1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time October 5, 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-Sep. 41772 41434 40563 1209 550333 338 56 282 Oct. 41339 41058 40189 1150 557847 281 52 221 8 Nov. 41560 41325 40231 1330 569432 236 157 71 7 Dec. 41742 41422 40435 1307 591184 320 179 67 74 2000-Jan. 43116 42742 41095 2020 591999 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 577406 570 60 510 Aug. 39944 39365 38930 1014 577583 579 25 554 Sep. p 39866 39388 38747 1119 579508 477 50 427 Two weeks ending 2000-Aug. 9 41129 40548 40026 1102 577116 581 27 555 23 39492 38929 38513 979 578053 564 12 552 Sep. 6 39402 38799 38425 977 577286 604 45 559 20 39262 38789 38218 1044 578520 473 70 403 Oct. 4p 40989 40581 39681 1308 582225 409 26 383 --------------------------------------------------------------------------------------------------------------------------------------------- 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-Sep. 41314 40976 40105 555336 7646 44448 33669 10779 Oct. 40733 40451 39583 562681 6777 47039 33956 13083 Nov. 40970 40735 39641 578975 6283 50830 34688 16142 Dec. 41655 41334 40348 607935 5263 60630 36392 24238 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 583981 6582 45475 33086 12389 Aug. 39486 38907 38471 583223 6875 45322 32611 12711 Sep. p 39262 38785 38143 583712 6828 44802 32434 12368 Two weeks ending 2000-Aug. 9 40904 40323 39802 583594 7267 46291 33638 12654 16 23 38797 38234 37818 583009 6603 45398 32195 13204 61 Sep. 6 39095 38492 38118 583181 6911 44099 32184 11915 37 20 38656 38184 37612 583575 6579 44814 32077 12737 4 Oct. 4p 40211 39803 38903 584222 7127 45208 33085 12123 -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-Sep. 41496 41158 40287 548405 Oct. 40935 40653 39785 555697 Nov. 41195 40960 39866 572012 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 577183 Aug. 39517 38938 38503 576484 Sep. p 39298 38821 38180 577022 Two weeks ending 2000-Aug. 9 40934 40353 39832 576976 23 38828 38265 37849 576190 Sep. 6 39128 38525 38151 576445 20 38691 38219 37647 577047 Oct. 4p 40250 39842 38942 577333 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.