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Release Date: December 6, 2001
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
December 6, 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
-------------------------------------------------------------------------------------------------------------------------------------------
2000-Oct. 39013 38595 37864 1150 579623 418 119 299 0
Nov. 39020 38737 37712 1308 581401 283 124 159 0
Dec. 38440 38230 37012 1427 583816 210 99 111 0
2001-Jan. 38771 38698 37387 1384 589340 73 39 34 0
Feb. 38827 38775 37319 1507 591048 51 30 21 0
Mar. 38267 38209 36867 1399 592420 58 38 20 0
Apr. 38786 38735 37509 1277 595932 51 15 35 0
May 38881 38667 37861 1019 599084 213 134 79 0
June 38756 38526 37396 1360 601867 229 110 120 0
July 39590 39307 38210 1380 607674 283 109 174 0
Aug. 39876 39693 38670 1206 615478 183 19 164 0
Sep. 57824 54439 38811 19013 639708 3385 3292 93 0
Oct. 45005 44878 43991 1015 629508 127 60 67 0
Two weeks ending
2001-Oct. 3 42830 42218 40195 2635 626148 613 538 75 0
17 46716 46634 45876 839 630730 82 8 74 0
31 43761 43692 42919 842 629006 69 10 59 0
Nov. 14 39982 39863 38574 1407 627833 119 84 35 0
28p 41132 41079 39573 1559 630265 53 22 32 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-Oct. 38769 38351 37619 584940 6730 45256 32039 13217
Nov. 38783 38500 37475 589128 7172 44647 31611 13037
Dec. 38473 38263 37046 596976 7022 45245 31451 13794
2001-Jan. 39731 39658 38347 598331 7046 47697 32685 15012
Feb. 39307 39256 37800 595517 6542 48530 32765 15765
Mar. 37723 37666 36324 598195 6733 44127 30991 13136
Apr. 38589 38538 37312 601841 6860 43672 31729 11943
May 39374 39161 38355 605475 7604 43267 31771 11497
June 38215 37985 36855 608810 7041 43139 31174 11966
July 39285 39002 37904 615549 7665 43911 31619 12291
Aug. 39603 39420 38397 621994 7552 44007 32051 11956
Sep. 57504 54119 38491 645684 25564 43436 31940 11496
Oct. 44604 44477 43590 635959 12127 45022 32477 12546
Two weeks ending
2001-Oct. 3 42628 42015 39992 630665 9368 44254 33260 10994 595
17 46027 45945 45187 638513 13635 45739 32392 13347 224
31 43606 43537 42763 634539 11212 44471 32394 12077 -197
Nov. 14 39226 39108 37819 635141 8250 43506 30976 12530 48
28p 41170 41117 39611 640103 9639 42769 31531 11238 25
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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-Oct. 38830 38412 37681 578217
Nov. 38844 38561 37536 582363
Dec. 38528 38319 37101 590056
2001-Jan. 39715 39642 38331 591452
Feb. 39336 39285 37829 588967
Mar. 37771 37713 36372 591365
Apr. 38653 38602 37376 594921
May 39455 39242 38435 598565
June 38313 38083 36953 601673
July 39402 39119 38022 608216
Aug. 39734 39551 38528 614514
Sep. 57662 54277 38649 637937
Oct. 44788 44661 43773 627864
Two weeks ending
2001-Oct. 3 42802 42190 40167 622653
17 46217 46136 45378 630382
31 43784 43715 42942 626462
Nov. 14 39396 39278 37989 627437
28p 41358 41305 39799 631960
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: December 6, 2001