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: November 05, 1998

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
November 5, 1998
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
 1997-Oct.                45958         45688            45688         44562          1396        471983           270           227             0 
      Nov.                46301         46148            46148         44693          1609        476178           153           115             0 
      Dec.                46669         46345            46345         44986          1683        480152           324            79             0 
                                                                                                                                                   
 1998-Jan.                46501         46291            46291         44721          1780        482837           210            18             0 
      Feb.                45722         45664            45664         44198          1524        484226            58            12             0 
      Mar.                46045         46004            46004         44731          1314        485860            41            22             0 
                                                                                                                                                   
      Apr.                45959         45887            45887         44614          1345        487203            72            41             0 
      May                 45591         45438            45438         44441          1150        489102           153            94             0 
      June                45391         45140            45140         43771          1620        491634           251           159             0 
                                                                                                                                                   
      July                44813         44556            44556         43449          1365        493672           258           215             0 
      Aug.                44997         44726            44726         43484          1513        497313           271           242             0 
      Sep.                44585         44334            44334         42901          1684        502091           251           178             0 
                                                                                                                                                   
      Oct. pe             44423         44249            44249         42808          1616        506155           174           107             0 
          
Two weeks ending           
 1998-Sep.  9             45320         45073            45073         43398          1922        499752           247           209             0 
           23             44019         43829            43829         42634          1384        502053           190           171             0 
                                                                                                                                                   
      Oct.  7             44773         44394            44394         42794          1978        505174           379           152             0 
           21p            43823         43701            43701         42604          1219        504965           122           105             0 
                                                                                                                                                   
      Nov.  4pe           45018         44915            44915         43101          1917        508509           103            79             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
 1997-Oct.                 45621         45351         44225        477279         9990         42211         35631          6581   
      Nov.                 46442         46290         44834        483495        10550         42851         35892          6959   
      Dec.                 47880         47555         46196        491919        10673         44707         37206          7500   
                                                                                                                                    
 1998-Jan.                 47495         47285         45714        491608         9732         47336         37762          9574   
      Feb.                 44974         44916         43450        488411         9394         43167         35580          7587   
      Mar.                 45507         45466         44193        490964        10138         41598         35370          6228   
                                                                                                                                    
      Apr.                 46475         46403         45131        494109        11053         41215         35423          5792   
      May                  44805         44652         43655        494953         9646         41482         35159          6323   
      June                 45095         44844         43475        497929         9668         42635         35427          7208   
                                                                                                                                    
      July                 44600         44342         43235        502169         9646         42035         34954          7081   
      Aug.                 44707         44436         43194        504393         9682         42121         35025          7095   
      Sep.                 44193         43943         42509        507785         9284         42579         34909          7670   
                                                                                                                                    
      Oct. pe              44154         43980         42538        511497         9067         43348         35087          8261   
          
Two weeks ending           
 1998-Sep.  9              45075         44828         43153        506574        10363         41793         34712          7081           197 
           23              43477         43288         42093        507873         8439         42900         35039          7862            85 
                                                                                                                                                
      Oct.  7              44493         44114         42514        509168         9588         42948         34905          8043            33 
           21p             43738         43616         42519        511786         8417         44084         35321          8763           265 
                                                                                                                                                
      Nov.  4pe            44500         44397         42583        512724         9613         42598         34887          7711           134 
 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
 1997-Oct.                45693         45424         44297          470406 
      Nov.                46521         46368         44913          476607 
      Dec.                47971         47647         46288          485113 
                                                                            
 1998-Jan.                47486         47277         45706          484408 
      Feb.                44993         44935         43469          481348 
      Mar.                45543         45501         44228          483999 
                                                                            
      Apr.                46525         46453         45181          487361 
      May                 44865         44712         43715          488278 
      June                45171         44920         43552          491177 
                                                                            
      July                44688         44430         43323          495321 
      Aug.                44808         44537         43295          497494 
      Sep.                44310         44059         42626          500975 
                                                                            
      Oct. pe             44283         44109         42667          504646 
         
Two weeks ending          
 1998-Sep.  9             45186         44939         43264          499789 
           23             43593         43403         42208          501078 
                                                                            
      Oct.  7             44618         44240         42640          502293 
           21p            43865         43743         42646          504881 
                                                                            
      Nov.  4pe           44632         44529         42715          505963 
 
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: Historical data are available from the Money and Reserves Projections Section,
Division of Monetary Affairs, Board of Governors of The Federal Reserve System,
Washington, D.C. 20551

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