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Release Date: May 8, 2003
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
May 8, 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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2002-Apr. 40635 40565 39424 1211 654098 71 50 21
May 39406 39294 38145 1261 657819 112 105 7
June 39469 39327 38231 1238 662370 142 136 6
July 39674 39482 38300 1374 666912 191 176 16
Aug. 39977 39644 38340 1637 669929 333 185 148
Sep. 39252 39023 37776 1476 671453 229 169 60
Oct. 39184 39041 37634 1550 674300 143 120 23
Nov. 39686 39414 38070 1616 677516 272 60 211
Dec. 40117 40037 38120 1997 681766 80 45 35
2003-Jan. 40607 40581 38947 1660 685591 27 12 0 13 2
Feb. 40756 40731 38848 1908 691310 25 21 0 5
Mar. 40943 40921 39333 1610 695123 22 14 0 8
Apr. p 40774 40744 39278 1496 698233 29 8 0 21
Two weeks ending
2003-Mar. 5 41763 41742 40299 1464 693549 21 17 0 5
19 40230 40199 38570 1660 694087 32 23 0 9
Apr. 2 41432 41422 39820 1612 696987 11 3 0 8
16 40275 40242 38805 1470 696273 33 15 0 18
30p 41179 41150 39673 1505 700371 29 2 0 27
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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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2002-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 687226 9695 42144 29446 12698
Dec. 40173 40093 38176 697088 9873 43334 30300 13033
2003-Jan. 42743 42716 41082 699181 10004 46210 32738 13471
Feb. 41874 41849 39966 700986 9807 45939 32067 13872
Mar. 40567 40545 38957 705000 9818 43086 30748 12337
Apr. p 41139 41110 39643 709017 10571 41990 30569 11422
Two weeks ending
2003-Mar. 5 42681 42660 41217 703422 10654 43567 32027 11540 100
19 38872 38840 37211 703848 9500 42203 29372 12831 137
Apr. 2 41664 41654 40052 707004 9843 43916 31822 12095 284
16 39253 39220 37783 707989 9423 41680 29830 11850 85
30p 42952 42923 41446 710334 11823 42026 31129 10897 73
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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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2002-Apr. 40895 40824 39683 653268
May 40226 40114 38965 657980
June 38541 38398 37302 662866
July 39317 39126 37943 668753
Aug. 39741 39407 38104 669312
Sep. 38782 38553 37306 669714
Oct. 38543 38400 36993 671484
Nov. 38981 38709 37365 676656
Dec. 40027 39947 38030 686165
2003-Jan. 42728 42701 41068 688268
Feb. 41873 41847 39965 690200
Mar. 40564 40543 38954 693872
Apr. p 41132 41103 39636 697746
Two weeks ending
2003-Mar. 5 42679 42658 41215 692609
19 38869 38838 37209 692786
Apr. 2 41661 41651 40049 695666
16 39250 39217 37780 696627
30p 42939 42910 41434 699163
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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