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: January 18, 2001

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
January 18, 2001
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
 1999-Dec.                41742         41422            40435          1307        591184           320           179            67            74 
                                                                                                                                                   
 2000-Jan.                43116         42742            41095          2020        591998           374           296            31            46 
      Feb.                41636         41529            40525          1112        573593           108            45            44            19 
      Mar.                40463         40284            39258          1205        571441           179           101            71             7 
                                                                                                                                                   
      Apr.                40929         40625            39784          1145        573083           304           184           120             0 
      May                 41357         40995            40414           943        574288           362            86           276               
      June                39958         39478            38894          1064        575630           479            90           389               
                                                                                                                                                   
      July                40258         39688            39190          1068        577412           570            60           510               
      Aug.                39944         39365            38930          1014        577693           579            25           554               
      Sep.                39861         39384            38759          1102        579255           477            50           427               
                                                                                                                                                   
      Oct.                39540         39122            38411          1129        580935           418           119           299               
      Nov.                39442         39159            38240          1202        580038           283           124           159               
      Dec. p              38692         38483            37363          1329        582607           210            99           111               
          
Two weeks ending           
 2000-Nov. 15             38643         38453            37640          1003        578689           190            25           165               
           29             40327         39947            38920          1407        581374           380           232           148               
                                                                                                                                                   
      Dec. 13             37841         37682            36708          1133        579394           159            37           123               
           27             39516         39231            38060          1456        584233           285           169           117               
                                                                                                                                                   
 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
 1999-Dec.                 41655         41334         40348        607935         5263         60619         36392         24227   
                                                                                                                                    
 2000-Jan.                 44235         43862         42215        604630         5171         74017         39064         34953   
      Feb.                 42097         41989         40985        579208         5074         63770         37023         26747   
      Mar.                 39752         39573         38547        577125         6515         48952         33237         15715   
                                                                                                                                    
      Apr.                 40593         40289         39448        578333         7081         46456         33512         12944   
      May                  41558         41196         40616        580088         7661         44643         33898         10745   
      June                 39217         38738         38153        581436         6460         44560         32757         11802   
                                                                                                                                    
      July                 39668         39098         38600        583986         6582         45473         33086         12387   
      Aug.                 39486         38907         38471        583336         6875         45319         32611         12708   
      Sep.                 39257         38780         38155        583482         6829         44807         32429         12378   
                                                                                                                                    
      Oct.                 38854         38436         37725        585073         6782         45178         32072         13106   
      Nov.                 38789         38506         37587        588977         7157         44546         31632         12914   
      Dec. p               38545         38335         37216        596794         7164         45120         31381         13739   
          
Two weeks ending           
 2000-Nov. 15              37765         37575         36762        586819         6709         44633         31056         13577            90 
           29              39881         39501         38474        591212         7620         44539         32261         12278            60 
                                                                                                                                                
      Dec. 13              37386         37227         36253        592198         7131         43452         30255         13197           166 
           27              39581         39296         38125        598970         7211         46220         32370         13850            74 
                                                                                                                                                
 2001-Jan. 10p             38687         38577         37166        604114         7107         46696         31580         15116            78 
 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
 1999-Dec.                41889         41568         40581          600632 
                                                                            
 2000-Jan.                44232         43859         42212          596903 
      Feb.                42104         41996         40992          571863 
      Mar.                39764         39585         38559          570237 
                                                                            
      Apr.                40610         40306         39465          571513 
      May                 41579         41217         40636          573256 
      June                39241         38762         38177          574552 
                                                                            
      July                39697         39127         38628          577189 
      Aug.                39517         38938         38503          576596 
      Sep.                39294         38816         38191          576792 
                                                                            
      Oct.                38895         38476         37766          578343 
      Nov.                38832         38549         37629          582210 
      Dec. p              38585         38375         37256          589874 
         
Two weeks ending          
 2000-Nov. 15             37806         37616         36803          579962 
           29             39925         39545         38518          584537 
                                                                            
      Dec. 13             37431         37272         36298          585410 
           27             39629         39344         38173          592009 
                                                                            
 

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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Last update: January 18, 2001