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: December 26, 2003
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
December 26, 2003
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
  Reserves of depository institutions   Borrowings of depository institutions from
the Federal Reserve, NSA
Date total(2) non-
borrowed(3)
required excess
NSA(4)
Monetary
base(5)
total primary secondary seasonal adjustment
Month(6)                              
 2002-Nov.               39760        39489        38122         1638       677611          272                                     60           211
      Dec.               40217        40138        38208         2009       681899           80                                     45            35
                                                                                                                                                    
 2003-Jan.               40731        40704        39024         1707       685725           27           12            0           13             2
      Feb.               40820        40795        38855         1965       691300           25           21            0            5              
      Mar.               40973        40951        39337         1636       695141           22           14            0            8              
                                                                                                                                                    
      Apr.               40806        40777        39274         1532       698221           29            8            0           21              
      May                40986        40931        39367         1619       701177           55            3            0           53              
      June               42795        42634        40942         1854       703172          161           87            0           74              
                                                                                                                                                    
      July               43927        43796        42003         1924       703534          130           21            0          110              
      Aug.               46282        45954        42519         3763       709233          329          168           15          146              
      Sep.               44963        44783        43458         1505       711231          181           23            0          158              
                                                                                                                                                    
      Oct.               43992        43884        42525         1467       715778          107           13            0           94              
      Nov.               43432        43364        41883         1548       719013           68           25            0           43              
           
2 weeks ending(7)           
 2003-Oct. 29            44527        44432        43110         1417       717950           95           17            0           79              
                                                                                                                                                    
      Nov. 12            43340        43247        41673         1667       718037           94           43            0           51              
           26            43163        43108        41649         1514       719304           56           14            0           43              
                                                                                                                                                    
      Dec. 10            44646        44610        43334         1311       720925           36           11            0           25              
           24p           42203        42149        40256         1947       718037           54           19            0           35              
 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.)
6. Prorated averages of biweekly averages.
7. Averages of daily figures.
p preliminary
 
 


H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements(1)
Not seasonally adjusted
Millions of dollars
  Reserves of depository institutions    Vault cash(5)  
Date total(2) nonborrowed
base(3)
required Monetary Reserve
balances
with F.R.
Banks(4)
total used to
satisfy
required
reserves(6
surplus(7) Net carryover
of reserve
balances(8)
Month(9)                                                                                                    
 2002-Nov.                 39214         38943         37576        687291         9758         42238         29457         12781   
      Dec.                 40274         40194         38264        697149         9926         43386         30347         13038   
                                                                                                                                    
 2003-Jan.                 42869         42842         41162        699247        10075         46219         32794         13425   
      Feb.                 41939         41913         39973        701039         9860         45881         32079         13802   
      Mar.                 40597         40575         38961        705037         9840         42997         30757         12240   
                                                                                                                                    
      Apr.                 41172         41142         39640        709095        10598         41894         30574         11320   
      May                  41801         41745         40182        712758        11405         41548         30395         11153   
      June                 41872         41710         40018        714361        11297         41916         30574         11342   
                                                                                                                                    
      July                 43594         43464         41671        717018        12157         42642         31437         11205   
      Aug.                 46084         45756         42321        720509        14107         43008         31978         11031   
      Sep.                 44410         44230         42905        720714        12470         43063         31940         11123   
                                                                                                                                    
      Oct.                 43191         43084         41725        724461        11661         43318         31530         11788   
      Nov.                 42661         42593         41113        729493        11525         42607         31136         11471   
          
2 weeks ending(10)         
 2003-Oct. 29              45121         45026         43704        726441        13405         42239         31716         10523           124 
                                                                                                                                                
      Nov. 12              40900         40806         39233        726209        10839         41874         30061         11813           149 
           26              43995         43940         42481        730925        12146         43244         31850         11394           154 
                                                                                                                                                
      Dec. 10              43276         43240         41965        734331        11413         42576         31863         10713           124 
           24p             42651         42597         40704        734987        10798         44285         31853         12432            46 
 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.
9. Prorated averages of biweekly averages.
10. Averages of daily figures.
p preliminary
 


H.3 (502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Not seasonally adjusted
Millions of dollars
  Reserves of depository institutions  
Date total(2) nonborrowed required(3) Monetary base(4)
Month(5)                  
 2002-Nov.                39054         38783         37416          676721 
      Dec.                40128         40048         38118          686226 
                                                                            
 2003-Jan.                42854         42827         41147          688334 
      Feb.                41937         41912         39972          690253 
      Mar.                40595         40573         38959          693909 
                                                                            
      Apr.                41164         41135         39632          697825 
      May                 41788         41732         40169          701578 
      June                41858         41697         40004          703329 
                                                                            
      July                43575         43444         41651          705804 
      Aug.                46059         45730         42295          709199 
      Sep.                44381         44200         42876          709235 
                                                                            
      Oct.                43151         43043         41684          712969 
      Nov.                42613         42545         41065          717486 
         
2 weeks ending(6)         
 2003-Oct. 29             45073         44978         43656          714925 
                                                                            
      Nov. 12             40852         40758         39185          714522 
           26             43947         43892         42433          718705 
                                                                            
      Dec. 10             43227         43191         41916          722112 
           24p            42602         42548         40655          722889 
 
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.
5. Prorated averages of biweekly averages.
6. Averages of daily figures.
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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