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Release Date: January 30, 2003
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
January 30, 2003
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 Monetary total primary secondary seasonal adjustment
NSA4 base5
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2001-Dec. 41220 41154 39572 1649 635781 67 33 34
2002-Jan. 41735 41685 40340 1395 641839 50 17 33
Feb. 41450 41420 40080 1371 646592 30 17 12
Mar. 41050 40971 39629 1421 650155 79 20 59
Apr. 40806 40735 39594 1211 654332 71 50 21
May 39164 39052 37902 1261 657636 112 105 7
June 39313 39171 38075 1238 662015 142 136 6
July 39679 39488 38305 1374 666912 191 176 16
Aug. 40054 39721 38417 1637 669661 333 185 148
Sep. 39275 39045 37799 1476 671350 229 169 60
Oct. 38918 38776 37368 1550 674279 143 120 23
Nov. 39561 39290 37945 1616 677622 272 60 211
Dec. 40072 39992 38084 1988 681947 80 45 35
Two weeks ending
2002-Nov. 27 40293 40079 38724 1569 677951 214 57 157
Dec. 11 40091 39958 38507 1583 681076 133 50 83
25 39746 39689 37271 2475 682182 57 48 10
2003-Jan. 8 40796 40760 39202 1594 682995 36 29 8
22p 40797 40780 38982 1815 685629 18 9 0 9
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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-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 38870 37525 687213 9695 42144 29446 12698
Dec. 40177 40098 38189 697024 9871 43334 30306 13027
Two weeks ending
2002-Nov. 27 41010 40796 39441 688749 10497 42605 30514 12092 222
Dec. 11 38978 38845 37394 692824 9559 41827 29419 12408 139
25 40700 40643 38225 697860 10408 43740 30292 13448 -61
2003-Jan. 8 41158 41122 39564 702773 9192 45148 31966 13182 320
22p 42447 42430 40632 698091 10924 44363 31523 12840 -21
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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-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 37365 676649
Dec. 40033 39953 38045 686107
Two weeks ending
2002-Nov. 27 40846 40632 39277 678119
Dec. 11 38808 38675 37224 682115
25 40523 40466 38048 686725
2003-Jan. 8 41136 41100 39542 691986
22p 42430 42412 40614 686930
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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