, 1999
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
January 14, 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
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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
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1997-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 497375 271 242 0
Sep. 44585 44334 44334 42901 1684 502168 251 178 0
Oct. 44385 44211 44211 42813 1572 506082 174 107 0
Nov. 44571 44488 44488 42947 1624 509936 84 37 0
Dec. pe 44907 44791 44791 43317 1590 513976 117 15 0
Two weeks ending
1998-Nov. 18 43731 43649 43649 42188 1542 508696 82 40 0
Dec. 2 45435 45356 45356 43776 1659 511966 79 20 0
16 44138 44112 44112 42834 1304 512229 26 13 0
30p 45609 45414 45414 43796 1812 515719 195 18 0
1999-Jan. 13pe 44800 44430 44430 42457 2342 518041 370 9 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-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 507862 9284 42579 34909 7670
Oct. 44115 43942 42544 511423 9026 43348 35090 8258
Nov. 44152 44068 42527 517006 8855 43109 35297 7812
Dec. pe 45021 44905 43431 525117 9026 44305 35996 8309
Two weeks ending
1998-Nov. 18 43455 43373 41913 516140 8520 43080 34935 8145 285
Dec. 2 44880 44801 43221 519553 9028 43313 35853 7460 92
16 44222 44196 42917 521725 8949 43230 35273 7957 117
30p 45802 45607 43990 528849 9057 45470 36745 8725 73
1999-Jan. 13pe 45577 45207 43234 531501 9666 45023 35911 9113 169
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-Dec. 47971 47647 46288 485113
1998-Jan. 47487 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 501052
Oct. 44244 44070 42672 504573
Nov. 44292 44209 42668 510236
Dec. pe 45175 45058 43584 518387
Two weeks ending
1998-Nov. 18 43592 43510 42049 509464
Dec. 2 45028 44949 43369 512666
16 44377 44351 43073 515128
30p 45966 45771 44153 522063
1999-Jan. 13pe 45557 45188 43215 524010
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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Last update: January 14, 1999