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: November 28, 2003
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
November 28, 2003
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 adjustment
Month(6)                              
 2002-Oct.               39171        39028        37636         1535       674250          143                                    120            23
      Nov.               39760        39489        38122         1638       677612          272                                     60           211
      Dec.               40217        40138        38208         2009       681900           80                                     45            35
                                                                                                                                                    
 2003-Jan.               40731        40704        39024         1707       685722           27           12            0           13             2
      Feb.               40820        40795        38855         1965       691306           25           21            0            5              
      Mar.               40973        40951        39337         1636       695142           22           14            0            8              
                                                                                                                                                    
      Apr.               40806        40777        39274         1532       698228           29            8            0           21              
      May                40986        40931        39367         1619       701181           55            3            0           53              
      June               42795        42634        40942         1854       703172          161           87            0           74              
                                                                                                                                                    
      July               43927        43796        42003         1924       703533          130           21            0          110              
      Aug.               46282        45954        42519         3763       709231          329          168           15          146              
      Sep.               44963        44783        43458         1505       711234          181           23            0          158              
                                                                                                                                                    
      Oct.               43992        43885        42524         1469       715782          107           13            0           94              
           
2 weeks ending(7)           
 2003-Oct.  1            44989        44782        43006         1983       713637          207           48            0          159              
           15            43477        43363        42027         1450       713443          115            3            0          112              
           29            44529        44434        43109         1419       717949           95           17            0           79              
                                                                                                                                                    
      Nov. 12            43344        43251        41660         1684       718053           94           43            0           51              
           26p           43142        43086        41634         1507       721132           56           13            0           43              
                                                                                                                                                    
 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 Reserve
balances
with F.R.
Banks(4)
total used to
satisfy
required
reserves(6
surplus(7) Net carryover
of reserve
balances(8)
Month(9)                                                                                                    
 2002-Oct.                 38672         38529         37137        681780         8780         43028         29892         13137   
      Nov.                 39214         38943         37576        687291         9758         42236         29457         12780   
      Dec.                 40274         40194         38264        697149         9926         43368         30347         13021   
                                                                                                                                    
 2003-Jan.                 42869         42842         41162        699247        10075         46209         32794         13415   
      Feb.                 41939         41913         39973        701039         9860         45942         32079         13863   
      Mar.                 40597         40575         38961        705037         9840         43088         30757         12331   
                                                                                                                                    
      Apr.                 41172         41142         39640        709095        10598         41991         30574         11417   
      May                  41801         41745         40182        712758        11405         41636         30395         11241   
      June                 41872         41710         40018        714361        11297         41961         30574         11386   
                                                                                                                                    
      July                 43594         43464         41671        717018        12157         42657         31437         11220   
      Aug.                 46084         45756         42321        720509        14107         43034         31978         11056   
      Sep.                 44410         44230         42905        720714        12470         43079         31940         11138   
                                                                                                                                    
      Oct.                 43192         43085         41723        724463        11663         43312         31529         11783   
          
2 weeks ending(10)         
 2003-Oct.  1              46112         45905         44129        721646        13122         44125         32990         11135            -4 
           15              41381         41266         39930        722433         9931         44544         31450         13095           254 
           29              45122         45027         43703        726442        13406         42228         31716         10513           124 
                                                                                                                                                
      Nov. 12              40905         40811         39221        726222        10849         41870         30056         11814           149 
           26p             43974         43918         42466        732810        12130         43244         31844         11400           165 
                                                                                                                                                
 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)                  
 2002-Oct.                38530         38388         36995          671432 
      Nov.                39054         38783         37416          676721 
      Dec.                40128         40048         38118          686226 
                                                                            
 2003-Jan.                42854         42827         41147          688334 
      Feb.                41937         41912         39972          690253 
      Mar.                40595         40573         38959          693909 
                                                                            
      Apr.                41164         41135         39632          697825 
      May                 41788         41732         40169          701578 
      June                41858         41697         40004          703329 
                                                                            
      July                43575         43444         41651          705804 
      Aug.                46059         45730         42295          709199 
      Sep.                44381         44200         42876          709235 
                                                                            
      Oct.                43151         43044         41683          712970 
         
2 weeks ending(6)         
 2003-Oct.  1             46079         45872         44096          710117 
           15             41348         41233         39897          710995 
           29             45074         44979         43655          714927 
                                                                            
      Nov. 12             40857         40763         39173          714532 
           26p            43925         43870         42418          720587 
                                                                            
 
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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