1

FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1
For Release at 4:30 p.m. Eastern Time
November 8, 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
credit
-----------------------------------------------------------------------------------------------------------------------------------------2000-Oct.
39021
38602
37874
1147
579696
418
119
299
0
Nov.
39023
38739
37821
1201
581395
283
124
159
0
Dec.
38507
38297
37182
1325
583958
210
99
111
0
2001-Jan.
589387
Feb.
591117
Mar.
592420

595925
599089
601882

Apr.
May
June

73
51
58

51
213
229

38827
39
38867
30
38258
38

38754
34
38815
21
38200
20

37574
0
37434
0
36873
0

1253

38788
15
38888
134
38774
110

38737
35
38675
79
38545
120

37511
0
37869
0
37414
0

1277

1432
1385

1019
1360

39600
109
39893
19
57834
3292

39317
174
39710
164
54449
93

38194
0
38659
0
38798
0

Oct. p
629481
127
Two weeks ending
2001-Sep. 5
618942
156
19
657782
6717

44976
60

44848
67

43664
0

1312

40224
29
75911
6622

40068
127
69194
95

38699
0
37736
0

1524

Oct.

42833
538
46684
8
43727
10

42221
75
46602
74
43658
59

40193
0
45876
0
42196
0

607685
615478
639729

626200
630691
628975

July

283

Aug.

183

Sep.

3385

3
17
31p

613
82
69

1407
1234
19037

38174

2640
808
1531

-------------------------------------------------------------------------------------------------------------------------------------------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-Oct.
6778
45233
Nov.
7156
44635
Dec.
7159
45228

38776
31998
38786
31629
38540
31381

38358
13235
38502
13006
38331
13847

37629

585014

37584

589120

37216

597120

2001-Jan.
7190
47683
Feb.
6615
48518
Mar.
6737
44105

39791
32601
39349
32734
37715
30978

39718
15083
39298
15784
37657
13128

38538

598377

37917

595586

36329

598195

38591
31728
39382
31772
38233
31175

38540
11929
39169
11491
38004
11958

37314

601835

38363

605481

36873

608825

39296
31622
39621
32056
57515
31938

39013
12287
39437
11953
54130
11526

37889

615558

38386

621995

38478

645711

44574
32459

44447
12547

43263

635936

40032
31744
75455
30974

39876
11141
68738
12059

38507
-16
37280
207

625134

6863
7610
7058

7674
7564
25577

Apr.
May
June

July
Aug.
Sep.

43657
43263
43133

43909
44010
43464

Oct. p
12116
45006
Two weeks ending
2001-Sep. 5
8288
42885
19
44481
43032

664846

Oct.
9376
13604
11215

3
44277
17
45736
31p
44432

42631
33255
45995
32391
43571
32356

42018
11022
45913
13345
43502
12076

39991
595
45187
224
42040
-197

630712
638483
634508

------------------------------------------------------------------------------------------------------------------------------------------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-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
June

38655
39462
38331

38605
39249
38102

37379
38443
36971

594915
598571
601688

July
Aug.
Sep.

39413
39751
57673

39130
39568
54288

38006
38517
38636

608225
614514
637964

Oct. p
Two weeks ending
2001-Sep. 5
19

44758

44631

43446

627840

40174
75604

40018
68887

38649
37429

617536
657253

Oct.

42805
46185
43749

42193
46104
43680

40166
45377
42219

622701
630352
626430

3
17
31p

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.