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: January 29, 2004
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
January 29, 2004
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-Dec.               40217        40138        38208         2009       681971           80                                     45            35
                                                                                                                                                    
 2003-Jan.               40731        40704        39024         1707       685657           27           12            0           13             2
      Feb.               40820        40795        38855         1965       690550           25           21            0            5              
      Mar.               40973        40951        39337         1636       693909           22           14            0            8              
                                                                                                                                                    
      Apr.               40806        40777        39274         1532       696985           29            8            0           21              
      May                40986        40931        39367         1619       699960           55            3            0           53              
      June               42795        42634        40942         1854       702909          161           87            0           74              
                                                                                                                                                    
      July               43927        43796        42003         1924       705319          130           21            0          110              
      Aug.               46282        45954        42519         3763       710810          329          168           15          146              
      Sep.               44963        44783        43458         1505       712489          181           23            0          158              
                                                                                                                                                    
      Oct.               43992        43884        42525         1467       716014          107           13            0           94              
      Nov.               43430        43362        41882         1548       719208           68           25            0           43              
      Dec.               43019        42974        41356         1663       721143           46           17            0           29              
           
2 weeks ending(7)           
 2003-Nov. 26            43163        43108        41651         1512       719506           56           14            0           43              
                                                                                                                                                    
      Dec. 10            44635        44599        43318         1317       721189           36           11            0           25              
           24            42167        42114        40228         1939       720707           54           19            0           35              
                                                                                                                                                    
 2004-Jan.  7            42416        42371        40811         1604       721948           45           22            0           22              
           21p           43163        43029        41704         1459       723060          134          126            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.)
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
base(3)
required Monetary 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-Dec.                 40274         40194         38264        697149         9926         43386         30347         13038   
                                                                                                                                    
 2003-Jan.                 42869         42842         41162        699247        10075         46219         32794         13425   
      Feb.                 41939         41913         39973        701039         9860         45881         32079         13802   
      Mar.                 40597         40575         38961        705037         9840         42997         30757         12240   
                                                                                                                                    
      Apr.                 41172         41142         39640        709095        10598         41894         30574         11320   
      May                  41801         41745         40182        712758        11405         41548         30395         11153   
      June                 41872         41710         40018        714361        11297         41916         30574         11342   
                                                                                                                                    
      July                 43594         43464         41671        717018        12157         42642         31437         11205   
      Aug.                 46084         45756         42321        720509        14107         43008         31978         11031   
      Sep.                 44410         44230         42905        720714        12470         43063         31940         11123   
                                                                                                                                    
      Oct.                 43191         43084         41725        724461        11661         43318         31530         11788   
      Nov.                 42660         42592         41112        729492        11525         42607         31135         11471   
      Dec.                 42941         42895         41278        737622        10859         44076         32083         11993   
          
2 weeks ending(10)         
 2003-Nov. 26              43996         43940         42483        730926        12146         43244         31850         11394           154 
                                                                                                                                                
      Dec. 10              43266         43230         41949        734325        11408         42576         31858         10718           122 
           24              42615         42562         40676        737343        10768         44285         31847         12438            43 
                                                                                                                                                
 2004-Jan.  7              43130         43086         41526        742889        10256         45803         32875         12928           305 
           21p             44695         44561         43236        734862        12298         44554         32397         12157            95 
 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-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          697825 
      May                 41788         41732         40169          701578 
      June                41858         41697         40004          703329 
                                                                            
      July                43575         43444         41651          705804 
      Aug.                46059         45730         42295          709199 
      Sep.                44381         44200         42876          709235 
                                                                            
      Oct.                43151         43043         41684          712969 
      Nov.                42612         42544         41063          717485 
      Dec.                42894         42848         41231          725484 
         
2 weeks ending(6)         
 2003-Nov. 26             43947         43892         42435          718705 
                                                                            
      Dec. 10             43217         43181         41900          722107 
           24             42566         42513         40627          725245 
                                                                            
 2004-Jan.  7             43090         43046         41486          730786 
           21p            44675         44541         43216          724207 
 
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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