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: September 26, 2002
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 H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
September 26, 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-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        634412            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        649651            79            59            20             0 
                                                                                                                                                   
      Apr.                40760         40690            39552          1208        653945            71            21            50             0 
      May                 39116         39003            37843          1273        657913           112             7           105             0 
      June                39266         39124            38024          1242        664068           142             6           136             0 
                                                                                                                                                   
      July                39660         39468            38287          1373        668754           191            16           176             0 
      Aug.                40060         39727            38421          1639        671059           333           148           185             0 
          
Two weeks ending           
 2002-July 24             39122         38933            37827          1294        668971           189             9           180             0 
                                                                                                                                                   
      Aug.  7             39685         39492            38365          1320        669477           194            14           180             0 
           21             39750         39555            38412          1337        670658           195             9           186             0 
                                                                                                                                                   
      Sep.  4             40757         40131            38473          2284        672727           626           438           188             0 
           18p            37376         37209            36392           984        669733           167             4           163             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-Aug.                 39668         39484         38460        622037         7576         44031         32091         11939   
      Sep.                 57570         54185         38553        645727        25632         43467         31938         11529   
                                                                                                                                    
      Oct.                 44632         44505         43306        635896        12073         45058         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         45729         33730         11998   
      Feb.                 42491         42461         41124        654928         9273         45694         33218         12476   
      Mar.                 40297         40218         38883        658775         9146         42631         31151         11480   
                                                                                                                                    
      Apr.                 40896         40825         39688        663373         9740         42013         31156         10857   
      May                  40242         40130         38969        668139         9209         41819         31033         10786   
      June                 38571         38429         37329        672980         7929         41662         30642         11021   
                                                                                                                                    
      July                 39392         39201         38020        678976         8096         42723         31296         11427   
      Aug.                 39860         39527         38221        679463         8520         42886         31340         11546   
          
Two weeks ending           
 2002-July 24              39004         38815         37709        679157         8266         42170         30738         11433            82 
                                                                                                                                                
      Aug.  7              40236         40043         38916        678919         8024         43479         32213         11266            90 
           21              39050         38856         37713        679034         7697         43488         31353         12135             8 
                                                                                                                                                
      Sep.  4              40731         40105         38447        680444        10020         41628         30711         10917            44 
           18p             36223         36056         35238        679543         7680         41577         28543         13034           253 
 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-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          649226 
                                                                            
      Apr.                40847         40777         39640          653287 
      May                 40176         40064         38903          657998 
      June                38494         38352         37252          662836 
                                                                            
      July                39297         39106         37925          668757 
      Aug.                39747         39414         38108          669232 
         
Two weeks ending          
 2002-July 24             38909         38720         37614          668929 
                                                                            
      Aug.  7             40128         39935         38808          668648 
           21             38939         38745         37602          668818 
                                                                            
      Sep.  4             40612         39986         38328          670219 
           18p            36103         35936         35119          669334 
 
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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