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: May 20, 2004
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For release at
4:30 PM EST
H.3 (502)
May 20, 2004

SPECIAL NOTICE

Data on reserves and the monetary base have been revised to reflect the results of annual reviews of break factors and seasonal factors. Revisions to seasonal factors start in August 1998, and they are the major source of revisions to the data. Revisions to break factors begin in January 2003, and revisions to break-adjusted data do not exceed $600 million in any maintenance period. The maximum revision to total reserves, nonborrowed reserves, required reserves, and the monetary base (Table 1) in any maintenance period was $1.1 billion; most revisions were 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 levels. 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. For all reserve maintenance periods ending in 2004, the low-reserve tranche is $45.4 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). For all reserve maintenance periods ending in 2004, the reserve exemption level is $6.6 million.Return to text.


 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
May 20, 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-
borrowed(3)
required excess
NSA(4)
Monetary
base(5)
total primary secondary seasonal
Month(6)                            
 2003-Apr.               40696        40666        39153        1542        696642           29           8             0          21  
      May                40885        40829        39263        1622        700150           55           3             0          53  
      June               42351        42190        40489        1862        702785          161          87             0          74  
                                                                                                                                       
      July               43314        43184        41380        1935        705363          130          21             0         110  
      Aug.               45581        45253        41814        3767        710239          329         168            15         146  
      Sep.               44283        44102        42768        1515        712136          181          23             0         158  
                                                                                                                                       
      Oct.               43475        43368        41926        1549        715939          107          13             0          94  
      Nov.               43049        42981        41486        1563        718992           68          25             0          43  
      Dec.               42839        42794        41182        1658        720980           46          17             0          29  
                                                                                                                                       
 2004-Jan.               43209        43103        41683        1525        722589          106          93             0          13  
      Feb.               42976        42934        41141        1835        724124           42          28             0          14  
      Mar.               44629        44578        42807        1823        725609           51          23             0          28  
                                                                                                                                       
      Apr. p             45597        45511        43836        1761        728652           86          29             0          57  
          
2 weeks ending(7)          
 2004-Mar. 17            44861        44811        42870        1991        724820           51          28             0          23  
           31            44637        44582        42948        1689        726824           55          19             0          36  
                                                                                                                                       
      Apr. 14            45147        45068        43227        1920        728151           79          35             0          45  
           28            46052        45961        44415        1637        728928           91          25             0          66  
                                                                                                                                       
      May  12p           45564        45465        44046        1518        730231           99          11             0          88  
 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
base(3)
Reserve
balances
with F.R.
Banks(4)
total used to
satisfy
required
reserves(6
surplus(7) Net carryover
of reserve
balances(8)
Month(9)                                                                                                    
 2003-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.                 43829         43788         41994        734852        10864         46426         32966         13461   
      Mar.                 44064         44013         42241        736258        11942         44381         32122         12259   
                                                                                                                                    
      Apr. p               45970         45884         44209        740120        14005         42842         31964         10877   
          
2 weeks ending(10)         
 2004-Mar. 17              42687         42636         40696        735085        11846         43669         30841         12828           197 
           31              45292         45237         43603        737867        11980         45112         33312         11800           109 
                                                                                                                                                
      Apr. 14              43231         43152         41311        739529        12094         42793         31137         11657           138 
           28              48905         48814         47268        740647        16025         42959         32880         10079           205 
                                                                                                                                                
      May  12p             44599         44500         43081        740573        13248         42359         31352         11008           168 
 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)                  
 2003-Apr.                41018         40989         39476          697745 
      May                 41566         41511         39944          701463 
      June                41604         41442         39741          703193 
                                                                            
      July                43268         43138         41334          705643 
      Aug.                45712         45383         41945          709013 
      Sep.                43976         43796         42461          708990 
                                                                            
      Oct.                42693         42586         41144          712686 
      Nov.                42099         42031         40536          717172 
      Dec.                42449         42404         40791          725210 
                                                                            
 2004-Jan.                45369         45263         43843          725105 
      Feb.                43765         43723         41930          723886 
      Mar.                43958         43906         42135          725457 
                                                                            
      Apr. p              45802         45716         44041          729734 
         
2 weeks ending(6)         
 2004-Mar. 17             42590         42539         40599          723968 
           31             45170         45115         43481          727317 
                                                                            
      Apr. 14             43094         43015         41174          728884 
           28             48712         48621         47075          730561 
                                                                            
      May  12p            44392         44293         42874          729886 
 
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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