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Release Date: April 20, 2000
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
April 20, 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
-------------------------------------------------------------------------------------------------------------------------------------------
1999-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 541250 309 83 226
Aug. 42067 41723 40938 1129 544629 344 72 271
Sep. 42113 41774 40916 1197 550218 338 56 282
Oct. 40943 40661 39790 1153 557753 281 52 221 8
Nov. 41198 40962 39864 1334 569657 236 157 71 7
Dec. 41520 41200 40209 1311 590652 320 179 67 74
2000-Jan. 43147 42773 41121 2025 591297 374 296 31 46
Feb. 41483 41376 40367 1117 572510 108 45 44 19
Mar. 40342 40163 39118 1223 569990 179 101 71 7
Two weeks ending
2000-Feb. 23 41135 41036 39952 1183 571356 100 35 48 17
Mar. 8 40479 40360 39561 918 570059 119 44 61 15
22 39674 39467 38548 1125 568961 207 133 67 7
Apr. 5 41259 41070 39612 1647 571528 189 104 85 0
19p 39912 39544 38875 1037 573893 368 264 104 0
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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
-------------------------------------------------------------------------------------------------------------------------------------------
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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1999-Mar. 43121 43056 41816 530303 8851 42910 34270 8640
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 47030 33933 13096
Nov. 40944 40709 39610 579016 6285 50754 34660 16094
Dec. 41643 41323 40332 607926 5260 60499 36384 24116
2000-Jan. 44304 43931 42279 604764 5207 73898 39097 34802
Feb. 42088 41980 40971 579022 5073 63745 37015 26731
Mar. 39755 39576 38532 576661 6524 48928 33231 15697
Two weeks ending
2000-Feb. 23 41443 41343 40260 579395 5172 58780 36271 22509 51
Mar. 8 40006 39887 39088 576972 6234 49745 33772 15973 140
22 39129 38922 38003 576394 6267 48678 32862 15816 -69
Apr. 5 40507 40318 38860 576801 7181 48593 33326 15267 64
19p 39530 39162 38492 578111 6648 47132 32882 14250 86
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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
----------------------------------------------------------------------------------
1999-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. 41719 41398 40407 600457
2000-Jan. 44294 43921 42269 597029
Feb. 42099 41991 40982 571682
Mar. 39775 39596 38551 569785
Two weeks ending
2000-Feb. 23 41454 41355 40271 571976
Mar. 8 40021 39902 39103 570126
22 39148 38941 38022 569560
Apr. 5 40531 40342 38884 569831
19p 39557 39190 38520 571328
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: April 20, 2000