1

FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1
For Release at 4:30 p.m. Eastern Time
May 30, 2002
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
credit
-----------------------------------------------------------------------------------------------------------------------------------------2001-Apr.
38568
38517
37291
1277
595638
51
15
35
0
May
38316
38103
37297
1019
598894
213
134
79
0
June
39066
38836
37704
1362
602835
229
110
120
0

608105
616025
639692

630435
629468
634386

July
Aug.
Sep.

Oct.
Nov.
Dec.

283
183
3385

127
84
67

39785
109
40079
19
58214
3292

39502
174
39895
164
54829
93

38377
0
38870
0
39195
0

45655
60
40904
51
41099
34

45528
67
40820
33
41032
33

44334
0
39417
0
39459
0

1408
1209
19019

1321
1487
1641

2002-Jan.
640873
Feb.
646217
Mar.
649656

50
30
79

Apr.
653962
71
Two weeks ending
2002-Apr. 3
651535
180
17
653529
47
May
654988
656175
664090

1
15
29p

71
100
127

41510
33
41362
12
40985
59

41460
17
41332
17
40906
20

40105
0
39989
0
39570
0

1405

40748
21

40677
50

39540
0

1208

41032
157
40767
2

40852
23
40720
45

39383
0
39642
0

1649

40662
10
38816
6
39342
10

40591
62
38716
95
39216
117

39465
0
37629
0
37985
0

1196

1373
1415

1124

1187
1358

-------------------------------------------------------------------------------------------------------------------------------------------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
-----------------------------------------------------------------------------------------------------------------------------------------2001-Apr.
6860
43672
May
7604
43267
June
7043
43139

38589
31729
39374
31771
38217
31174

38538
11943
39161
11497
37988
11966

37312

601841

38355

605475

36855

608812

39337
31644
39668
32090
57567
31934

39054
12266
39484
11917
54182
11502

37929

615577

38459

622038

38549

645728

45061
32509
40158
31214
40955
31896

44934
12512
40074
11851
40888
12023

43739

636374

38672

637738

39315

648725

2002-Jan.
10009
45730
Feb.
9277
45697
Mar.
9147
42634

43474
33465
42396
33119
40268
31122

43424
12266
42366
12578
40190
11512

42069

653300

41023

654931

38853

658768

Apr.
9740
42014
Two weeks ending
2002-Apr. 3
9494
43065
17
9326
41728

40883
31143

40813
10871

39675

663337

40953
31459
39606
30280

40773
11606
39559
11449

39304
-92
38481
84

661168

7693
7578
25633

12552
8944
9059

July
Aug.
Sep.

Oct.
Nov.
Dec.

43910
44007
43436

45021
43065
43918

663227

May
10243
8520
10017

1
42080
15
41831
29p
41959

42243
32001
38894
30374
41881
31864

42172
10079
38794
11456
41754
10095

41047
41
37707
20
40523
76

663957
665596
674763

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

-

2001-Apr.
May
June

38631
39430
38283

38581
39217
38054

37354
38410
36921

594914
598559
601667

July
Aug.
Sep.

39418
39759
57676

39135
39576
54291

38009
38550
38657

608235
614551
637970

Oct.
Nov.
Dec.

45188
40287
41073

45061
40203
41007

43867
38801
39433

628265
629770
639894

2002-Jan.
Feb.
Mar.

43460
42377
40238

43411
42347
40159

42055
41004
38823

644285
645708
649220

Apr.
Two weeks ending
2002-Apr. 3
17

40835

40765

39627

653252

40917
39564

40737
39517

39267
38439

651127
653146

May

42186
38832
41810

42115
38732
41684

40990
37645
40453

653856
655477
664563

1
15
29p

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
p

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.
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.