1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time April 18, 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 total adjustment seasonal extended base5 credit ------------------------------------------------------------------------------------------------------------------------------------------- 2001-Mar. 38460 38402 37061 1399 592272 58 38 20 0 Apr. 38568 38517 37291 1277 595638 51 15 35 0 May 38316 38103 37297 1019 598894 213 134 79 0 June 39066 38836 37704 1362 602835 229 110 120 0 July 39785 39502 38377 1408 608105 283 109 174 0 Aug. 40079 39895 38870 1209 616025 183 19 164 0 Sep. 58214 54829 39195 19019 639692 3385 3292 93 0 Oct. 45655 45528 44334 1321 630435 127 60 67 0 Nov. 40904 40820 39417 1487 629468 84 51 33 0 Dec. 41099 41032 39459 1641 634382 67 34 33 0 2002-Jan. 41510 41460 40105 1405 640703 50 33 17 0 Feb. 41362 41332 39989 1373 645836 30 12 17 0 Mar. 40974 40895 39573 1401 649237 79 59 20 0 Two weeks ending 2002-Feb. 20 41226 41189 39811 1414 645641 37 17 20 0 Mar. 6 41603 41582 40322 1281 647613 22 9 13 0 20 40684 40660 39396 1289 648477 24 4 20 0 Apr. 3 40999 40819 39390 1609 651091 180 157 23 0 17p 40773 40726 39652 1121 653640 47 2 45 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 ------------------------------------------------------------------------------------------------------------------------------------------- 2001-Mar. 37723 37666 36324 598195 6733 44127 30991 13136 Apr. 38589 38538 37312 601841 6860 43672 31729 11943 May 39374 39161 38355 605475 7604 43267 31771 11497 June 38217 37988 36855 608812 7043 43139 31174 11966 July 39337 39054 37929 615577 7693 43910 31644 12266 Aug. 39668 39484 38459 622038 7578 44007 32090 11917 Sep. 57567 54182 38549 645728 25633 43436 31934 11502 Oct. 45061 44934 43739 636374 12552 45021 32509 12512 Nov. 40158 40074 38672 637738 8944 43065 31214 11851 Dec. 40955 40888 39315 648721 9059 43918 31896 12023 2002-Jan. 43474 43424 42069 653131 10009 45730 33465 12266 Feb. 42396 42366 41023 654552 9277 45697 33119 12578 Mar. 40257 40179 38857 658350 9134 42634 31124 11510 Two weeks ending 2002-Feb. 20 41598 41562 40184 654924 8984 45420 32614 12806 92 Mar. 6 41663 41642 40382 656311 9854 42694 31809 10885 114 20 39135 39111 37846 657359 8571 42270 30564 11706 12 Apr. 3 40919 40739 39310 660725 9457 43065 31462 11602 -93 17p 39611 39564 38491 663282 9325 41728 30286 11442 85 -------------------------------------------------------------------------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------------- 2001-Mar. 37753 37696 36354 591357 Apr. 38631 38581 37354 594914 May 39430 39217 38410 598559 June 38283 38054 36921 601667 July 39418 39135 38009 608235 Aug. 39759 39576 38550 614551 Sep. 57676 54291 38657 637970 Oct. 45188 45061 43867 628265 Nov. 40287 40203 38801 629770 Dec. 41073 41007 39433 639890 2002-Jan. 43460 43411 42055 644117 Feb. 42377 42347 41004 645328 Mar. 40227 40148 38826 648802 Two weeks ending 2002-Feb. 20 41580 41543 40165 645505 Mar. 6 41639 41617 40358 647245 20 39106 39082 37817 647990 Apr. 3 40883 40703 39274 650684 17p 39569 39522 38449 653201 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.