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: July 05, 2002

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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
July 5, 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
base5
total adjustment seasonal
extended
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                 39118         39006            37843          1274        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         39208            37955          1379        659126           127            10           117             0 
                                                                                                                                                   
      June 12             38974         38859            37809          1166        661871           116             3           113             0 
           26p            39186         39036            37930          1256        664567           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
 
 
 
 
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  
Date total2 nonborrowed required Monetary base3 Reserve
balances
with F.R
Banks4
total used to
satisfy
required
reserves6
surplus7 Net carryover
of reserve
balances8
 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         38970        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              41871         41744         40492        670379        10011         41959         31860         10098            76 
                                                                                                                                                
      June 12              37340         37224         36174        670953         7897         40687         29443         11244           180 
           26p             39397         39247         38141        672791         7987         42135         31410         10725            92 
                                                                                                                                                
 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
 
 
 
 
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 base
 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         38904          657908 
         
Two weeks ending          
 2002-May   1             42184         42113         40988          653855 
           15             38828         38728         37637          655479 
           29             41801         41674         40422          660183 
                                                                            
      June 12             37268         37153         36102          661015 
           26p            39319         39168         38062          662477 
                                                                            
 
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.

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Last update: July 05, 2002