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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                         March 18, 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-Feb.                     40821        40796        38852         1970       690548           25           21            0            5
       Mar.                     40971        40949        39337         1634       693904           22           14            0            8
                                                                                                                                             
       Apr.                     40811        40782        39269         1542       696991           29            8            0           21
       May                      40972        40917        39351         1622       699972           55            3            0           53
       June                     42787        42626        40925         1862       702916          161           87            0           74
                                                                                                                                             
       July                     43926        43796        41991         1935       705338          130           21            0          110
       Aug.                     46304        45975        42537         3767       710849          329          168           15          146
       Sep.                     44984        44804        43469         1515       712505          181           23            0          158
                                                                                                                                             
       Oct.                     44007        43900        42459         1549       716024          107           13            0           94
       Nov.                     43438        43370        41875         1563       719205           68           25            0           43
       Dec.                     43022        42976        41364         1658       721120           46           17            0           29
                                                                                                                                             
  2004-Jan.                     43095        42989        41570         1525       722378          106           93            0           13
       Feb.                     42654        42612        40839         1815       724096           42           28            0           14
 2 weeks ending(7)
  2004-Jan. 21                  43164        43030        41695         1468       723022          134          126            0            9
                                                                                                                                             
       Feb.  4                  43475        43365        41930         1545       721808          110           97            0           14
            18                  41567        41542        39568         1999       724798           26           15            0           10
                                                                                                                                             
       Mar.  3                  43739        43701        42060         1679       724034           38           20            0           19
            17p                 44044        43994        42083         1961       717404           51           28            0           23
---------------------------------------------------------------------------------------------------------------------------------------------  
 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-Feb.                41940        41914        39970       701037         9858        45881        32081        13800
       Mar.                40595        40573        38961       705031         9836        42997        30759        12238
                                                                                                                           
       Apr.                41177        41147        39634       709103        10600        41894        30577        11317
       May                 41786        41731        40165       712768        11414        41548        30372        11176
       June                41864        41703        40002       714370        11307        41917        30557        11360
                                                                                                                           
       July                43594        43464        41659       717039        12180        42642        31414        11228
       Aug.                46105        45777        42338       720544        14142        43008        31963        11045
       Sep.                44431        44250        42915       720729        12485        43063        31946        11117
                                                                                                                           
       Oct.                43207        43100        41658       724472        11672        43318        31535        11783
       Nov.                42667        42599        41105       729499        11531        42608        31137        11472
       Dec.                42944        42898        41286       737623        10860        44077        32084        11993
                                                                                                                           
  2004-Jan.                45433        45327        43908       736233        11560        46572        33874        12698
       Feb.                43828        43786        42013       734846        10861        46426        32966        13460
 2 weeks ending(10)
  2004-Jan. 21             44696        44562        43227       734858        12297        44555        32399        12156           99
                                                                                                                                        
       Feb.  4             48079        47969        46534       733500        11443        49936        36637        13299           17
            18             41863        41837        39864       735712         9621        47096        32242        14854          -98
                                                                                                                                        
       Mar.  3             44783        44745        43103       734233        12228        44298        32555        11744          252
            17p            42671        42620        40710       728608        11848        43669        30823        12846          197
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Feb.                41938        41913        39968         690251
       Mar.                40593        40571        38959         693903
                                                                         
       Apr.                41169        41140        39627         697832
       May                 41773        41718        40152         701587
       June                41850        41689        39988         703337
                                                                         
       July                43574        43444        41640         705824
       Aug.                46080        45751        42313         709235
       Sep.                44402        44221        42886         709250
                                                                         
       Oct.                43167        43059        41618         712980
       Nov.                42619        42551        41057         717492
       Dec.                42897        42851        41239         725485
                                                                         
  2004-Jan.                45415        45309        43889         725142
       Feb.                43826        43784        42011         723914
 2 weeks ending(6)
  2004-Jan. 21             44675        44541        43207         724205
                                                                         
       Feb.  4             48078        47968        46532         722504
            18             41861        41836        39862         724430
                                                                         
       Mar.  3             44780        44742        43101         723770
            17p            42668        42618        40707         717542
  
 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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