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 30, 2003
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
January 30, 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
NSA4
Monetary
base5
total primary secondary seasonal adjustment
 2001-Dec.               41220        41154        39572         1649       635781           67                                     33            34
                                                                                                                                                    
 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       677622          272                                     60           211
      Dec.               40072        39992        38084         1988       681947           80                                     45            35
           
Two weeks ending            
 2002-Nov. 27            40293        40079        38724         1569       677951          214                                     57            15
                                                                                                                                                    
      Dec. 11            40091        39958        38507         1583       681076          133                                     50             8
           25            39746        39689        37271         2475       682182           57                                     48             1
                                                                                                                                                    
 2003-Jan.  8            40796        40760        39202         1594       682995           36                                     29              
           22p           40797        40780        38982         1815       685629           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
 
 
 
 
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-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.                 40177         40098         38189        697024         9871         43334         30306         13027   
          
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              40700         40643         38225        697860        10408         43740         30292         13448           -61 
                                                                                                                                                
 2003-Jan.  8              41158         41122         39564        702773         9192         45148         31966         13182           320 
           22p             42447         42430         40632        698091        10924         44363         31523         12840           -21 
 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 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.                40033         39953         38045          686107 
         
Two weeks ending          
 2002-Nov. 27             40846         40632         39277          678119 
                                                                            
      Dec. 11             38808         38675         37224          682115 
           25             40523         40466         38048          686725 
                                                                            
 2003-Jan.  8             41136         41100         39542          691986 
           22p            42430         42412         40614          686930 
 
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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