1

FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1
For Release at 4:30 p.m. Eastern Time
March 4, 2004
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
--------------------------------------------------------------------------------------------------Date
Monetary

total

total(2)
nonprimary
secondary
borrowed(3)

required
seasonal

excess

NSA(4)
base(5)
------------------------------------------------------------------------------------------------------------------------------------------Month(6)
2003-Feb.
40821
40796
38852
1970
690548
25
21
0
5
Mar.
40971
40949
39337
1634
693904
22
14
0
8
Apr.
696991
699972

May
June

702916

29
55
161

July
705338
710849
712505

Aug.
Sep.

130
329
181

40811
8
40972
3
42787
87
43926
21
46304
168
44984
23

40782

39269

0

21

0

53

0

74

40917
42626

43796
0

45975
15
44804
0

39351
40925

41991
110
42537
146
43469
158

1542
1622
1862

1935
3767
1515

Oct.
716024
719205

107

Nov.

68

Dec.

721120

46

2004-Jan.
722374
106
Feb. p
727319
42
2 weeks ending(7)
2004-Jan. 7
721903
45
21
723022
134

721796

Feb.

724794

4
18

110
26

44007
13
43438
25
43022
17
43097
93
42667
28
42416
22
43164
126
43481
97
41579
15

43900

42459

0

94

0

43

0

29

43370
42976

41875
41364

42991

41569

0

13

0

14

42625
42371

0

43030

0

43371

0

41553

0

40848

1549
1563
1658

1529
1819

40805

1610

41695

1468

41926

1555

39573

2005

22
9

14
10

Mar. 3p
43755
43717
42078
1677
732543
38
20
0
19
-------------------------------------------------------------------------------------------------------------------------------------------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.

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

Reserv

with

Banks(
4)
reserves(6)
-----------------------------------------------------------------------------------------------------------------------------------------Month(9)
2003-Feb.
9858
45881
Mar.
9836
42997

10600
11414
11307

12180
14142
12485

11672
11531
10860

Apr.
May
June

July
Aug.
Sep.

Oct.
Nov.
Dec.

41894
41548
41917

42642
43008
43063

43318
42608
44077

2004-Jan.
11560
46572
Feb. p
10859
46430
2 weeks ending(10)

41940
32081
40595
30759

41914
13800
40573
12238

39970

701037

38961

705031

41177
30577
41786
30372
41864
30557

41147
11317
41731
11176
41703
11360

39634

709103

40165

712768

40002

714370

43594
31414
46105
31963
44431
31946

43464
11228
45777
11045
44250
11117

41659

717039

42338

720544

42915

720729

43207
31535
42667
31137
42944
32084

43100
11783
42599
11472
42898
11993

41658

724472

41105

729499

41286

737623

45435
33875
43840
32982

45329
12697
43798
13448

43907

736229

42022

737899

2004-Jan.
10254
12297
Feb.
11443
9615

7
45803
21
44555

43130
32877
44696
32399

43086
12926
44562
12156

41520
302
43227
99

742886

4
49936
18
47096

48085
36642
41875
32260

47975
13294
41849
14836

46530
17
39869
-90

733487

734858

735707

Mar. 3p
44799
44761
43122
742294
12230
44307
32570
11738
260
------------------------------------------------------------------------------------------------------------------------------------------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)
2003-Feb.
Mar.

41938
40593

41913
40571

39968
38959

690251
693903

Apr.
May
June

41169
41773
41850

41140
41718
41689

39627
40152
39988

697832
701587
703337

July
Aug.
Sep.

43574
46080
44402

43444
45751
44221

41640
42313
42886

705824
709235
709250

Oct.
Nov.
Dec.

43167
42619
42897

43059
42551
42851

41618
41057
41239

712980
717492
725485

2004-Jan.
Feb. p
2 weeks ending(6)
2004-Jan. 7
21

45417
43839

45311
43797

43888
42020

725138
726967

43090
44675

43046
44541

41480
43207

730783
724205

Feb.

48083
41873

47973
41847

46528
39867

722492
724425

44797

44759

43120

731831

Mar.

4
18
3p

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

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.