1

FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1
For Release at 4:30 p.m. Eastern Time
June 14, 2001
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
-----------------------------------------------------------------------------------------------------------------------------------------Reserves of depository institutions
Borrowings of depository institutions from
the Federal Reserve, NSA
---------------------------------------------------------------------------------------------------Date
Monetary

total

total2
nonborrowed3
adjustment
seasonal

required
extended

excess NSA4

ba
se5
-----------------------------------------------------------------------------------------------------------------------------------------2000-May
41003
40641
40031
972
574145
362
86
276
0
June
39882
39403
38766
1117
575307
479
90
389
0

576957
577531
578335

579696
581395
583958

July
Aug.
Sep.

Oct.
Nov.
Dec.

2001-Jan.

570
579
477

418
283
210

40124
60
39643
25
39386
50

39555
510
39064
554
38908
427

38981
0
38639
0
38267
0

1144

39021
119
39023
124
38507
99

38602
299
38739
159
38297
111

37874
0
37821
0
37182
0

1147

38827

38754

37574

1253

1004
1119

1201
1325

589387
591117
592419

595870

73
Feb.

51

Mar.

58

Apr.

51

May p
598769
213
Two weeks ending
2001-Apr. 18
594964
42
May
597043
597072
600962

2
16
30

59
346
97

39
38867
30
38258
38

34
38815
21
38200
20

0
37434
0
36873
0

38788
15
38890
134

38737
35
38677
79

37511
0
37869
0

1277

38199
4

38158
38

37003
0

1196

39320
20
38029
267
39759
13

39261
39
37683
79
39662
85

38105
0
37139
0
38651
0

1214

1432
1385

1021

890
1108

June 13p
37922
37627
36654
1268
595260
295
195
101
0
-------------------------------------------------------------------------------------------------------------------------------------------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.)
p--preliminary
1

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
-----------------------------------------------------------------------------------------------------------------------------------------Reserves of depository institutions
Vault cash5

--------------------------------------------------------------------------e

Date
balances

Reserv

used to
Net carryover
total2
nonborrowed
required Monetary base3
total
satisfy
surplus7
of reserve

F.R.

required

balances8

with

Banks4
reserves6
-----------------------------------------------------------------------------------------------------------------------------------------2000-May
7692
44643
June
6610
44562

41585
33894
39363
32753

41224
10749
38884
11809

40614

580222

38247

581687

39884
33082
39464
32531
39168
32316

39315
12394
38885
12799
38691
12514

38741

584283

38460

583401

38050

583519

38358
13236
38502
13007
38331
13848

37629

585014

37584

589120

45229

38776
31998
38786
31629
38540
31381

37216

597120

2001-Jan.
7190
47683
Feb.
6615
48517
Mar.
6737
44104

39791
32601
39349
32734
37715
30978

39718
15083
39298
15783
37657
13127

38538

598377

37917

595586

36329

598195

38591
31728
39384
31773

38540
11928
39171
11489

37314

601790

38362

605183

37525
31199

37483
12210

36329
113

601741

6802
6933
6852

6778
7156
7159

6863

July
Aug.
Sep.

Oct.
Nov.
Dec.

Apr.

45476
45330
44830

45234
44636

43656
May p
7611
43262
Two weeks ending
2001-Apr. 18
6326
43409

May
7350
7160
8159

2
43689
16
42644
30
43899

39763
32413
38192
31033
40689
32530

39705
11276
37847
11611
40592
11369

38549
110
37302
147
39581
-2

602458
603717
607249

June 13p
37036
36741
35768
602237
6773
42154
30263
11891
1
------------------------------------------------------------------------------------------------------------------------------------------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.
p--preliminary
1

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
---------------------------------------------------------------------------------

Reserves of depository institutions
--------------------------------------Date
total2
nonborrowed
required3
Monetary base4
---------------------------------------------------------------------------------

-

2000-May
June

41618
39404

41256
38925

40646
38287

573395
574811

July
Aug.
Sep.

39930
39509
39224

39360
38930
38746

38786
38505
38105

577493
576664
576836

Oct.
Nov.
Dec.

38837
38846
38596

38419
38563
38386

37690
37645
37271

578291
582356
590200

2001-Jan.
Feb.
Mar.

39775
39378
37762

39702
39327
37705

38522
37946
36377

591498
589036
591364

Apr.
May p
Two weeks ending
2001-Apr. 18

38655
39464

38605
39251

37379
38443

594871
598273

37590

37548

36394

594929

May

39828
38267
40777

39770
37921
40680

38614
37377
39669

595342
596884
600298

37125

36830

35857

595231

2
16
30

June 13p

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

and

Vault Cash" and for all those weekly reporters whose vault cash exceeds their
required reserves, the break-adjusted difference between current vault cash

the amount applied to satisfy current reserve requirements.
p--preliminary
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.