1

For Release at
4:30 P.M. EST
November 4, 1999
H.3
N O T I C E
Because of the Veterans' Day holiday on Thursday, November 11, 1999 and the
Thanksgiving Day holiday on Thursday, November 25, 1999, the H.3 statistical
release will be published on Friday, November 12, 1999 and Friday, November 26,
1999, respectively.
1
FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1
For Release at 4:30 p.m. Eastern Time
November 4, 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
---------------------------------------------------------------------------------------------------Special
Date
Monetary
se5

total6

total2
nonborrowed3
adjustment
seasonal

required
excess NSA4
Liquidity
Facility7

ba

-----------------------------------------------------------------------------------------------------------------------------------------1998-Oct.
44405
44231
42831
1574
505843
174
67
107
Nov.
44497
44414
42873
1624
509144
83
47
37
Dec.
44902
44785
43319
1583
512321
117
101
15
1999-Jan.
516807
Feb.
520843
Mar.
524233

45125
199
44551
106
43717
47

44920
7
44435
9
43652
18

43591

1534

43336

1215

42412

1305

43979
128
44360
39
42867
18

43812
39
44233
89
42722
127

42820

1159

43105

1256

41606

1261

41978
83
42067
72
42113
56

41669
226
41723
271
41774
282

40902

1076

40938

1129

40916

1197

Oct. p
556741
281
Two weeks ending
1999-Sep. 8
546824
318
22
548982
323

40938
52

40657
221

39799
8

1139

42756
35
42132
48

42438
284
41809
276

41548

1207

41110

1022

Oct.

41435
91
40695
21

41050
294
40431
244

39943
1
39582
1

1491

206
116
65

Apr.
528741
534860

166

May

127

June

537625

145
July

541202
544414

309

Aug.

344

Sep.

549517

553145
555749

338

6
20

385
265

1113

Nov. 3p
40977
40731
39996
980
559966
246
72
153
22
-------------------------------------------------------------------------------------------------------------------------------------------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

--------------------------------------------------------------------------e

Date
balances

Reserv

used to
Net carryover
total2
nonborrowed
required Monetary base3
total
satisfy
surplus7
of reserve

F.R.

required

balances8

with

Banks4
reserves6
-----------------------------------------------------------------------------------------------------------------------------------------1998-Oct.
9027
43268
Nov.
8855
43104
Dec.
9021
44305
1999-Jan.

44117
35089
44152
35297
45018
35997

43943
8179
44069
7807
44902
8308

42543

511359

42528

516958

43435

525062

46345

46139

44811

527587

9658
8578
8851

9238
10070
8539

7797
7802
7698

45499
Feb.
Mar.

Apr.
May
June

July
Aug.
Sep.

46468
42898

42164
42459
42632

44059
44664
44519

Oct. p
6766
47013
Two weeks ending
1999-Sep. 8
8470
43774
22
7440
44556
Oct.
7380
6531

6
45199
20
47350

36687
45237
36660
43121
34270

8812
45122
9809
43056
8628

43645
34407
44875
34805
42394
33856

44022

526850

41816

530303

43478
7757
44747
7654
42249
8776

42486

533491

43619

539984

41133

542818

41802
34005
41871
34069
41787
34089

41493
10054
41527
10595
41449
10430

40726

548065

40742

550858

40590

555141

40697
33932

40416
13082

39558

562233

42596
34126
41766
34327

42278
9648
41443
10229

41388
82
40744
199

553109

41016
33636
40527
33997

40631
11563
40263
13353

39524
-60
39414
205

557018

555231

562263

Nov. 3p
40741
40495
39761
565041
6730
47576
34011
13565
119
------------------------------------------------------------------------------------------------------------------------------------------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-Oct.
Nov.
Dec.

44201
44243
45118

44027
44160
45002

42627
42619
43535

504465
510137
518278

1999-Jan.
Feb.
Mar.

46340
45249
43141

46135
45133
43076

44806
44034
41836

520009
519699
523353

Apr.
May
June

43671
44908
42434

43504
44781
42290

42512
43652
41173

526774
533116
535881

July
Aug.
Sep.

41848
41923
41848

41539
41579
41510

40772
40794
40651

540979
543867
548083

Oct. p
Two weeks ending
1999-Sep. 8
22

40764

40483

39625

555106

42653
41827

42335
41504

41446
40804

546177
548247

Oct.

41081
40596

40696
40331

39589
39483

549702
555219

6
20

Nov.

3p

40806

40560

39826

557910

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.