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Release Date: May 13, 2004
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
May 13, 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
borrowed(3) NSA(4) base(5)
--------------------------------------------------------------------------------------------------------------------------------------------
Month(6)
2003-Apr. 40811 40782 39269 1542 696991 29 8 0 21
May 40972 40917 39351 1622 699972 55 3 0 53
June 42787 42626 40925 1862 702916 161 87 0 74
July 43926 43796 41991 1935 705339 130 21 0 110
Aug. 46304 45975 42537 3767 710849 329 168 15 146
Sep. 44984 44804 43469 1515 712505 181 23 0 158
Oct. 44007 43900 42459 1549 716024 107 13 0 94
Nov. 43438 43370 41875 1563 719205 68 25 0 43
Dec. 43022 42976 41364 1658 721120 46 17 0 29
2004-Jan. 43095 42989 41570 1525 722377 106 93 0 13
Feb. 42656 42614 40821 1835 724104 42 28 0 14
Mar. 44526 44474 42703 1823 725331 51 23 0 28
Apr. p 45666 45580 43905 1761 728849 86 29 0 57
2 weeks ending(7)
2004-Mar. 17 44060 44009 42069 1991 723821 51 28 0 23
31 45164 45109 43475 1689 727122 55 19 0 36
Apr. 14 44358 44279 42435 1923 727867 79 35 0 45
28 47083 46992 45449 1633 730051 91 25 0 66
May 12p 44904 44805 43386 1517 727315 99 12 0 88
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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)
2003-Apr. 41177 41147 39634 709103 10600 41894 30577 11317
May 41786 41731 40165 712768 11414 41548 30372 11176
June 41864 41703 40002 714370 11307 41917 30557 11360
July 43594 43464 41659 717039 12180 42642 31414 11228
Aug. 46105 45777 42338 720544 14142 43008 31963 11045
Sep. 44431 44250 42915 720729 12485 43063 31946 11117
Oct. 43207 43100 41658 724472 11672 43318 31535 11783
Nov. 42667 42599 41105 729499 11531 42608 31137 11472
Dec. 42944 42898 41286 737623 10860 44077 32084 11993
2004-Jan. 45433 45327 43908 736233 11560 46572 33874 12698
Feb. 43829 43788 41994 734852 10864 46426 32966 13461
Mar. 44064 44013 42241 736258 11942 44381 32122 12259
Apr. p 45970 45884 44209 740006 14005 42842 31964 10877
2 weeks ending(10)
2004-Mar. 17 42687 42636 40696 735085 11846 43669 30841 12828 197
31 45292 45237 43603 737867 11980 45112 33312 11800 109
Apr. 14 43233 43154 41311 739531 12097 42793 31137 11657 138
28 48902 48811 47268 740644 16022 42959 32880 10079 205
May 12p 44600 44501 43082 738866 13248 42359 31352 11007 168
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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)
2003-Apr. 41169 41140 39627 697832
May 41773 41718 40152 701587
June 41850 41689 39988 703337
July 43574 43444 41640 705824
Aug. 46080 45751 42313 709235
Sep. 44402 44221 42886 709250
Oct. 43167 43059 41618 712980
Nov. 42619 42551 41057 717492
Dec. 42897 42851 41239 725485
2004-Jan. 45415 45309 43889 725142
Feb. 43828 43786 41993 723921
Mar. 44062 44010 42239 725515
Apr. p 45959 45873 44198 729711
2 weeks ending(6)
2004-Mar. 17 42684 42634 40693 724020
31 45289 45234 43600 727385
Apr. 14 43230 43151 41307 728964
28 48884 48793 47251 730660
May 12p 44582 44483 43065 728290
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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