1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time October 14, 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- required excess Monetary total primary secondary seasonal borrowed(3) NSA(4) base(5) -------------------------------------------------------------------------------------------------------------------------------------------- Month(6) 2003-Sep. 44289 44109 42779 1510 712123 181 23 0 158 Oct. 43394 43287 41921 1473 715834 107 13 0 94 Nov. 43034 42966 41545 1489 718968 68 25 0 43 Dec. 42843 42797 41804 1039 720978 46 17 0 29 2004-Jan. 43204 43098 42314 891 722605 106 93 0 13 Feb. 42994 42952 41805 1189 724169 42 28 0 14 Mar. 44713 44662 42951 1762 725761 51 23 0 28 Apr. 45677 45591 43935 1742 728824 86 29 0 57 May 45387 45275 43798 1588 732302 112 9 0 103 June 45933 45753 44098 1836 737803 180 40 0 140 July 45740 45496 44063 1678 745609 245 42 0 203 Aug. 44757 44506 43206 1552 748201 251 18 0 233 Sep. p 46241 45906 44674 1566 753088 335 97 0 238 2 weeks ending(7) 2004-Aug. 18 42417 42174 41069 1347 746118 243 14 0 229 Sep. 1 46644 46387 44987 1657 750429 257 19 0 238 15 45790 45527 44179 1610 753921 263 26 0 237 29 46745 46322 45236 1508 752955 423 181 0 243 Oct. 13p 45096 44899 43424 1671 745936 197 4 0 194 --------------------------------------------------------------------------------------------------------------------------------------------- 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 1 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) -------------------------------------- -------------------------------------- Reserve used to Net carryover Date total(2) nonborrowed required Monetary balances total satisfy surplus(7) of reserve base(3) with F.R. required balances(8) Banks(4) reserves(6) ------------------------------------------------------------------------------------------------------------------------------------------- Month(9) 2003-Sep. 44437 44257 42927 720721 12491 43075 31946 11129 Oct. 43127 43019 41653 724368 11606 43377 31520 11857 Nov. 42651 42583 41162 729473 11525 42590 31126 11464 Dec. 42941 42895 41902 737614 10858 44069 32083 11986 2004-Jan. 45461 45355 44570 736279 11581 46578 33880 12698 Feb. 43859 43817 42670 734908 10892 46440 32967 13473 Mar. 44149 44097 42387 736412 12020 44424 32129 12295 Apr. 46049 45963 44307 740299 14078 42852 31971 10880 May 46334 46222 44745 743746 14078 43052 32255 10797 June 45565 45384 43729 749327 13056 43620 32509 11111 July 46200 45956 44522 756483 12794 44487 33406 11081 Aug. 45501 45249 43949 756870 12112 45056 33388 11667 Sep. p 46441 46106 44874 760695 13034 44836 33407 11428 2 weeks ending(10) 2004-Aug. 18 42176 41934 40829 755824 9862 45863 32315 13548 347 Sep. 1 48265 48008 46607 757993 14006 44353 34259 10095 111 15 43854 43591 42244 761445 11918 44194 31936 12258 231 29 49141 48718 47633 760688 14229 45329 34913 10416 167 Oct. 13p 43035 42838 41363 752987 10948 47408 32087 15322 66 -------------------------------------------------------------------------------------------------------------------------------------------- 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 1 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-Sep. 43982 43802 42472 708982 Oct. 42613 42505 41139 712583 Nov. 42083 42015 40594 717147 Dec. 42447 42401 41408 725201 2004-Jan. 45396 45290 44505 725152 Feb. 43794 43752 42605 723942 Mar. 44042 43990 42280 725610 Apr. 45881 45795 44139 729913 May 46107 45995 44518 733465 June 45296 45116 43461 738787 July 45866 45621 44188 745960 Aug. 45109 44857 43557 746328 Sep. p 46007 45672 44441 750226 2 weeks ending(6) 2004-Aug. 18 41807 41564 40459 745063 Sep. 1 47843 47586 46186 747531 15 43441 43178 41830 750970 29 48686 48263 47178 750259 Oct. 13p 42593 42396 40921 742052 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.