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Release Date: May 20, 1999
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
May 20, 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-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 520843 116 9 0
Mar. 43717 43652 43652 42412 1305 524232 65 18 0
Apr. p 43977 43811 43811 42817 1160 528733 166 39 0
Two weeks ending
1999-Mar. 24 43563 43500 43500 42346 1217 524108 63 18 0
Apr. 7 43899 43769 43769 42412 1487 526698 130 24 0
21 43396 43247 43247 42480 916 526863 149 33 0
May 5p 44943 44720 44720 43657 1285 533224 223 59 0
19pe 43633 43530 43530 42561 1072 531180 103 85 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-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 526850 8578 46468 36660 9809
Mar. 43121 43056 41816 530302 8851 42898 34270 8628
Apr. p 43643 43477 42483 533485 9236 42162 34407 7755
Two weeks ending
1999-Mar. 24 42830 42767 41613 530426 8309 43524 34521 9004 40
Apr. 7 43360 43230 41872 532399 9213 42525 34147 8378 101
21 42831 42683 41915 532086 8409 42348 34422 7926 211
May 5p 45128 44906 43843 536508 10542 41592 34587 7006 9
19pe 44606 44504 43534 537230 9920 42560 34686 7873 139
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 519699
Mar. 43141 43076 41836 523352
Apr. p 43669 43503 42509 526768
Two weeks ending
1999-Mar. 24 42850 42787 41633 523379
Apr. 7 43384 43254 41897 525691
21 42856 42708 41940 525408
May 5p 45156 44933 43870 529722
19pe 44638 44536 43567 530353
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 20, 1999