1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time December 5, 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-Oct. 45224 45097 43899 1326 629954 127 60 67 0 Nov. 40867 40783 39415 1452 629374 84 51 33 0 Dec. 41220 41154 39572 1649 634414 67 34 33 0 2002-Jan. 41735 41685 40340 1395 640845 50 33 17 0 Feb. 41450 41420 40080 1371 646153 30 12 17 0 Mar. 41050 40971 39629 1421 649629 79 59 20 0 Apr. 40806 40735 39594 1211 653921 71 21 50 0 May 39164 39052 37902 1261 657887 112 7 105 0 June 39313 39171 38075 1238 664105 142 6 136 0 July 39679 39488 38305 1374 668755 191 16 176 0 Aug. 40054 39721 38417 1637 671143 333 148 185 0 Sep. 39275 39045 37799 1476 671568 229 60 169 0 Oct. 38917 38774 37368 1548 673626 143 23 120 0 Two weeks ending 2002-Oct. 2 41033 40863 39235 1797 673076 170 1 170 0 16 37803 37648 36266 1537 672158 155 25 130 0 30 39751 39641 38232 1519 675052 111 4 107 0 Nov. 13 38588 38222 36975 1612 675318 366 299 67 0 27p 40224 40010 38724 1500 676167 214 157 57 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-Oct. 44632 44505 43306 635896 12073 45046 32559 12488 Nov. 40124 40040 38672 637643 8833 43092 31291 11801 Dec. 41077 41010 39428 648737 9053 43919 32024 11895 2002-Jan. 43712 43662 42317 653269 9981 45711 33731 11980 Feb. 42491 42461 41120 654906 9252 45685 33239 12446 Mar. 40333 40254 38912 658753 9124 42636 31209 11427 Apr. 40941 40871 39730 663354 9719 42016 31222 10794 May 40292 40180 39030 668123 9188 41819 31104 10716 June 38617 38474 37378 673012 7923 41655 30694 10961 July 39412 39220 38038 678976 8099 42718 31313 11406 Aug. 39854 39521 38217 679548 8520 42892 31335 11557 Sep. 38907 38678 37431 679956 8731 42231 30176 12055 Oct. 38683 38540 37135 681833 8836 42933 29847 13085 Two weeks ending 2002-Oct. 2 41468 41298 39670 680033 9543 43190 31925 11265 -46 16 36874 36719 35337 681391 7935 43452 28939 14513 138 30 40208 40097 38688 682360 9634 42464 30574 11889 202 Nov. 13 37103 36737 35490 684266 8866 41719 28237 13482 185 27p 40941 40727 39441 688681 10501 42604 30441 12163 226 -------------------------------------------------------------------------------------------------------------------------------------------- 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-Oct. 44759 44632 43434 627786 Nov. 40253 40169 38801 629675 Dec. 41195 41128 39546 639906 2002-Jan. 43698 43649 42303 644254 Feb. 42472 42442 41101 645682 Mar. 40302 40223 38881 649205 Apr. 40893 40822 39682 653269 May 40225 40113 38964 657982 June 38540 38397 37301 662868 July 39317 39125 37943 668756 Aug. 39741 39408 38104 669316 Sep. 38781 38552 37305 669718 Oct. 38541 38398 36993 671489 Two weeks ending 2002-Oct. 2 41333 41163 39535 669756 16 36741 36586 35204 671024 30 40055 39944 38536 672036 Nov. 13 36951 36585 35338 673806 27p 40777 40563 39276 678050 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.