1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time June 27, 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-May 38316 38103 37297 1019 598896 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 39896 38871 1208 616024 183 19 164 0 Sep. 58217 54832 39200 19017 639690 3385 3292 93 0 Oct. 45224 45097 43899 1326 629954 127 60 67 0 Nov. 40867 40783 39415 1452 629373 84 51 33 0 Dec. 41221 41154 39576 1645 634413 67 34 33 0 2002-Jan. 41747 41698 40360 1387 640857 50 33 17 0 Feb. 41451 41421 40083 1367 646175 30 12 17 0 Mar. 41013 40935 39599 1414 649640 79 59 20 0 Apr. 40760 40690 39552 1208 653899 71 21 50 0 May 39117 39005 37855 1262 657798 112 7 105 0 Two weeks ending 2002-May 1 40660 40589 39464 1195 654928 71 10 62 0 15 38812 38712 37621 1191 656093 100 6 95 0 29 39334 39207 37978 1356 659126 127 10 117 0 June 12 38969 38854 37832 1138 661867 116 3 113 0 26p 39187 39036 37952 1235 665535 151 4 147 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-May 39374 39161 38355 605475 7604 43268 31771 11497 June 38217 37988 36855 608812 7043 43169 31174 11996 July 39337 39054 37929 615576 7692 43948 31644 12304 Aug. 39668 39484 38460 622037 7576 44030 32091 11938 Sep. 57570 54185 38553 645727 25632 43466 31938 11528 Oct. 44632 44505 43306 635896 12073 45057 32559 12499 Nov. 40124 40040 38672 637643 8833 43104 31291 11813 Dec. 41077 41011 39433 648738 9054 43935 32024 11911 2002-Jan. 43725 43676 42339 653284 9995 45730 33730 11999 Feb. 42491 42461 41124 654928 9273 45696 33218 12478 Mar. 40297 40218 38883 658763 9146 42633 31151 11482 Apr. 40896 40825 39688 663335 9740 42016 31156 10860 May 40244 40132 38982 668049 9210 41824 31034 10790 Two weeks ending 2002-May 1 42242 42171 41046 663956 10243 42082 31999 10084 42 15 38890 38790 37699 665597 8524 41833 30366 11467 19 29 41872 41745 40516 670380 10012 41959 31860 10098 76 June 12 37334 37218 36196 670948 7892 40687 29442 11245 173 26p 39398 39248 38163 673701 7989 42135 31410 10725 86 -------------------------------------------------------------------------------------------------------------------------------------------- 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-May 39430 39217 38410 598559 June 38283 38054 36921 601667 July 39417 39134 38009 608235 Aug. 39759 39576 38551 614550 Sep. 57678 54293 38662 637969 Oct. 44759 44632 43434 627786 Nov. 40253 40169 38801 629675 Dec. 41196 41129 39551 639907 2002-Jan. 43712 43662 42325 644269 Feb. 42473 42443 41106 645705 Mar. 40266 40188 38852 649215 Apr. 40847 40777 39640 653249 May 40178 40066 38916 657908 Two weeks ending 2002-May 1 42184 42113 40988 653855 15 38828 38728 37637 655479 29 41802 41675 40446 660185 June 12 37262 37146 36124 661010 26p 39319 39169 38084 663386 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.