1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time October 3, 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-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. 40059 39726 38421 1638 671058 333 148 185 0 Sep. p 39303 39074 37812 1491 673529 229 60 169 0 Two weeks ending 2002-Aug. 7 39685 39492 38365 1320 669477 194 14 180 0 21 39748 39553 38411 1336 670657 195 9 186 0 Sep. 4 40757 40131 38473 2284 672727 626 438 188 0 18 37365 37199 36392 973 669722 167 4 163 0 Oct. 2p 41080 40910 39249 1831 678239 170 1 170 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-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. 39859 39526 38221 679462 8520 42886 31339 11547 Sep. p 38935 38706 37444 681902 8747 42227 30188 12039 Two weeks ending 2002-Aug. 7 40236 40043 38916 678919 8024 43479 32213 11266 90 21 39048 38854 37712 679033 7697 43488 31351 12137 8 Sep. 4 40731 40105 38447 680444 10020 41628 30711 10917 44 18 36212 36045 35238 679532 7669 41577 28543 13034 253 Oct. 2p 41515 41345 39684 685154 9581 43186 31934 11251 -43 -------------------------------------------------------------------------------------------------------------------------------------------- 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-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. 39746 39413 38108 669231 Sep. p 38810 38581 37319 671659 Two weeks ending 2002-Aug. 7 40128 39935 38808 668648 21 38937 38743 37601 668817 Sep. 4 40612 39986 38328 670219 18 36092 35926 35119 669323 Oct. 2p 41381 41211 39549 674865 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.