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Release Date: June 20, 2002
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
June 20, 2002
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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2001-May 38316 38103 37297 1019 598896 213 134 79 0
June 39066 38836 37704 1362 602835 229 110 120 0
July 39785 39502 38377 1408 608105 283 109 174 0
Aug. 40079 39896 38871 1208 616024 183 19 164 0
Sep. 58217 54832 39200 19017 639690 3385 3292 93 0
Oct. 45224 45097 43899 1326 629954 127 60 67 0
Nov. 40867 40783 39415 1452 629373 84 51 33 0
Dec. 41221 41154 39576 1645 634413 67 34 33 0
2002-Jan. 41747 41698 40360 1387 640857 50 33 17 0
Feb. 41451 41421 40083 1367 646175 30 12 17 0
Mar. 41013 40935 39599 1414 649640 79 59 20 0
Apr. 40760 40690 39552 1208 653899 71 21 50 0
May p 39119 39007 37856 1263 657799 112 7 105 0
Two weeks ending
2002-Apr. 17 40788 40741 39663 1124 653457 47 2 45 0
May 1 40660 40589 39464 1195 654928 71 10 62 0
15 38814 38714 37622 1192 656094 100 6 95 0
29 39336 39209 37978 1358 659128 127 10 117 0
June 12p 38971 38856 37833 1138 661868 116 3 113 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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2001-May 39374 39161 38355 605475 7604 43268 31771 11497
June 38217 37988 36855 608812 7043 43169 31174 11996
July 39337 39054 37929 615576 7692 43948 31644 12304
Aug. 39668 39484 38460 622037 7576 44030 32091 11938
Sep. 57570 54185 38553 645727 25632 43466 31938 11528
Oct. 44632 44505 43306 635896 12073 45057 32559 12499
Nov. 40124 40040 38672 637643 8833 43104 31291 11813
Dec. 41077 41011 39433 648738 9054 43935 32024 11911
2002-Jan. 43725 43676 42339 653284 9995 45730 33730 11999
Feb. 42491 42461 41124 654928 9273 45696 33218 12478
Mar. 40297 40218 38883 658763 9146 42633 31151 11482
Apr. 40896 40825 39688 663335 9740 42016 31156 10860
May p 40246 40134 38982 668051 9211 41824 31035 10789
Two weeks ending
2002-Apr. 17 39626 39579 38501 663223 9325 41730 30301 11429 85
May 1 42242 42171 41046 663956 10243 42082 31999 10084 42
15 38892 38792 37700 665598 8524 41833 30368 11464 19
29 41874 41747 40516 670382 10014 41959 31860 10098 76
June 12p 37335 37220 36197 670950 7894 40687 29442 11245 174
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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
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Reserves of depository institutions
---------------------------------------
Date total2 nonborrowed required3 Monetary base4
----------------------------------------------------------------------------------
2001-May 39430 39217 38410 598559
June 38283 38054 36921 601667
July 39417 39134 38009 608235
Aug. 39759 39576 38551 614550
Sep. 57678 54293 38662 637969
Oct. 44759 44632 43434 627786
Nov. 40253 40169 38801 629675
Dec. 41196 41129 39551 639907
2002-Jan. 43712 43662 42325 644269
Feb. 42473 42443 41106 645705
Mar. 40266 40188 38852 649215
Apr. 40847 40777 39640 653249
May p 40180 40068 38916 657910
Two weeks ending
2002-Apr. 17 39584 39537 38459 653142
May 1 42184 42113 40988 653855
15 38830 38730 37638 655480
29 41803 41677 40446 660186
June 12p 37264 37148 36125 661012
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: June 20, 2002