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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                      November 26, 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                   total(2)     non-         required       excess     Monetary        total      primary    secondary     seasonal
                                       borrowed(3)                    NSA(4)      base(5)  
 --------------------------------------------------------------------------------------------------------------------------------------------
 Month(6)
  2003-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.                     45676        45590        43935         1741       728825           86           29            0           57
       May                      45386        45275        43798         1588       732303          112            9            0          103
       June                     45933        45753        44099         1834       737802          180           40            0          140
                                                                                                                                             
       July                     45743        45498        44067         1676       745607          245           42            0          203
       Aug.                     44757        44506        43206         1552       748197          251           18            0          233
       Sep.                     46248        45913        44685         1563       753378          335           97            0          238
                                                                                                                                             
       Oct.                     46036        45857        44318         1718       755869          179           15            0          164
 2 weeks ending(7)
  2004-Sep. 29                  46764        46341        45260         1503       752952          423          181            0          243
                                                                                                                                             
       Oct. 13                  45087        44890        43425         1661       754627          197            4            0          194
            27                  46518        46333        44802         1716       755929          186           28            0          158
                                                                                                                                             
       Nov. 10                  47434        47334        45526         1908       759689          100            7            0           93
            24p                 44979        44686        43285         1694       765977          294          218            0           76
---------------------------------------------------------------------------------------------------------------------------------------------  
 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)
                  --------------------------------------                            --------------------------------------
                                                                            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)                                                                                
  2003-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.                46048        45962        44307       740299        14078        42852        31970        10881
       May                 46333        46221        44745       743746        14078        43052        32255        10797
       June                45564        45384        43730       749326        13055        43620        32510        11110
                                                                                                                           
       July                46203        45958        44527       756482        12793        44487        33410        11077
       Aug.                45500        45249        43949       756870        12112        45056        33388        11667
       Sep.                46449        46114        44886       760989        13033        44836        33416        11420
                                                                                                                           
       Oct.                45679        45500        43961       763661        12019        46653        33660        12993
 2 weeks ending(10)
  2004-Sep. 29             49162        48739        47659       760687        14230        45329        34933        10396          167
                                                                                                                                        
       Oct. 13             43026        42829        41364       761852        10937        47408        32089        15320           65
            27             48343        48158        46628       764705        12953        46363        35391        10973          104
                                                                                                                                        
       Nov. 10             44979        44879        43071       765887        12267        45217        32712        12505           75
            24p            46074        45780        44380       774746        11999        46093        34075        12018          213
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-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.                45880        45794        44139         729913
       May                 46106        45994        44518         733465
       June                45296        45116        43462         738786
                                                                         
       July                45868        45624        44192         745959
       Aug.                45109        44857        43557         746328
       Sep.                46015        45680        44451         750519
                                                                         
       Oct.                45201        45021        43483         752778
 2 weeks ending(6)
  2004-Sep. 29             48706        48283        47203         750258
                                                                         
       Oct. 13             42584        42387        40922         750865
            27             47844        47659        46128         753923
                                                                         
       Nov. 10             44454        44354        42546         754989
            24p            45530        45236        43836         764426
  
 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.`

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