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Release Date: December 26, 2002
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
December 26, 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-Nov. 40867 40783 39415 1452 629374 84 51 33 0
Dec. 41220 41154 39572 1649 634414 67 34 33 0
2002-Jan. 41735 41685 40340 1395 640845 50 33 17 0
Feb. 41450 41420 40080 1371 646153 30 12 17 0
Mar. 41050 40971 39629 1421 649629 79 59 20 0
Apr. 40806 40735 39594 1211 653921 71 21 50 0
May 39164 39052 37902 1261 657887 112 7 105 0
June 39313 39171 38075 1238 664105 142 6 136 0
July 39679 39488 38305 1374 668755 191 16 176 0
Aug. 40054 39721 38417 1637 671143 333 148 185 0
Sep. 39275 39045 37799 1476 671568 229 60 169 0
Oct. 38918 38776 37368 1550 673626 143 23 120 0
Nov. 39561 39289 37946 1615 676235 272 211 60 0
Two weeks ending
2002-Oct. 30 39750 39640 38231 1519 675052 111 4 107 0
Nov. 13 38651 38286 36977 1674 675317 366 299 67 0
27 40292 40078 38724 1568 676238 214 157 57 0
Dec. 11 40092 39960 38513 1579 680204 133 83 50 0
25p 39844 39787 37267 2577 681266 57 10 48 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-Nov. 40124 40040 38672 637643 8833 43092 31291 11801
Dec. 41077 41010 39428 648737 9053 43919 32024 11895
2002-Jan. 43712 43662 42317 653269 9981 45711 33731 11980
Feb. 42491 42461 41120 654906 9252 45685 33239 12446
Mar. 40333 40254 38912 658753 9124 42636 31209 11427
Apr. 40941 40871 39730 663354 9719 42016 31222 10794
May 40292 40180 39030 668123 9188 41819 31104 10716
June 38617 38474 37378 673012 7923 41655 30694 10961
July 39412 39220 38038 678976 8099 42718 31313 11406
Aug. 39854 39521 38217 679548 8520 42892 31335 11557
Sep. 38907 38678 37431 679956 8731 42231 30176 12055
Oct. 38685 38542 37134 681833 8836 42933 29849 13084
Nov. 39141 38869 37525 687212 9694 42143 29446 12697
Two weeks ending
2002-Oct. 30 40207 40096 38688 682359 9634 42464 30573 11891 202
Nov. 13 37166 36801 35492 684265 8864 41719 28302 13417 185
27 41009 40795 39441 688747 10495 42604 30514 12091 222
Dec. 11 38979 38846 37399 692813 9556 41826 29423 12403 139
25p 40797 40740 38220 698932 10512 43739 30285 13454 -62
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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-Nov. 40253 40169 38801 629675
Dec. 41195 41128 39546 639906
2002-Jan. 43698 43649 42303 644254
Feb. 42472 42442 41101 645682
Mar. 40302 40223 38881 649205
Apr. 40893 40822 39682 653269
May 40225 40113 38964 657982
June 38540 38397 37301 662868
July 39317 39125 37943 668756
Aug. 39741 39408 38104 669316
Sep. 38781 38552 37305 669718
Oct. 38542 38400 36992 671489
Nov. 38981 38710 37366 676647
Two weeks ending
2002-Oct. 30 40054 39943 38535 672036
Nov. 13 37014 36649 35340 673804
27 40844 40630 39277 678118
Dec. 11 38808 38676 37229 682103
25p 40620 40563 38043 687795
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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