1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time November 18, 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- required excess Monetary total primary secondary seasonal borrowed(3) NSA(4) base(5) -------------------------------------------------------------------------------------------------------------------------------------------- Month(6) 2003-Oct. 43394 43287 41921 1473 715834 107 13 0 94 Nov. 43034 42966 41545 1489 718968 68 25 0 43 Dec. 42843 42797 41804 1039 720978 46 17 0 29 2004-Jan. 43204 43098 42314 891 722605 106 93 0 13 Feb. 42994 42952 41805 1189 724169 42 28 0 14 Mar. 44713 44662 42951 1762 725761 51 23 0 28 Apr. 45676 45590 43935 1741 728824 86 29 0 57 May 45386 45275 43798 1588 732302 112 9 0 103 June 45933 45753 44099 1834 737802 180 40 0 140 July 45743 45498 44067 1676 745606 245 42 0 203 Aug. 44757 44506 43206 1552 748197 251 18 0 233 Sep. 46248 45913 44685 1563 753378 335 97 0 238 Oct. p 46036 45857 44318 1718 755868 179 15 0 164 2 weeks ending(7) 2004-Sep. 15 45787 45524 44177 1609 753926 263 26 0 237 29 46764 46341 45260 1503 752952 423 181 0 243 Oct. 13 45087 44890 43425 1661 754627 197 4 0 194 27 46518 46332 44802 1715 755929 186 28 0 158 Nov. 10p 47434 47334 45524 1909 759682 100 7 0 93 --------------------------------------------------------------------------------------------------------------------------------------------- 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) 2003-Oct. 43127 43019 41653 724368 11606 43377 31520 11857 Nov. 42651 42583 41162 729473 11525 42590 31126 11464 Dec. 42941 42895 41902 737614 10858 44069 32083 11986 2004-Jan. 45461 45355 44570 736279 11581 46578 33880 12698 Feb. 43859 43817 42670 734908 10892 46440 32967 13473 Mar. 44149 44097 42387 736412 12020 44424 32129 12295 Apr. 46048 45962 44307 740299 14078 42852 31970 10881 May 46333 46221 44745 743746 14078 43052 32255 10797 June 45564 45384 43730 749326 13055 43620 32510 11110 July 46203 45958 44527 756482 12793 44487 33410 11077 Aug. 45500 45249 43949 756870 12112 45056 33388 11667 Sep. 46449 46114 44886 760989 13033 44836 33416 11420 Oct. p 45679 45500 43961 763660 12019 46653 33660 12993 2 weeks ending(10) 2004-Sep. 15 43851 43589 42242 761444 11918 44194 31934 12260 231 29 49162 48739 47659 760687 14230 45329 34933 10396 167 Oct. 13 43026 42829 41364 761852 10937 47408 32089 15320 65 27 48343 48158 46628 764705 12953 46363 35391 10973 104 Nov. 10p 44979 44879 43070 765880 12267 45217 32712 12505 75 -------------------------------------------------------------------------------------------------------------------------------------------- 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) 2003-Oct. 42613 42505 41139 712583 Nov. 42083 42015 40594 717147 Dec. 42447 42401 41408 725201 2004-Jan. 45396 45290 44505 725152 Feb. 43794 43752 42605 723942 Mar. 44042 43990 42280 725610 Apr. 45880 45794 44139 729913 May 46106 45994 44518 733465 June 45296 45116 43462 738786 July 45868 45624 44192 745959 Aug. 45109 44857 43557 746328 Sep. 46015 45680 44451 750519 Oct. p 45201 45021 43483 752777 2 weeks ending(6) 2004-Sep. 15 43438 43175 41828 750968 29 48706 48283 47203 750258 Oct. 13 42584 42387 40922 750865 27 47844 47658 46128 753923 Nov. 10p 44454 44354 42545 754982 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.