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: June 24, 2004
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
June 24, 2004
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
Month(6)                            
 2003-May                40884        40829        39263        1621        700151           55           3             0          53  
      June               42348        42186        40485        1862        702786          161          87             0          74  
                                                                                                                                       
      July               43314        43183        41379        1935        705363          130          21             0         110  
      Aug.               45581        45252        41814        3767        710239          329         168            15         146  
      Sep.               44289        44109        42779        1510        712134          181          23             0         158  
                                                                                                                                       
      Oct.               43394        43287        41921        1473        715868          107          13             0          94  
      Nov.               43034        42966        41544        1489        718989           68          25             0          43  
      Dec.               42827        42781        41788        1038        720960           46          17             0          29  
                                                                                                                                       
 2004-Jan.               43152        43046        42253         899        722546          106          93             0          13  
      Feb.               42916        42874        41715        1201        724061           42          28             0          14  
      Mar.               44612        44561        42854        1758        725595           51          23             0          28  
                                                                                                                                       
      Apr.               45591        45505        43836        1755        728640           86          29             0          57  
      May                45351        45239        43761        1590        732177          112           9             0         103  
          
2 weeks ending(7)          
 2004-Apr. 28            46047        45956        44415        1632        728910           91          25             0          66  
                                                                                                                                       
      May  12            45556        45457        44043        1513        730217           99          11             0          88  
           26            44589        44478        42930        1660        732262          112           3             0         109  
                                                                                                                                       
      June  9            46990        46848        45412        1578        736644          143          20             0         123  
           23p           45338        45155        43409        1929        736999          183          44             0         139  
 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
base(3)
Reserve
balances
with F.R.
Banks(4)
total used to
satisfy
required
reserves(6
surplus(7) Net carryover
of reserve
balances(8)
Month(9)                                                                                                    
 2003-May                  41786         41730         40164        712768        11414         41548         30372         11177   
      June                 41861         41699         39998        714370        11307         41925         30554         11371   
                                                                                                                                    
      July                 43593         43463         41659        717038        12179         42650         31414         11237   
      Aug.                 46105         45776         42338        720544        14142         43019         31963         11056   
      Sep.                 44437         44257         42927        720731        12491         43075         31946         11129   
                                                                                                                                    
      Oct.                 43127         43019         41653        724402        11606         43380         31520         11859   
      Nov.                 42651         42582         41161        729494        11525         42598         31126         11472   
      Dec.                 42925         42879         41887        737597        10845         44077         32080         11997   
                                                                                                                                    
 2004-Jan.                 45404         45298         44505        736217        11528         46583         33876         12707   
      Feb.                 43778         43736         42577        734800        10819         46429         32959         13470   
      Mar.                 44049         43997         42291        736248        11932         44402         32117         12285   
                                                                                                                                    
      Apr.                 45964         45878         44209        740115        14000         42843         31964         10879   
      May                  46297         46185         44707        743619        14078         43050         32219         10831   
          
2 weeks ending(10)         
 2004-Apr. 28              48901         48810         47268        740644        16022         42961         32879         10083           204 
                                                                                                                                                
      May  12              44591         44492         43078        740565        13243         42359         31348         11011           165 
           26              48025         47913         46365        744758        14995         43779         33030         10750            99 
                                                                                                                                                
      June  9              45554         45411         43976        747763        13514         42666         32040         10626           110 
           23p             45723         45540         43794        748600        13186         43342         32537         10805           105 
 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)                  
 2003-May                 41565         41510         39944          701463 
      June                41600         41439         39738          703193 
                                                                            
      July                43268         43137         41333          705643 
      Aug.                45711         45382         41945          709012 
      Sep.                43982         43802         42472          708992 
                                                                            
      Oct.                42613         42505         41139          712616 
      Nov.                42083         42015         40594          717168 
      Dec.                42431         42385         41392          725184 
                                                                            
 2004-Jan.                45339         45233         44440          725090 
      Feb.                43713         43671         42512          723834 
      Mar.                43942         43891         42184          725446 
                                                                            
      Apr.                45796         45711         44041          729729 
      May                 46070         45958         44480          733338 
         
2 weeks ending(6)         
 2004-Apr. 28             48707         48616         47075          730558 
                                                                            
      May  12             44384         44285         42871          729880 
           26             47790         47678         46130          734829 
                                                                            
      June  9             45300         45158         43722          737463 
           23p            45457         45274         43528          738145 
 
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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