1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time October 4, 2001 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 ------------------------------------------------------------------------------------------------------------------------------------------- 2000-Sep. 39386 38908 38267 1119 578335 477 50 427 0 Oct. 39021 38602 37874 1147 579696 418 119 299 0 Nov. 39023 38739 37821 1201 581395 283 124 159 0 Dec. 38507 38297 37182 1325 583958 210 99 111 0 2001-Jan. 38827 38754 37574 1253 589387 73 39 34 0 Feb. 38867 38815 37434 1432 591117 51 30 21 0 Mar. 38258 38200 36873 1385 592420 58 38 20 0 Apr. 38788 38737 37511 1277 595925 51 15 35 0 May 38888 38675 37869 1019 599089 213 134 79 0 June 38774 38545 37414 1360 601882 229 110 120 0 July 39600 39317 38194 1407 607683 283 109 174 0 Aug. 39895 39712 38660 1235 615392 183 19 164 0 Sep. p 57952 54567 38803 19149 640228 3385 3292 93 0 Two weeks ending 2001-Aug. 8 39788 39574 38621 1167 612410 214 27 188 0 22 39741 39557 38655 1086 614925 184 9 175 0 Sep. 5 40232 40076 38703 1528 618768 156 29 127 0 19 76029 69313 37741 38288 657739 6717 6622 95 0 Oct. 3p 43000 42387 40201 2798 627695 613 538 75 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 ------------------------------------------------------------------------------------------------------------------------------------------- 2000-Sep. 39168 38691 38050 583519 6852 44829 32316 12513 Oct. 38776 38358 37629 585014 6778 45233 31998 13235 Nov. 38786 38502 37584 589120 7156 44635 31629 13006 Dec. 38540 38331 37216 597120 7159 45228 31381 13847 2001-Jan. 39791 39718 38538 598377 7190 47683 32601 15083 Feb. 39349 39298 37917 595586 6615 48518 32734 15784 Mar. 37715 37657 36329 598195 6737 44105 30978 13128 Apr. 38591 38540 37314 601835 6863 43657 31728 11929 May 39382 39169 38363 605481 7610 43263 31772 11491 June 38233 38004 36873 608825 7058 43133 31175 11958 July 39296 39013 37889 615556 7674 43908 31622 12286 Aug. 39623 39440 38388 621908 7566 44007 32057 11950 Sep. p 57633 54247 38484 646197 25675 43469 31958 11511 Two weeks ending 2001-Aug. 8 39948 39734 38781 618943 7648 44716 32300 12416 25 22 39170 38986 38084 621642 7051 44325 32119 12207 17 Sep. 5 40039 39884 38511 624959 8294 42882 31746 11136 -16 19 75573 68857 37285 664802 44559 43029 31015 12014 210 Oct. 3p 42796 42183 39998 632171 9541 44295 33255 11040 603 -------------------------------------------------------------------------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------------- 2000-Sep. 39224 38746 38105 576836 Oct. 38837 38419 37690 578291 Nov. 38846 38563 37645 582356 Dec. 38596 38386 37271 590200 2001-Jan. 39775 39702 38522 591498 Feb. 39378 39327 37946 589036 Mar. 37762 37705 36377 591364 Apr. 38655 38605 37379 594915 May 39462 39249 38443 598571 June 38331 38102 36971 601688 July 39413 39130 38006 608223 Aug. 39753 39570 38518 614427 Sep. p 57790 54405 38642 638451 Two weeks ending 2001-Aug. 8 40071 39857 38904 611502 22 39297 39113 38211 614213 Sep. 5 40182 40026 38654 617361 19 75722 69006 37434 657208 Oct. 3p 42972 42359 40173 624165 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.