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: February 18, 1999

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
February 18, 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-Jan.                46501         46291            46291         44721          1780        481982           210            18             0 
      Feb.                45722         45664            45664         44198          1524        483292            58            12             0 
      Mar.                46045         46004            46004         44731          1314        485423            41            22             0 
                                                                                                                                                   
      Apr.                45959         45887            45887         44614          1345        487686            72            41             0 
      May                 45591         45438            45438         44441          1150        489980           153            94             0 
      June                45391         45140            45140         43771          1620        492397           251           159             0 
                                                                                                                                                   
      July                44813         44556            44556         43449          1365        494617           258           215             0 
      Aug.                44997         44726            44726         43484          1513        498169           271           242             0 
      Sep.                44585         44334            44334         42901          1684        502238           251           178             0 
                                                                                                                                                   
      Oct.                44385         44211            44211         42813          1572        505765           174           107             0 
      Nov.                44571         44488            44488         42947          1624        509486            84            37             0 
      Dec.                44905         44788            44788         43321          1584        512994           117            15             0 
                                                                                                                                                   
 1999-Jan. p              44873         44667            44667         43341          1532        516566           206             7             0 
          
Two weeks ending           
 1998-Dec. 16             44138         44112            44112         42834          1304        511987            26            13             0 
           30             45612         45417            45417         43805          1806        513948           195            18             0 
                                                                                                                                                   
 1999-Jan. 13             44685         44315            44315         42463          2221        516537           370             9             0 
           27             45074         45007            45007         44084           990        515880            68             5             0 
                                                                                                                                                   
      Feb. 10p            44779         44621            44621         43594          1184        519056           158             8             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-Jan.                 47495         47285         45714        491545         9732         47365         37762          9602   
      Feb.                 44974         44916         43450        488348         9394         43196         35580          7616   
      Mar.                 45507         45466         44193        490900        10138         41633         35370          6263   
                                                                                                                                    
      Apr.                 46475         46403         45131        494045        11053         41221         35423          5798   
      May                  44805         44652         43655        494889         9646         41504         35159          6344   
      June                 45095         44844         43475        497865         9668         42611         35427          7184   
                                                                                                                                    
      July                 44600         44342         43235        502130         9646         42030         34954          7075   
      Aug.                 44707         44436         43194        504390         9682         42123         35025          7098   
      Sep.                 44193         43943         42509        507797         9284         42524         34909          7614   
                                                                                                                                    
      Oct.                 44115         43942         42544        511357         9026         43268         35090          8178   
      Nov.                 44152         44068         42527        516941         8855         43104         35297          7807   
      Dec.                 45019         44902         43435        525018         9022         44305         35997          8308   
                                                                                                                                    
 1999-Jan. p               46333         46127         44801        527506         9659         45499         36674          8825   
          
Two weeks ending           
 1998-Dec. 16              44222         44196         42917        521660         8949         43230         35273          7957           117 
           30              45805         45610         43999        528782         9057         45470         36748          8722            73 
                                                                                                                                                
 1999-Jan. 13              45462         45092         43240        530421         9551         45023         35911          9113           163 
           27              46870         46803         45880        525317        10025         44838         36845          7993           287 
                                                                                                                                                
      Feb. 10p             47284         47126         46099        525696         8728         49364         38556         10808            42 
 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-Jan.                47487         47277         45706          484345 
      Feb.                44993         44935         43469          481285 
      Mar.                45543         45501         44228          483936 
                                                                            
      Apr.                46525         46453         45181          487297 
      May                 44865         44712         43715          488214 
      June                45171         44920         43552          491113 
                                                                            
      July                44688         44430         43323          495283 
      Aug.                44808         44537         43295          497491 
      Sep.                44310         44059         42626          500987 
                                                                            
      Oct.                44244         44070         42672          504508 
      Nov.                44292         44209         42668          510170 
      Dec.                45172         45055         43589          518289 
                                                                            
 1999-Jan. p              46327         46121         44795          519927 
         
Two weeks ending          
 1998-Dec. 16             44377         44351         43073          515062 
           30             45969         45774         44162          521996 
                                                                            
 1999-Jan. 13             45442         45073         43221          522933 
           27             46873         46806         45883          517653 
                                                                            
      Feb. 10p            47290         47132         46106          518117 
 
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: February 18, 1999