1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time April 17, 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 Monetary total primary secondary seasonal adjustment NSA4 base5 ------------------------------------------------------------------------------------------------------------------------------------------- 2002-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 681766 80 45 35 2003-Jan. 40607 40581 38947 1660 685591 27 12 0 13 2 Feb. 40756 40731 38848 1908 691310 25 21 0 5 Mar. 40940 40918 39330 1610 695123 22 14 0 8 Two weeks ending 2003-Feb. 19 40193 40168 37861 2332 690977 25 21 0 4 Mar. 5 41763 41742 40299 1464 693549 21 17 0 5 19 40230 40199 38567 1664 694087 32 23 0 9 Apr. 2 41425 41414 39816 1609 696986 11 3 0 8 16p 40281 40248 38861 1419 697037 33 15 0 18 --------------------------------------------------------------------------------------------------------------------------------------------- 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 ------------------------------------------------------------------------------------------------------------------------------------------- 2002-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 46209 32738 13471 Feb. 41874 41849 39966 700986 9807 45938 32067 13871 Mar. 40564 40542 38954 704998 9818 43085 30746 12339 Two weeks ending 2003-Feb. 19 40342 40317 38009 700646 9431 46004 30911 15094 48 Mar. 5 42681 42660 41217 703422 10654 43566 32027 11539 100 19 38872 38840 37208 703848 9500 42202 29372 12830 137 Apr. 2 41657 41646 40048 706998 9841 43915 31816 12100 284 16p 39257 39225 37838 708731 9432 41679 29825 11854 85 -------------------------------------------------------------------------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------------- 2002-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. 41873 41847 39965 690200 Mar. 40562 40540 38951 693872 Two weeks ending 2003-Feb. 19 40340 40315 38007 689821 Mar. 5 42679 42658 41215 692609 19 38869 38838 37206 692786 Apr. 2 41654 41643 40045 695665 16p 39254 39221 37834 697369 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.