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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                        August 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-July                     43314        43183        41379         1935       705363          130           21            0          110
       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        41544         1489       718967           68           25            0           43
       Dec.                     42827        42781        41788         1038       720964           46           17            0           29
                                                                                                                                             
  2004-Jan.                     43152        43046        42253          899       722554          106           93            0           13
       Feb.                     42916        42874        41715         1201       724094           42           28            0           14
       Mar.                     44612        44561        42854         1758       725672           51           23            0           28
                                                                                                                                             
       Apr.                     45591        45505        43836         1755       728748           86           29            0           57
       May                      45353        45242        43761         1592       732304          112            9            0          103
       June                     45902        45722        44068         1833       737797          180           40            0          140
                                                                                                                                             
       July                     45742        45498        44057         1685       745608          245           42            0          203
 2 weeks ending(7)
  2004-June 23                  45340        45157        43407         1933       735872          183           44            0          139
                                                                                                                                             
       July  7                  45611        45388        43663         1947       742927          223           59            0          165
            21                  45038        44797        43669         1369       745061          242           40            0          203
                                                                                                                                             
       Aug.  4                  46820        46556        44878         1942       748250          264           34            0          230
            18p                 42426        42183        41077         1348       746095          243           14            0          229
---------------------------------------------------------------------------------------------------------------------------------------------  
 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-July                43593        43463        41659       717038        12179        42650        31414        11237
       Aug.                46105        45776        42338       720544        14142        43019        31963        11056
       Sep.                44437        44257        42927       720721        12491        43075        31946        11129
                                                                                                                           
       Oct.                43127        43019        41653       724368        11606        43380        31520        11859
       Nov.                42651        42582        41161       729473        11525        42598        31126        11472
       Dec.                42925        42879        41887       737601        10845        44077        32080        11997
                                                                                                                           
  2004-Jan.                45404        45298        44505       736224        11528        46583        33876        12707
       Feb.                43778        43736        42577       734833        10819        46429        32959        13470
       Mar.                44049        43997        42291       736324        11932        44402        32117        12285
                                                                                                                           
       Apr.                45964        45878        44209       740224        14000        42843        31964        10879
       May                 46300        46188        44707       743748        14080        43050        32220        10830
       June                45534        45353        43700       749323        13052        43610        32481        11129
                                                                                                                           
       July                46202        45957        44517       756485        12796        44481        33406        11075
 2 weeks ending(10)
  2004-June 23             45725        45542        43792       747564        13188        43342        32537        10805          103
                                                                                                                                        
       July  7             45110        44887        43162       754649        12174        45361        32936        12425           93
            21             45351        45110        43982       757116        12361        44021        32990        11031          228
                                                                                                                                        
       Aug.  4             48158        47894        46216       756886        13840        44511        34319        10192          138
            18p            42185        41943        40837       755806         9864        45863        32322        13541          365
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-July                43268        43137        41333         705643
       Aug.                45711        45382        41945         709012
       Sep.                43982        43802        42472         708982
                                                                         
       Oct.                42613        42505        41139         712583
       Nov.                42083        42015        40594         717147
       Dec.                42431        42385        41392         725188
                                                                         
  2004-Jan.                45339        45233        44440         725098
       Feb.                43713        43671        42512         723867
       Mar.                43942        43891        42184         725523
                                                                         
       Apr.                45796        45711        44041         729838
       May                 46073        45961        44480         733467
       June                45265        45085        43432         738783
                                                                         
       July                45867        45623        44183         745961
 2 weeks ending(6)
  2004-June 23             45459        45276        43526         737115
                                                                         
       July  7             44817        44594        42869         743613
            21             45025        44784        43656         746501
                                                                         
       Aug.  4             47781        47517        45839         746850
            18p            41816        41573        40467         745044
  
 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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