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: September 16, 1999

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
September 16, 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-Aug.                44983         44712            44712         43453          1530        497869           271           242             0 
      Sep.                44540         44290            44290         42846          1694        502038           251           178             0 
                                                                                                                                                   
      Oct.                44405         44231            44231         42831          1574        505843           174           107             0 
      Nov.                44497         44414            44414         42873          1624        509144            83            37             0 
      Dec.                44902         44785            44785         43319          1583        512321           117            15             0 
                                                                                                                                                   
 1999-Jan.                45125         44920            44920         43591          1534        516807           206             7             0 
      Feb.                44551         44435            44435         43336          1215        520843           116             9             0 
      Mar.                43717         43652            43652         42412          1305        524233            65            18             0 
                                                                                                                                                   
      Apr.                43979         43812            43812         42820          1159        528741           166            39             0 
      May                 44360         44233            44233         43105          1256        534860           127            89             0 
      June                42867         42722            42722         41606          1261        537625           145           127             0 
                                                                                                                                                   
      July                41978         41669            41669         40902          1076        541201           309           226             0 
      Aug. p              42072         41728            41728         40941          1131        544369           344           271             0 
          
Two weeks ending           
 1999-July 14             41510         41179            41179         40499          1011        539943           331           196             0 
           28             42453         42187            42187         41312          1140        542039           266           249             0 
                                                                                                                                                   
      Aug. 11             41950         41541            41541         40871          1078        543167           409           263             0 
           25             41865         41561            41561         40731          1134        544296           304           273             0 
                                                                                                                                                   
      Sep.  8p            42777         42459            42459         41557          1219        546743           318           284             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-Aug.                 44714         44443         43184        504414         9688         42123         35026          7097   
      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        548064         7797         44059         34005         10054   
      Aug. p               41875         41532         40744        550817         7806         44664         34070         10594   
          
Two weeks ending           
 1999-July 14              41314         40983         40303        548020         7526         44019         33788         10231           205 
           28              42238         41972         41098        547700         8041         43899         34198          9702            51 
                                                                                                                                                
      Aug. 11              42046         41637         40967        549971         7923         44994         34123         10871            29 
           25              41424         41120         40290        550531         7422         44786         34003         10783           -12 
                                                                                                                                                
      Sep.  8p             42616         42298         41397        553039         8487         43774         34129          9645            82 
 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. 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 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 (+)
or deficit (-) reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown.
 
 
 
 
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-Aug.                44780         44509         43250          497479 
      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          540978 
      Aug. p              41928         41584         40797          543826 
         
Two weeks ending          
 1999-July 14             41360         41029         40349          541072 
           28             42283         42017         41142          540464 
                                                                            
      Aug. 11             42095         41686         41016          542940 
           25             41476         41172         40342          543545 
                                                                            
      Sep.  8p            42674         42356         41455          546104 
 
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: September 16, 1999