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: December 27, 2001

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
December 27, 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-Nov.                39020         38737            37712          1308        581401           283           124           159             0 
      Dec.                38440         38230            37012          1427        583816           210            99           111             0 
                                                                                                                                                   
 2001-Jan.                38771         38698            37387          1384        589340            73            39            34             0 
      Feb.                38827         38775            37319          1507        591048            51            30            21             0 
      Mar.                38267         38209            36867          1399        592420            58            38            20             0 
                                                                                                                                                   
      Apr.                38786         38735            37509          1277        595932            51            15            35             0 
      May                 38881         38667            37861          1019        599084           213           134            79             0 
      June                38756         38526            37396          1360        601867           229           110           120             0 
                                                                                                                                                   
      July                39590         39307            38210          1380        607674           283           109           174             0 
      Aug.                39876         39693            38670          1206        615478           183            19           164             0 
      Sep.                57824         54439            38811         19013        639708          3385          3292            93             0 
                                                                                                                                                   
      Oct.                45005         44878            43991          1014        629508           127            60            67             0 
      Nov.                40536         40452            39073          1463        629059            84            51            33             0 
          
Two weeks ending           
 2001-Oct. 31             43760         43691            42918           842        629005            69            10            59             0 
                                                                                                                                                   
      Nov. 14             40044         39926            38604          1440        627784           119            84            35             0 
           28             41118         41065            39615          1503        630250            53            22            32             0 
                                                                                                                                                   
      Dec. 12             39908         39849            38565          1343        629650            60            26            34             0 
           26p            41543         41483            39694          1849        634539            60            24            36             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-Nov.                 38783         38500         37475        589128         7172         44647         31611         13037   
      Dec.                 38473         38263         37046        596976         7022         45245         31451         13794   
                                                                                                                                    
 2001-Jan.                 39731         39658         38347        598331         7046         47697         32685         15012   
      Feb.                 39307         39256         37800        595517         6542         48530         32765         15765   
      Mar.                 37723         37666         36324        598195         6733         44127         30991         13136   
                                                                                                                                    
      Apr.                 38589         38538         37312        601841         6860         43672         31729         11943   
      May                  39374         39161         38355        605475         7604         43267         31771         11497   
      June                 38215         37985         36855        608810         7041         43139         31174         11966   
                                                                                                                                    
      July                 39285         39002         37904        615549         7665         43911         31619         12291   
      Aug.                 39603         39420         38397        621994         7552         44007         32051         11956   
      Sep.                 57504         54119         38491        645684        25564         43436         31940         11496   
                                                                                                                                    
      Oct.                 44604         44477         43589        635959        12127         45022         32476         12546   
      Nov.                 40159         40075         38696        637866         8943         43067         31216         11851   
          
Two weeks ending           
 2001-Oct. 31              43605         43536         42763        634539        11212         44471         32393         12078          -197 
                                                                                                                                                
      Nov. 14              39288         39170         37848        635089         8317         43506         30971         12535            48 
           28              41156         41103         39653        640081         9625         42769         31531         11238            50 
                                                                                                                                                
      Dec. 12              39284         39225         37941        641796         8556         42084         30729         11355           125 
           26p             41874         41814         40024        650115         9213         45200         32661         12539            39 
 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-Nov.                38844         38561         37536          582363 
      Dec.                38528         38319         37101          590056 
                                                                            
 2001-Jan.                39715         39642         38331          591452 
      Feb.                39336         39285         37829          588967 
      Mar.                37771         37713         36372          591365 
                                                                            
      Apr.                38653         38602         37376          594921 
      May                 39455         39242         38435          598565 
      June                38313         38083         36953          601673 
                                                                            
      July                39402         39119         38022          608216 
      Aug.                39734         39551         38528          614514 
      Sep.                57662         54277         38649          637937 
                                                                            
      Oct.                44787         44660         43773          627864 
      Nov.                40340         40256         38877          629903 
         
Two weeks ending          
 2001-Oct. 31             43783         43714         42941          626462 
                                                                            
      Nov. 14             39458         39339         38018          627388 
           28             41345         41292         39842          631944 
                                                                            
      Dec. 12             39479         39420         38136          633215 
           26p            42085         42025         40235          641125 
 
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: December 27, 2001