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Release Date: November 14, 2002
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
November 14, 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-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 634412 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 653945 71 21 50 0
May 39116 39003 37843 1273 657913 112 7 105 0
June 39266 39124 38024 1242 664068 142 6 136 0
July 39660 39468 38287 1373 668757 191 16 176 0
Aug. 40059 39725 38420 1638 671148 333 148 185 0
Sep. 39284 39055 37808 1476 671563 229 60 169 0
Oct. p 38921 38778 37374 1546 673535 143 23 120 0
Two weeks ending
2002-Sep. 18 37358 37192 36386 972 669896 167 4 163 0
Oct. 2 41041 40871 39245 1795 673069 170 1 170 0
16 37804 37649 36271 1533 672146 155 25 130 0
30 39758 39648 38238 1520 675047 111 4 107 0
Nov. 13p 38583 38218 36986 1597 672749 366 299 67 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-Oct. 44632 44505 43306 635896 12073 45058 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 45729 33730 11998
Feb. 42491 42461 41124 654928 9273 45694 33218 12476
Mar. 40297 40218 38883 658775 9146 42631 31151 11480
Apr. 40896 40825 39688 663373 9740 42013 31156 10857
May 40242 40130 38969 668139 9209 41819 31033 10786
June 38571 38429 37329 672980 7929 41662 30642 11021
July 39392 39201 38020 678979 8096 42723 31296 11427
Aug. 39859 39525 38220 679551 8520 42886 31338 11547
Sep. 38916 38687 37440 679954 8732 42227 30184 12043
Oct. p 38687 38544 37141 681740 8837 42931 29850 13081
Two weeks ending
2002-Sep. 18 36205 36038 35233 679708 7668 41577 28537 13040 253
Oct. 2 41476 41306 39680 680026 9545 43186 31931 11255 -44
16 36874 36719 35341 681379 7934 43449 28940 14509 135
30 40215 40104 38694 682352 9638 42463 30577 11886 202
Nov. 13p 37099 36733 35501 681663 8853 41719 28246 13472 194
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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-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 38494 38352 37252 662836
July 39297 39106 37925 668759
Aug. 39746 39413 38108 669320
Sep. 38791 38562 37315 669715
Oct. p 38545 38402 36998 671396
Two weeks ending
2002-Sep. 18 36085 35919 35113 669499
Oct. 2 41341 41171 39546 669749
16 36742 36587 35209 671013
30 40062 39951 38542 672029
Nov. 13p 36946 36581 35349 671208
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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