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: July 24, 2003
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
July 24, 2003
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
  Reserves of depository institutions   Borrowings of depository institutions from
the Federal Reserve, NSA
Date total(2) non-
borrowed(3)
required excess
NSA(4)
Monetary
base(5)
total primary secondary seasonal adjustment
Month(6)                              
 2002-June               39469        39327        38231         1238       662317          142                                    136             6
                                                                                                                                                    
      July               39679        39487        38301         1377       666838          191                                    176            16
      Aug.               39961        39628        38353         1608       669833          333                                    185           148
      Sep.               39209        38980        37722         1486       671399          229                                    169            60
                                                                                                                                                    
      Oct.               39171        39028        37636         1535       674250          143                                    120            23
      Nov.               39760        39489        38122         1638       677612          272                                     60           211
      Dec.               40217        40138        38208         2009       681900           80                                     45            35
                                                                                                                                                    
 2003-Jan.               40731        40704        39024         1707       685722           27           12            0           13             2
      Feb.               40820        40795        38855         1965       691305           25           21            0            5              
      Mar.               40973        40951        39337         1636       695142           22           14            0            8              
                                                                                                                                                    
      Apr.               40806        40777        39274         1532       698210           29            8            0           21              
      May                40986        40931        39367         1619       701138           55            3            0           53              
      June               42791        42630        40942         1850       703105          161           87            0           74              
           
2 weeks ending(7)           
 2003-May  28            41796        41738        40182         1614       702852           58            2            0           56              
                                                                                                                                                    
      June 11            42929        42860        40934         1994       702979           69            7            0           63              
           25            42222        41982        40618         1604       703179          241          163            0           78              
                                                                                                                                                    
      July  9            44081        43937        41863         2218       703173          144           54            0           90              
           23p           43540        43423        41936         1604       703609          117            5            1          111              
 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.)
6. Prorated averages of biweekly averages.
7. Averages of daily figures.
p preliminary
 
 


H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements(1)
Not seasonally adjusted
Millions of dollars
  Reserves of depository institutions    Vault cash(5)  
Date total(2) nonborrowed required Monetary base(3) Reserve
balances with
F.R. Banks(4)
total used to
satisfy
required
reserves(6)
surplus(7) Net carryover
of reserve
balances(8)
Month(9)                                                                                                    
 2002-June                 38617         38474         37378        672966         7917         41680         30700         10980   
                                                                                                                                    
      July                 39417         39225         38039        678900         8037         42805         31380         11425   
      Aug.                 39838         39505         38230        679480         8463         42992         31375         11617   
      Sep.                 38864         38635         37378        679889         8665         42328         30200         12128   
                                                                                                                                    
      Oct.                 38672         38529         37137        681780         8780         43028         29892         13137   
      Nov.                 39214         38943         37576        687291         9758         42236         29457         12780   
      Dec.                 40274         40194         38264        697149         9926         43368         30347         13021   
                                                                                                                                    
 2003-Jan.                 42869         42842         41162        699247        10075         46209         32794         13415   
      Feb.                 41939         41913         39973        701039         9860         45942         32079         13863   
      Mar.                 40597         40575         38961        705037         9840         43088         30757         12331   
                                                                                                                                    
      Apr.                 41172         41142         39640        709076        10598         41991         30574         11417   
      May                  41801         41745         40182        712714        11405         41636         30395         11241   
      June                 41868         41706         40018        714293        11295         41961         30572         11389   
          
2 weeks ending(10)                               
 2003-May  28              44326         44269         42712        715244        13116         41968         31211         10758           101 
                                                                                                                                                
      June 11              40904         40835         38909        713542        11050         41040         29854         11186           110 
           25              42234         41993         40630        714081        11437         42303         30797         11506           -13 
                                                                                                                                                
      July  9              42964         42821         40746        716542        11441         43030         31524         11507           -35 
           23p             43208         43091         41604        717996        12671         41788         30537         11251           159 
 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.
9. Prorated averages of biweekly averages.
10. Averages of daily figures.
p preliminary
 


H.3 (502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Not seasonally adjusted
Millions of dollars
  Reserves of depository institutions  
Date total(2) nonborrowed required(3) Monetary base(4)
Month(5)                  
 2002-June                38541         38398         37302          662820 
                                                                            
      July                39322         39131         37945          668678 
      Aug.                39725         39392         38117          669245 
      Sep.                38740         38511         37254          669647 
                                                                            
      Oct.                38530         38388         36995          671432 
      Nov.                39054         38783         37416          676721 
      Dec.                40128         40048         38118          686226 
                                                                            
 2003-Jan.                42854         42827         41147          688334 
      Feb.                41937         41912         39972          690253 
      Mar.                40595         40573         38959          693909 
                                                                            
      Apr.                41164         41135         39632          697806 
      May                 41788         41732         40169          701533 
      June                41854         41693         40004          703260 
         
2 weeks ending(6)         
 2003-May  28             44313         44255         42699          704042 
                                                                            
      June 11             40890         40821         38896          702594 
           25             42220         41979         40616          703000 
                                                                            
      July  9             42950         42806         40732          705455 
           23p            43188         43071         41584          706753 
 
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.
5. Prorated averages of biweekly averages.
6. Averages of daily figures.
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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