1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time March 30, 2000 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-Feb. 44551 44435 43336 1215 520745 116 106 9 Mar. 43717 43652 42412 1305 523829 65 47 18 Apr. 43979 43812 42820 1159 528233 166 128 39 May 44360 44233 43105 1256 534029 127 39 89 June 42867 42722 41606 1261 537147 145 18 127 July 41978 41669 40902 1076 541250 309 83 226 Aug. 42067 41723 40938 1129 544629 344 72 271 Sep. 42113 41774 40916 1197 550218 338 56 282 Oct. 40943 40661 39790 1153 557753 281 52 221 8 Nov. 41198 40962 39864 1334 569657 236 157 71 7 Dec. 41520 41200 40209 1311 590652 320 179 67 74 2000-Jan. 43147 42773 41121 2025 591297 374 296 31 46 Feb. 41481 41373 40365 1116 572510 108 45 44 19 Two weeks ending 2000-Jan. 26 42969 42746 41573 1396 585324 224 180 28 17 Feb. 9 42695 42581 41549 1146 575939 114 62 27 25 23 41135 41036 39952 1183 571356 100 35 48 17 Mar. 8 40467 40348 39551 916 570057 119 44 61 15 22p 39646 39439 38537 1109 568935 207 133 67 7 --------------------------------------------------------------------------------------------------------------------------------------------- 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-Feb. 45237 45122 44022 526850 8578 46474 36660 9814 Mar. 43121 43056 41816 530303 8851 42910 34270 8640 Apr. 43645 43478 42486 533491 9238 42166 34407 7759 May 44875 44747 43619 539984 10070 42590 34805 7786 June 42394 42249 41133 542818 8539 42623 33856 8768 July 41802 41493 40726 548065 7797 44080 34005 10075 Aug. 41871 41527 40742 550860 7802 44603 34069 10533 Sep. 41787 41449 40590 555185 7698 44447 34089 10359 Oct. 40702 40420 39549 562639 6768 47030 33933 13096 Nov. 40944 40709 39610 579016 6285 50754 34660 16094 Dec. 41643 41323 40332 607926 5260 60499 36384 24116 2000-Jan. 44304 43931 42279 604764 5207 73898 39097 34802 Feb. 42085 41977 40969 579022 5072 63745 37013 26733 Two weeks ending 2000-Jan. 26 44675 44451 43278 592544 4644 75759 40031 35728 107 Feb. 9 44479 44366 43333 579807 4145 80804 40334 40470 122 23 41443 41343 40260 579395 5172 58780 36271 22509 51 Mar. 8 39994 39875 39078 576973 6232 49745 33762 15983 140 22p 39101 38894 37992 576369 6257 48678 32845 15833 -69 -------------------------------------------------------------------------------------------------------------------------------------------- 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-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 543869 Sep. 41848 41510 40651 548126 Oct. 40768 40487 39616 555512 Nov. 41016 40780 39682 571891 Dec. 41719 41398 40407 600457 2000-Jan. 44294 43921 42269 597029 Feb. 42097 41989 40980 571681 Two weeks ending 2000-Jan. 26 44668 44444 43271 584914 Feb. 9 44487 44374 43341 572262 23 41454 41355 40271 571976 Mar. 8 40010 39891 39093 570124 22p 39121 38914 38012 569534 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.