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Release Date: July 18, 2002
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
July 18, 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
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Date total2 nonborrowed3 required excess NSA4 Monetary total adjustment seasonal extended
base5 credit
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2001-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 649651 79 59 20 0
Apr. 40760 40690 39552 1208 653937 71 21 50 0
May 39116 39004 37843 1273 657889 112 7 105 0
June p 39251 39108 38003 1248 664048 142 6 136 0
Two weeks ending
2002-May 15 38812 38712 37621 1191 656166 100 6 95 0
29 39332 39206 37954 1378 659235 127 10 117 0
June 12 38955 38840 37810 1146 661989 116 3 113 0
26 39182 39031 37930 1252 664704 151 4 147 0
July 10p 40378 40184 38839 1539 667929 194 27 168 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
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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-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 658775 9146 42633 31151 11482
Apr. 40896 40825 39688 663373 9740 42016 31156 10860
May 40242 40130 38969 668139 9209 41824 31033 10791
June p 38555 38413 37308 672957 7933 41667 30622 11045
Two weeks ending
2002-May 15 38890 38790 37699 665669 8524 41833 30366 11467 19
29 41869 41742 40491 670486 10011 41959 31858 10101 76
June 12 37321 37205 36175 671072 7878 40687 29443 11244 180
26 39393 39242 38141 672927 7983 42135 31410 10725 85
July 10p 39331 39137 37791 678719 7927 42973 31404 11569 57
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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
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Date total2 nonborrowed required3 Monetary base4
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2001-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 649226
Apr. 40847 40777 39640 653287
May 40176 40064 38903 657998
June p 38479 38336 37231 662813
Two weeks ending
2002-May 15 38828 38728 37637 655550
29 41799 41672 40421 660290
June 12 37249 37134 36103 661134
26 39314 39163 38062 662613
July 10p 39245 39051 37705 668548
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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