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: December 17, 1998

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
December 17, 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-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        493698           258           215             0 
      Aug.                44997         44726            44726         43484          1513        497374           271           242             0 
      Sep.                44585         44334            44334         42901          1684        502136           251           178             0 
                                                                                                                                                   
      Oct.                44385         44211            44211         42813          1572        506007           174           107             0 
      Nov. p              44565         44482            44482         42947          1618        509840            84            37             0 
          
Two weeks ending           
 1998-Oct. 21             43806         43684            43684         42605          1200        504914           122           105             0 
                                                                                                                                                   
      Nov.  4             44923         44820            44820         43117          1806        508102           103            79             0 
           18             43731         43649            43649         42188          1542        508605            82            40             0 
                                                                                                                                                   
      Dec.  2p            45420         45341            45341         43777          1643        511859            79            20             0 
           16pe           44167         44141            44141         42833          1333        511885            26            13             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-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        502195         9646         42035         34954          7081   
      Aug.                 44707         44436         43194        504454         9682         42121         35025          7095   
      Sep.                 44193         43943         42509        507830         9284         42579         34909          7670   
                                                                                                                                    
      Oct.                 44115         43942         42544        511347         9026         43348         35090          8258   
      Nov. p               44146         44062         42528        516910         8847         43109         35299          7809   
          
Two weeks ending           
 1998-Oct. 21              43720         43598         42520        511734         8400         44084         35321          8763           265 
                                                                                                                                                
      Nov.  4              44405         44302         42599        512316         9509         42598         34897          7701           131 
           18              43455         43373         41913        516049         8520         43080         34935          8145           285 
                                                                                                                                                
      Dec.  2p             44866         44787         43222        519446         9007         43313         35859          7454            92 
           16pe            44250         44224         42916        521383         8964         43230         35286          7944           116 
 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-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          495347 
      Aug.                44808         44537         43295          497555 
      Sep.                44310         44059         42626          501020 
                                                                            
      Oct.                44244         44070         42672          504498 
      Nov. p              44286         44203         42668          510139 
         
Two weeks ending          
 1998-Oct. 21             43848         43726         42648          504830 
                                                                            
      Nov.  4             44537         44434         42730          505559 
           18             43592         43510         42049          509374 
                                                                            
      Dec.  2p            45014         44935         43370          512558 
           16pe           44405         44379         43072          514780 
 
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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