1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time March 18, 2004 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- required excess Monetary total primary secondary seasonal borrowed(3) NSA(4) base(5) -------------------------------------------------------------------------------------------------------------------------------------------- Month(6) 2003-Feb. 40821 40796 38852 1970 690548 25 21 0 5 Mar. 40971 40949 39337 1634 693904 22 14 0 8 Apr. 40811 40782 39269 1542 696991 29 8 0 21 May 40972 40917 39351 1622 699972 55 3 0 53 June 42787 42626 40925 1862 702916 161 87 0 74 July 43926 43796 41991 1935 705338 130 21 0 110 Aug. 46304 45975 42537 3767 710849 329 168 15 146 Sep. 44984 44804 43469 1515 712505 181 23 0 158 Oct. 44007 43900 42459 1549 716024 107 13 0 94 Nov. 43438 43370 41875 1563 719205 68 25 0 43 Dec. 43022 42976 41364 1658 721120 46 17 0 29 2004-Jan. 43095 42989 41570 1525 722378 106 93 0 13 Feb. 42654 42612 40839 1815 724096 42 28 0 14 2 weeks ending(7) 2004-Jan. 21 43164 43030 41695 1468 723022 134 126 0 9 Feb. 4 43475 43365 41930 1545 721808 110 97 0 14 18 41567 41542 39568 1999 724798 26 15 0 10 Mar. 3 43739 43701 42060 1679 724034 38 20 0 19 17p 44044 43994 42083 1961 717404 51 28 0 23 --------------------------------------------------------------------------------------------------------------------------------------------- 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 1 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) -------------------------------------- -------------------------------------- Reserve used to Net carryover Date total(2) nonborrowed required Monetary balances total satisfy surplus(7) of reserve base(3) with F.R. required balances(8) Banks(4) reserves(6) ------------------------------------------------------------------------------------------------------------------------------------------- Month(9) 2003-Feb. 41940 41914 39970 701037 9858 45881 32081 13800 Mar. 40595 40573 38961 705031 9836 42997 30759 12238 Apr. 41177 41147 39634 709103 10600 41894 30577 11317 May 41786 41731 40165 712768 11414 41548 30372 11176 June 41864 41703 40002 714370 11307 41917 30557 11360 July 43594 43464 41659 717039 12180 42642 31414 11228 Aug. 46105 45777 42338 720544 14142 43008 31963 11045 Sep. 44431 44250 42915 720729 12485 43063 31946 11117 Oct. 43207 43100 41658 724472 11672 43318 31535 11783 Nov. 42667 42599 41105 729499 11531 42608 31137 11472 Dec. 42944 42898 41286 737623 10860 44077 32084 11993 2004-Jan. 45433 45327 43908 736233 11560 46572 33874 12698 Feb. 43828 43786 42013 734846 10861 46426 32966 13460 2 weeks ending(10) 2004-Jan. 21 44696 44562 43227 734858 12297 44555 32399 12156 99 Feb. 4 48079 47969 46534 733500 11443 49936 36637 13299 17 18 41863 41837 39864 735712 9621 47096 32242 14854 -98 Mar. 3 44783 44745 43103 734233 12228 44298 32555 11744 252 17p 42671 42620 40710 728608 11848 43669 30823 12846 197 -------------------------------------------------------------------------------------------------------------------------------------------- 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 1 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) 2003-Feb. 41938 41913 39968 690251 Mar. 40593 40571 38959 693903 Apr. 41169 41140 39627 697832 May 41773 41718 40152 701587 June 41850 41689 39988 703337 July 43574 43444 41640 705824 Aug. 46080 45751 42313 709235 Sep. 44402 44221 42886 709250 Oct. 43167 43059 41618 712980 Nov. 42619 42551 41057 717492 Dec. 42897 42851 41239 725485 2004-Jan. 45415 45309 43889 725142 Feb. 43826 43784 42011 723914 2 weeks ending(6) 2004-Jan. 21 44675 44541 43207 724205 Feb. 4 48078 47968 46532 722504 18 41861 41836 39862 724430 Mar. 3 44780 44742 43101 723770 17p 42668 42618 40707 717542 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.