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: March 20, 2003
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
March 20, 2003
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 primary secondary seasonal adjustment
 2002-Feb.               41335        41305        39964         1371       646607           30                                     17            12
      Mar.               40768        40689        39347         1421       649996           79                                     20            59
                                                                                                                                                    
      Apr.               40635        40565        39424         1211       654098           71                                     50            21
      May                39406        39294        38145         1261       657819          112                                    105             7
      June               39469        39327        38231         1238       662370          142                                    136             6
                                                                                                                                                    
      July               39674        39482        38300         1374       666912          191                                    176            16
      Aug.               39977        39644        38340         1637       669929          333                                    185           148
      Sep.               39252        39023        37776         1476       671453          229                                    169            60
                                                                                                                                                    
      Oct.               39184        39041        37634         1550       674300          143                                    120            23
      Nov.               39686        39414        38070         1616       677516          272                                     60           211
      Dec.               40117        40037        38120         1997       681767           80                                     45            35
                                                                                                                                                    
 2003-Jan.               40607        40581        38947         1660       685592           27           12            0           13             2
      Feb.               40754        40729        38846         1908       691281           25           21            0            5              
           
Two weeks ending            
 2003-Jan. 22            40756        40738        38992         1763       685240           18            9            0            9              
                                                                                                                                                    
      Feb.  5            40520        40487        39002         1518       688210           34           28            0            6              
           19            40192        40167        37860         2332       690952           25           21            0            4              
                                                                                                                                                    
      Mar.  5            41759        41738        40295         1464       693497           21           17            0            5              
           19p           40241        40210        38563         1678       689999           32           23            0            9              
 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
 2002-Feb.                 42491         42461         41120        654906         9252         45685         33239         12446   
      Mar.                 40333         40254         38912        658753         9124         42636         31209         11427   
                                                                                                                                    
      Apr.                 40941         40871         39730        663354         9719         42016         31222         10794   
      May                  40292         40180         39030        668123         9188         41819         31104         10716   
      June                 38617         38474         37378        673012         7923         41655         30694         10961   
                                                                                                                                    
      July                 39412         39220         38038        678976         8099         42718         31313         11406   
      Aug.                 39854         39521         38217        679548         8520         42892         31335         11557   
      Sep.                 38907         38678         37431        679956         8731         42231         30176         12055   
                                                                                                                                    
      Oct.                 38685         38542         37134        681833         8836         42933         29849         13084   
      Nov.                 39141         38870         37525        687226         9695         42144         29446         12698   
      Dec.                 40173         40093         38176        697088         9873         43334         30300         13033   
                                                                                                                                    
 2003-Jan.                 42743         42716         41082        699181        10004         46210         32738         13471   
      Feb.                 41872         41847         39964        700959         9807         45939         32065         13874   
          
Two weeks ending           
 2003-Jan. 22              42394         42377         40631        698116        10894         44363         31500         12863            -6 
                                                                                                                                                
      Feb.  5              44714         44681         43196        697553         9336         50026         35378         14648           277 
           19              40340         40315         38008        700625         9431         46005         30909         15097            48 
                                                                                                                                                
      Mar.  5              42677         42656         41213        703372        10654         43567         32023         11544           100 
           19p             38883         38851         37204        699763         9516         42203         29367         12836           137 
 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 base4
 2002-Feb.                42473         42443         41102          645683 
      Mar.                40303         40225         38882          649205 
                                                                            
      Apr.                40895         40824         39683          653268 
      May                 40226         40114         38965          657980 
      June                38541         38398         37302          662866 
                                                                            
      July                39317         39126         37943          668753 
      Aug.                39741         39407         38104          669312 
      Sep.                38782         38553         37306          669714 
                                                                            
      Oct.                38543         38400         36993          671484 
      Nov.                38981         38709         37365          676656 
      Dec.                40027         39947         38030          686165 
                                                                            
 2003-Jan.                42728         42701         41068          688268 
      Feb.                41870         41845         39963          690173 
         
Two weeks ending          
 2003-Jan. 22             42379         42362         40616          686954 
                                                                            
      Feb.  5             44713         44679         43195          686922 
           19             40338         40313         38006          689801 
                                                                            
      Mar.  5             42675         42654         41211          692559 
           19p            38880         38849         37202          688702 
 
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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