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: November 15, 2001

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For Release at 4:30 P.M. EST

November 15, 2001







H.3





	N O T I C E



		

Because of the Thanksgiving Day holiday on Thursday, November 22, 2001, the H.3 statistical release will be published on Friday, November 23, 2001.

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
November 15, 2001
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
base5
total adjustment seasonal
extended
credit
 2000-Oct.                39021         38602            37874          1147        579696           418           119           299             0 
      Nov.                39023         38739            37821          1201        581395           283           124           159             0 
      Dec.                38507         38297            37182          1325        583958           210            99           111             0 
                                                                                                                                                   
 2001-Jan.                38827         38754            37574          1253        589387            73            39            34             0 
      Feb.                38867         38815            37434          1432        591117            51            30            21             0 
      Mar.                38258         38200            36873          1385        592420            58            38            20             0 
                                                                                                                                                   
      Apr.                38788         38737            37511          1277        595925            51            15            35             0 
      May                 38888         38675            37869          1019        599089           213           134            79             0 
      June                38774         38545            37414          1360        601882           229           110           120             0 
                                                                                                                                                   
      July                39600         39317            38194          1407        607685           283           109           174             0 
      Aug.                39893         39710            38659          1234        615478           183            19           164             0 
      Sep.                57834         54449            38797         19037        639729          3385          3292            93             0 
                                                                                                                                                   
      Oct.                44981         44854            43664          1317        629488           127            60            67             0 
          
Two weeks ending           
 2001-Sep. 19             75911         69194            37736         38174        657782          6717          6622            95             0 
                                                                                                                                                   
      Oct.  3             42832         42220            40193          2639        626200           613           538            75             0 
           17             46703         46621            45878           825        630709            82             8            74             0 
           31             43720         43651            42194          1526        628972            69            10            59             0 
                                                                                                                                                   
      Nov. 14p            39920         39801            38559          1360        628181           119            84            35             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
 
 
 
 
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  
Date total2 nonborrowed required Monetary base3 Reserve
balances
with F.R
Banks4
total used to
satisfy
required
reserves6
surplus7 Net carryover
of reserve
balances8
 2000-Oct.                 38776         38358         37629        585014         6778         45233         31998         13235   
      Nov.                 38786         38502         37584        589120         7156         44635         31629         13006   
      Dec.                 38540         38331         37216        597120         7159         45228         31381         13847   
                                                                                                                                    
 2001-Jan.                 39791         39718         38538        598377         7190         47683         32601         15083   
      Feb.                 39349         39298         37917        595586         6615         48518         32734         15784   
      Mar.                 37715         37657         36329        598195         6737         44105         30978         13128   
                                                                                                                                    
      Apr.                 38591         38540         37314        601835         6863         43657         31728         11929   
      May                  39382         39169         38363        605481         7610         43263         31772         11491   
      June                 38233         38004         36873        608825         7058         43133         31175         11958   
                                                                                                                                    
      July                 39296         39013         37889        615558         7674         43909         31622         12287   
      Aug.                 39621         39437         38386        621995         7564         44010         32056         11953   
      Sep.                 57515         54130         38478        645711        25577         43464         31938         11526   
                                                                                                                                    
      Oct.                 44580         44453         43263        635942        12122         45006         32457         12549   
          
Two weeks ending           
 2001-Sep. 19              75455         68738         37280        664846        44481         43032         30974         12059           207 
                                                                                                                                                
      Oct.  3              42630         42017         39990        630712         9376         44277         33254         11023           595 
           17              46014         45932         45189        638501        13622         45736         32392         13344           224 
           31              43564         43495         42038        634505        11212         44432         32352         12080          -197 
                                                                                                                                                
      Nov. 14p             39164         39046         37804        635486         8190         43505         30974         12531           120 
 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
 
 
 
 
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 base
 2000-Oct.                38837         38419         37690          578291 
      Nov.                38846         38563         37645          582356 
      Dec.                38596         38386         37271          590200 
                                                                            
 2001-Jan.                39775         39702         38522          591498 
      Feb.                39378         39327         37946          589036 
      Mar.                37762         37705         36377          591364 
                                                                            
      Apr.                38655         38605         37379          594915 
      May                 39462         39249         38443          598571 
      June                38331         38102         36971          601688 
                                                                            
      July                39413         39130         38006          608225 
      Aug.                39751         39568         38517          614514 
      Sep.                57672         54287         38636          637964 
                                                                            
      Oct.                44763         44636         43446          627847 
         
Two weeks ending          
 2001-Sep. 19             75604         68887         37429          657253 
                                                                            
      Oct.  3             42804         42192         40165          622700 
           17             46204         46123         45379          630370 
           31             43742         43673         42217          626428 
                                                                            
      Nov. 14p            39334         39216         37974          627783 
 
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.

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Last update: November 15, 2001