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 Monetary total primary secondary seasonal adjustment NSA4 base5 ------------------------------------------------------------------------------------------------------------------------------------------- 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 10 2003-Jan. 8 40447 40411 38807 1640 683348 36 29 8 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 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 ------------------------------------------------------------------------------------------------------------------------------------------- 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 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 ---------------------------------------------------------------------------------- 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.