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Release Date: September 23, 1999
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
September 23, 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
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Reserves of depository institutions Borrowings of depository institutions from
the Federal Reserve, NSA
--------------------------------------------------------------- -----------------------------------------
Date total2 nonborrowed3 nonborrowed plus required excess NSA5 Monetary total seasonal extended
extended credit4 base6 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 42068 41724 41724 40940 1127 544369 344 271 0
Two weeks ending
1999-July 28 42453 42187 42187 41312 1140 542039 266 249 0
Aug. 11 41950 41541 41541 40871 1078 543167 409 263 0
25 41864 41560 41560 40730 1134 544299 304 273 0
Sep. 8p 42758 42440 42440 41557 1201 546737 318 284 0
22pe 42125 41802 41802 41190 935 552210 323 276 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
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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
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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 41871 41528 40744 550815 7802 44664 34070 10594
Two weeks ending
1999-July 28 42238 41972 41098 547700 8041 43899 34198 9702 51
Aug. 11 42046 41637 40967 549971 7923 44994 34123 10871 29
25 41423 41119 40289 550531 7421 44786 34003 10783 -12
Sep. 8p 42598 42280 41397 553024 8470 43774 34128 9646 82
22pe 41759 41436 40824 558643 7457 44556 34302 10254 198
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.
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-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 41924 41580 40796 543823
Two weeks ending
1999-July 28 42283 42017 41142 540464
Aug. 11 42095 41686 41016 542940
25 41475 41171 40341 543545
Sep. 8p 42656 42338 41455 546089
22pe 41819 41496 40884 551661
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 23, 1999