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 26, 2002
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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
December 26, 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
base5
total adjustment seasonal
extended
credit
 2001-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.                38918         38776            37368          1550        673626           143            23           120             0 
      Nov.                39561         39289            37946          1615        676235           272           211            60             0 
          
Two weeks ending           
 2002-Oct. 30             39750         39640            38231          1519        675052           111             4           107             0 
                                                                                                                                                   
      Nov. 13             38651         38286            36977          1674        675317           366           299            67             0 
           27             40292         40078            38724          1568        676238           214           157            57             0 
                                                                                                                                                   
      Dec. 11             40092         39960            38513          1579        680204           133            83            50             0 
           25p            39844         39787            37267          2577        681266            57            10            48             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
 2001-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.                 38685         38542         37134        681833         8836         42933         29849         13084   
      Nov.                 39141         38869         37525        687212         9694         42143         29446         12697   
          
Two weeks ending           
 2002-Oct. 30              40207         40096         38688        682359         9634         42464         30573         11891           202 
                                                                                                                                                
      Nov. 13              37166         36801         35492        684265         8864         41719         28302         13417           185 
           27              41009         40795         39441        688747        10495         42604         30514         12091           222 
                                                                                                                                                
      Dec. 11              38979         38846         37399        692813         9556         41826         29423         12403           139 
           25p             40797         40740         38220        698932        10512         43739         30285         13454           -62 
 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
 2001-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.                38542         38400         36992          671489 
      Nov.                38981         38710         37366          676647 
         
Two weeks ending          
 2002-Oct. 30             40054         39943         38535          672036 
                                                                            
      Nov. 13             37014         36649         35340          673804 
           27             40844         40630         39277          678118 
                                                                            
      Dec. 11             38808         38676         37229          682103 
           25p            40620         40563         38043          687795 
 
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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