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: April 11, 2002

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
April 11, 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-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        639692          3385          3292            93             0 
                                                                                                                                                   
      Oct.                45655         45528            44334          1321        630435           127            60            67             0 
      Nov.                40904         40820            39417          1487        629468            84            51            33             0 
      Dec.                41099         41032            39459          1641        634382            67            34            33             0 
                                                                                                                                                   
 2002-Jan.                41510         41460            40105          1405        640703            50            33            17             0 
      Feb.                41362         41332            39989          1373        645836            30            12            17             0 
      Mar. p              40974         40895            39573          1401        649238            79            59            20             0 
          
Two weeks ending           
 2002-Feb.  6             41356         41330            39957          1398        643923            26             8            18             0 
           20             41226         41189            39811          1414        645641            37            17            20             0 
                                                                                                                                                   
      Mar.  6             41604         41583            40323          1281        647613            22             9            13             0 
           20             40676         40652            39394          1282        648469            24             4            20             0 
                                                                                                                                                   
      Apr.  3p            41008         40828            39390          1618        651102           180           157            23             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-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        645728        25633         43436         31934         11502   
                                                                                                                                    
      Oct.                 45061         44934         43739        636374        12552         45021         32509         12512   
      Nov.                 40158         40074         38672        637738         8944         43065         31214         11851   
      Dec.                 40955         40888         39315        648721         9059         43918         31896         12023   
                                                                                                                                    
 2002-Jan.                 43474         43424         42069        653131        10009         45731         33465         12266   
      Feb.                 42396         42366         41023        654552         9277         45699         33119         12580   
      Mar. p               40257         40178         38856        658350         9134         42636         31124         11512   
          
Two weeks ending           
 2002-Feb.  6              45235         45210         43837        651337         9191         50352         36044         14308            61 
           20              41598         41562         40184        654924         8984         45422         32614         12808            92 
                                                                                                                                                
      Mar.  6              41664         41643         40383        656311         9854         42696         31810         10885           114 
           20              39127         39103         37845        657351         8563         42272         30564         11708            12 
                                                                                                                                                
      Apr.  3p             40929         40749         39310        660735         9468         43067         31461         11605          -101 
 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-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          637970 
                                                                            
      Oct.                45188         45061         43867          628265 
      Nov.                40287         40203         38801          629770 
      Dec.                41073         41007         39433          639890 
                                                                            
 2002-Jan.                43460         43411         42055          644117 
      Feb.                42377         42348         41004          645329 
      Mar. p              40227         40148         38826          648802 
         
Two weeks ending          
 2002-Feb.  6             45222         45196         43823          642359 
           20             41580         41543         40165          645505 
                                                                            
      Mar.  6             41640         41618         40359          647246 
           20             39098         39074         37816          647981 
                                                                            
      Apr.  3p            40892         40712         39274          650694 
 
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: April 11, 2002