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Release Date: January 22, 2004
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
January 22, 2004
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
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 total(2) non- required excess Monetary total primary secondary seasonal adjustment
borrowed(3) NSA(4) base(5)
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Month(6)
2002-Dec. 40217 40138 38208 2009 681899 80 45 35
2003-Jan. 40731 40704 39024 1707 685725 27 12 0 13 2
Feb. 40820 40795 38855 1965 691300 25 21 0 5
Mar. 40973 40951 39337 1636 695141 22 14 0 8
Apr. 40806 40777 39274 1532 698221 29 8 0 21
May 40986 40931 39367 1619 701177 55 3 0 53
June 42795 42634 40942 1854 703172 161 87 0 74
July 43927 43796 42003 1924 703534 130 21 0 110
Aug. 46282 45954 42519 3763 709233 329 168 15 146
Sep. 44963 44783 43458 1505 711231 181 23 0 158
Oct. 43992 43884 42525 1467 715778 107 13 0 94
Nov. 43430 43362 41882 1548 719012 68 25 0 43
Dec. 43020 42974 41359 1661 721040 46 17 0 29
2 weeks ending(7)
2003-Nov. 26 43163 43108 41651 1512 719303 56 14 0 43
Dec. 10 44635 44599 43318 1317 720916 36 11 0 25
24 42167 42114 40232 1936 720258 54 19 0 35
2004-Jan. 7 42416 42372 40814 1602 722784 45 22 0 22
21p 43162 43028 41704 1458 723239 134 126 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.)
6. Prorated averages of biweekly averages.
7. Averages of daily figures.
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H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements(1)
Not seasonally adjusted
Millions of dollars
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Reserves of depository institutions Vault cash(5)
-------------------------------------- --------------------------------------
Reserve used to Net carryover
Date total(2) nonborrowed required Monetary balances total satisfy surplus(7) of reserve
base(3) with F.R. required balances(8)
Banks(4) reserves(6)
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Month(9)
2002-Dec. 40274 40194 38264 697149 9926 43386 30347 13038
2003-Jan. 42869 42842 41162 699247 10075 46219 32794 13425
Feb. 41939 41913 39973 701039 9860 45881 32079 13802
Mar. 40597 40575 38961 705037 9840 42997 30757 12240
Apr. 41172 41142 39640 709095 10598 41894 30574 11320
May 41801 41745 40182 712758 11405 41548 30395 11153
June 41872 41710 40018 714361 11297 41916 30574 11342
July 43594 43464 41671 717018 12157 42642 31437 11205
Aug. 46084 45756 42321 720509 14107 43008 31978 11031
Sep. 44410 44230 42905 720714 12470 43063 31940 11123
Oct. 43191 43084 41725 724461 11661 43318 31530 11788
Nov. 42660 42592 41112 729492 11525 42607 31135 11471
Dec. 42941 42895 41281 737654 10859 44076 32082 11994
2 weeks ending(10)
2003-Nov. 26 43996 43940 42483 730926 12146 43244 31850 11394 154
Dec. 10 43266 43230 41949 734325 11408 42576 31858 10718 122
24 42615 42562 40680 737343 10768 44285 31847 12438 43
2004-Jan. 7 43131 43086 41529 743031 10257 45803 32874 12929 305
21p 44694 44560 43236 736022 12298 44554 32396 12158 95
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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.
9. Prorated averages of biweekly averages.
10. Averages of daily figures.
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H.3 (502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Not seasonally adjusted
Millions of dollars
---------------------------------------------------------------------------------
Reserves of depository institutions
---------------------------------------
Date total(2) nonborrowed required(3) Monetary base(4)
----------------------------------------------------------------------------------
Month(5)
2002-Dec. 40128 40048 38118 686226
2003-Jan. 42854 42827 41147 688334
Feb. 41937 41912 39972 690253
Mar. 40595 40573 38959 693909
Apr. 41164 41135 39632 697825
May 41788 41732 40169 701578
June 41858 41697 40004 703329
July 43575 43444 41651 705804
Aug. 46059 45730 42295 709199
Sep. 44381 44200 42876 709235
Oct. 43151 43043 41684 712969
Nov. 42612 42544 41063 717485
Dec. 42894 42849 41234 725515
2 weeks ending(6)
2003-Nov. 26 43947 43892 42435 718705
Dec. 10 43217 43181 41900 722107
24 42566 42513 40631 725245
2004-Jan. 7 43091 43046 41489 730925
21p 44674 44540 43216 725368
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.
5. Prorated averages of biweekly averages.
6. Averages of daily figures.
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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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