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: October 28, 2004
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
October 28, 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-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.               45676        45590        43935        1741        728824           86          29             0          57  
      May                45386        45275        43798        1588        732302          112           9             0         103  
      June               45933        45753        44099        1834        737802          180          40             0         140  
                                                                                                                                       
      July               45743        45498        44067        1676        745606          245          42             0         203  
      Aug.               44757        44506        43206        1552        748197          251          18             0         233  
      Sep.               46248        45913        44685        1563        753380          335          97             0         238  
          
2 weeks ending(7)          
 2004-Sep.  1            46644        46387        44987        1657        750426          257          19             0         238  
           15            45787        45524        44177        1609        753926          263          26             0         237  
           29            46764        46341        45261        1502        752954          423         181             0         243  
                                                                                                                                       
      Oct. 13            45084        44887        43425        1658        754631          197           4             0         194  
           27p           46514        46329        44799        1715        761129          186          28             0         158  
                                                                                                                                       
 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-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.                 46048         45962         44307        740299        14078         42852         31970         10881   
      May                  46333         46221         44745        743746        14078         43052         32255         10797   
      June                 45564         45384         43730        749326        13055         43620         32510         11110   
                                                                                                                                    
      July                 46203         45958         44527        756482        12793         44487         33410         11077   
      Aug.                 45500         45249         43949        756870        12112         45056         33388         11667   
      Sep.                 46449         46114         44886        760991        13033         44836         33416         11420   
          
2 weeks ending(10)         
 2004-Sep.  1              48265         48008         46607        757993        14006         44353         34259         10095           111 
           15              43851         43589         42242        761444        11918         44194         31934         12260           231 
           29              49162         48739         47660        760689        14229         45329         34933         10396           167 
                                                                                                                                                
      Oct. 13              43023         42826         41364        761857        10937         47408         32086         15323            65 
           27p             48340         48154         46625        769699        12952         46363         35388         10975           103 
                                                                                                                                                
 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-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.                45880         45794         44139          729913 
      May                 46106         45994         44518          733465 
      June                45296         45116         43462          738786 
                                                                            
      July                45868         45624         44192          745959 
      Aug.                45109         44857         43557          746328 
      Sep.                46015         45680         44452          750520 
         
2 weeks ending(6)         
 2004-Sep.  1             47843         47586         46186          747531 
           15             43438         43175         41828          750969 
           29             48706         48283         47204          750260 
                                                                            
      Oct. 13             42581         42384         40922          750869 
           27p            47841         47655         46126          758886 
                                                                            
 
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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