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 13, 2004
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
May 13, 2004
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
  Reserves of depository institutions   Borrowings of depository institutions from
the Federal Reserve, NSA
Date total(2) non-
borrowed(3)
required excess
NSA(4)
Monetary
base(5)
total primary secondary seasonal
Month(6)                            
 2003-Apr.               40811        40782        39269        1542        696991           29           8             0          21  
      May                40972        40917        39351        1622        699972           55           3             0          53  
      June               42787        42626        40925        1862        702916          161          87             0          74  
                                                                                                                                       
      July               43926        43796        41991        1935        705339          130          21             0         110  
      Aug.               46304        45975        42537        3767        710849          329         168            15         146  
      Sep.               44984        44804        43469        1515        712505          181          23             0         158  
                                                                                                                                       
      Oct.               44007        43900        42459        1549        716024          107          13             0          94  
      Nov.               43438        43370        41875        1563        719205           68          25             0          43  
      Dec.               43022        42976        41364        1658        721120           46          17             0          29  
                                                                                                                                       
 2004-Jan.               43095        42989        41570        1525        722377          106          93             0          13  
      Feb.               42656        42614        40821        1835        724104           42          28             0          14  
      Mar.               44526        44474        42703        1823        725331           51          23             0          28  
                                                                                                                                       
      Apr. p             45666        45580        43905        1761        728849           86          29             0          57  
          
2 weeks ending(7)          
 2004-Mar. 17            44060        44009        42069        1991        723821           51          28             0          23  
           31            45164        45109        43475        1689        727122           55          19             0          36  
                                                                                                                                       
      Apr. 14            44358        44279        42435        1923        727867           79          35             0          45  
           28            47083        46992        45449        1633        730051           91          25             0          66  
                                                                                                                                       
      May  12p           44904        44805        43386        1517        727315           99          12             0          88  
 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.)
6. Prorated averages of biweekly averages.
7. Averages of daily figures.
p preliminary
 
 


H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements(1)
Not seasonally adjusted
Millions of dollars
  Reserves of depository institutions    Vault cash(5)  
Date total(2) nonborrowed
base(3)
required Monetary
base(3)
Reserve
balances
with F.R.
Banks(4)
total used to
satisfy
required
reserves(6
surplus(7) Net carryover
of reserve
balances(8)
Month(9)                                                                                                    
 2003-Apr.                 41177         41147         39634        709103        10600         41894         30577         11317   
      May                  41786         41731         40165        712768        11414         41548         30372         11176   
      June                 41864         41703         40002        714370        11307         41917         30557         11360   
                                                                                                                                    
      July                 43594         43464         41659        717039        12180         42642         31414         11228   
      Aug.                 46105         45777         42338        720544        14142         43008         31963         11045   
      Sep.                 44431         44250         42915        720729        12485         43063         31946         11117   
                                                                                                                                    
      Oct.                 43207         43100         41658        724472        11672         43318         31535         11783   
      Nov.                 42667         42599         41105        729499        11531         42608         31137         11472   
      Dec.                 42944         42898         41286        737623        10860         44077         32084         11993   
                                                                                                                                    
 2004-Jan.                 45433         45327         43908        736233        11560         46572         33874         12698   
      Feb.                 43829         43788         41994        734852        10864         46426         32966         13461   
      Mar.                 44064         44013         42241        736258        11942         44381         32122         12259   
                                                                                                                                    
      Apr. p               45970         45884         44209        740006        14005         42842         31964         10877   
          
2 weeks ending(10)         
 2004-Mar. 17              42687         42636         40696        735085        11846         43669         30841         12828           197 
           31              45292         45237         43603        737867        11980         45112         33312         11800           109 
                                                                                                                                                
      Apr. 14              43233         43154         41311        739531        12097         42793         31137         11657           138 
           28              48902         48811         47268        740644        16022         42959         32880         10079           205 
                                                                                                                                                
      May  12p             44600         44501         43082        738866        13248         42359         31352         11007           168 
 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.
9. Prorated averages of biweekly averages.
10. Averages of daily figures.
p preliminary
 


H.3 (502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Not seasonally adjusted
Millions of dollars
  Reserves of depository institutions  
Date total(2) nonborrowed required(3) Monetary base(4)
Month(5)                  
 2003-Apr.                41169         41140         39627          697832 
      May                 41773         41718         40152          701587 
      June                41850         41689         39988          703337 
                                                                            
      July                43574         43444         41640          705824 
      Aug.                46080         45751         42313          709235 
      Sep.                44402         44221         42886          709250 
                                                                            
      Oct.                43167         43059         41618          712980 
      Nov.                42619         42551         41057          717492 
      Dec.                42897         42851         41239          725485 
                                                                            
 2004-Jan.                45415         45309         43889          725142 
      Feb.                43828         43786         41993          723921 
      Mar.                44062         44010         42239          725515 
                                                                            
      Apr. p              45959         45873         44198          729711 
         
2 weeks ending(6)         
 2004-Mar. 17             42684         42634         40693          724020 
           31             45289         45234         43600          727385 
                                                                            
      Apr. 14             43230         43151         41307          728964 
           28             48884         48793         47251          730660 
                                                                            
      May  12p            44582         44483         43065          728290 
 
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.
5. Prorated averages of biweekly averages.
6. Averages of daily figures.
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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