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 FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                           May 22, 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
                      ---------------------------------------------               ----------------------------------------------------------
                                                                                                                                          
      Date             total(2)     non-       required     excess    Monetary       total     primary   secondary    seasonal   adjustment
                                 borrowed(3)                 NSA(4)     base(5)  
 -------------------------------------------------------------------------------------------------------------------------------------------
 Month(6)
  2002-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      669929         333                                 185          148
       Sep.               39252       39023       37776        1476      671453         229                                 169           60
                                                                                                                                            
       Oct.               39184       39041       37634        1550      674300         143                                 120           23
       Nov.               39686       39414       38070        1616      677516         272                                  60          211
       Dec.               40117       40037       38120        1997      681766          80                                  45           35
                                                                                                                                            
  2003-Jan.               40607       40581       38947        1660      685591          27          12           0          13            2
       Feb.               40756       40731       38848        1908      691310          25          21           0           5             
       Mar.               40943       40921       39333        1610      695123          22          14           0           8             
                                                                                                                                            
       Apr.               40794       40765       39270        1524      698254          29           8           0          21             
 2 weeks ending(7)
  2003-Mar. 19            40230       40199       38570        1660      694087          32          23           0           9              
                                                                                                                                             
       Apr.  2            41432       41422       39820        1612      696987          11           3           0           8              
            16            40276       40243       38806        1470      696274          33          15           0          18              
            30            41221       41192       39655        1566      700414          29           2           0          27              
                                                                                                                                             
       May  14p           39777       39726       38217        1559      699083          51           3           0          48              
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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.
 p  preliminary
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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
 -------------------------------------------------------------------------------------------------------------------------------------------
  
                    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)
 -------------------------------------------------------------------------------------------------------------------------------------------
 Month(9)                                                                                
  2002-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       697088         9873        43334        30300        13033
                                                                                                                           
  2003-Jan.                42743        42716        41082       699181        10004        46210        32738        13471
       Feb.                41874        41849        39966       700986         9807        45939        32067        13872
       Mar.                40567        40545        38957       705000         9818        43086        30748        12337
                                                                                                                           
       Apr.                41159        41130        39635       709037        10590        41990        30570        11421
 2 weeks ending(10)
  2003-Mar. 19             38872        38840        37211       703848         9500        42203        29372        12831          137
                                                                                                                                        
       Apr.  2             41664        41654        40052       707004         9843        43916        31822        12095          284
            16             39254        39221        37784       707990         9421        41680        29833        11847           85
            30             42993        42964        41427       710375        11866        42026        31128        10898           72
                                                                                                                                        
       May  14p            39484        39433        37924       709988         9787        41433        29697        11736           46
--------------------------------------------------------------------------------------------------------------------------------------------   
 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)
  2002-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         686165
                                                                         
  2003-Jan.                42728        42701        41068         688268
       Feb.                41873        41847        39965         690200
       Mar.                40564        40543        38954         693872
                                                                         
       Apr.                41152        41123        39628         697767

 2 weeks ending(6)
  2003-Mar. 19             38869        38838        37209         692786
                                                                         
       Apr.  2             41661        41651        40049         695666
            16             39251        39218        37781         696628
            30             42981        42952        41415         699206
                                                                         
       May  14p            39471        39420        37911         698779
  
 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.