1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time January 17, 2002 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 required excess NSA4 Monetary total adjustment seasonal extended base5 credit ------------------------------------------------------------------------------------------------------------------------------------------- 2000-Dec. 38440 38230 37012 1427 583816 210 99 111 0 2001-Jan. 38771 38698 37387 1384 589340 73 39 34 0 Feb. 38827 38775 37319 1507 591048 51 30 21 0 Mar. 38267 38209 36867 1399 592420 58 38 20 0 Apr. 38786 38735 37509 1277 595932 51 15 35 0 May 38881 38667 37861 1019 599084 213 134 79 0 June 38758 38528 37396 1362 601869 229 110 120 0 July 39642 39359 38234 1408 607700 283 109 174 0 Aug. 39940 39757 38731 1209 615519 183 19 164 0 Sep. 57887 54502 38868 19019 639777 3385 3292 93 0 Oct. 45463 45336 44142 1321 629998 127 60 67 0 Nov. 40534 40450 39048 1487 629058 84 51 33 0 Dec. p 41029 40962 39390 1639 634380 67 34 33 0 Two weeks ending 2001-Nov. 14 40037 39919 38495 1542 627778 119 84 35 0 28 41116 41063 39669 1447 630249 53 22 32 0 Dec. 12 39939 39879 38563 1376 629681 60 26 34 0 26 41549 41489 39689 1860 636378 60 24 36 0 2002-Jan. 9p 42191 42086 40537 1653 640062 105 83 22 0 --------------------------------------------------------------------------------------------------------------------------------------------- 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.) 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 -------------------------------------- -------------------------------------- Reserve used to Net carryover Date total2 nonborrowed required Monetary base3 balances total satisfy surplus7 of reserve with F.R. required balances8 Banks4 reserves6 ------------------------------------------------------------------------------------------------------------------------------------------- 2000-Dec. 38473 38263 37046 596976 7022 45245 31451 13794 2001-Jan. 39731 39658 38347 598331 7046 47697 32685 15012 Feb. 39307 39256 37800 595517 6542 48530 32765 15765 Mar. 37723 37666 36324 598195 6733 44127 30991 13136 Apr. 38589 38538 37312 601841 6860 43672 31729 11943 May 39374 39161 38355 605475 7604 43267 31771 11497 June 38217 37988 36855 608812 7043 43139 31174 11966 July 39337 39054 37929 615577 7693 43910 31644 12266 Aug. 39668 39484 38459 622038 7578 44007 32090 11917 Sep. 57567 54182 38549 645753 25633 43436 31934 11502 Oct. 45061 44934 43739 636449 12552 45023 32509 12513 Nov. 40158 40074 38672 637865 8944 43068 31214 11854 Dec. p 40955 40889 39316 648893 9060 43921 31896 12026 Two weeks ending 2001-Nov. 14 39283 39165 37741 635085 8314 43507 30969 12538 111 28 41154 41101 39707 640081 9626 42769 31528 11241 82 Dec. 12 39315 39255 37939 641820 8587 42084 30728 11356 116 26 41880 41820 40019 651906 9221 45200 32659 12541 40 2002-Jan. 9p 42306 42201 40652 657431 9743 44751 32563 12187 44 -------------------------------------------------------------------------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------------- 2000-Dec. 38528 38319 37101 590056 2001-Jan. 39715 39642 38331 591452 Feb. 39336 39285 37829 588967 Mar. 37771 37713 36372 591365 Apr. 38653 38602 37376 594921 May 39455 39242 38435 598565 June 38315 38085 36953 601675 July 39454 39172 38046 608244 Aug. 39798 39615 38589 614557 Sep. 57725 54340 38706 638006 Oct. 45244 45117 43923 628354 Nov. 40339 40255 38852 629903 Dec. p 41119 41052 39480 640063 Two weeks ending 2001-Nov. 14 39453 39334 37911 627384 28 41343 41290 39896 631944 Dec. 12 39510 39450 38134 633245 26 42090 42031 40230 642926 2002-Jan. 9p 42261 42156 40607 648408 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. p preliminary 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.