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Release Date: January 27, 2000
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
January 27, 2000
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-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 541203 309 83 226
Aug. 42067 41723 40938 1129 544415 344 72 271
Sep. 42113 41774 40916 1197 549560 338 56 282
Oct. 40943 40661 39790 1153 557154 281 52 221 8
Nov. 41198 40962 39864 1334 569349 236 157 71 7
Dec. 41537 41216 40225 1311 590295 320 179 67 74
Two weeks ending
1999-Dec. 1 41330 41197 39960 1370 573734 133 64 62 7
15 40947 40766 39849 1098 581580 181 94 61 27
29 41817 41392 40556 1261 598228 425 222 79 124
2000-Jan. 12 43804 43147 40675 3128 604053 657 530 38 90
26p 43255 43032 41842 1413 596598 224 180 28 17
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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-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 548065 7797 44059 34005 10054
Aug. 41871 41527 40742 550860 7802 44664 34069 10595
Sep. 41787 41449 40590 555185 7698 44519 34089 10430
Oct. 40702 40420 39549 562639 6768 47017 33933 13084
Nov. 40944 40709 39610 578943 6285 50736 34660 16077
Dec. 41660 41340 40349 607732 5260 60479 36400 24079
Two weeks ending
1999-Dec. 1 41397 41264 40027 585676 5927 52791 35470 17321 87
15 40780 40599 39682 596577 5434 56675 35346 21330 166
29 42217 41792 40956 617403 4888 63637 37329 26308 66
2000-Jan. 12 44062 43405 40934 629153 6315 68850 37747 31103 -137
26p 44971 44748 43558 604330 4660 75830 40311 35518 110
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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
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Reserves of depository institutions
---------------------------------------
Date total2 nonborrowed required3 Monetary base4
----------------------------------------------------------------------------------
1998-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 540979
Aug. 41923 41579 40794 543869
Sep. 41848 41510 40651 548126
Oct. 40768 40487 39616 555512
Nov. 41016 40780 39682 571819
Dec. 41736 41415 40424 600262
Two weeks ending
1999-Dec. 1 41472 41339 40102 578493
15 40859 40678 39761 589409
29 42302 41877 41041 609677
2000-Jan. 12 44041 43384 40912 621215
26p 44965 44741 43552 596702
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 27, 2000