1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time February 13, 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 ------------------------------------------------------------------------------------------------------------------------------------------- 2002-Jan. 41735 41685 40340 1395 641839 50 17 33 Feb. 41450 41420 40080 1371 646592 30 17 12 Mar. 41050 40971 39629 1421 650155 79 20 59 Apr. 40806 40735 39594 1211 654332 71 50 21 May 39164 39052 37902 1261 657636 112 105 7 June 39313 39171 38075 1238 662015 142 136 6 July 39679 39488 38305 1374 666912 191 176 16 Aug. 40054 39721 38417 1637 669661 333 185 148 Sep. 39275 39045 37799 1476 671350 229 169 60 Oct. 38918 38776 37368 1550 674279 143 120 23 Nov. 39561 39290 37945 1616 677634 272 60 211 Dec. 40068 39988 38070 1997 681978 80 45 35 2003-Jan. p 40758 40731 39094 1665 685804 27 12 0 13 2 Two weeks ending 2002-Dec. 11 40091 39958 38507 1583 681105 133 50 83 25 39746 39689 37271 2475 682213 57 48 10 2003-Jan. 8 40774 40738 39134 1640 683029 36 29 8 22 40745 40728 38983 1762 685611 18 9 0 9 Feb. 5p 40765 40731 39230 1534 688570 34 28 0 6 --------------------------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------------------------------------------------------------------------------------------- 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 687225 9695 42144 29446 12698 Dec. 40173 40093 38176 697056 9873 43334 30300 13033 2003-Jan. p 42731 42704 41067 699145 10010 46210 32721 13488 Two weeks ending 2002-Dec. 11 38978 38845 37394 692853 9559 41827 29419 12408 139 25 40700 40643 38225 697891 10408 43740 30292 13448 -61 2003-Jan. 8 41135 41099 39495 702816 9200 45148 31935 13213 320 22 42395 42378 40633 698077 10894 44363 31501 12862 -6 Feb. 5p 44674 44640 43139 697546 9356 50026 35318 14708 277 -------------------------------------------------------------------------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------------- 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 676661 Dec. 40028 39949 38031 686140 2003-Jan. p 42714 42687 41049 688232 Two weeks ending 2002-Dec. 11 38808 38675 37224 682144 25 40523 40466 38048 686756 2003-Jan. 8 41113 41077 39473 692028 22 42378 42360 40615 686915 Feb. 5p 44659 44626 43125 686908 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.