1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time January 23, 2003 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 Monetary total primary secondary seasonal adjustment NSA4 base5 ------------------------------------------------------------------------------------------------------------------------------------------- 2001-Dec. 41220 41154 39572 1649 634414 67 33 34 2002-Jan. 41735 41685 40340 1395 640845 50 17 33 Feb. 41450 41420 40080 1371 646153 30 17 12 Mar. 41050 40971 39629 1421 649629 79 20 59 Apr. 40806 40735 39594 1211 653921 71 50 21 May 39164 39052 37902 1261 657887 112 105 7 June 39313 39171 38075 1238 664105 142 136 6 July 39679 39488 38305 1374 668755 191 176 16 Aug. 40054 39721 38417 1637 671143 333 185 148 Sep. 39275 39045 37799 1476 671568 229 169 60 Oct. 38918 38776 37368 1550 673626 143 120 23 Nov. 39561 39290 37945 1616 676238 272 60 211 Dec. 40070 39990 38083 1987 680334 80 45 35 Two weeks ending 2002-Nov. 27 40293 40079 38724 1569 676240 214 57 157 Dec. 11 40091 39958 38507 1583 680218 133 50 83 25 39745 39688 37270 2474 680208 57 48 10 2003-Jan. 8 40789 40753 39200 1588 680840 36 29 8 22p 40811 40794 38983 1828 685585 18 9 0 9 --------------------------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------------------------------------------------------------------------------------------- 2001-Dec. 41077 41010 39428 648737 9053 43919 32024 11895 2002-Jan. 43712 43662 42317 653269 9981 45711 33731 11980 Feb. 42491 42461 41120 654906 9252 45685 33239 12446 Mar. 40333 40254 38912 658753 9124 42636 31209 11427 Apr. 40941 40871 39730 663354 9719 42016 31222 10794 May 40292 40180 39030 668123 9188 41819 31104 10716 June 38617 38474 37378 673012 7923 41655 30694 10961 July 39412 39220 38038 678976 8099 42718 31313 11406 Aug. 39854 39521 38217 679548 8520 42892 31335 11557 Sep. 38907 38678 37431 679956 8731 42231 30176 12055 Oct. 38685 38542 37134 681833 8836 42933 29849 13084 Nov. 39141 38870 37525 687213 9695 42144 29446 12698 Dec. 40175 40095 38188 697026 9871 43334 30304 13030 Two weeks ending 2002-Nov. 27 41010 40796 39441 688749 10497 42605 30514 12092 222 Dec. 11 38978 38845 37394 692824 9559 41827 29419 12408 139 25 40698 40641 38224 697862 10410 43740 30288 13452 -61 2003-Jan. 8 41150 41114 39562 702777 9188 45148 31962 13186 318 22p 42461 42444 40633 699554 10938 44360 31523 12837 -25 -------------------------------------------------------------------------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------------- 2001-Dec. 41195 41128 39546 639906 2002-Jan. 43698 43649 42303 644254 Feb. 42472 42442 41101 645682 Mar. 40302 40223 38881 649205 Apr. 40893 40822 39682 653269 May 40225 40113 38964 657982 June 38540 38397 37301 662868 July 39317 39125 37943 668756 Aug. 39741 39408 38104 669316 Sep. 38781 38552 37305 669718 Oct. 38542 38400 36992 671489 Nov. 38981 38710 37365 676649 Dec. 40031 39951 38044 686109 Two weeks ending 2002-Nov. 27 40846 40632 39277 678119 Dec. 11 38808 38675 37224 682115 25 40521 40464 38047 686727 2003-Jan. 8 41129 41093 39540 691988 22p 42444 42426 40615 688393 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.