1

FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1
For Release at 4:30 p.m. Eastern Time
February 3, 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
-----------------------------------------------------------------------------------------------------------------------------------------1998-Dec.
44902
44785
43319
1583
512594
117
101
15
1999-Jan.
517171
Feb.
520745
Mar.
523829

528233
534029
537147

541251

Apr.
May
June

July
Aug.

206
116
65

166
127
145

309

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

41669
226
41723

40902

1076

40938

1129

544628
550215

557742
569729

344
Sep.

Oct.
Nov.

338

281
236

Dec.
590772
320
Two weeks ending
1999-Dec. 1
573923
133
15
581649
181
29
599039
425
2000-Jan. 12
605185
657
26p
585075
224

72
42113
56

271
41774
282

40916

1197

40943
52
41198
157
41537
179

40661
221
40962
71
41217
67

39790
8
39864
7
40225
74

1153

41330
64
40947
94
41817
222

41197
62
40766
61
41392
79

39960
7
39849
27
40556
124

1370

43805
530
43240
180

43148
38
43017
28

40675
90
41828
17

3129

1334
1311

1098
1261

1413

-------------------------------------------------------------------------------------------------------------------------------------------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
-----------------------------------------------------------------------------------------------------------------------------------------1998-Dec.
9021
44293

45018
35997

44902
8296

43435

525062

1999-Jan.
9658
45453
Feb.
8578
46473
Mar.
8851
42909

46345
36687
45237
36660
43121
34270

46139
8766
45122
9813
43056
8639

44811

527587

44022

526850

41816

530303

43645
34407
44875
34805
42394
33856

43478
7759
44747
7786
42249
8768

42486

533491

43619

539984

41133

542818

41802
34005
41871
34069
41787
34089

41493
10075
41527
10533
41449
10359

40726

548065

40742

550860

40590

555185

40702
33933
40944
34660
41660
36400

40420
13096
40709
16093
41340
24098

39549

562639

39610

579016

40349

607869

Apr.
9238
10070

May
June

8539

42166
42590
42623

July
7797
7802

Aug.
Sep.

7698

44080
44603
44447

Oct.
6768
6285
5260

Nov.
Dec.

47029
50753
60498

Two weeks ending
1999-Dec. 1
5927
52812
15
5434
56692
29
4888
63662

41397
35470
40780
35346
42217
37329

41264
17342
40599
21346
41792
26333

40027
87
39682
166
40956
66

585790

2000-Jan. 12
6314
68850
26p
4660
75758

44063
37749
44956
40296

43406
31101
44732
35461

40934
-137
43543
107

629275

596716
617542

592291

------------------------------------------------------------------------------------------------------------------------------------------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-Dec.

45118

45002

43535

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
543869
548126

Oct.
Nov.
Dec.
Two weeks ending
1999-Dec. 1
15
29

40768
41016
41736

40487
40780
41415

39616
39682
40424

555512
571891
600399

41472
40859
42302

41339
40678
41877

40102
39761
41041

578607
589548
609816

2000-Jan. 12
26p

44042
44949

43385
44726

40912
43537

621337
584662

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.