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Release Date: February 21, 2002
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FEDERAL RESERVE STATISTICAL RELEASE
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
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Reserves of depository institutions Borrowings of depository institutions from
the Federal Reserve, NSA
--------------------------------------------------- --------------------------------------------------
Date total2 nonborrowed3 required excess NSA4 Monetary total adjustment seasonal extended
base5 credit
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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
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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.)
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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
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Reserves of depository institutions Vault cash5
-------------------------------------- --------------------------------------
Reserve used to Net carryover
Date total2 nonborrowed required Monetary base3 balances total satisfy surplus7 of reserve
with F.R. required balances8
Banks4 reserves6
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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
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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.
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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
----------------------------------------------------------------------------------
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.
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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