1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time August 29, 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 total adjustment seasonal extended base5 credit ------------------------------------------------------------------------------------------------------------------------------------------- 2001-July 39785 39502 38377 1408 608105 283 109 174 0 Aug. 40079 39896 38871 1208 616024 183 19 164 0 Sep. 58217 54832 39200 19017 639690 3385 3292 93 0 Oct. 45224 45097 43899 1326 629954 127 60 67 0 Nov. 40867 40783 39415 1452 629373 84 51 33 0 Dec. 41221 41154 39576 1645 634413 67 34 33 0 2002-Jan. 41747 41698 40360 1387 640857 50 33 17 0 Feb. 41451 41421 40083 1367 646175 30 12 17 0 Mar. 41013 40935 39599 1414 649651 79 59 20 0 Apr. 40760 40690 39552 1208 653937 71 21 50 0 May 39116 39003 37843 1273 657890 112 7 105 0 June 39266 39124 38024 1242 664071 142 6 136 0 July 39658 39467 38286 1373 668786 191 16 176 0 Two weeks ending 2002-June 26 39212 39061 37965 1246 664736 151 4 147 0 July 10 40395 40201 38877 1518 667975 194 27 168 0 24 39124 38935 37829 1295 669005 189 9 180 0 Aug. 7 39675 39481 38356 1319 669504 194 14 180 0 21p 39749 39554 38416 1333 670695 195 9 186 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 1 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 -------------------------------------- -------------------------------------- Reserve used to Net carryover Date total2 nonborrowed required Monetary base3 balances total satisfy surplus7 of reserve with F.R. required balances8 Banks4 reserves6 ------------------------------------------------------------------------------------------------------------------------------------------- 2001-July 39337 39054 37929 615576 7692 43948 31644 12304 Aug. 39668 39484 38460 622037 7576 44030 32091 11938 Sep. 57570 54185 38553 645727 25632 43466 31938 11528 Oct. 44632 44505 43306 635896 12073 45057 32559 12499 Nov. 40124 40040 38672 637643 8833 43104 31291 11813 Dec. 41077 41011 39433 648738 9054 43935 32024 11911 2002-Jan. 43725 43676 42339 653284 9995 45729 33730 11998 Feb. 42491 42461 41124 654928 9273 45694 33218 12476 Mar. 40297 40218 38883 658775 9146 42631 31151 11480 Apr. 40896 40825 39688 663373 9740 42013 31156 10857 May 40242 40130 38969 668139 9209 41819 31033 10786 June 38571 38429 37329 672981 7929 41662 30642 11021 July 39391 39199 38018 679004 8096 42723 31295 11428 Two weeks ending 2002-June 26 39423 39273 38177 672960 7979 42130 31444 10686 85 July 10 39347 39153 37828 678767 7909 42968 31438 11531 57 24 39006 38817 37710 679188 8266 42170 30740 11430 82 Aug. 7 40225 40032 38906 678974 8024 43479 32202 11277 90 21p 39049 38854 37716 679088 7696 43488 31353 12135 4 -------------------------------------------------------------------------------------------------------------------------------------------- 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 1 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-July 39417 39134 38009 608235 Aug. 39759 39576 38551 614550 Sep. 57678 54293 38662 637969 Oct. 44759 44632 43434 627786 Nov. 40253 40169 38801 629675 Dec. 41196 41129 39551 639907 2002-Jan. 43712 43662 42325 644269 Feb. 42473 42443 41106 645705 Mar. 40266 40188 38852 649226 Apr. 40847 40777 39640 653287 May 40176 40064 38903 657998 June 38494 38352 37252 662837 July 39296 39104 37923 668785 Two weeks ending 2002-June 26 39344 39194 38098 662646 July 10 39260 39066 37742 668595 24 38911 38722 37615 668961 Aug. 7 40117 39924 38798 668703 21p 38938 38743 37605 668872 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.