For release at
4:30 PM EST
H.3 (502) June 8, 2000
SPECIAL NOTICE
Data for reserves and the monetary base have been updated to incorporate
revisions to historical data that are not seasonally adjusted (n.s.a.) and to
the factors that adjust for discontinuities in required reserves, including
annual indexations of the low reserve tranche and the reserve requirement
exemption levels (break factors). Starting in February 1984, seasonal factors
for required reserves and the surplus vault cash component of the monetary
base have been re-estimated using the revised break-adjusted n.s.a.
data.(fn.1)
The revisions to break-adjusted, seasonally adjusted data for any maintenance
period generally were small, with a few exceptions that amount to about $600
million for reserves and about $1.5 billion for the monetary base in
individual periods. The historical revisions to n.s.a. data for reserves and
the monetary base reflect a re-aggregation of revised data from depository
institutions.
The revisions to the break-adjusted data for reserves and the monetary base
that result from annual indexations begin in January 1999. The actual 2000
low reserve tranche and reserve requirement exemption levels are a bit lower
than those estimated in early 1999. The differences between the actual and
the previously estimated low reserve tranche and exemption levels result in
upward adjustments to the 1999 data of less than $200 million.
To make 2000 data comparable with historical data, the 2000 data have been
break-adjusted using estimates of the low reserve tranche and reserve
requirement exemption that will take effect in January 2001. The estimate for
the low reserve tranche for 2001 was updated by extrapolating the actual
growth rate of seasonally adjusted net transaction deposits from June 1999 to
April 2000, and that for the reserve requirement exemption was updated by
extrapolating the actual growth rate of total reservable liabilities over the
same period. The updated estimates of $43.7 million for the low reserve
tranche and $5.1 million for the exemption level are close to preliminary
estimates made last year, resulting in revisions to the 2000 data under $20
million.
Revised historical data for measures of reserves will soon be available in
printed form from the Monetary and Reserve Analysis Section, Division of
Monetary Affairs, Mail Stop 72, Board of Governors of the Federal Reserve
System, NW, Washington, DC 20551, (202) 452-3062. See the note at the end of
table 3 of this release for information on how to obtain current and
historical data for the reserve aggregates and the monetary base as well as
their components through the Federal Reserve's web site and other electronic
means.
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 $44.3 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
$5.0 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.
1
FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
June 8, 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
Reserves of depository institutions | Borrowings of depository institutions from the Federal Reserve, NSA |
||||||||
---|---|---|---|---|---|---|---|---|---|
Date | total2 | nonborrowed3 | required | excess NSA4 | Monetary base5 |
total6 | adjustment | seasonal | Special Liquidity Facility7 |
1999-May | 44381 | 44254 | 43159 | 1222 | 533813 | 127 | 39 | 89 | |
June | 42758 | 42613 | 41463 | 1295 | 536549 | 145 | 18 | 127 | |
July | 42035 | 41726 | 40911 | 1124 | 540488 | 309 | 83 | 226 | |
Aug. | 41910 | 41566 | 40750 | 1160 | 544354 | 344 | 72 | 271 | |
Sep. | 41772 | 41434 | 40563 | 1209 | 550333 | 338 | 56 | 282 | |
Oct. | 41339 | 41058 | 40189 | 1150 | 557847 | 281 | 52 | 221 | 8 |
Nov. | 41560 | 41325 | 40231 | 1330 | 569432 | 236 | 157 | 71 | 7 |
Dec. | 41742 | 41422 | 40434 | 1308 | 591188 | 320 | 179 | 67 | 74 |
2000-Jan. | 43113 | 42739 | 41088 | 2025 | 591965 | 374 | 296 | 31 | 46 |
Feb. | 41635 | 41527 | 40521 | 1113 | 573419 | 108 | 45 | 44 | 19 |
Mar. | 40453 | 40274 | 39244 | 1209 | 571162 | 179 | 101 | 71 | 7 |
Apr. | 40919 | 40615 | 39768 | 1152 | 572449 | 304 | 184 | 120 | 0 |
May p | 41347 | 40985 | 40390 | 957 | 573445 | 362 | 86 | 276 | |
Two weeks ending | |||||||||
2000-Apr. 5 | 41093 | 40904 | 39461 | 1632 | 572332 | 189 | 104 | 85 | 0 |
19 | 40322 | 39954 | 39238 | 1083 | 572286 | 368 | 264 | 104 | 0 |
May 3 | 41601 | 41325 | 40581 | 1019 | 572708 | 276 | 120 | 156 | |
17 | 40573 | 40271 | 39660 | 913 | 572704 | 303 | 65 | 238 | |
31p | 42066 | 41626 | 41078 | 987 | 574344 | 440 | 100 | 340 |
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 | ||||||||
---|---|---|---|---|---|---|---|---|---|
Date | total2 | nonborrowed | required | Monetary base3 | Reserve balances with F.R Banks4 |
total | used to satisfy required reserves6 |
surplus7 | Net carryover of reserve balances8 |
1999-May | 44828 | 44700 | 43606 | 539942 | 10019 | 42590 | 34809 | 7781 | |
June | 42331 | 42186 | 41036 | 542732 | 8467 | 42624 | 33864 | 8760 | |
July | 41762 | 41452 | 40637 | 548006 | 7745 | 44081 | 34017 | 10064 | |
Aug. | 41702 | 41358 | 40542 | 550773 | 7721 | 44603 | 33981 | 10622 | |
Sep. | 41314 | 40976 | 40105 | 555336 | 7646 | 44448 | 33669 | 10779 | |
Oct. | 40733 | 40451 | 39583 | 562681 | 6777 | 47039 | 33956 | 13083 | |
Nov. | 40970 | 40735 | 39641 | 578975 | 6283 | 50830 | 34688 | 16142 | |
Dec. | 41655 | 41334 | 40347 | 607934 | 5263 | 60630 | 36392 | 24238 | |
2000-Jan. | 44232 | 43859 | 42207 | 604626 | 5169 | 74015 | 39063 | 34952 | |
Feb. | 42095 | 41987 | 40982 | 579134 | 5078 | 63764 | 37017 | 26747 | |
Mar. | 39742 | 39563 | 38533 | 576917 | 6515 | 48946 | 33227 | 15719 | |
Apr. | 40584 | 40280 | 39433 | 577910 | 7078 | 46454 | 33507 | 12947 | |
May p | 41548 | 41186 | 40591 | 579385 | 7655 | 44634 | 33893 | 10740 | |
Two weeks ending | |||||||||
2000-Apr. 5 | 40516 | 40327 | 38883 | 577090 | 7186 | 48613 | 33330 | 15283 | 61 |
19 | 39600 | 39232 | 38516 | 578091 | 6715 | 47144 | 32885 | 14259 | 84 |
May 3 | 41869 | 41593 | 40849 | 578052 | 7491 | 44594 | 34378 | 10216 | 71 |
17 | 40842 | 40540 | 39929 | 579048 | 7615 | 44116 | 33227 | 10889 | 91 |
31p | 42185 | 41745 | 41198 | 580008 | 7730 | 45160 | 34455 | 10705 | 115 |
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
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 |
1999-May | 44925 | 44798 | 43703 | 533142 |
June | 42446 | 42301 | 41151 | 535874 |
July | 41899 | 41590 | 40775 | 541017 |
Aug. | 41861 | 41518 | 40702 | 543894 |
Sep. | 41496 | 41158 | 40287 | 548405 |
Oct. | 40935 | 40653 | 39785 | 555697 |
Nov. | 41195 | 40960 | 39866 | 572012 |
Dec. | 41889 | 41568 | 40580 | 600632 |
2000-Jan. | 44229 | 43856 | 42204 | 596899 |
Feb. | 42102 | 41994 | 40989 | 571789 |
Mar. | 39754 | 39575 | 38545 | 570029 |
Apr. | 40600 | 40296 | 39449 | 571090 |
May p | 41568 | 41206 | 40611 | 572552 |
Two weeks ending | ||||
2000-Apr. 5 | 40530 | 40341 | 38897 | 570107 |
19 | 39616 | 39249 | 38533 | 571315 |
May 3 | 41885 | 41610 | 40866 | 571251 |
17 | 40861 | 40559 | 39948 | 572139 |
31p | 42207 | 41767 | 41220 | 573244 |
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.