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Release Date: February 27, 2003
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For Release at
4:30 P.M. Eastern time
H.3 (502) February 27, 2003
SPECIAL NOTICE
Data on reserves and the monetary base have been revised to reflect the results of annual reviews of seasonal factors and break
factors. Revisions due to reestimated seasonal factors start in August 1998, and they are the major source of the revisions to the data.
Revisions due to reestimated break factors begin in January 2002 and do not exceed $17 million in any maintenance period. The maximum
revision to the monetary base (table 1) in any maintenance period was $1.0 billion; most of these revisions were less than $500 million.
The maximum revision to total reserves, nonborrowed reserves, and required reserves (also in table 1) in any maintenance period was $750
million; most of these revisions were also less than $500 million.
Break factors remove discontinuities (or "breaks") associated with regulatory changes in reserve requirements, such as the annual
indexations of the low-reserve tranche and the reserve requirement exemption.1 Seasonal factors for required reserves and the surplus
vault cash component of the monetary base have been reestimated with the revised break-adjusted data.
A more detailed description of the methods for constructing break factors and seasonal factors is available under "Annual Review
of Break and Seasonal Factors" on the Federal Reserve's web site (http://www.federalreserve.gov/releases/h3/hist/). Historical data, updated
each week, are available there as well. For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or
202-482-1986.
1. The Monetary Control Act of 1980 established a reserve ratio of 3 percent against the first $25 million in net transaction
deposits (low-reserve tranche) at each depository institution. Since 1982, the low-reserve tranche has been indexed each January by 80
percent of the previous year's (June 30 to June 30) growth rate of net transaction deposits at all depository institutions. At present,
the low-reserve tranche is $42.1 million.
Under the Garn-St Germain Depository Institutions Act of 1982, the first $2 million of reservable liabilities of each depository
institution was exempted from reserve requirements. Since 1983, this exemption amount has been indexed each year by 80 percent of the rate of
increase of the reservable liabilities at all depository institutions over the preceding year (June 30 to June 30). At present, the reserve
exemption level is $6.0 million.
Both of these indexations take effect each year in the reserve maintenance period that includes January 1 for weekly respondents
to the FR 2900 report.
FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
February 27, 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
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Reserves of depository institutions Borrowings of depository institutions from
the Federal Reserve, NSA
--------------------------------------------- ----------------------------------------------------------
Date total2 nonborrowed3 required excess Monetary total primary secondary seasonal adjustment
NSA4 base5
-------------------------------------------------------------------------------------------------------------------------------------------
2002-Jan. 41576 41526 40181 1395 641545 50 17 33
Feb. 41335 41305 39964 1371 646607 30 17 12
Mar. 40768 40689 39347 1421 649996 79 20 59
Apr. 40635 40565 39424 1211 654098 71 50 21
May 39406 39294 38145 1261 657819 112 105 7
June 39469 39327 38231 1238 662370 142 136 6
July 39674 39482 38300 1374 666912 191 176 16
Aug. 39977 39644 38340 1637 669930 333 185 148
Sep. 39252 39023 37776 1476 671453 229 169 60
Oct. 39184 39041 37634 1550 674301 143 120 23
Nov. 39686 39414 38070 1616 677528 272 60 211
Dec. 40117 40037 38120 1997 681805 80 45 35
2003-Jan. 40594 40567 38930 1664 685662 27 12 0 13 2
Two weeks ending
2002-Dec. 25 40052 39995 37577 2475 681859 57 48 10
2003-Jan. 8 40447 40411 38807 1640 683348 36 29 8
22 40756 40738 38992 1763 685327 18 9 0 9
Feb. 5 40473 40440 38943 1530 688238 34 28 0 6
19p 40145 40120 37824 2320 690978 25 21 0 4
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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.)
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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
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Reserves of depository institutions Vault cash5
-------------------------------------- --------------------------------------
Reserve used to Net carryover
Date total2 nonborrowed required Monetary base3 balances total satisfy surplus7 of reserve
with F.R. required balances8
Banks4 reserves6
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2002-Jan. 43712 43662 42317 653269 9981 45711 33731 11980
Feb. 42491 42461 41120 654906 9252 45685 33239 12446
Mar. 40333 40254 38912 658753 9124 42636 31209 11427
Apr. 40941 40871 39730 663354 9719 42016 31222 10794
May 40292 40180 39030 668123 9188 41819 31104 10716
June 38617 38474 37378 673012 7923 41655 30694 10961
July 39412 39220 38038 678976 8099 42718 31313 11406
Aug. 39854 39521 38217 679548 8520 42892 31335 11557
Sep. 38907 38678 37431 679956 8731 42231 30176 12055
Oct. 38685 38542 37134 681833 8836 42933 29849 13084
Nov. 39141 38870 37525 687226 9695 42144 29446 12698
Dec. 40173 40093 38176 697089 9873 43334 30300 13033
2003-Jan. 42727 42700 41063 699213 10008 46210 32719 13491
Two weeks ending
2002-Dec. 25 40700 40643 38225 697930 10408 43740 30292 13448 -61
2003-Jan. 8 41135 41099 39495 702883 9200 45148 31935 13213 320
22 42394 42377 40631 698147 10894 44363 31500 12863 -6
Feb. 5 44661 44628 43131 697609 9349 50026 35312 14714 277
19p 40293 40268 37972 700679 9418 46005 30875 15131 52
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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.
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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-Jan. 43699 43649 42304 644254
Feb. 42473 42443 41102 645683
Mar. 40303 40225 38882 649205
Apr. 40895 40824 39683 653268
May 40226 40114 38965 657980
June 38541 38398 37302 662866
July 39317 39126 37943 668753
Aug. 39741 39407 38104 669312
Sep. 38782 38553 37306 669714
Oct. 38543 38400 36993 671484
Nov. 38981 38709 37365 676656
Dec. 40027 39947 38030 686166
2003-Jan. 42713 42686 41049 688300
Two weeks ending
2002-Dec. 25 40523 40466 38048 686789
2003-Jan. 8 41106 41070 39466 692088
22 42379 42362 40616 686985
Feb. 5 44660 44626 43130 686978
19p 40291 40266 37970 689855
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.
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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.
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