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Release Date: November 4, 2004
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
November 4, 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-Sep. 44289 44109 42779 1510 712123 181 23 0 158
Oct. 43394 43287 41921 1473 715834 107 13 0 94
Nov. 43034 42966 41545 1489 718968 68 25 0 43
Dec. 42843 42797 41804 1039 720978 46 17 0 29
2004-Jan. 43204 43098 42314 891 722605 106 93 0 13
Feb. 42994 42952 41805 1189 724169 42 28 0 14
Mar. 44713 44662 42951 1762 725761 51 23 0 28
Apr. 45676 45590 43935 1741 728824 86 29 0 57
May 45386 45275 43798 1588 732302 112 9 0 103
June 45933 45753 44099 1834 737802 180 40 0 140
July 45743 45498 44067 1676 745606 245 42 0 203
Aug. 44757 44506 43206 1552 748197 251 18 0 233
Sep. 46248 45913 44685 1563 753379 335 97 0 238
2 weeks ending(7)
2004-Sep. 1 46644 46387 44987 1657 750426 257 19 0 238
15 45787 45524 44177 1609 753926 263 26 0 237
29 46764 46341 45260 1503 752954 423 181 0 243
Oct. 13 45086 44889 43424 1662 754634 197 4 0 194
27p 46514 46328 44799 1714 755933 186 28 0 158
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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-Sep. 44437 44257 42927 720721 12491 43075 31946 11129
Oct. 43127 43019 41653 724368 11606 43377 31520 11857
Nov. 42651 42583 41162 729473 11525 42590 31126 11464
Dec. 42941 42895 41902 737614 10858 44069 32083 11986
2004-Jan. 45461 45355 44570 736279 11581 46578 33880 12698
Feb. 43859 43817 42670 734908 10892 46440 32967 13473
Mar. 44149 44097 42387 736412 12020 44424 32129 12295
Apr. 46048 45962 44307 740299 14078 42852 31970 10881
May 46333 46221 44745 743746 14078 43052 32255 10797
June 45564 45384 43730 749326 13055 43620 32510 11110
July 46203 45958 44527 756482 12793 44487 33410 11077
Aug. 45500 45249 43949 756870 12112 45056 33388 11667
Sep. 46449 46114 44886 760990 13033 44836 33416 11420
2 weeks ending(10)
2004-Sep. 1 48265 48008 46607 757993 14006 44353 34259 10095 111
15 43851 43589 42242 761444 11918 44194 31934 12260 231
29 49162 48739 47659 760689 14230 45329 34933 10396 167
Oct. 13 43025 42828 41363 761858 10940 47408 32086 15323 65
27p 48339 48154 46625 764710 12951 46363 35389 10975 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-Sep. 43982 43802 42472 708982
Oct. 42613 42505 41139 712583
Nov. 42083 42015 40594 717147
Dec. 42447 42401 41408 725201
2004-Jan. 45396 45290 44505 725152
Feb. 43794 43752 42605 723942
Mar. 44042 43990 42280 725610
Apr. 45880 45794 44139 729913
May 46106 45994 44518 733465
June 45296 45116 43462 738786
July 45868 45624 44192 745959
Aug. 45109 44857 43557 746328
Sep. 46015 45680 44451 750520
2 weeks ending(6)
2004-Sep. 1 47843 47586 46186 747531
15 43438 43175 41828 750969
29 48706 48283 47203 750259
Oct. 13 42583 42386 40921 750872
27p 47840 47655 46126 753927
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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Current release Other formats:
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