Federal Reserve Statistical Release H.3 -- March 8, 2001

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Release Date: March 8, 2001

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For release at

4:30 PM EST

H.3 (502) March 8, 2001

SPECIAL NOTICE

Measures of reserves and the monetary base have been revised to incorporate the results

of the annual benchmark and the break factor and seasonal factor reviews.

Break-adjusted and seasonally adjusted data (Table 1 of the release) generally changed

very little, although data for a few maintenance periods were revised by as much as

$800 million for reserves and $2.7 billion for the monetary base. Data for reserves and

the monetary base that are not seasonally adjusted (Table 2 of the release) were revised

to reflect the re-aggregation of historical data corrected by depository institutions.

These revisions begin in August 1998, and the maximum revision from this source in a

single maintenance period is about $280 million for reserves and $810 million for the

monetary base. Break factors remove discontinuities (or "breaks") associated with

regulatory changes in reserve requirements, such as the annual indexations of the low

reserve tranche and the reserve requirement exemption levels.1 Break-adjusted data

(Table 3 of the release) incorporate updated break factors. The revisions from this

source begin in January 2000 and do not exceed $40 million in any maintenance period.

Seasonal factors for required reserves and the surplus vault cash component of the

monetary base have been re-estimated using the revised break-adjusted data, after

excluding the estimated effects of the century date change. The latter adjustments were

made to ensure that unusual movements around the century date change did not influence

the estimated seasonal factors. The revisions due to re-estimated seasonal factors start

in February 1984, and they are the major source of the revisions to break-adjusted,

seasonally adjusted data. A more detailed description of the methods for constructing

the break factors and seasonal factors for the measures of reserves and the monetary

base as well as printed tables of the revised historical data are available from the

Monetary and Reserve Analysis Section, Division of Monetary Affairs, Mail Stop 72,

Board of Governors of the Federal Reserve System, Washington, D.C. 20551, (202) 452-3062.

Complete historical data are released each week through the Federal Reserve's web site

(http://www.federalreserve.gov/releases/) with the H.3 statistical release.

The data are also available through other electronic means, as described in the note at

the end of Table 3 of this release.

1. The Monetary Control Act of 1980 established a reserve ratio of 3 percent against the

first $25 million in net transaction deposits (low reserve tranche) at each depository

institution. Since 1982, the low reserve tranche has been indexed each January by 80

percent of the previous year's (June 30 to June 30) growth rate of net transaction

deposits at all depository institutions. At present, the low reserve tranche is

$42.8 million. Under the Garn-St Germain Depository Institutions Act of 1982,

the first $2 million of reservable liabilities of each depository institution

was exempted from reserve requirements. Since 1983, this exemption amount has been

indexed each year by 80 percent of the rate of increase of the reservable liabilities at

all depository institutions over the preceding year (June 30 to June 30). At present,

the reserve exemption level is $5.5 million. Both of these indexations take effect each

year in a reserve maintenance period that begins around January 1 for weekly respondents

to the FR 2900 report.

FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
March 8, 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
-------------------------------------------------------------------------------------------------------------------------------------------

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
-------------------------------------------------------------------------------------------------------------------------------------------
2000-Feb. 41573 41465 40461 1112 574297 108 45 44 19
Mar. 40306 40127 39097 1209 571470 179 101 71 7

Apr. 40783 40479 39626 1157 572495 304 184 120 0
May 41003 40641 40031 972 574144 362 86 276
June 39882 39403 38766 1117 575307 479 90 389

July 40124 39555 38981 1144 576957 570 60 510
Aug. 39643 39064 38639 1004 577531 579 25 554
Sep. 39386 38908 38267 1119 578336 477 50 427

Oct. 39021 38602 37874 1147 579698 418 119 299
Nov. 39023 38739 37821 1201 581398 283 124 159
Dec. 38507 38297 37182 1325 583963 210 99 111

2001-Jan. 38827 38754 37574 1253 589286 73 39 34
Feb. p 38834 38783 37468 1365 592395 51 30 21
Two weeks ending
2001-Jan. 10 38523 38413 37024 1499 586564 110 56 55
24 38764 38698 37658 1106 589803 66 42 25

Feb. 7 39385 39351 38188 1196 592140 34 9 25
21 38565 38527 37010 1555 590472 38 18 20

Mar. 7p 38820 38726 37666 1154 596495 95 76 19
---------------------------------------------------------------------------------------------------------------------------------------------
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
-------------------------------------------------------------------------------------------------------------------------------------------

2000-Feb. 42097 41989 40984 579331 5075 63770 37022 26748
Mar. 39751 39572 38542 577306 6518 48952 33233 15719

Apr. 40601 40297 39444 578468 7093 46456 33508 12948
May 41585 41224 40614 580222 7692 44643 33894 10749
June 39363 38884 38247 581687 6610 44560 32753 11807

July 39884 39315 38741 584283 6802 45473 33082 12391
Aug. 39464 38885 38460 583401 6933 45319 32531 12788
Sep. 39168 38691 38050 583519 6852 44807 32316 12491

Oct. 38776 38358 37629 585014 6778 45178 31998 13180
Nov. 38786 38502 37584 589120 7156 44546 31629 12917
Dec. 38540 38331 37216 597116 7159 45120 31381 13739

2001-Jan. 39791 39718 38538 598261 7190 47506 32601 14905
Feb. p 39317 39265 37951 596939 6626 48397 32691 15706
Two weeks ending
2001-Jan. 10 38664 38554 37165 604508 7085 46696 31579 15117 78
24 39972 39906 38866 596451 7656 45558 32316 13243 31

Feb. 7 41041 41007 39844 592960 6410 52561 34631 17930 99
21 38923 38885 37368 596013 6611 48505 32313 16192 88

Mar. 7p 38380 38285 37225 602773 6873 44017 31507 12510 342
--------------------------------------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------
2000-Feb. 42111 42003 40999 571991
Mar. 39776 39597 38567 570428

Apr. 40631 40327 39474 571657
May 41618 41256 40646 573395
June 39404 38925 38287 574811

July 39930 39360 38786 577493
Aug. 39509 38930 38505 576664
Sep. 39224 38746 38105 576836

Oct. 38837 38419 37690 578291
Nov. 38846 38563 37645 582356
Dec. 38596 38386 37271 590196

2001-Jan. 39775 39702 38522 591383
Feb. p 39345 39294 37980 590387
Two weeks ending
2001-Jan. 10 38618 38508 37119 597270
24 39958 39892 38852 589641

Feb. 7 41061 41027 39864 586457
21 38952 38914 37396 589493

Mar. 7p 38417 38323 37263 596106

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: March 8, 2001