Federal Reserve Statistical Release, H.3, Aggregate Reserves of Depository Institutions and the Monetary Base; title with eagle logo links to Statistical Release home page

Release Date: March 21, 2002

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For release at

4:30 PM EST

H.3 (502)                                                               March 21, 2002




SPECIAL NOTICE

Measures of reserves and the monetary base have been revised to incorporate the results of the annual break factor and seasonal factor
reviews. Break-adjusted and seasonally adjusted data (Table 1 of the release) were revised in most cases by less than $1.0 billion
in a maintenance period, with maximum revisions of $2 billion for reserves and $2.4 billion for the monetary base. Break factors remove discontinuities (or "breaks") associated with regulatory changes in reserve requirements, such as the annual
indexations of the low reserve tranche and the reserve requirement exemption levels.1 Break-adjusted data (Table 3 of the release)
incorporate updated break factors. The revisions from this source begin in January 2001 and do not exceed $70 million in any
maintenance period. Seasonal factors for required reserves and the surplus vault cash component of the monetary base have been re-estimated
using the revised break-adjusted data, after excluding the estimated effects of the September 11, 2001 terrorist attacks.
The revisions due to re-estimated seasonal factors start in February 1984, and they are the major source of the revisions
to break-adjusted, seasonally adjusted data. A more detailed description of the methods for constructing the break factors and seasonal factors for the measures of
reserves and the monetary base, as well as printed tables of the revised historical data, will soon be available from the Monetary
and Reserve Analysis Section, Division of Monetary Affairs, Mail Stop 72, Board of Governors of the Federal Reserve System,
Washington, D.C. 20551, (202) 452-3062. Complete historical data are available each week through the Federal Reserve's web site
(http://www.federalreserve.gov/releases/) with the H.3 statistical release. The data are also available through other electronic
means, as described in the note at the end of table 3 of this release. 1. The Monetary Control Act of 1980 established a reserve ratio of 3 percent against the first $25 million in net
transaction deposits (low reserve tranche) at each depository institution. Since 1982, the low reserve tranche has been
indexed each January by 80 percent of the previous year's (June 30 to June 30) growth rate of net transaction deposits at
all depository institutions. At present, the low reserve tranche is $41.3 million. Under the Garn-St Germain Depository Institutions Act of 1982, the first $2 million of reservable liabilities of each
depository institution was exempted from reserve requirements. Since 1983, this exemption amount has been indexed each
year by 80 percent of the rate of increase of the reservable liabilities at all depository institutions over the
preceding year (June 30 to June 30). At present, the reserve exemption level is $5.7 million. Both of these indexations take effect each year in a reserve maintenance period that begins around January 1 for weekly
respondents to the FR 2900 report. H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
March 21, 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
base5
total adjustment seasonal
extended
credit
 2001-Feb.                38382         38331            36875          1507        589886            51            30            21             0 
      Mar.                38460         38402            37061          1399        592272            58            38            20             0 
                                                                                                                                                   
      Apr.                38568         38517            37291          1277        595638            51            15            35             0 
      May                 38316         38103            37297          1019        598894           213           134            79             0 
      June                39066         38836            37704          1362        602835           229           110           120             0 
                                                                                                                                                   
      July                39785         39502            38377          1408        608105           283           109           174             0 
      Aug.                40079         39895            38870          1209        616025           183            19           164             0 
      Sep.                58214         54829            39195         19019        639717          3385          3292            93             0 
                                                                                                                                                   
      Oct.                45655         45528            44334          1321        630510           127            60            67             0 
      Nov.                40904         40820            39417          1487        629596            84            51            33             0 
      Dec.                41099         41032            39459          1641        634549            67            34            33             0 
                                                                                                                                                   
 2002-Jan.                41510         41460            40105          1405        640882            50            33            17             0 
      Feb.                41058         41028            39685          1373        646028            30            12            17             0 
          
Two weeks ending           
 2002-Jan. 23             41315         41287            40072          1243        640898            28            15            14             0 
                                                                                                                                                   
      Feb.  6             41356         41330            39957          1398        644103            26             8            18             0 
           20             40875         40838            39461          1414        645850            37            17            20             0 
                                                                                                                                                   
      Mar.  6             41154         41132            39872          1282        647783            22             9            13             0 
           20p            40642         40618            39378          1264        648234            24             4            20             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
 
 
 
 
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  
Date total2 nonborrowed required Monetary base3 Reserve
balances
with F.R
Banks4
total used to
satisfy
required
reserves6
surplus7 Net carryover
of reserve
balances8
 2001-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         45021         32509         12512   
      Nov.                 40158         40074         38672        637865         8944         43065         31214         11851   
      Dec.                 40955         40888         39315        648889         9059         43918         31896         12023   
                                                                                                                                    
 2002-Jan.                 43474         43424         42069        653310        10009         45731         33465         12266   
      Feb.                 42090         42060         40717        654732         9277         45699         32813         12886   
          
Two weeks ending           
 2002-Jan. 23              43215         43187         41971        651692        10646         43724         32569         11155            40 
                                                                                                                                                
      Feb.  6              45235         45210         43837        651516         9191         50352         36044         14308            61 
           20              41244         41207         39830        655106         8985         45422         32259         13163            92 
                                                                                                                                                
      Mar.  6              41213         41192         39931        656489         9853         42696         31360         11335           113 
           20p             39094         39070         37830        657122         8543         42272         30551         11721            11 
 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
 
 
 
 
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 base
 2001-Feb.                39325         39274         37818          588962 
      Mar.                37753         37696         36354          591357 
                                                                            
      Apr.                38631         38581         37354          594914 
      May                 39430         39217         38410          598559 
      June                38283         38054         36921          601667 
                                                                            
      July                39418         39135         38009          608235 
      Aug.                39759         39576         38550          614551 
      Sep.                57676         54291         38657          637995 
                                                                            
      Oct.                45188         45061         43867          628340 
      Nov.                40287         40203         38801          629897 
      Dec.                41073         41007         39433          640058 
                                                                            
 2002-Jan.                43460         43411         42055          644295 
      Feb.                42072         42042         40699          645509 
         
Two weeks ending          
 2002-Jan. 23             43201         43173         41958          642633 
                                                                            
      Feb.  6             45222         45196         43823          642538 
           20             41226         41189         39812          645688 
                                                                            
      Mar.  6             41189         41168         39907          647423 
           20p            39065         39041         37801          647753 
 
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.

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Last update: March 21, 2002