1

FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1
For Release at 4:30 p.m. Eastern Time
July 6, 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
Monetary

total6

total2
nonborrowed3
adjustment
seasonal

required
excess NSA4
Liquidity

ba
se5
Facility7
-----------------------------------------------------------------------------------------------------------------------------------------1999-May
44381
44254
43159
1222
533813
127
39
89
June
42758
42613
41463
1295
536549
145
18
127

540488
544354
550333

557847
569432
591188

July
Aug.
Sep.

Oct.
Nov.
Dec.

2000-Jan.

309
344
338

281
236
320

42035
83
41910
72
41772
56

41726
226
41566
271
41434
282

40911

1124

40750

1160

40563

1209

41339
52
41560
157
41742
179

41058
221
41325
71
41422
67

40189
8
40231
7
40434
74

1150

43113

42739

41088

2025

1330
1308

591970
573501
571368

572724

374
Feb.

108

Mar.

179

Apr.

304

May
573764
362
Two weeks ending
2000-May
3
573022
276
17
573036
303
31
574650
440
June 14
573574

28p

576279

472
471

296
41635
45
40453
101

31
41527
44
40274
71

46
40521
19
39244
7

40919
184
41354
86

40615
120
40992
276

39768
0
40388

1152

41601
120
40572
65
42082
100

41325
156
40270
238
41642
340

40581

1019

39660

912

41074

1008

39416
134
40537
43

38944
339
40066
428

38435

981

39250

1286

1113
1209

966

-------------------------------------------------------------------------------------------------------------------------------------------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

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

F.R.

required

Reserv

with

balances8

Banks4
reserves6
-----------------------------------------------------------------------------------------------------------------------------------------1999-May
10019
42590
June
8467
42624

44828
34809
42331
33864

44700
7781
42186
8760

43606

539942

41036

542732

July

41762
34017
41702
33981
41314
33669

41452
10064
41358
10622
40976
10779

40637

548006

40542

550773

40105

555336

40451
13083
40735
16142
41334
24238

39583

562681

39641

578975

40347

607934

60630

40733
33956
40970
34688
41655
36392

2000-Jan.
5169
74015
Feb.
5078
63764
Mar.
6515
48946

44232
39063
42095
37017
39742
33227

43859
34952
41987
26747
39563
15719

42207

604631

40982

579215

38533

577124

40584
33507
41555
33895

40280
12946
41193
10737

39433

578185

40589

579703

7745
7721

Aug.
Sep.

7646

44081
44603
44448

Oct.
6777
6283

Nov.
Dec.

5263

47039
50830

Apr.
7078
7660

May

46453
44632

Two weeks ending
2000-May
3
7491
44592
17
7614
44114
31
7743
45158

41869
34378
40841
33227
42202
34459

41593
10214
40539
10887
41762
10699

40849
71
39929
91
41194
114

578366

June 14
43847
28p
45105

38708
32204
39757
33331

38236
11643
39286
11773

37727
151
38471
90

580999

6504
6426

579380
580313

580139

------------------------------------------------------------------------------------------------------------------------------------------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-May
June

44925
42446

44798
42301

43703
41151

533142
535874

July
Aug.
Sep.

41899
41861
41496

41590
41518
41158

40775
40702
40287

541017
543894
548405

Oct.
Nov.
Dec.

40935
41195
41889

40653
40960
41568

39785
39866
40580

555697
572012
600632

2000-Jan.
Feb.
Mar.

44229
42102
39754

43856
41994
39575

42204
40989
38545

596904
571870
570236

40600
41575

40296
41213

39449
40610

571366
572871

41885
40860
42224

41610
40558
41784

40866
39948
41216

571564
572471
573551

38730
39782

38258
39311

37749
38496

574126
573257

Apr.
May
Two weeks ending
2000-May
3
17
31
June 14
28p

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

and

Vault Cash" and for all those weekly reporters whose vault cash exceeds their
required reserves, the break-adjusted difference between current vault cash

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.