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Release Date: March 11, 1999
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
March 11, 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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1998-Feb. 45722 45664 45664 44198 1524 483292 58 12 0
Mar. 46045 46004 46004 44731 1314 485423 41 22 0
Apr. 45959 45887 45887 44614 1345 487686 72 41 0
May 45591 45438 45438 44441 1150 489980 153 94 0
June 45391 45140 45140 43771 1620 492397 251 159 0
July 44813 44556 44556 43449 1365 494617 258 215 0
Aug. 44997 44726 44726 43484 1513 498169 271 242 0
Sep. 44585 44334 44334 42901 1684 502238 251 178 0
Oct. 44385 44211 44211 42813 1572 505765 174 107 0
Nov. 44571 44488 44488 42947 1624 509503 84 37 0
Dec. 44905 44788 44788 43321 1584 513037 117 15 0
1999-Jan. 44885 44679 44679 43350 1535 516613 206 7 0
Feb. pe 44323 44207 44207 43092 1231 520971 116 9 0
Two weeks ending
1999-Jan. 13 44685 44315 44315 42463 2221 516590 370 9 0
27 45070 45002 45002 44082 988 515930 68 5 0
Feb. 10 44889 44731 44731 43672 1217 519076 158 8 0
24p 44008 43896 43896 42787 1220 520984 112 9 0
Mar. 10pe 44010 43988 43988 42707 1302 525661 22 14 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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1998-Feb. 44974 44916 43450 488348 9394 43196 35580 7616
Mar. 45507 45466 44193 490900 10138 41633 35370 6263
Apr. 46475 46403 45131 494045 11053 41221 35423 5798
May 44805 44652 43655 494889 9646 41504 35159 6344
June 45095 44844 43475 497865 9668 42611 35427 7184
July 44600 44342 43235 502130 9646 42030 34954 7075
Aug. 44707 44436 43194 504390 9682 42123 35025 7098
Sep. 44193 43943 42509 507797 9284 42524 34909 7614
Oct. 44115 43942 42544 511357 9026 43268 35090 8178
Nov. 44152 44068 42527 516958 8855 43104 35297 7807
Dec. 45019 44902 43435 525062 9022 44305 35997 8308
1999-Jan. 46346 46140 44811 527558 9659 45499 36687 8813
Feb. pe 45212 45096 43981 527073 8583 46469 36629 9840
Two weeks ending
1999-Jan. 13 45462 45092 43240 530474 9551 45023 35911 9113 163
27 46866 46798 45878 525366 10019 44838 36847 7991 287
Feb. 10 47399 47241 46181 525754 8750 49364 38649 10715 42
24p 44173 44061 42952 526976 8231 45598 35942 9656 68
Mar. 10pe 43384 43362 42081 530713 9399 42285 33985 8300 -37
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
----------------------------------------------------------------------------------
1998-Feb. 44993 44935 43469 481285
Mar. 45543 45501 44228 483936
Apr. 46525 46453 45181 487297
May 44865 44712 43715 488214
June 45171 44920 43552 491113
July 44688 44430 43323 495283
Aug. 44808 44537 43295 497491
Sep. 44310 44059 42626 500987
Oct. 44244 44070 42672 504508
Nov. 44292 44209 42668 510187
Dec. 45172 45055 43589 518333
1999-Jan. 46340 46134 44805 519979
Feb. pe 45221 45105 43990 519919
Two weeks ending
1999-Jan. 13 45442 45073 43221 522986
27 46869 46801 45881 517701
Feb. 10 47405 47247 46188 518177
24p 44182 44070 42961 520076
Mar. 10pe 43396 43374 42093 523725
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: March 11, 1999