1 FEDERAL RESERVE STATISTICAL RELEASE 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 total adjustment seasonal extended base5 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 1 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 -------------------------------------- -------------------------------------- Reserve used to Net carryover Date total2 nonborrowed required Monetary base3 balances total satisfy surplus7 of reserve with F.R. required balances8 Banks4 reserves6 ------------------------------------------------------------------------------------------------------------------------------------------- 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 1 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 base4 ---------------------------------------------------------------------------------- 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.