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Release Date: February 1, 2001
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
February 1, 2001
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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1999-Dec. 41742 41422 40435 1307 591184 320 179 67 74
2000-Jan. 43116 42742 41095 2020 591998 374 296 31 46
Feb. 41636 41529 40525 1112 573593 108 45 44 19
Mar. 40463 40284 39258 1205 571441 179 101 71 7
Apr. 40929 40625 39784 1145 573083 304 184 120 0
May 41357 40995 40414 943 574288 362 86 276
June 39958 39478 38894 1064 575630 479 90 389
July 40258 39688 39190 1068 577412 570 60 510
Aug. 39944 39365 38930 1014 577693 579 25 554
Sep. 39861 39384 38759 1102 579258 477 50 427
Oct. 39540 39122 38411 1129 580933 418 119 299
Nov. 39442 39159 38240 1202 580281 283 124 159
Dec. 38688 38479 37363 1326 582918 210 99 111
Two weeks ending
2000-Nov. 29 40327 39947 38920 1407 581694 380 232 148
Dec. 13 37841 37682 36708 1133 579757 159 37 123
27 39513 39228 38059 1454 584452 285 169 117
2001-Jan. 10 38553 38443 37052 1501 587817 110 56 55
24p 39038 38972 37932 1105 591506 66 42 25
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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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1999-Dec. 41655 41334 40348 607935 5263 60619 36392 24227
2000-Jan. 44235 43862 42215 604630 5171 74017 39064 34953
Feb. 42097 41989 40985 579208 5074 63770 37023 26747
Mar. 39752 39573 38547 577125 6515 48952 33237 15715
Apr. 40593 40289 39448 578333 7081 46456 33512 12944
May 41558 41196 40616 580088 7661 44643 33898 10745
June 39217 38738 38153 581436 6460 44560 32757 11802
July 39668 39098 38600 583986 6582 45473 33086 12387
Aug. 39486 38907 38471 583336 6875 45319 32611 12708
Sep. 39257 38780 38155 583482 6829 44807 32429 12378
Oct. 38854 38436 37725 585073 6782 45178 32072 13106
Nov. 38789 38506 37587 589120 7157 44546 31632 12914
Dec. 38541 38331 37215 597025 7160 45120 31381 13739
Two weeks ending
2000-Nov. 29 39881 39501 38474 591395 7620 44539 32261 12278 60
Dec. 13 37386 37227 36253 592431 7131 43452 30255 13197 166
27 39578 39293 38124 599206 7208 46220 32370 13850 74
2001-Jan. 10 38664 38554 37163 604325 7085 46696 31579 15117 78
24p 39980 39914 38875 596272 7672 45558 32309 13250 32
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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-Dec. 41889 41568 40581 600632
2000-Jan. 44232 43859 42212 596903
Feb. 42104 41996 40992 571863
Mar. 39764 39585 38559 570237
Apr. 40610 40306 39465 571513
May 41579 41217 40636 573256
June 39241 38762 38177 574552
July 39697 39127 38628 577189
Aug. 39517 38938 38503 576596
Sep. 39294 38816 38191 576792
Oct. 38895 38476 37766 578343
Nov. 38832 38549 37629 582354
Dec. 38581 38371 37255 590106
Two weeks ending
2000-Nov. 29 39925 39545 38518 584720
Dec. 13 37431 37272 36298 585643
27 39627 39342 38172 592245
2001-Jan. 10 38654 38544 37153 597124
24p 39978 39912 38872 589479
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 1, 2001