1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time November 13, 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- required excess Monetary total primary secondary seasonal adjustment borrowed(3) NSA(4) base(5) ------------------------------------------------------------------------------------------------------------------------------------------- Month(6) 2002-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 691306 25 21 0 5 Mar. 40973 40951 39337 1636 695142 22 14 0 8 Apr. 40806 40777 39274 1532 698228 29 8 0 21 May 40986 40931 39367 1619 701181 55 3 0 53 June 42795 42634 40942 1854 703172 161 87 0 74 July 43927 43796 42003 1924 703533 130 21 0 110 Aug. 46282 45954 42519 3763 709231 329 168 15 146 Sep. 44963 44783 43458 1505 711234 181 23 0 158 Oct. p 43995 43888 42524 1472 715546 107 13 0 94 2 weeks ending(7) 2003-Sep. 17 44738 44578 43824 913 709267 160 4 0 157 Oct. 1 44989 44782 43006 1983 713638 207 48 0 159 15 43478 43364 42027 1451 713444 115 3 0 112 29 44531 44436 43109 1421 717952 95 17 0 79 Nov. 12p 43369 43276 41661 1708 714379 94 43 0 51 --------------------------------------------------------------------------------------------------------------------------------------------- 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 1 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) -------------------------------------- -------------------------------------- Reserve used to Net carryover Date total(2) nonborrowed required Monetary balances total satisfy surplus(7) of reserve base(3) with F.R. required balances(8) Banks(4) reserves(6) ------------------------------------------------------------------------------------------------------------------------------------------- Month(9) 2002-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 709095 10598 41991 30574 11417 May 41801 41745 40182 712758 11405 41636 30395 11241 June 41872 41710 40018 714361 11297 41961 30574 11386 July 43594 43464 41671 717018 12157 42657 31437 11220 Aug. 46084 45756 42321 720509 14107 43034 31978 11056 Sep. 44410 44230 42905 720714 12470 43079 31940 11138 Oct. p 43195 43088 41723 724214 11666 43312 31529 11782 2 weeks ending(10) 2003-Sep. 17 42454 42294 41541 719825 11506 42327 30948 11379 407 Oct. 1 46112 45905 44129 721646 13122 44125 32990 11135 -4 15 41381 41267 39930 722434 9932 44544 31450 13095 254 29 45124 45029 43703 726447 13410 42228 31715 10514 124 Nov. 12p 40930 40836 39222 722327 10870 41864 30060 11804 149 -------------------------------------------------------------------------------------------------------------------------------------------- 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 1 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-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 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. p 43154 43047 41683 712721 2 weeks ending(6) 2003-Sep. 17 42427 42267 41514 708370 Oct. 1 46079 45872 44096 710117 15 41348 41234 39897 710996 29 45076 44981 43655 714930 Nov. 12p 40882 40788 39174 710638 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.