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Release Date: May 13, 1999
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For release at
4:30 PM EST
May 13, 1999
H.3 (502)
SPECIAL NOTICE
Data for reserves and the monetary base have been revised to
incorporate adjustments to historical not seasonally adjusted data,
the annual indexations of the low reserve tranche and the reserve
requirement exemption levels, and the annual reestimates of seasonal
factors for required reserves and the surplus vault cash component
of the monetary base [1].
The historical revisions to not seasonally adjusted data for
reserves and the monetary base reflect a re-aggregation of revised
micro data. In addition, seasonal factors have been reestimated since
February 1984. The revisions to seasonally adjusted data for any
maintenance period generally tend to be small, with a few exceptions
that amount to up to $600 million for reserves and $1.4 billion for
the monetary base in individual periods.
The revisions to the break-adjusted data for reserves and the
monetary base that owe to annual indexations begin in January
1998. The actual 1999 low reserve tranche is a bit higher than that
estimated in early 1998. The difference between the actual and the
previously estimated low reserve tranche results in downward
adjustments to the 1998 data of less than $60 million.
In order to make 1999 data comparable with historical data,
the 1999 data have been break adjusted using estimates of the low
reserve tranche and reserve requirement exemption that will take
effect in January 2000. Updated estimates for the January 2000 values
for the low reserve tranche and exemption were obtained by
extrapolating the actual growth rates from June 1998 to March 1999 of
seasonally adjusted net transaction deposits and total reservable
liabilities, respectively. The updated estimates of $45.3 million for
the low reserve tranche and $5.1 million for the exemption level are
so close to preliminary estimates made last year that the revisions to
the 1999 data due to break adjustments do not exceed $5 million.
Revised historical data for measures of reserves will soon
be available in printed form from the Money and Reserves Projection
Section, Division of Monetary Affairs, Mail Stop 72, Board of
Governors of the Federal Reserve System, Washington, DC 20551, (202)
452-3062. Information on how to obtain current and historical data
for the reserve aggregates and the monetary base as well as their
components through a web site and other electronic means may be found
in the note at the end of Table 3 of this release.
[1] The Monetary Control Act of 1980 established a reserve ratio of
3 percent against the first $25 million in net transaction deposits
(low reserve tranche) at each depository institution. Since 1982, the
low reserve tranche has been indexed each January by 80 percent of the
previous year's (June 30 to June 30) growth rate of net transaction
deposits at all depository institutions. At present, the low reserve
tranche is $46.5 million.
Under the Garn-St Germain Depository Institutions Act of 1982, the
first $2 million of reservable liabilities of each depository
institution was exempted from reserve requirements. Since 1983, this
exemption amount has been indexed each year by 80 percent of the rate
of increase of total reservable liabilities at all depository
institutions over the preceding year (June 30 to June 30). At
present, the reserve exemption level is $4.9 million.
Both of these indexations take effect each year in a reserve
maintenance period that begins around January 1.
FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
May 13, 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
-------------------------------------------------------------------------------------------------------------------------------------------
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
-------------------------------------------------------------------------------------------------------------------------------------------
1998-Apr. 46119 46047 46047 44731 1388 487571 72 41 0
May 45516 45363 45363 44243 1273 489571 153 94 0
June 45410 45159 45159 43794 1615 492314 251 159 0
July 44895 44637 44637 43524 1371 494736 258 215 0
Aug. 44983 44712 44712 43453 1530 497869 271 242 0
Sep. 44540 44290 44290 42846 1694 502038 251 178 0
Oct. 44405 44231 44231 42831 1574 505843 174 107 0
Nov. 44497 44414 44414 42873 1624 509144 83 37 0
Dec. 44902 44785 44785 43319 1583 512321 117 15 0
1999-Jan. 45125 44920 44920 43591 1534 516807 206 7 0
Feb. 44551 44435 44435 43336 1215 520842 116 9 0
Mar. 43717 43652 43652 42412 1305 524195 65 18 0
Apr. p 43979 43812 43812 42816 1162 528662 166 39 0
Two weeks ending
1999-Mar. 10 43805 43783 43783 42505 1300 522673 22 14 0
24 43563 43500 43500 42346 1217 524067 63 18 0
Apr. 7 43899 43769 43769 42412 1487 526627 130 24 0
21 43389 43241 43241 42479 910 526785 149 33 0
May 5p 44957 44735 44735 43656 1302 533164 223 59 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
-------------------------------------------------------------------------------------------------------------------------------------------
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
-------------------------------------------------------------------------------------------------------------------------------------------
1998-Apr. 46594 46522 45206 493516 11163 41221 35431 5790
May 44948 44795 43675 494569 9790 41504 35158 6345
June 45094 44843 43479 497891 9671 42611 35423 7188
July 44598 44340 43227 502128 9645 42030 34953 7077
Aug. 44714 44443 43184 504414 9688 42123 35026 7097
Sep. 44196 43946 42502 507834 9289 42524 34908 7616
Oct. 44117 43943 42543 511359 9027 43268 35089 8179
Nov. 44152 44069 42528 516958 8855 43104 35297 7807
Dec. 45018 44902 43435 525062 9021 44305 35997 8308
1999-Jan. 46345 46139 44811 527587 9658 45499 36687 8812
Feb. 45237 45122 44022 526849 8578 46468 36660 9809
Mar. 43121 43056 41816 530265 8851 42898 34270 8628
Apr. p 43645 43478 42482 533414 9238 42162 34406 7756
Two weeks ending
1999-Mar. 10 43362 43341 42062 528653 9356 42284 34007 8277 -35
24 42830 42767 41613 530386 8309 43524 34521 9004 40
Apr. 7 43360 43230 41872 532328 9213 42525 34147 8378 101
21 42825 42676 41914 532007 8404 42348 34421 7927 211
May 5p 45142 44920 43841 536450 10557 41592 34586 7006 9
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-Apr. 46627 46555 45239 486751
May 44987 44835 43714 487873
June 45145 44894 43529 491113
July 44656 44398 43285 495250
Aug. 44780 44509 43250 497479
Sep. 44273 44023 42579 500983
Oct. 44201 44027 42627 504465
Nov. 44243 44160 42619 510137
Dec. 45118 45002 43535 518278
1999-Jan. 46340 46135 44806 520009
Feb. 45249 45133 44034 519698
Mar. 43141 43076 41836 523316
Apr. p 43671 43504 42508 526698
Two weeks ending
1999-Mar. 10 43378 43357 42078 521670
24 42850 42787 41633 523339
Apr. 7 43384 43254 41897 525620
21 42850 42701 41939 525329
May 5p 45170 44948 43868 529664
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: May 13, 1999