1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time January 20, 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 ------------------------------------------------------------------------------------------------------------------------------------------- 1998-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 541203 309 83 226 Aug. 42067 41723 40938 1129 544415 344 72 271 Sep. 42113 41774 40916 1197 549560 338 56 282 Oct. 40943 40661 39790 1153 557154 281 52 221 8 Nov. 41198 40962 39864 1334 569349 236 157 71 7 Dec. p 41532 41212 40221 1311 590319 320 179 67 74 Two weeks ending 1999-Nov. 17 41124 40795 39751 1373 567086 329 263 62 5 Dec. 1 41330 41197 39960 1370 573735 133 64 62 7 15 40947 40766 39849 1098 581580 181 94 61 27 29 41808 41383 40547 1261 598229 425 222 79 124 2000-Jan. 12p 43791 43134 40667 3124 604417 657 530 38 90 --------------------------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------------------------------------------------------------------------------------------- 1998-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 550860 7802 44664 34069 10595 Sep. 41787 41449 40590 555185 7698 44519 34089 10430 Oct. 40702 40420 39549 562639 6768 47017 33933 13084 Nov. 40944 40709 39610 578943 6285 50735 34660 16076 Dec. p 41656 41335 40344 607764 5259 60478 36396 24082 Two weeks ending 1999-Nov. 17 40569 40240 39196 575474 6524 49503 34046 15457 -35 Dec. 1 41397 41264 40027 585676 5927 52790 35470 17320 87 15 40780 40599 39682 596577 5434 56674 35346 21329 166 29 42208 41783 40947 617402 4887 63636 37321 26315 66 2000-Jan. 12p 44050 43393 40926 629654 6309 68849 37741 31108 -138 -------------------------------------------------------------------------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------------- 1998-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 543869 Sep. 41848 41510 40651 548126 Oct. 40768 40487 39616 555512 Nov. 41016 40780 39682 571819 Dec. p 41731 41410 40420 600294 Two weeks ending 1999-Nov. 17 40639 40310 39265 568405 Dec. 1 41472 41339 40102 578493 15 40859 40678 39761 589409 29 42293 41868 41032 609676 2000-Jan. 12p 44028 43371 40904 621716 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.