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Release Date: February 3, 2000
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
February 3, 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 512594 117 101 15
1999-Jan. 45125 44920 43591 1534 517171 206 199 7
Feb. 44551 44435 43336 1215 520745 116 106 9
Mar. 43717 43652 42412 1305 523829 65 47 18
Apr. 43979 43812 42820 1159 528233 166 128 39
May 44360 44233 43105 1256 534029 127 39 89
June 42867 42722 41606 1261 537147 145 18 127
July 41978 41669 40902 1076 541251 309 83 226
Aug. 42067 41723 40938 1129 544628 344 72 271
Sep. 42113 41774 40916 1197 550215 338 56 282
Oct. 40943 40661 39790 1153 557742 281 52 221 8
Nov. 41198 40962 39864 1334 569729 236 157 71 7
Dec. 41537 41217 40225 1311 590772 320 179 67 74
Two weeks ending
1999-Dec. 1 41330 41197 39960 1370 573923 133 64 62 7
15 40947 40766 39849 1098 581649 181 94 61 27
29 41817 41392 40556 1261 599039 425 222 79 124
2000-Jan. 12 43805 43148 40675 3129 605185 657 530 38 90
26p 43240 43017 41828 1413 585075 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 44293 35997 8296
1999-Jan. 46345 46139 44811 527587 9658 45453 36687 8766
Feb. 45237 45122 44022 526850 8578 46473 36660 9813
Mar. 43121 43056 41816 530303 8851 42909 34270 8639
Apr. 43645 43478 42486 533491 9238 42166 34407 7759
May 44875 44747 43619 539984 10070 42590 34805 7786
June 42394 42249 41133 542818 8539 42623 33856 8768
July 41802 41493 40726 548065 7797 44080 34005 10075
Aug. 41871 41527 40742 550860 7802 44603 34069 10533
Sep. 41787 41449 40590 555185 7698 44447 34089 10359
Oct. 40702 40420 39549 562639 6768 47029 33933 13096
Nov. 40944 40709 39610 579016 6285 50753 34660 16093
Dec. 41660 41340 40349 607869 5260 60498 36400 24098
Two weeks ending
1999-Dec. 1 41397 41264 40027 585790 5927 52812 35470 17342 87
15 40780 40599 39682 596716 5434 56692 35346 21346 166
29 42217 41792 40956 617542 4888 63662 37329 26333 66
2000-Jan. 12 44063 43406 40934 629275 6314 68850 37749 31101 -137
26p 44956 44732 43543 592291 4660 75758 40296 35461 107
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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-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 571891
Dec. 41736 41415 40424 600399
Two weeks ending
1999-Dec. 1 41472 41339 40102 578607
15 40859 40678 39761 589548
29 42302 41877 41041 609816
2000-Jan. 12 44042 43385 40912 621337
26p 44949 44726 43537 584662
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: February 3, 2000