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: August 12, 1999

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
August 12, 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-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        520843           116             9             0 
      Mar.                43717         43652            43652         42412          1305        524233            65            18             0 
                                                                                                                                                   
      Apr.                43979         43812            43812         42820          1159        528741           166            39             0 
      May                 44360         44233            44233         43105          1256        534860           127            89             0 
      June                42867         42722            42722         41606          1261        537587           145           127             0 
                                                                                                                                                   
      July pe             41888         41579            41579         40904           985        540851           309           226             0 
          
Two weeks ending           
 1999-June 16             42523         42410            42410         41369          1154        536822           114           100             0 
           30             42915         42735            42735         41571          1343        538501           180           158             0 
                                                                                                                                                   
      July 14             41510         41179            41179         40499          1011        539851           331           196             0 
           28p            42250         41984            41984         41313           936        541714           266           249             0 
                                                                                                                                                   
      Aug. 11pe           41968         41559            41559         40880          1087        541485           409           263             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-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        526850         8578         46468         36660          9809   
      Mar.                 43121         43056         41816        530303         8851         42898         34270          8628   
                                                                                                                                    
      Apr.                 43645         43478         42486        533491         9238         42164         34407          7757   
      May                  44875         44747         43619        539984        10070         42459         34805          7654   
      June                 42394         42249         41133        542780         8539         42632         33856          8776   
                                                                                                                                    
      July pe              41712         41403         40727        547724         7707         44059         34005         10054   
          
Two weeks ending           
 1999-June 16              42037         41924         40883        542726         8546         41829         33492          8337           228 
           30              42371         42191         41027        542963         8309         43426         34062          9365            89 
                                                                                                                                                
      July 14              41314         40983         40303        547927         7526         44019         33788         10231           205 
           28p             42035         41769         41099        547378         7839         43899         34197          9703            51 
                                                                                                                                                
      Aug. 11pe            42064         41655         40976        548387         7937         44994         34127         10867            27 
 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-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          519699 
      Mar.                43141         43076         41836          523353 
                                                                            
      Apr.                43671         43504         42512          526774 
      May                 44908         44781         43652          533116 
      June                42434         42290         41173          535843 
                                                                            
      July pe             41758         41449         40773          540637 
         
Two weeks ending          
 1999-June 16             42075         41962         40921          535937 
           30             42413         42233         41070          535872 
                                                                            
      July 14             41360         41029         40349          540979 
           28p            42080         41814         41143          540140 
                                                                            
      Aug. 11pe           42113         41704         41026          541354 
 
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: August 12, 1999