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: October 21, 1999

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
October 21, 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 required excess NSA4 Monetary
base5
total6 adjustment seasonal Special
Liquidity
Facility7
 1998-Sep.                44540         44290            42846          1694        502038           251            73           178               
                                                                                                                                                   
      Oct.                44405         44231            42831          1574        505843           174            67           107               
      Nov.                44497         44414            42873          1624        509144            83            47            37               
      Dec.                44902         44785            43319          1583        512321           117           101            15               
                                                                                                                                                   
 1999-Jan.                45125         44920            43591          1534        516807           206           199             7               
      Feb.                44551         44435            43336          1215        520843           116           106             9               
      Mar.                43717         43652            42412          1305        524233            65            47            18               
                                                                                                                                                   
      Apr.                43979         43812            42820          1159        528741           166           128            39               
      May                 44360         44233            43105          1256        534860           127            39            89               
      June                42867         42722            41606          1261        537625           145            18           127               
                                                                                                                                                   
      July                41978         41669            40902          1076        541202           309            83           226               
      Aug.                42067         41723            40938          1129        544414           344            72           271               
      Sep.                42111         41773            40915          1196        549514           338            56           282               
          
Two weeks ending           
 1999-Aug. 25             41864         41560            40730          1134        544352           304            31           273               
                                                                                                                                                   
      Sep.  8             42756         42438            41548          1207        546824           318            35           284               
           22             42132         41809            41110          1022        548982           323            48           276               
                                                                                                                                                   
      Oct.  6             41430         41045            39940          1489        553137           385            91           294             1 
 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
 1998-Sep.                 44196         43946         42502        507834         9289         42524         34908          7616   
                                                                                                                                    
      Oct.                 44117         43943         42543        511359         9027         43268         35089          8179   
      Nov.                 44152         44069         42528        516958         8855         43104         35297          7807   
      Dec.                 45018         44902         43435        525062         9021         44305         35997          8308   
                                                                                                                                    
 1999-Jan.                 46345         46139         44811        527587         9658         45499         36687          8812   
      Feb.                 45237         45122         44022        526850         8578         46468         36660          9809   
      Mar.                 43121         43056         41816        530303         8851         42898         34270          8628   
                                                                                                                                    
      Apr.                 43645         43478         42486        533491         9238         42164         34407          7757   
      May                  44875         44747         43619        539984        10070         42459         34805          7654   
      June                 42394         42249         41133        542818         8539         42632         33856          8776   
                                                                                                                                    
      July                 41802         41493         40726        548065         7797         44059         34005         10054   
      Aug.                 41871         41527         40742        550858         7802         44664         34069         10595   
      Sep.                 41786         41448         40589        555139         7697         44519         34089         10430   
          
Two weeks ending           
 1999-Aug. 25              41423         41119         40289        550584         7421         44786         34003         10783           -12 
                                                                                                                                                
      Sep.  8              42596         42278         41388        553109         8470         43774         34126          9648            82 
           22              41766         41443         40744        555231         7440         44556         34327         10229           199 
                                                                                                                                                
      Oct.  6              41011         40626         39521        557011         7376         45199         33635         11564           -60 
           20p             40526         40262         39413        560408         6531         47350         33996         13354           207 
 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
 1998-Sep.                44273         44023         42579          500983 
                                                                            
      Oct.                44201         44027         42627          504465 
      Nov.                44243         44160         42619          510137 
      Dec.                45118         45002         43535          518278 
                                                                            
 1999-Jan.                46340         46135         44806          520009 
      Feb.                45249         45133         44034          519699 
      Mar.                43141         43076         41836          523353 
                                                                            
      Apr.                43671         43504         42512          526774 
      May                 44908         44781         43652          533116 
      June                42434         42290         41173          535881 
                                                                            
      July                41848         41539         40772          540979 
      Aug.                41923         41579         40794          543867 
      Sep.                41847         41509         40651          548081 
         
Two weeks ending          
 1999-Aug. 25             41475         41171         40341          543598 
                                                                            
      Sep.  8             42653         42335         41446          546177 
           22             41827         41504         40804          548247 
                                                                            
      Oct.  6             41075         40690         39586          549694 
 

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,

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