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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                       January 18, 2001
 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
                      ---------------------------------------------------                 --------------------------------------------------
                                                                                                                                  Special 
      Date             total2    nonborrowed3      required   excess NSA4     Monetary       total6     adjustment    seasonal    Liquidity
                                                                                base5                                             Facility7
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  1999-Dec.                41742        41422           40435         1307       591184          320          179           67           74
                                                                                                                                           
  2000-Jan.                43116        42742           41095         2020       591998          374          296           31           46
       Feb.                41636        41529           40525         1112       573593          108           45           44           19
       Mar.                40463        40284           39258         1205       571441          179          101           71            7
                                                                                                                                           
       Apr.                40929        40625           39784         1145       573083          304          184          120            0
       May                 41357        40995           40414          943       574288          362           86          276             
       June                39958        39478           38894         1064       575630          479           90          389             
                                                                                                                                           
       July                40258        39688           39190         1068       577412          570           60          510             
       Aug.                39944        39365           38930         1014       577693          579           25          554             
       Sep.                39861        39384           38759         1102       579255          477           50          427             
                                                                                                                                           
       Oct.                39540        39122           38411         1129       580935          418          119          299             
       Nov.                39442        39159           38240         1202       580038          283          124          159             
       Dec. p              38692        38483           37363         1329       582607          210           99          111             
 Two weeks ending
  2000-Nov. 15             38643        38453           37640         1003       578689          190           25          165             
            29             40327        39947           38920         1407       581374          380          232          148             
                                                                                                                                           
       Dec. 13             37841        37682           36708         1133       579394          159           37          123             
            27             39516        39231           38060         1456       584233          285          169          117             
                                                                                                                                           
  2001-Jan. 10p            38577        38467           37055         1521       587355          110           56           55             
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 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
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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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  1999-Dec.                41655        41334        40348       607935         5263        60619        36392        24227
                                                                                                                           
  2000-Jan.                44235        43862        42215       604630         5171        74017        39064        34953
       Feb.                42097        41989        40985       579208         5074        63770        37023        26747
       Mar.                39752        39573        38547       577125         6515        48952        33237        15715
                                                                                                                           
       Apr.                40593        40289        39448       578333         7081        46456        33512        12944
       May                 41558        41196        40616       580088         7661        44643        33898        10745
       June                39217        38738        38153       581436         6460        44560        32757        11802
                                                                                                                           
       July                39668        39098        38600       583986         6582        45473        33086        12387
       Aug.                39486        38907        38471       583336         6875        45319        32611        12708
       Sep.                39257        38780        38155       583482         6829        44807        32429        12378
                                                                                                                           
       Oct.                38854        38436        37725       585073         6782        45178        32072        13106
       Nov.                38789        38506        37587       588977         7157        44546        31632        12914
       Dec. p              38545        38335        37216       596794         7164        45120        31381        13739
 Two weeks ending
  2000-Nov. 15             37765        37575        36762       586819         6709        44633        31056        13577           90
            29             39881        39501        38474       591212         7620        44539        32261        12278           60
                                                                                                                                        
       Dec. 13             37386        37227        36253       592198         7131        43452        30255        13197          166
            27             39581        39296        38125       598970         7211        46220        32370        13850           74
                                                                                                                                        
  2001-Jan. 10p            38687        38577        37166       604114         7107        46696        31580        15116           78
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 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-Dec.                41889        41568        40581         600632
                                                                         
  2000-Jan.                44232        43859        42212         596903
       Feb.                42104        41996        40992         571863
       Mar.                39764        39585        38559         570237
                                                                         
       Apr.                40610        40306        39465         571513
       May                 41579        41217        40636         573256
       June                39241        38762        38177         574552
                                                                         
       July                39697        39127        38628         577189
       Aug.                39517        38938        38503         576596
       Sep.                39294        38816        38191         576792
                                                                         
       Oct.                38895        38476        37766         578343
       Nov.                38832        38549        37629         582210
       Dec. p              38585        38375        37256         589874
 Two weeks ending
  2000-Nov. 15             37806        37616        36803         579962
            29             39925        39545        38518         584537
                                                                         
       Dec. 13             37431        37272        36298         585410
            27             39629        39344        38173         592009
                                                                         
  2001-Jan. 10p            38678        38568        37156         596913
  
 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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