1

FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time July 29, 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 required excess NSA5 Monetary total seasonal extended extended credit4 base6 credit4 -----------------------------------------------------------------------------------------------------------------------------------------1998-June 45410 45159 45159 43794 1615 492314 251 159 0 July Aug. Sep. 44895 258 44983 271 44540 251 44405 174 44497 83 44902 117 45125 206 44551 116 43717 44637 215 44712 242 44290 178 44231 107 44414 37 44785 15 44920 7 44435 9 43652 44637 0 44712 0 44290 0 44231 0 44414 0 44785 0 44920 0 44435 0 43652 43524 43453 42846

1371 1530 1694

494736 497869 502038

1574 1624 1583

Oct. Nov. Dec.

505843 509144 512321

42831 42873 43319

1999-Jan. 1534 516807 Feb. 1215 520843 Mar.

43591 43336 42412

1305 Apr. May

524233

65 43979 166 44360 127 42867 145 44941 117 42523 114 42915 180 41513 331 42279 266

18 43812 39 44233 89 42722 127 44824 106 42410 100 42735 158 41182 196 42013 249

0 43812 0 44233 0 42722 0 44824 0 42410 0 42735 0 41182 0 42013 0 42820 43105 41606 43506 41369 41571

1159 1256

528741 534860

June 1261 537587 Two weeks ending 1999-June 2 1434 536541 16 1154 536822 30 1343 538501 July 14p 539886 28pe 543504

40498 41307

1015 972

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 --------------------------------------------------------------------------e Date balances F.R. used to Net carryover total2 nonborrowed required Monetary base3 total satisfy surplus7 of reserve required balances8

Reserv

with

Banks4 reserves6 -----------------------------------------------------------------------------------------------------------------------------------------1998-June 9671 42611 July Aug. Sep. 45094 35423 44598 34953 44714 35026 44196 34908 44117 35089 44152 35297 45018 35997 46345 36687 45237 36660 43121 34270 43645 34407 44875 34805 42394 33856 44843 7188 44340 7077 44443 7097 43946 7616 43943 8179 44069 7807 44902 8308 46139 8812 45122 9809 43056 8628 43478 7757 44747 7654 42249 8776 43479 497891

9645 9688 9289

42030 42123 42524

43227 43184 42502

502128 504414 507834

9027 8855 9021

Oct. Nov. Dec.

43268 43104 44305

42543 42528 43435

511359 516958 525062

1999-Jan. 9658 45499 Feb. 8578 46468 Mar. 8851 42898 Apr. May

44811 44022 41816

527587 526850 530303

9238 10070

42164 42459

42486 43619 41133

533491 539984 542780

June 8539 42632 Two weeks ending

1999-June 10096 8546 8309

2 42697 16 41829 30 43426

45058 34962 42037 33492 42371 34062 41317 33787 42064 34188

44941 7736 41924 8337 42191 9365 40986 10232 41799 9710

43623 200 40883 228 41027 89 40302 205 41092 51

541884 542726 542963

7530 7876

July 14p 44019 28pe 43898

547967 549098

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. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Starting with the maintenance period ended November 25, 1992, each maintenance period for weekly reporters ends 16 days after the lagged computation period in which the vault cash is held. Previously, each maintenance period ended 30 days after the lagged computation period. 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-June July Aug. Sep. Oct. Nov. Dec. 1999-Jan. Feb. Mar. Apr. May June Two weeks ending 1999-June 2 16 30 July 14p 28pe 45145 44656 44780 44273 44201 44243 45118 46340 45249 43141 43671 44908 42434 45094 42075 42413 41363 42109 44894 44398 44509 44023 44027 44160 45002 46135 45133 43076 43504 44781 42290 44977 41962 42233 41032 41843 43529 43285 43250 42579 42627 42619 43535 44806 44034 41836 42512 43652 41173 43659 40921 41070 40348 41136 491113 495250 497479 500983 504465 510137 518278 520009 519699 523353 526774 533116 535843 534989 535937 535872 541014 541861

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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.