1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time February 12, 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- required excess Monetary total primary secondary seasonal adjustment borrowed(3) NSA(4) base(5) ------------------------------------------------------------------------------------------------------------------------------------------- Month(6) 2003-Jan. 40731 40704 39024 1707 685657 27 12 0 13 2 Feb. 40820 40795 38855 1965 690549 25 21 0 5 Mar. 40973 40951 39337 1636 693909 22 14 0 8 Apr. 40806 40777 39274 1532 696984 29 8 0 21 May 40986 40931 39367 1619 699960 55 3 0 53 June 42795 42634 40942 1854 702908 161 87 0 74 July 43927 43796 42003 1924 705318 130 21 0 110 Aug. 46282 45954 42519 3763 710812 329 168 15 146 Sep. 44963 44783 43458 1505 712490 181 23 0 158 Oct. 43992 43884 42525 1467 716014 107 13 0 94 Nov. 43430 43362 41882 1548 719209 68 25 0 43 Dec. 43019 42974 41357 1663 721144 46 17 0 29 2004-Jan. p 43092 42986 41576 1516 722400 106 93 0 13 2 weeks ending(7) 2003-Dec. 10 44635 44599 43318 1317 721191 36 11 0 25 24 42167 42114 40228 1939 720709 54 19 0 35 2004-Jan. 7 42416 42371 40812 1603 721949 45 22 0 22 21 43162 43028 41706 1456 723076 134 126 0 9 Feb. 4p 43468 43358 41929 1539 721769 110 97 0 14 --------------------------------------------------------------------------------------------------------------------------------------------- 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) 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 737621 10858 44076 32083 11993 2004-Jan. p 45431 45324 43914 736226 11556 46571 33874 12697 2 weeks ending(10) 2003-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 41527 742887 10255 45803 32876 12927 305 21 44694 44560 43238 734859 12296 44554 32398 12156 95 Feb. 4p 48072 47962 46533 733478 11432 49935 36641 13294 19 -------------------------------------------------------------------------------------------------------------------------------------------- 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) 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 725483 2004-Jan. p 45412 45306 43896 725135 2 weeks ending(6) 2003-Dec. 10 43217 43181 41900 722107 24 42566 42513 40627 725245 2004-Jan. 7 43090 43046 41487 730784 21 44674 44540 43218 724205 Feb. 4p 48071 47961 46531 722482 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.