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: February 27, 2003
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For Release at
4:30 P.M. Eastern time
H.3 (502)																												February 27, 2003

SPECIAL NOTICE

	Data on reserves and the monetary base have been revised to reflect the results of annual reviews of seasonal factors and break 
factors. Revisions due to reestimated seasonal factors start in August 1998, and they are the major source of the revisions to the data. 
Revisions due to reestimated break factors begin in January 2002 and do not exceed $17 million in any maintenance period. The maximum 
revision to the monetary base (table 1) in any maintenance period was $1.0 billion; most of these revisions were less than $500 million. 
The maximum revision to total reserves, nonborrowed reserves, and required reserves (also in table 1) in any maintenance period was $750 
million; most of these revisions were also less than $500 million.

	Break factors remove discontinuities (or "breaks") associated with regulatory changes in reserve requirements, such as the annual 
indexations of the low-reserve tranche and the reserve requirement exemption.1 Seasonal factors for required reserves and the surplus 
vault cash component of the monetary base have been reestimated with the revised break-adjusted data.

	A more detailed description of the methods for constructing break factors and seasonal factors is available under "Annual Review 
of Break and Seasonal Factors" on the Federal Reserve's web site (http://www.federalreserve.gov/releases/h3/hist/). Historical data, updated
each week, are available there as well. For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 
202-482-1986.
	
	1. The Monetary Control Act of 1980 established a reserve ratio of 3 percent against the first $25 million in net transaction 
deposits (low-reserve tranche) at each depository institution. Since 1982, the low-reserve tranche has been indexed each January by 80 
percent of the previous year's (June 30 to June 30) growth rate of net transaction deposits at all depository institutions. At present, 
the low-reserve tranche is $42.1 million.

	Under the Garn-St Germain Depository Institutions Act of 1982, the first $2 million of reservable liabilities of each depository 
institution was exempted from reserve requirements. Since 1983, this exemption amount has been indexed each year by 80 percent of the rate of 
increase of the reservable liabilities at all depository institutions over the preceding year (June 30 to June 30). At present, the reserve 
exemption level is $6.0 million.

	Both of these indexations take effect each year in the reserve maintenance period that includes January 1 for weekly respondents 
to the FR 2900 report.


FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
February 27, 2003
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 primary secondary seasonal adjustment
 2002-Jan.               41576        41526        40181         1395       641545           50                                     17            33
      Feb.               41335        41305        39964         1371       646607           30                                     17            12
      Mar.               40768        40689        39347         1421       649996           79                                     20            59
                                                                                                                                                    
      Apr.               40635        40565        39424         1211       654098           71                                     50            21
      May                39406        39294        38145         1261       657819          112                                    105             7
      June               39469        39327        38231         1238       662370          142                                    136             6
                                                                                                                                                    
      July               39674        39482        38300         1374       666912          191                                    176            16
      Aug.               39977        39644        38340         1637       669930          333                                    185           148
      Sep.               39252        39023        37776         1476       671453          229                                    169            60
                                                                                                                                                    
      Oct.               39184        39041        37634         1550       674301          143                                    120            23
      Nov.               39686        39414        38070         1616       677528          272                                     60           211
      Dec.               40117        40037        38120         1997       681805           80                                     45            35
                                                                                                                                                    
 2003-Jan.               40594        40567        38930         1664       685662           27           12            0           13             2
           
Two weeks ending            
 2002-Dec. 25            40052        39995        37577         2475       681859           57                                     48             1
                                                                                                                                                    
 2003-Jan.  8            40447        40411        38807         1640       683348           36                                     29              
           22            40756        40738        38992         1763       685327           18            9            0            9              
                                                                                                                                                    
      Feb.  5            40473        40440        38943         1530       688238           34           28            0            6              
           19p           40145        40120        37824         2320       690978           25           21            0            4              
 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
 2002-Jan.                 43712         43662         42317        653269         9981         45711         33731         11980   
      Feb.                 42491         42461         41120        654906         9252         45685         33239         12446   
      Mar.                 40333         40254         38912        658753         9124         42636         31209         11427   
                                                                                                                                    
      Apr.                 40941         40871         39730        663354         9719         42016         31222         10794   
      May                  40292         40180         39030        668123         9188         41819         31104         10716   
      June                 38617         38474         37378        673012         7923         41655         30694         10961   
                                                                                                                                    
      July                 39412         39220         38038        678976         8099         42718         31313         11406   
      Aug.                 39854         39521         38217        679548         8520         42892         31335         11557   
      Sep.                 38907         38678         37431        679956         8731         42231         30176         12055   
                                                                                                                                    
      Oct.                 38685         38542         37134        681833         8836         42933         29849         13084   
      Nov.                 39141         38870         37525        687226         9695         42144         29446         12698   
      Dec.                 40173         40093         38176        697089         9873         43334         30300         13033   
                                                                                                                                    
 2003-Jan.                 42727         42700         41063        699213        10008         46210         32719         13491   
          
Two weeks ending           
 2002-Dec. 25              40700         40643         38225        697930        10408         43740         30292         13448           -61 
                                                                                                                                                
 2003-Jan.  8              41135         41099         39495        702883         9200         45148         31935         13213           320 
           22              42394         42377         40631        698147        10894         44363         31500         12863            -6 
                                                                                                                                                
      Feb.  5              44661         44628         43131        697609         9349         50026         35312         14714           277 
           19p             40293         40268         37972        700679         9418         46005         30875         15131            52 
 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 base4
 2002-Jan.                43699         43649         42304          644254 
      Feb.                42473         42443         41102          645683 
      Mar.                40303         40225         38882          649205 
                                                                            
      Apr.                40895         40824         39683          653268 
      May                 40226         40114         38965          657980 
      June                38541         38398         37302          662866 
                                                                            
      July                39317         39126         37943          668753 
      Aug.                39741         39407         38104          669312 
      Sep.                38782         38553         37306          669714 
                                                                            
      Oct.                38543         38400         36993          671484 
      Nov.                38981         38709         37365          676656 
      Dec.                40027         39947         38030          686166 
                                                                            
 2003-Jan.                42713         42686         41049          688300 
         
Two weeks ending          
 2002-Dec. 25             40523         40466         38048          686789 
                                                                            
 2003-Jan.  8             41106         41070         39466          692088 
           22             42379         42362         40616          686985 
                                                                            
      Feb.  5             44660         44626         43130          686978 
           19p            40291         40266         37970          689855 
 
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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