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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
 --------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                                  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
---------------------------------------------------------------------------------------------------------------------------------------------  
 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-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
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-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.
 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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