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Release Date: September 23, 2004
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
September 23, 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
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Reserves of depository institutions Borrowings of depository institutions from
the Federal Reserve, NSA
-------------------------------------------------- --------------------------------------------------
Date total(2) non- required excess Monetary total primary secondary seasonal
borrowed(3) NSA(4) base(5)
--------------------------------------------------------------------------------------------------------------------------------------------
Month(6)
2003-Aug. 45581 45252 41814 3767 710239 329 168 15 146
Sep. 44289 44109 42779 1510 712123 181 23 0 158
Oct. 43394 43287 41921 1473 715834 107 13 0 94
Nov. 43034 42966 41545 1489 718968 68 25 0 43
Dec. 42843 42797 41804 1039 720978 46 17 0 29
2004-Jan. 43204 43098 42314 891 722605 106 93 0 13
Feb. 42994 42952 41805 1189 724169 42 28 0 14
Mar. 44713 44662 42951 1762 725761 51 23 0 28
Apr. 45677 45591 43935 1742 728824 86 29 0 57
May 45387 45275 43798 1588 732302 112 9 0 103
June 45933 45753 44098 1836 737803 180 40 0 140
July 45740 45496 44063 1678 745609 245 42 0 203
Aug. 44758 44506 43206 1552 748170 251 18 0 233
2 weeks ending(7)
2004-July 21 45038 44797 43669 1369 745061 242 40 0 203
Aug. 4 46815 46551 44894 1921 748252 264 34 0 230
18 42417 42174 41069 1347 746097 243 14 0 229
Sep. 1 46646 46389 44987 1659 750377 257 19 0 238
15p 45784 45522 44180 1604 753848 263 26 0 237
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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.)
6. Prorated averages of biweekly averages.
7. Averages of daily figures.
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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
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Reserves of depository institutions Vault cash(5)
-------------------------------------- --------------------------------------
Reserve used to Net carryover
Date total(2) nonborrowed required Monetary balances total satisfy surplus(7) of reserve
base(3) with F.R. required balances(8)
Banks(4) reserves(6)
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Month(9)
2003-Aug. 46105 45776 42338 720544 14142 43019 31963 11056
Sep. 44437 44257 42927 720721 12491 43075 31946 11129
Oct. 43127 43019 41653 724368 11606 43377 31520 11857
Nov. 42651 42583 41162 729473 11525 42590 31126 11464
Dec. 42941 42895 41902 737614 10858 44069 32083 11986
2004-Jan. 45461 45355 44570 736279 11581 46578 33880 12698
Feb. 43859 43817 42670 734908 10892 46440 32967 13473
Mar. 44149 44097 42387 736412 12020 44424 32129 12295
Apr. 46049 45963 44307 740299 14078 42852 31971 10880
May 46334 46222 44745 743746 14078 43052 32255 10797
June 45565 45384 43729 749327 13056 43620 32509 11111
July 46200 45956 44522 756483 12794 44487 33406 11081
Aug. 45501 45250 43949 756839 12113 45056 33388 11667
2 weeks ending(10)
2004-July 21 45351 45110 43982 757116 12361 44026 32990 11036 228
Aug. 4 48154 47890 46232 756883 13836 44515 34318 10197 138
18 42176 41934 40829 755804 9862 45863 32315 13548 347
Sep. 1 48266 48009 46607 757941 14008 44353 34259 10095 111
15p 43849 43586 42245 761370 11914 44194 31935 12259 234
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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.
9. Prorated averages of biweekly averages.
10. Averages of daily figures.
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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-Aug. 45711 45382 41945 709012
Sep. 43982 43802 42472 708982
Oct. 42613 42505 41139 712583
Nov. 42083 42015 40594 717147
Dec. 42447 42401 41408 725201
2004-Jan. 45396 45290 44505 725152
Feb. 43794 43752 42605 723942
Mar. 44042 43990 42280 725610
Apr. 45881 45795 44139 729913
May 46107 45995 44518 733465
June 45296 45116 43461 738787
July 45866 45621 44188 745960
Aug. 45109 44858 43557 746297
2 weeks ending(6)
2004-July 21 45025 44784 43656 746501
Aug. 4 47777 47513 45855 746846
18 41807 41564 40459 745043
Sep. 1 47845 47588 46186 747479
15p 43435 43173 41831 750896
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.
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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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