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 15, 2004
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
July 15, 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
Month(6)                            
 2003-June               42348        42186        40485        1862        702786          161          87             0          74  
                                                                                                                                       
      July               43314        43183        41379        1935        705363          130          21             0         110  
      Aug.               45581        45252        41814        3767        710239          329         168            15         146  
      Sep.               44289        44109        42779        1510        712123          181          23             0         158  
                                                                                                                                       
      Oct.               43394        43287        41921        1473        715834          107          13             0          94  
      Nov.               43034        42966        41544        1489        718967           68          25             0          43  
      Dec.               42827        42781        41788        1038        720964           46          17             0          29  
                                                                                                                                       
 2004-Jan.               43152        43046        42253         899        722554          106          93             0          13  
      Feb.               42916        42874        41715        1201        724094           42          28             0          14  
      Mar.               44612        44561        42854        1758        725672           51          23             0          28  
                                                                                                                                       
      Apr.               45591        45505        43836        1755        728748           86          29             0          57  
      May                45353        45242        43761        1592        732303          112           9             0         103  
      June p             45917        45737        44084        1833        737784          180          40             0         140  
          
2 weeks ending(7)          
 2004-May  12            45556        45457        44043        1513        730332           99          11             0          88  
           26            44591        44480        42930        1661        732387          112           3             0         109  
                                                                                                                                       
      June  9            47002        46860        45413        1589        736797          143          20             0         123  
           23            45340        45157        43408        1932        735840          183          44             0         139  
                                                                                                                                       
      July  7p           45677        45454        43729        1947        742944          223          59             0         165  
 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
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)                                                                                                    
 2003-June                 41861         41699         39998        714370        11307         41925         30554         11371   
                                                                                                                                    
      July                 43593         43463         41659        717038        12179         42650         31414         11237   
      Aug.                 46105         45776         42338        720544        14142         43019         31963         11056   
      Sep.                 44437         44257         42927        720721        12491         43075         31946         11129   
                                                                                                                                    
      Oct.                 43127         43019         41653        724368        11606         43380         31520         11859   
      Nov.                 42651         42582         41161        729473        11525         42598         31126         11472   
      Dec.                 42925         42879         41887        737601        10845         44077         32080         11997   
                                                                                                                                    
 2004-Jan.                 45404         45298         44505        736224        11528         46583         33876         12707   
      Feb.                 43778         43736         42577        734833        10819         46429         32959         13470   
      Mar.                 44049         43997         42291        736324        11932         44402         32117         12285   
                                                                                                                                    
      Apr.                 45964         45878         44209        740224        14000         42843         31964         10879   
      May                  46300         46188         44707        743747        14080         43050         32220         10830   
      June p               45549         45369         43716        749308        13068         43610         32481         11129   
          
2 weeks ending(10)         
 2004-May  12              44591         44492         43078        740682        13243         42359         31348         11011           165 
           26              48027         47915         46365        744888        14996         43779         33031         10749            99 
                                                                                                                                                
      June  9              45566         45423         43977        747911        13525         42666         32041         10625           110 
           23              45725         45542         43793        747531        13188         43342         32537         10805           103 
                                                                                                                                                
      July  7p             45175         44952         43227        754658        12239         45361         32936         12425            93 
 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)                  
 2003-June                41600         41439         39738          703193 
                                                                            
      July                43268         43137         41333          705643 
      Aug.                45711         45382         41945          709012 
      Sep.                43982         43802         42472          708982 
                                                                            
      Oct.                42613         42505         41139          712583 
      Nov.                42083         42015         40594          717147 
      Dec.                42431         42385         41392          725188 
                                                                            
 2004-Jan.                45339         45233         44440          725098 
      Feb.                43713         43671         42512          723867 
      Mar.                43942         43891         42184          725523 
                                                                            
      Apr.                45796         45711         44041          729838 
      May                 46073         45961         44480          733467 
      June p              45280         45100         43447          738768 
         
2 weeks ending(6)         
 2004-May  12             44384         44285         42871          729997 
           26             47792         47680         46130          734959 
                                                                            
      June  9             45312         45170         43723          737616 
           23             45459         45276         43527          737082 
                                                                            
      July  7p            44882         44659         42934          743620 
 
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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