1

FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1
For Release at 4:30 p.m. Eastern Time
July 3, 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-May
39406
39294
38145
1261
657784
112
105
7
June
39469
39327
38231
1238
662317
142
136
6
total

total(2)
secondary

July

39679

Aug.

39961

Sep.

39209

Oct.

39171

Nov.

39760

Dec.

40217

2003-Jan.

40731

191
333
229

143
272
80

Date
primary

39487
176
39628
185
38980
169

38301
16
38353
148
37722
60

1377

666838

1608

669833

1486

671399

39028
120
39489
60
40138
45

37636
23
38122
211
38208
35

1535

674250

1638

677612

2009

681900

40704

39024

1707

685722

27
25
22

29

12
Feb.
Mar.

Apr.

21
14

8

May
55
3
2 weeks ending(7)
2003-Apr. 30
29
2
May
51
58

14
3
28
2

0
40820
0
40973
0

13
40795
5
40951
8

2
38855

1965

691305

39337

1636

695142

40806
0
40987
0

40777
21
40931
53

39274

1532

698209

39368

1619

701137

41215
0

41186
27

39664

1551

700295

39761
0
41796
0

39710
48
41738
56

38217

1543

699029

40182

1614

702849

June 11
42932
42863
40940
1992
702981
7
0
63
25p
42216
41975
40625
1590
703172
241
163
0
78
-------------------------------------------------------------------------------------------------------------------------------------------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
69

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-May
9188
41824
June
7917
41680

40292
31104
38617
30700

40180
10721
38474
10980

39030

668123

37378

672966

39417
31380
39838
31375
38864
30200

39225
11425
39505
11617
38635
12128

38039

678900

38230

679480

37378

679889

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
30396

41142
11417
41745
11241

39640

709076

40182

712714

42987

42958

41436

710393

July
8037
8463

Aug.
Sep.

8665

42805
42992
42328

Oct.
8780
9758

Nov.
Dec.

9926

10598

43028
42236
43368

41991

May
11405
41636
2 weeks ending(10)
2003-Apr. 30

11852

9772
13116

42024
May

14
41432
28
41968

31136

10889

39468
29696
44326
31211

39417
11736
44269
10758

75
37924
22
42712
101

710006
715244

June 11
40907
40838
38914
713542
41040
29857
11183
110
25p
42227
41987
40637
714076
11427
42303
30800
11503
-15
------------------------------------------------------------------------------------------------------------------------------------------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
11050

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-May
June

40226
38541

40114
38398

38965
37302

657980
662820

July
Aug.
Sep.

39322
39725
38740

39131
39392
38511

37945
38117
37254

668678
669245
669647

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

41164
41788

41135
41732

39632
40169

697806
701533

42975

42946

41424

699223

39455
44313

39404
44255

37911
42699

698797
704042

40893
42213

40824
41973

38901
40623

702594
702995

Apr.
May
2 weeks ending(6)
2003-Apr. 30
May

14
28

June 11
25p

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.