1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time July 15, 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-June 42348 42186 40485 1862 702786 161 87 0 74 July 43314 43183 41379 1935 705363 130 21 0 110 Aug. 45581 45252 41814 3767 710239 329 168 15 146 Sep. 44289 44109 42779 1510 712123 181 23 0 158 Oct. 43394 43287 41921 1473 715834 107 13 0 94 Nov. 43034 42966 41544 1489 718967 68 25 0 43 Dec. 42827 42781 41788 1038 720964 46 17 0 29 2004-Jan. 43152 43046 42253 899 722554 106 93 0 13 Feb. 42916 42874 41715 1201 724094 42 28 0 14 Mar. 44612 44561 42854 1758 725672 51 23 0 28 Apr. 45591 45505 43836 1755 728748 86 29 0 57 May 45353 45242 43761 1592 732303 112 9 0 103 June p 45917 45737 44084 1833 737784 180 40 0 140 2 weeks ending(7) 2004-May 12 45556 45457 44043 1513 730332 99 11 0 88 26 44591 44480 42930 1661 732387 112 3 0 109 June 9 47002 46860 45413 1589 736797 143 20 0 123 23 45340 45157 43408 1932 735840 183 44 0 139 July 7p 45677 45454 43729 1947 742944 223 59 0 165 --------------------------------------------------------------------------------------------------------------------------------------------- 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-June 41861 41699 39998 714370 11307 41925 30554 11371 July 43593 43463 41659 717038 12179 42650 31414 11237 Aug. 46105 45776 42338 720544 14142 43019 31963 11056 Sep. 44437 44257 42927 720721 12491 43075 31946 11129 Oct. 43127 43019 41653 724368 11606 43380 31520 11859 Nov. 42651 42582 41161 729473 11525 42598 31126 11472 Dec. 42925 42879 41887 737601 10845 44077 32080 11997 2004-Jan. 45404 45298 44505 736224 11528 46583 33876 12707 Feb. 43778 43736 42577 734833 10819 46429 32959 13470 Mar. 44049 43997 42291 736324 11932 44402 32117 12285 Apr. 45964 45878 44209 740224 14000 42843 31964 10879 May 46300 46188 44707 743747 14080 43050 32220 10830 June p 45549 45369 43716 749308 13068 43610 32481 11129 2 weeks ending(10) 2004-May 12 44591 44492 43078 740682 13243 42359 31348 11011 165 26 48027 47915 46365 744888 14996 43779 33031 10749 99 June 9 45566 45423 43977 747911 13525 42666 32041 10625 110 23 45725 45542 43793 747531 13188 43342 32537 10805 103 July 7p 45175 44952 43227 754658 12239 45361 32936 12425 93 -------------------------------------------------------------------------------------------------------------------------------------------- 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-June 41600 41439 39738 703193 July 43268 43137 41333 705643 Aug. 45711 45382 41945 709012 Sep. 43982 43802 42472 708982 Oct. 42613 42505 41139 712583 Nov. 42083 42015 40594 717147 Dec. 42431 42385 41392 725188 2004-Jan. 45339 45233 44440 725098 Feb. 43713 43671 42512 723867 Mar. 43942 43891 42184 725523 Apr. 45796 45711 44041 729838 May 46073 45961 44480 733467 June p 45280 45100 43447 738768 2 weeks ending(6) 2004-May 12 44384 44285 42871 729997 26 47792 47680 46130 734959 June 9 45312 45170 43723 737616 23 45459 45276 43527 737082 July 7p 44882 44659 42934 743620 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.