1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time February 14, 2002 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 ------------------------------------------------------------------------------------------------------------------------------------------- 2001-Jan. 38771 38698 37387 1384 588566 73 39 34 0 Feb. 38827 38775 37319 1507 590049 51 30 21 0 Mar. 38267 38209 36867 1399 592032 58 38 20 0 Apr. 38786 38735 37509 1277 595998 51 15 35 0 May 38881 38667 37861 1019 599622 213 134 79 0 June 38758 38528 37396 1362 602736 229 110 120 0 July 39642 39359 38234 1408 608186 283 109 174 0 Aug. 39940 39757 38731 1209 615585 183 19 164 0 Sep. 57887 54502 38868 19019 639530 3385 3292 93 0 Oct. 45463 45336 44142 1321 630064 127 60 67 0 Nov. 40534 40450 39048 1487 629343 84 51 33 0 Dec. 41029 40962 39389 1641 634535 67 34 33 0 2002-Jan. p 42419 42370 41010 1409 641859 50 33 17 0 Two weeks ending 2001-Dec. 12 39938 39878 38562 1375 630753 60 26 34 0 26 41547 41487 39687 1860 636527 60 24 36 0 2002-Jan. 9 42199 42094 40536 1662 638032 105 83 22 0 23 41995 41967 40747 1248 641748 28 15 14 0 Feb. 6p 43411 43386 42004 1407 646358 26 8 18 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 ------------------------------------------------------------------------------------------------------------------------------------------- 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 38217 37988 36855 608812 7043 43139 31174 11966 July 39337 39054 37929 615577 7693 43910 31644 12266 Aug. 39668 39484 38459 622038 7578 44007 32090 11917 Sep. 57567 54182 38549 645753 25633 43436 31934 11502 Oct. 45061 44934 43739 636449 12552 45021 32509 12512 Nov. 40158 40074 38672 637865 8944 43065 31214 11851 Dec. 40955 40889 39315 648889 9059 43918 31896 12022 2002-Jan. p 43480 43430 42070 653317 10014 45731 33466 12266 Two weeks ending 2001-Dec. 12 39314 39254 37938 641819 8587 42081 30727 11355 116 26 41878 41818 40018 651902 9219 45197 32659 12539 40 2002-Jan. 9 42314 42209 40651 657421 9747 44748 32567 12180 44 23 43220 43192 41972 651697 10650 43724 32570 11153 40 Feb. 6p 45246 45221 43839 651535 9202 50352 36044 14308 56 -------------------------------------------------------------------------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------------- 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 38315 38085 36953 601675 July 39454 39172 38046 608244 Aug. 39798 39615 38589 614557 Sep. 57725 54340 38706 638006 Oct. 45244 45117 43923 628354 Nov. 40339 40255 38852 629903 Dec. 41119 41052 39478 640061 2002-Jan. p 43467 43417 42058 644293 Two weeks ending 2001-Dec. 12 39509 39449 38133 633245 26 42088 42029 40228 642922 2002-Jan. 9 42269 42164 40606 648413 23 43208 43180 41960 642630 Feb. 6p 45268 45243 43861 642569 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.