1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time July 31, 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- required excess Monetary total primary secondary seasonal adjustment borrowed(3) NSA(4) base(5) ------------------------------------------------------------------------------------------------------------------------------------------- Month(6) 2002-June 39469 39327 38231 1238 662317 142 136 6 July 39679 39487 38301 1377 666838 191 176 16 Aug. 39961 39628 38353 1608 669833 333 185 148 Sep. 39209 38980 37722 1486 671399 229 169 60 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 691305 25 21 0 5 Mar. 40973 40951 39337 1636 695142 22 14 0 8 Apr. 40806 40777 39274 1532 698229 29 8 0 21 May 40986 40931 39367 1619 701183 55 3 0 53 June 42795 42634 40942 1853 703159 161 87 0 74 2 weeks ending(7) 2003-May 28 41796 41738 40182 1614 702898 58 2 0 56 June 11 42929 42860 40934 1994 703031 69 7 0 63 25 42223 41983 40619 1604 703232 241 163 0 78 July 9 44102 43958 41865 2237 703240 144 54 0 90 23p 43547 43431 41932 1616 702574 117 5 1 111 --------------------------------------------------------------------------------------------------------------------------------------------- 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 1 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) Reserve used to Net carryover Date total(2) nonborrowed required Monetary balances total satisfy surplus(7) of reserve base(3) with F.R. required balances(8) Banks(4) reserves(6) ------------------------------------------------------------------------------------------------------------------------------------------- Month(9) 2002-June 38617 38474 37378 672966 7917 41680 30700 10980 July 39417 39225 38039 678900 8037 42805 31380 11425 Aug. 39838 39505 38230 679480 8463 42992 31375 11617 Sep. 38864 38635 37378 679889 8665 42328 30200 12128 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 40019 714348 11299 41961 30573 11388 2 weeks ending(10) 2003-May 28 44326 44269 42712 715290 13116 41968 31211 10758 101 June 11 40904 40835 38909 713594 11050 41040 29854 11186 110 25 42235 41994 40631 714134 11437 42303 30798 11505 -13 July 9 42985 42842 40748 716608 11462 43030 31524 11507 -35 23p 43215 43099 41599 716887 12668 41789 30547 11241 158 -------------------------------------------------------------------------------------------------------------------------------------------- 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 1 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-June 38541 38398 37302 662820 July 39322 39131 37945 668678 Aug. 39725 39392 38117 669245 Sep. 38740 38511 37254 669647 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 41696 40005 703315 2 weeks ending(6) 2003-May 28 44313 44255 42699 704089 June 11 40890 40821 38896 702645 25 42221 41980 40617 703053 July 9 42971 42827 40734 705523 23p 43196 43079 41580 705643 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.