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Release Date: October 7, 1999
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
October 7, 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
--------------------------------------------------- --------------------------------------------------
Special
Date total2 nonborrowed3 required excess NSA4 Monetary total6 adjustment seasonal Liquidity
base5 Facility7
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1998-Sep. 44540 44290 42846 1694 502038 251 73 178
Oct. 44405 44231 42831 1574 505843 174 67 107
Nov. 44497 44414 42873 1624 509144 83 47 37
Dec. 44902 44785 43319 1583 512321 117 101 15
1999-Jan. 45125 44920 43591 1534 516807 206 199 7
Feb. 44551 44435 43336 1215 520843 116 106 9
Mar. 43717 43652 42412 1305 524233 65 47 18
Apr. 43979 43812 42820 1159 528741 166 128 39
May 44360 44233 43105 1256 534860 127 39 89
June 42867 42722 41606 1261 537625 145 18 127
July 41978 41669 40902 1076 541201 309 83 226
Aug. 42067 41723 40938 1129 544369 344 72 271
Sep. p 42254 41915 41114 1140 548964 338 56 282
Two weeks ending
1999-Aug. 11 41950 41541 40871 1078 543167 409 146 263
25 41864 41560 40730 1134 544299 304 31 273
Sep. 8 42756 42438 41548 1207 546736 318 35 284
22 42106 41783 41136 970 548874 323 48 276
Oct. 6p 42010 41624 40641 1369 551349 386 92 294 1
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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. Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less adjusted required reserves (Table 2, column 3).
5. 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.)
6. Total borrowing includes borrowing under the extended credit program.
7. Borrowing at the discount window under the terms and conditions established for Century Date Change Special Liquidity Facility in effect
from October 1, 1999 through April 7, 2000.
p--preliminary
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-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 530303 8851 42898 34270 8628
Apr. 43645 43478 42486 533491 9238 42164 34407 7757
May 44875 44747 43619 539984 10070 42459 34805 7654
June 42394 42249 41133 542818 8539 42632 33856 8776
July 41802 41493 40726 548064 7797 44059 34005 10054
Aug. 41871 41527 40742 550814 7802 44664 34069 10595
Sep. p 41927 41588 40787 554633 7705 44519 34222 10297
Two weeks ending
1999-Aug. 11 42046 41637 40967 549971 7923 44994 34123 10871 29
25 41423 41119 40289 550531 7421 44786 34003 10783 -12
Sep. 8 42596 42278 41388 553021 8470 43774 34126 9648 82
22 41740 41417 40770 555123 7441 44556 34300 10256 199
Oct. 6p 41584 41199 40215 555388 7402 45199 34183 11016 -63
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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.
5. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt
from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements.
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 eligible to satisfy reserve requirements, held by depository institutions not exempt from reserve requirements, minus the
amount used 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.
p--preliminary
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-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 523353
Apr. 43671 43504 42512 526774
May 44908 44781 43652 533116
June 42434 42290 41173 535881
July 41848 41539 40772 540978
Aug. 41923 41579 40794 543823
Sep. p 41988 41649 40848 547574
Two weeks ending
1999-Aug. 11 42095 41686 41016 542940
25 41475 41171 40341 543545
Sep. 8 42653 42335 41446 546089
22 41801 41478 40830 548139
Oct. 6p 41649 41264 40280 548071
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: October 7, 1999