1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time May 27, 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-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. 45596 45510 43836 1760 728651 86 29 0 57 2 weeks ending(7) 2004-Mar. 31 44637 44582 42948 1689 726824 55 19 0 36 Apr. 14 45147 45068 43227 1920 728151 79 35 0 45 28 46050 45959 44415 1635 728927 91 25 0 66 May 12 45557 45458 44037 1520 730227 99 11 0 88 26p 44589 44478 42925 1664 729860 112 3 0 109 --------------------------------------------------------------------------------------------------------------------------------------------- 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-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. 45969 45883 44209 740119 14005 42842 31964 10877 2 weeks ending(10) 2004-Mar. 31 45292 45237 43603 737867 11980 45112 33312 11800 109 Apr. 14 43231 43152 41311 739529 12094 42793 31137 11657 138 28 48904 48813 47269 740646 16024 42959 32880 10079 205 May 12 44592 44493 43072 740568 13246 42359 31347 11013 167 26p 48025 47913 46361 742656 15000 43779 33025 10754 104 -------------------------------------------------------------------------------------------------------------------------------------------- 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-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. 45801 45715 44041 729733 2 weeks ending(6) 2004-Mar. 31 45170 45115 43481 727317 Apr. 14 43094 43015 41174 728884 28 48711 48620 47076 730560 May 12 44385 44286 42865 729881 26p 47790 47678 46126 732732 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.