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: September 23, 2004
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
September 23, 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-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        41545        1489        718968           68          25             0          43  
      Dec.               42843        42797        41804        1039        720978           46          17             0          29  
                                                                                                                                       
 2004-Jan.               43204        43098        42314         891        722605          106          93             0          13  
      Feb.               42994        42952        41805        1189        724169           42          28             0          14  
      Mar.               44713        44662        42951        1762        725761           51          23             0          28  
                                                                                                                                       
      Apr.               45677        45591        43935        1742        728824           86          29             0          57  
      May                45387        45275        43798        1588        732302          112           9             0         103  
      June               45933        45753        44098        1836        737803          180          40             0         140  
                                                                                                                                       
      July               45740        45496        44063        1678        745609          245          42             0         203  
      Aug.               44758        44506        43206        1552        748170          251          18             0         233  
          
2 weeks ending(7)          
 2004-July 21            45038        44797        43669        1369        745061          242          40             0         203  
                                                                                                                                       
      Aug.  4            46815        46551        44894        1921        748252          264          34             0         230  
           18            42417        42174        41069        1347        746097          243          14             0         229  
                                                                                                                                       
      Sep.  1            46646        46389        44987        1659        750377          257          19             0         238  
           15p           45784        45522        44180        1604        753848          263          26             0         237  
 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-Aug.                 46105         45776         42338        720544        14142         43019         31963         11056   
      Sep.                 44437         44257         42927        720721        12491         43075         31946         11129   
                                                                                                                                    
      Oct.                 43127         43019         41653        724368        11606         43377         31520         11857   
      Nov.                 42651         42583         41162        729473        11525         42590         31126         11464   
      Dec.                 42941         42895         41902        737614        10858         44069         32083         11986   
                                                                                                                                    
 2004-Jan.                 45461         45355         44570        736279        11581         46578         33880         12698   
      Feb.                 43859         43817         42670        734908        10892         46440         32967         13473   
      Mar.                 44149         44097         42387        736412        12020         44424         32129         12295   
                                                                                                                                    
      Apr.                 46049         45963         44307        740299        14078         42852         31971         10880   
      May                  46334         46222         44745        743746        14078         43052         32255         10797   
      June                 45565         45384         43729        749327        13056         43620         32509         11111   
                                                                                                                                    
      July                 46200         45956         44522        756483        12794         44487         33406         11081   
      Aug.                 45501         45250         43949        756839        12113         45056         33388         11667   
          
2 weeks ending(10)         
 2004-July 21              45351         45110         43982        757116        12361         44026         32990         11036           228 
                                                                                                                                                
      Aug.  4              48154         47890         46232        756883        13836         44515         34318         10197           138 
           18              42176         41934         40829        755804         9862         45863         32315         13548           347 
                                                                                                                                                
      Sep.  1              48266         48009         46607        757941        14008         44353         34259         10095           111 
           15p             43849         43586         42245        761370        11914         44194         31935         12259           234 
 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-Aug.                45711         45382         41945          709012 
      Sep.                43982         43802         42472          708982 
                                                                            
      Oct.                42613         42505         41139          712583 
      Nov.                42083         42015         40594          717147 
      Dec.                42447         42401         41408          725201 
                                                                            
 2004-Jan.                45396         45290         44505          725152 
      Feb.                43794         43752         42605          723942 
      Mar.                44042         43990         42280          725610 
                                                                            
      Apr.                45881         45795         44139          729913 
      May                 46107         45995         44518          733465 
      June                45296         45116         43461          738787 
                                                                            
      July                45866         45621         44188          745960 
      Aug.                45109         44858         43557          746297 
         
2 weeks ending(6)         
 2004-July 21             45025         44784         43656          746501 
                                                                            
      Aug.  4             47777         47513         45855          746846 
           18             41807         41564         40459          745043 
                                                                            
      Sep.  1             47845         47588         46186          747479 
           15p            43435         43173         41831          750896 
 
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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