Federal Reserve Statistical Release, H.3, Aggregate Reserves of Depository Institutions and the Monetary Base; title with eagle logo links to Statistical Release home page

Release Date: May 13, 1999

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1
               
 

 

      For release at
      4:30 PM EST
H.3 (502) May 13, 1999
 

 

      SPECIAL NOTICE
 

     Data for reserves and the monetary base have been revised to
incorporate adjustments to historical not seasonally adjusted data,
the annual indexations of the low reserve tranche and the reserve
requirement exemption levels, and the annual reestimates of seasonal
factors for required reserves and the surplus vault cash component
of the monetary base [1].
     The historical revisions to not seasonally adjusted data for
reserves and the monetary base reflect a re-aggregation of revised
micro data. In addition, seasonal factors have been reestimated since
February 1984. The revisions to seasonally adjusted data for any
maintenance period generally tend to be small, with a few exceptions
that amount to up to $600 million for reserves and $1.4 billion for
the monetary base in individual periods.
     The revisions to the break-adjusted data for reserves and the
monetary base that owe to annual indexations begin in January
1998. The actual 1999 low reserve tranche is a bit higher than that
estimated in early 1998. The difference between the actual and the
previously estimated low reserve tranche results in downward
adjustments to the 1998 data of less than $60 million.
     In order to make 1999 data comparable with historical data,
the 1999 data have been break adjusted using estimates of the low
reserve tranche and reserve requirement exemption that will take
effect in January 2000. Updated estimates for the January 2000 values
for the low reserve tranche and exemption were obtained by
extrapolating the actual growth rates from June 1998 to March 1999 of
seasonally adjusted net transaction deposits and total reservable
liabilities, respectively. The updated estimates of $45.3 million for
the low reserve tranche and $5.1 million for the exemption level are
so close to preliminary estimates made last year that the revisions to
the 1999 data due to break adjustments do not exceed $5 million.
     Revised historical data for measures of reserves will soon
be available in printed form from the Money and Reserves Projection
Section, Division of Monetary Affairs, Mail Stop 72, Board of
Governors of the Federal Reserve System, Washington, DC 20551, (202)
452-3062. Information on how to obtain current and historical data
for the reserve aggregates and the monetary base as well as their
components through a web site and other electronic means may be found
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 $46.5 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 total reservable liabilities at all depository
institutions over the preceding year (June 30 to June 30). At
present, the reserve exemption level is $4.9 million.     
          Both of these indexations take effect each year in a reserve
maintenance period that begins around January 1.
               
 




 

FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
May 13, 1999
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
Date total2 nonborrowed3 nonborrowed plus
extended credit4
required excess NSA5 Monetary
base6
total seasonal extended
credit4
 1998-Apr.                46119         46047            46047         44731          1388        487571            72            41             0 
      May                 45516         45363            45363         44243          1273        489571           153            94             0 
      June                45410         45159            45159         43794          1615        492314           251           159             0 
                                                                                                                                                   
      July                44895         44637            44637         43524          1371        494736           258           215             0 
      Aug.                44983         44712            44712         43453          1530        497869           271           242             0 
      Sep.                44540         44290            44290         42846          1694        502038           251           178             0 
                                                                                                                                                   
      Oct.                44405         44231            44231         42831          1574        505843           174           107             0 
      Nov.                44497         44414            44414         42873          1624        509144            83            37             0 
      Dec.                44902         44785            44785         43319          1583        512321           117            15             0 
                                                                                                                                                   
 1999-Jan.                45125         44920            44920         43591          1534        516807           206             7             0 
      Feb.                44551         44435            44435         43336          1215        520842           116             9             0 
      Mar.                43717         43652            43652         42412          1305        524195            65            18             0 
                                                                                                                                                   
      Apr. p              43979         43812            43812         42816          1162        528662           166            39             0 
          
Two weeks ending           
 1999-Mar. 10             43805         43783            43783         42505          1300        522673            22            14             0 
           24             43563         43500            43500         42346          1217        524067            63            18             0 
                                                                                                                                                   
      Apr.  7             43899         43769            43769         42412          1487        526627           130            24             0 
           21             43389         43241            43241         42479           910        526785           149            33             0 
                                                                                                                                                   
 p--preliminary     pe--preliminary estimate
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. Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credit program
to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing
promptly as there is with traditional short-term adjustment credit, the money market impact of extended credit is similar to that of
nonborrowed reserves.
5. Excess reserves NSA equals unadjusted total reserves Table 2, column 1) less adjusted required reserves Table 2, column 3.
6. 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.
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  
Date total2 nonborrowed required Monetary base3 Reserve
balances
with F.R
Banks4
total used to
satisfy
required
reserves6
surplus7 Net carryover
of reserve
balances8
 1998-Apr.                 46594         46522         45206        493516        11163         41221         35431          5790   
      May                  44948         44795         43675        494569         9790         41504         35158          6345   
      June                 45094         44843         43479        497891         9671         42611         35423          7188   
                                                                                                                                    
      July                 44598         44340         43227        502128         9645         42030         34953          7077   
      Aug.                 44714         44443         43184        504414         9688         42123         35026          7097   
      Sep.                 44196         43946         42502        507834         9289         42524         34908          7616   
                                                                                                                                    
      Oct.                 44117         43943         42543        511359         9027         43268         35089          8179   
      Nov.                 44152         44069         42528        516958         8855         43104         35297          7807   
      Dec.                 45018         44902         43435        525062         9021         44305         35997          8308   
                                                                                                                                    
 1999-Jan.                 46345         46139         44811        527587         9658         45499         36687          8812   
      Feb.                 45237         45122         44022        526849         8578         46468         36660          9809   
      Mar.                 43121         43056         41816        530265         8851         42898         34270          8628   
                                                                                                                                    
      Apr. p               43645         43478         42482        533414         9238         42162         34406          7756   
          
Two weeks ending           
 1999-Mar. 10              43362         43341         42062        528653         9356         42284         34007          8277           -35 
           24              42830         42767         41613        530386         8309         43524         34521          9004            40 
                                                                                                                                                
      Apr.  7              43360         43230         41872        532328         9213         42525         34147          8378           101 
           21              42825         42676         41914        532007         8404         42348         34421          7927           211 
                                                                                                                                                
 p--preliminary     pe--preliminary estimate
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.
requirements. After the introduction of CRR, currency and vault cash figures are measured over computation periods ending on Mondays.
5. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Starting with the maintenance
period ended November 25, 1992, each maintenance period for weekly reporters ends 16 days after the lagged computation period in which
the vault cash is held. Previously, each maintenance period ended 30 days after the lagged computation period.
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 held by depository institutions minus the amount applied to satisfy reserve requirements.
8. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+)
 
 
 
 

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 base
 1998-Apr.                46627         46555         45239          486751 
      May                 44987         44835         43714          487873 
      June                45145         44894         43529          491113 
                                                                            
      July                44656         44398         43285          495250 
      Aug.                44780         44509         43250          497479 
      Sep.                44273         44023         42579          500983 
                                                                            
      Oct.                44201         44027         42627          504465 
      Nov.                44243         44160         42619          510137 
      Dec.                45118         45002         43535          518278 
                                                                            
 1999-Jan.                46340         46135         44806          520009 
      Feb.                45249         45133         44034          519698 
      Mar.                43141         43076         41836          523316 
                                                                            
      Apr. p              43671         43504         42508          526698 
         
Two weeks ending          
 1999-Mar. 10             43378         43357         42078          521670 
           24             42850         42787         41633          523339 
                                                                            
      Apr.  7             43384         43254         41897          525620 
           21             42850         42701         41939          525329 
                                                                            
 
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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