1

FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1
For Release at 4:30 p.m. Eastern Time
November 20, 2003
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
-----------------------------------------------------------------------------------------------------------------------------------------Reserves of depository institutions
Borrowings of depository institutions from
the Federal Reserve, NSA
-----------------------------------------------------------------------------------------------------nonrequired
excess
Monetary
seasonal
adjustment
borrowed(3)
NSA(4)
base(5)
-----------------------------------------------------------------------------------------------------------------------------------------Month(6)
2002-Oct.
39171
39028
37636
1535
674250
143
120
23
Nov.
39760
39489
38122
1638
677612
272
60
211
Dec.
40217
40138
38208
2009
681900
80
45
35
total

27

Date
primary

2003-Jan.

25
22

29
55
161

Feb.
Mar.

Apr.
May
June

12
21
14

8
3
87

total(2)
secondary

40731
0
40820
0
40973
0

40704
13
40795
5
40951
8

39024
2
38855

1707

685722

1965

691306

39337

1636

695142

40806
0
40986
0
42795
0

40777
21
40931
53
42634
74

39274

1532

698228

39367

1619

701181

40942

1854

703172

43927
0
46282
15
44963
0

43796
110
45954
146
44783
158

42003

1924

703533

42519

3763

709231

43458

1505

711234

Oct. p
107
13
2 weeks ending(7)
2003-Sep. 17
160
4

43992
0

43885
94

42524

1468

715780

44738
0

44578
157

43824

913

709267

Oct.

44989
0
43477
0
44528
0

44782
159
43363
112
44433
79

43006

1983

713638

42027

1450

713443

43109

1419

717949

130
329
181

207
115
95

July
Aug.
Sep.

21
168
23

1
48
15
3
29
17

Nov. 12p
43342
43249
41660
1682
718028
94
43
0
51
-------------------------------------------------------------------------------------------------------------------------------------------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.
p preliminary
1

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
-----------------------------------------------------------------------------------------------------------------------------------------Reserves of depository institutions
Vault cash(5)

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

Date
balances
F.R.

Reserv

used to
Net carryover
total(2) nonborrowed
required
Monetary
total
satisfy
surplus(7) of reserve
base(3)
required
balances(8)

with

Banks(
4)
reserves(6)
-----------------------------------------------------------------------------------------------------------------------------------------Month(9)
2002-Oct.
8780
43028
Nov.
9758
42236
Dec.
9926
43368

38672
29892
39214
29457
40274
30347

38529
13137
38943
12780
40194
13021

37137

681780

37576

687291

38264

697149

2003-Jan.
10075
46209
Feb.
9860
45942
Mar.
9840
43088

42869
32794
41939
32079
40597
30757

42842
13415
41913
13863
40575
12331

41162

699247

39973

701039

38961

705037

Apr.

41172
30574
41801
30395
41872
30574

41142
11417
41745
11241
41710
11386

39640

709095

40182

712758

40018

714361

43594
31437
46084
31978
44410
31940

43464
11220
45756
11056
44230
11138

41671

717018

42321

720509

42905

720714

43192
31529

43084
11783

41723

724461

42454

42294

41541

719825

10598
11405

May
June

11297

41991
41636
41961

July
12157
14107
12470

Aug.
Sep.

42657
43034
43079

Oct. p
11662
43312
2 weeks ending(10)
2003-Sep. 17

11506

13122
9931
13406

42327
Oct.

1
44125
15
44544
29
42228

30948

11379

407

46112
32990
41381
31450
45122
31716

45905
11135
41266
13095
45027
10513

44129
-4
39930
254
43703
124

721646
722433
726442

Nov. 12p
40903
40809
39221
726197
10847
41870
30056
11814
149
------------------------------------------------------------------------------------------------------------------------------------------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.
p preliminary
1

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)
2002-Oct.
Nov.
Dec.

38530
39054
40128

38388
38783
40048

36995
37416
38118

671432
676721
686226

2003-Jan.
Feb.
Mar.

42854
41937
40595

42827
41912
40573

41147
39972
38959

688334
690253
693909

Apr.
May
June

41164
41788
41858

41135
41732
41697

39632
40169
40004

697825
701578
703329

July
Aug.
Sep.

43575
46059
44381

43444
45730
44200

41651
42295
42876

705804
709199
709235

Oct. p
2 weeks ending(6)
2003-Sep. 17

43151

43044

41683

712969

42427

42267

41514

708370

Oct.

46079
41348
45074

45872
41233
44979

44096
39897
43655

710117
710995
714926

40855

40761

39173

714507

1
15
29

Nov. 12p

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.
5. Prorated averages of biweekly averages.
6. Averages of daily figures.

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.