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Release Date: June 3, 2004
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
June 3, 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. 40696 40666 39153 1543 696642 29 8 0 21
May 40884 40829 39263 1621 700151 55 3 0 53
June 42348 42186 40485 1862 702786 161 87 0 74
July 43314 43183 41379 1935 705363 130 21 0 110
Aug. 45581 45252 41814 3767 710239 329 168 15 146
Sep. 44289 44109 42779 1510 712134 181 23 0 158
Oct. 43394 43287 41921 1473 715868 107 13 0 94
Nov. 43034 42966 41544 1489 718989 68 25 0 43
Dec. 42827 42781 41788 1038 720960 46 17 0 29
2004-Jan. 43152 43046 42253 899 722547 106 93 0 13
Feb. 42916 42874 41715 1201 724061 42 28 0 14
Mar. 44612 44561 42854 1758 725595 51 23 0 28
Apr. 45591 45505 43836 1755 728640 86 29 0 57
2 weeks ending(7)
2004-Mar. 31 44628 44573 42950 1677 726814 55 19 0 36
Apr. 14 45140 45061 43228 1912 728144 79 35 0 45
28 46047 45956 44415 1632 728910 91 25 0 66
May 12 45555 45456 44038 1517 730216 99 11 0 88
26p 44591 44479 42930 1661 732275 112 3 0 109
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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 41902 30576 11326
May 41786 41730 40164 712768 11414 41548 30372 11177
June 41861 41699 39998 714370 11307 41925 30554 11371
July 43593 43463 41659 717038 12179 42650 31414 11237
Aug. 46105 45776 42338 720544 14142 43019 31963 11056
Sep. 44437 44257 42927 720731 12491 43075 31946 11129
Oct. 43127 43019 41653 724402 11606 43380 31520 11859
Nov. 42651 42582 41161 729494 11525 42598 31126 11472
Dec. 42925 42879 41887 737597 10845 44077 32080 11997
2004-Jan. 45404 45298 44505 736217 11528 46583 33876 12707
Feb. 43778 43736 42577 734800 10819 46429 32959 13470
Mar. 44049 43997 42291 736248 11932 44402 32117 12285
Apr. 45964 45878 44208 740115 14000 42843 31963 10879
2 weeks ending(10)
2004-Mar. 31 45283 45228 43606 737859 11972 45134 33311 11823 113
Apr. 14 43224 43145 41311 739522 12087 42794 31137 11658 137
28 48901 48810 47268 740644 16022 42961 32879 10083 204
May 12 44590 44491 43073 740564 13243 42359 31347 11012 165
26p 48026 47915 46365 744769 14999 43779 33028 10752 104
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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. 41018 40989 39476 697745
May 41565 41510 39944 701463
June 41600 41439 39738 703193
July 43268 43137 41333 705643
Aug. 45711 45382 41945 709012
Sep. 43982 43802 42472 708992
Oct. 42613 42505 41139 712616
Nov. 42083 42015 40594 717168
Dec. 42431 42385 41392 725184
2004-Jan. 45339 45233 44440 725090
Feb. 43713 43671 42512 723834
Mar. 43942 43891 42184 725446
Apr. 45796 45710 44041 729729
2 weeks ending(6)
2004-Mar. 31 45161 45106 43484 727309
Apr. 14 43087 43008 41175 728877
28 48707 48616 47075 730558
May 12 44383 44284 42866 729879
26p 47791 47680 46130 734839
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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