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: May 15, 2003
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
May 15, 2003
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 primary secondary seasonal adjustment
 2002-Apr.               40635        40565        39424         1211       654098           71                                     50            21
      May                39406        39294        38145         1261       657819          112                                    105             7
      June               39469        39327        38231         1238       662370          142                                    136             6
                                                                                                                                                    
      July               39674        39482        38300         1374       666912          191                                    176            16
      Aug.               39977        39644        38340         1637       669929          333                                    185           148
      Sep.               39252        39023        37776         1476       671453          229                                    169            60
                                                                                                                                                    
      Oct.               39184        39041        37634         1550       674300          143                                    120            23
      Nov.               39686        39414        38070         1616       677516          272                                     60           211
      Dec.               40117        40037        38120         1997       681766           80                                     45            35
                                                                                                                                                    
 2003-Jan.               40607        40581        38947         1660       685591           27           12            0           13             2
      Feb.               40756        40731        38848         1908       691310           25           21            0            5              
                                                                                                                                                    
      Apr.               40790        40760        39278         1512       698248           29            8            0           21              
           
Two weeks ending            
 2003-Mar. 19            40230        40199        38570         1660       694087           32           23            0            9              
                                                                                                                                                    
      Apr.  2            41432        41422        39820         1612       696987           11            3            0            8              
           16            40274        40241        38807         1467       696272           33           15            0           18              
           30            41214        41185        39672         1541       700405           29            2            0           27              
                                                                                                                                                    
      May  14p           39778        39728        38266         1512       696873           51            3            0           48              
 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
 2002-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         38870         37525        687226         9695         42144         29446         12698   
      Dec.                 40173         40093         38176        697088         9873         43334         30300         13033   
                                                                                                                                    
 2003-Jan.                 42743         42716         41082        699181        10004         46210         32738         13471   
      Feb.                 41874         41849         39966        700986         9807         45939         32067         13872   
      Mar.                 40567         40545         38957        705000         9818         43086         30748         12337   
                                                                                                                                    
      Apr.                 41155         41126         39644        709033        10587         41990         30569         11422   
          
Two weeks ending           
 2003-Mar. 19              38872         38840         37211        703848         9500         42203         29372         12831           137 
                                                                                                                                                
      Apr.  2              41664         41654         40052        707004         9843         43916         31822         12095           284 
           16              39252         39219         37785        707988         9422         41680         29830         11850            85 
           30              42987         42958         41445        710368        11858         42026         31129         10897            72 
                                                                                                                                                
      May  14p             39485         39434         37972        707924         9789         41433         29696         11737            35 
 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 base4
 2002-Apr.                40895         40824         39683          653268 
      May                 40226         40114         38965          657980 
      June                38541         38398         37302          662866 
                                                                            
      July                39317         39126         37943          668753 
      Aug.                39741         39407         38104          669312 
      Sep.                38782         38553         37306          669714 
                                                                            
      Oct.                38543         38400         36993          671484 
      Nov.                38981         38709         37365          676656 
      Dec.                40027         39947         38030          686165 
                                                                            
 2003-Jan.                42728         42701         41068          688268 
      Feb.                41873         41847         39965          690200 
      Mar.                40564         40543         38954          693872 
                                                                            
      Apr.                41148         41119         39637          697762 
         
Two weeks ending          
 2003-Mar. 19             38869         38838         37209          692786 
                                                                            
      Apr.  2             41661         41651         40049          695666 
           16             39249         39216         37782          696626 
           30             42974         42945         41433          699197 
                                                                            
      May  14p            39472         39421         37959          696716 
 
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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