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Release Date: October 18, 2001
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
October 18, 2001
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements1
Averages of daily figures, seasonally adjusted unless noted otherwise
Millions of dollars
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Reserves of depository institutions Borrowings of depository institutions from
the Federal Reserve, NSA
--------------------------------------------------- --------------------------------------------------
Date total2 nonborrowed3 required excess NSA4 Monetary total adjustment seasonal extended
base5 credit
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2000-Sep. 39386 38908 38267 1119 578335 477 50 427 0
Oct. 39021 38602 37874 1147 579696 418 119 299 0
Nov. 39023 38739 37821 1201 581395 283 124 159 0
Dec. 38507 38297 37182 1325 583958 210 99 111 0
2001-Jan. 38827 38754 37574 1253 589387 73 39 34 0
Feb. 38867 38815 37434 1432 591117 51 30 21 0
Mar. 38258 38200 36873 1385 592420 58 38 20 0
Apr. 38788 38737 37511 1277 595925 51 15 35 0
May 38888 38675 37869 1019 599089 213 134 79 0
June 38774 38545 37414 1360 601882 229 110 120 0
July 39600 39317 38194 1407 607685 283 109 174 0
Aug. 39893 39710 38659 1234 615478 183 19 164 0
Sep. 57857 54472 38799 19058 639743 3385 3292 93 0
Two weeks ending
2001-Aug. 22 39741 39557 38655 1086 614997 184 9 175 0
Sep. 5 40224 40068 38699 1524 618943 156 29 127 0
19 75922 69205 37738 38184 657795 6717 6622 95 0
Oct. 3 42880 42268 40196 2685 626223 613 538 75 0
17p 44075 43993 42960 1115 623302 82 8 74 0
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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.)
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H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements1
Averages of daily figures, not seasonally adjusted
Millions of dollars
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Reserves of depository institutions Vault cash5
-------------------------------------- --------------------------------------
Reserve used to Net carryover
Date total2 nonborrowed required Monetary base3 balances total satisfy surplus7 of reserve
with F.R. required balances8
Banks4 reserves6
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2000-Sep. 39168 38691 38050 583519 6852 44829 32316 12513
Oct. 38776 38358 37629 585014 6778 45233 31998 13235
Nov. 38786 38502 37584 589120 7156 44635 31629 13006
Dec. 38540 38331 37216 597120 7159 45228 31381 13847
2001-Jan. 39791 39718 38538 598377 7190 47683 32601 15083
Feb. 39349 39298 37917 595586 6615 48518 32734 15784
Mar. 37715 37657 36329 598195 6737 44105 30978 13128
Apr. 38591 38540 37314 601835 6863 43657 31728 11929
May 39382 39169 38363 605481 7610 43263 31772 11491
June 38233 38004 36873 608825 7058 43133 31175 11958
July 39296 39013 37889 615558 7674 43908 31622 12286
Aug. 39621 39437 38386 621995 7564 44007 32056 11950
Sep. 57538 54153 38480 645725 25600 43461 31938 11523
Two weeks ending
2001-Aug. 22 39170 38986 38084 621714 7051 44325 32119 12207 17
Sep. 5 40032 39876 38507 625134 8288 42882 31744 11138 -16
19 75466 68749 37282 664856 44491 43029 30975 12054 207
Oct. 3 42678 42065 39993 630736 9425 44274 33253 11021 597
17p 43419 43337 42304 630986 11032 45729 32387 13342 226
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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.
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H.3 (502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements1
Averages of daily figures, not seasonally adjusted
Millions of dollars
---------------------------------------------------------------------------------
Reserves of depository institutions
---------------------------------------
Date total2 nonborrowed required3 Monetary base4
----------------------------------------------------------------------------------
2000-Sep. 39224 38746 38105 576836
Oct. 38837 38419 37690 578291
Nov. 38846 38563 37645 582356
Dec. 38596 38386 37271 590200
2001-Jan. 39775 39702 38522 591498
Feb. 39378 39327 37946 589036
Mar. 37762 37705 36377 591364
Apr. 38655 38605 37379 594915
May 39462 39249 38443 598571
June 38331 38102 36971 601688
July 39413 39130 38006 608225
Aug. 39751 39568 38517 614514
Sep. 57695 54310 38638 637978
Two weeks ending
2001-Aug. 22 39297 39113 38211 614285
Sep. 5 40174 40018 38649 617536
19 75615 68899 37431 657264
Oct. 3 42852 42240 40168 622724
17p 43608 43526 42493 622837
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.
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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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Last update: October 18, 2001