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: February 21, 2002

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
February 21, 2002
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements1
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
  Reserves of depository institutions   Borrowings of depository institutions from
the Federal Reserve, NSA
Date total2 nonborrowed3 required excess NSA4 Monetary
base5
total adjustment seasonal
extended
credit
 2001-Jan.                38771         38698            37387          1384        588566            73            39            34             0 
      Feb.                38827         38775            37319          1507        590049            51            30            21             0 
      Mar.                38267         38209            36867          1399        592032            58            38            20             0 
                                                                                                                                                   
      Apr.                38786         38735            37509          1277        595998            51            15            35             0 
      May                 38881         38667            37861          1019        599622           213           134            79             0 
      June                38758         38528            37396          1362        602736           229           110           120             0 
                                                                                                                                                   
      July                39642         39359            38234          1408        608186           283           109           174             0 
      Aug.                39940         39757            38731          1209        615585           183            19           164             0 
      Sep.                57887         54502            38868         19019        639530          3385          3292            93             0 
                                                                                                                                                   
      Oct.                45463         45336            44142          1321        630064           127            60            67             0 
      Nov.                40534         40450            39048          1487        629343            84            51            33             0 
      Dec.                41029         40962            39388          1641        634534            67            34            33             0 
                                                                                                                                                   
 2002-Jan.                42415         42365            41010          1405        641853            50            33            17             0 
          
Two weeks ending           
 2001-Dec. 26             41547         41487            39687          1860        636527            60            24            36             0 
                                                                                                                                                   
 2002-Jan.  9             42198         42093            40536          1662        638031           105            83            22             0 
           23             41993         41965            40747          1246        641746            28            15            14             0 
                                                                                                                                                   
      Feb.  6             43397         43372            42004          1393        646340            26             8            18             0 
           20p            40759         40723            39316          1443        647092            37            17            20             0 
 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.)
p preliminary
 
 
 
 
H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements1
Averages of daily figures, not seasonally adjusted
Millions of dollars
  Reserves of depository institutions    Vault cash5  
Date total2 nonborrowed required Monetary base3 Reserve
balances
with F.R
Banks4
total used to
satisfy
required
reserves6
surplus7 Net carryover
of reserve
balances8
 2001-Jan.                 39731         39658         38347        598331         7046         47697         32685         15012   
      Feb.                 39307         39256         37800        595517         6542         48530         32765         15765   
      Mar.                 37723         37666         36324        598195         6733         44127         30991         13136   
                                                                                                                                    
      Apr.                 38589         38538         37312        601841         6860         43672         31729         11943   
      May                  39374         39161         38355        605475         7604         43267         31771         11497   
      June                 38217         37988         36855        608812         7043         43139         31174         11966   
                                                                                                                                    
      July                 39337         39054         37929        615577         7693         43910         31644         12266   
      Aug.                 39668         39484         38459        622038         7578         44007         32090         11917   
      Sep.                 57567         54182         38549        645753        25633         43436         31934         11502   
                                                                                                                                    
      Oct.                 45061         44934         43739        636449        12552         45021         32509         12512   
      Nov.                 40158         40074         38672        637865         8944         43065         31214         11851   
      Dec.                 40955         40888         39315        648889         9059         43918         31896         12023   
                                                                                                                                    
 2002-Jan.                 43475         43425         42070        653311        10009         45731         33465         12266   
          
Two weeks ending           
 2001-Dec. 26              41878         41818         40018        651902         9219         45197         32659         12539            40 
                                                                                                                                                
 2002-Jan.  9              42313         42208         40651        657421         9747         44748         32566         12182            44 
           23              43218         43190         41972        651695        10648         43724         32570         11153            40 
                                                                                                                                                
      Feb.  6              45233         45207         43839        651516         9189         50352         36044         14308            62 
           20p             41276         41240         39833        656974         9018         45422         32259         13163            91 
 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.
p preliminary
 
 
 
 
H.3 (502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements1
Averages of daily figures, not seasonally adjusted
Millions of dollars
  Reserves of depository institutions  
Date total2 nonborrowed required3 Monetary base
 2001-Jan.                39715         39642         38331          591452 
      Feb.                39336         39285         37829          588967 
      Mar.                37771         37713         36372          591365 
                                                                            
      Apr.                38653         38602         37376          594921 
      May                 39455         39242         38435          598565 
      June                38315         38085         36953          601675 
                                                                            
      July                39454         39172         38046          608244 
      Aug.                39798         39615         38589          614557 
      Sep.                57725         54340         38706          638006 
                                                                            
      Oct.                45244         45117         43923          628354 
      Nov.                40339         40255         38852          629903 
      Dec.                41119         41052         39478          640061 
                                                                            
 2002-Jan.                43462         43412         42057          644287 
         
Two weeks ending          
 2001-Dec. 26             42088         42029         40228          642922 
                                                                            
 2002-Jan.  9             42268         42163         40606          648412 
           23             43206         43178         41960          642628 
                                                                            
      Feb.  6             45254         45229         43861          642551 
           20p            41306         41270         39863          647577 
 
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.
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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Last update: February 21, 2002