1

FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1
For Release at 4:30 p.m. Eastern Time
March 20, 2003
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
------------------------------------------------------------------------------------------------------

total

Date
primary

total2
secondary

nonborrowed3 required
seasonal
adjustment

excess

Monetary

NSA4
base5
-----------------------------------------------------------------------------------------------------------------------------------------2002-Feb.
41335
41305
39964
1371
646607
30
17
12
Mar.
40768
40689
39347
1421
649996
79
20
59

71
112

Apr.

40635

May

39406

June

39469

July

39674

Aug.

39977

Sep.

39252

Oct.

39184

142

191
333
229

143

40565
50
39294
105
39327
136

39424
21
38145
7
38231
6

1211

654098

1261

657819

1238

662370

39482
176
39644
185
39023
169

38300
16
38340
148
37776
60

1374

666912

1637

669929

1476

671453

39041
120

37634
23

1550

674300

272

Nov.

39686

39414
60
40037
45

38070
211
38120
35

1616

677516

Dec.

40117

1997

681767

40607
0
40754
0

40581
13
40729
5

38947
2
38846

1660

685592

1908

691281

40756
0

40738
9

38992

1763

685240

40520
0
40192
0

40487
6
40167
4

39002

1518

688210

37860

2332

690952

80
2003-Jan.
27

12

Feb.
25
21
Two weeks ending
2003-Jan. 22
18
9

34

Feb.

25

5
28
19
21

5
41759
41738
40295
1464
693497
17
0
5
19p
40241
40210
38563
1678
689999
32
23
0
9
-------------------------------------------------------------------------------------------------------------------------------------------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
21

Mar.

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

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

Date
balances
F.R.

required

Reserv

with

balances8

Banks4
reserves6
-----------------------------------------------------------------------------------------------------------------------------------------2002-Feb.
9252
45685
Mar.
9124
42636
Apr.
9719
9188

May
June

7923

42016
41819
41655

July
8099
8520

Aug.
Sep.

8731

42718
42892
42231

Oct.
8836
9695

Nov.
Dec.

9873

42933
42144
43334

2003-Jan.
10004
46210
Feb.
9807
45939
Two weeks ending
2003-Jan. 22
10894
44363
Feb.

5

42491
33239
40333
31209

42461
12446
40254
11427

41120

654906

38912

658753

40941
31222
40292
31104
38617
30694

40871
10794
40180
10716
38474
10961

39730

663354

39030

668123

37378

673012

39412
31313
39854
31335
38907
30176

39220
11406
39521
11557
38678
12055

38038

678976

38217

679548

37431

679956

38685
29849
39141
29446
40173
30300

38542
13084
38870
12698
40093
13033

37134

681833

37525

687226

38176

697088

42743
32738
41872
32065

42716
13471
41847
13874

41082

699181

39964

700959

42394
31500

42377
12863

40631
-6

698116

44714

44681

43196

697553

9336

50026
19
46005

9431

35378
40340
30909

14648
40315
15097

277
38008
48

700625

5
42677
42656
41213
703372
43567
32023
11544
100
19p
38883
38851
37204
699763
9516
42203
29367
12836
137
------------------------------------------------------------------------------------------------------------------------------------------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
10654

Mar.

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

2002-Feb.
Mar.

42473
40303

42443
40225

41102
38882

645683
649205

Apr.
May
June

40895
40226
38541

40824
40114
38398

39683
38965
37302

653268
657980
662866

July
Aug.
Sep.

39317
39741
38782

39126
39407
38553

37943
38104
37306

668753
669312
669714

Oct.
Nov.
Dec.

38543
38981
40027

38400
38709
39947

36993
37365
38030

671484
676656
686165

2003-Jan.
Feb.
Two weeks ending
2003-Jan. 22

42728
41870

42701
41845

41068
39963

688268
690173

42379

42362

40616

686954

Feb.

5
19

44713
40338

44679
40313

43195
38006

686922
689801

Mar.

5
19p

42675
38880

42654
38849

41211
37202

692559
688702

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
p

the amount applied to satisfy current reserve requirements.
preliminary

Note: Current
Reserve
Board's
available
back to
for most
series.

and historical H.3 data are available each week on the Federal
web site (http://www.federalreserve.gov/). Monthly data are
January 1959, and weekly data are available back to January 1975
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data,

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