1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time January 11, 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 ------------------------------------------------------------------------------------------------------------------------------------------- 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 579255 477 50 427 Oct. 39540 39122 38411 1129 580935 418 119 299 Nov. 39442 39159 38240 1202 580038 283 124 159 Dec. p 38694 38485 37362 1332 582095 210 99 111 Two weeks ending 2000-Nov. 15 38643 38453 37640 1003 578689 190 25 165 29 40327 39947 38920 1407 581374 380 232 148 Dec. 13 37841 37682 36708 1133 579395 159 37 123 27 39517 39232 38057 1460 584230 285 169 117 2001-Jan. 10p 38587 38477 37053 1534 583399 110 56 55 --------------------------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------------------------------------------------------------------------------------------- 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 13105 Nov. 38789 38506 37587 588977 7157 44545 31632 12913 Dec. p 38547 38337 37214 596098 7164 45119 31382 13737 Two weeks ending 2000-Nov. 15 37765 37575 36762 586819 6709 44632 31056 13576 90 29 39881 39501 38474 591212 7620 44538 32261 12277 60 Dec. 13 37386 37227 36253 592198 7131 43451 30255 13196 166 27 39582 39297 38122 598966 7210 46219 32372 13847 74 2001-Jan. 10p 38698 38588 37164 598735 7117 46695 31581 15114 74 -------------------------------------------------------------------------------------------------------------------------------------------- 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 582210 Dec. p 38587 38377 37254 589179 Two weeks ending 2000-Nov. 15 37806 37616 36803 579962 29 39925 39545 38518 584537 Dec. 13 37431 37272 36298 585410 27 39630 39345 38170 592005 2001-Jan. 10p 38688 38578 37154 591534 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.