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 FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                      December 20, 2001
 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
 Adjusted for changes in reserve requirements1                                                                                              
 Averages of daily figures, seasonally adjusted unless noted otherwise
 Millions of dollars
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                               Reserves of depository institutions                            Borrowings of depository institutions from
                                                                                                         the Federal Reserve, NSA
                      ---------------------------------------------------                 --------------------------------------------------
                                                                                                                                          
      Date             total2    nonborrowed3      required    excess NSA4     Monetary      total      adjustment    seasonal    extended
                                                                                base5                                              credit  
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  2000-Nov.                39020        38737           37712         1308       581401          283          124          159            0
       Dec.                38440        38230           37012         1427       583816          210           99          111            0
                                                                                                                                           
  2001-Jan.                38771        38698           37387         1384       589340           73           39           34            0
       Feb.                38827        38775           37319         1507       591048           51           30           21            0
       Mar.                38267        38209           36867         1399       592420           58           38           20            0
                                                                                                                                           
       Apr.                38786        38735           37509         1277       595932           51           15           35            0
       May                 38881        38667           37861         1019       599084          213          134           79            0
       June                38756        38526           37396         1360       601867          229          110          120            0
                                                                                                                                           
       July                39590        39307           38210         1380       607674          283          109          174            0
       Aug.                39876        39693           38670         1206       615478          183           19          164            0
       Sep.                57824        54439           38811        19013       639708         3385         3292           93            0
                                                                                                                                           
       Oct.                45005        44878           43991         1014       629508          127           60           67            0
       Nov. p              40538        40454           39073         1465       629061           84           51           33            0
 Two weeks ending
  2001-Oct. 17             46716        46634           45876          839       630730           82            8           74            0
            31             43760        43691           42918          842       629005           69           10           59            0
                                                                                                                                           
       Nov. 14             40045        39927           38605         1440       627784          119           84           35            0
            28             41121        41068           39614         1507       630253           53           22           32            0
                                                                                                                                           
       Dec. 12p            39911        39851           38565         1346       629649           60           26           34            0
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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.)
 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 requirements1 
 Averages of daily figures, not seasonally adjusted
 Millions of dollars
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                    Reserves of depository institutions                                          Vault cash5
                  --------------------------------------                            --------------------------------------
                                                                            Reserve                  used to                 Net carryover
      Date              total2   nonborrowed     required  Monetary base3  balances       total      satisfy      surplus7    of reserve
                                                                           with F.R.                required                  balances8
                                                                            Banks4                  reserves6
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  2000-Nov.                38783        38500        37475       589128         7172        44647        31611        13037
       Dec.                38473        38263        37046       596976         7022        45245        31451        13794
                                                                                                                           
  2001-Jan.                39731        39658        38347       598331         7046        47697        32685        15012
       Feb.                39307        39256        37800       595517         6542        48530        32765        15765
       Mar.                37723        37666        36324       598195         6733        44127        30991        13136
                                                                                                                           
       Apr.                38589        38538        37312       601841         6860        43672        31729        11943
       May                 39374        39161        38355       605475         7604        43267        31771        11497
       June                38215        37985        36855       608810         7041        43139        31174        11966
                                                                                                                           
       July                39285        39002        37904       615549         7665        43911        31619        12291
       Aug.                39603        39420        38397       621994         7552        44007        32051        11956
       Sep.                57504        54119        38491       645684        25564        43436        31940        11496
                                                                                                                           
       Oct.                44604        44477        43589       635959        12127        45022        32476        12546
       Nov. p              40162        40078        38696       637867         8945        43067        31217        11851
 Two weeks ending
  2001-Oct. 17             46027        45945        45187       638513        13635        45739        32392        13347          224
            31             43605        43536        42763       634539        11212        44471        32393        12078         -197
                                                                                                                                        
       Nov. 14             39289        39171        37849       635090         8317        43506        30972        12534           48
            28             41159        41106        39652       640084         9628        42769        31531        11238           50
                                                                                                                                        
       Dec. 12p            39287        39227        37941       641796         8557        42084        30730        11354          127
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 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.
 p  preliminary
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 H.3 (502)
 Table 3
 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
 Adjusted for changes in reserve requirements1 
 Averages of daily figures, not seasonally adjusted
 Millions of dollars
 ---------------------------------------------------------------------------------
  
                      Reserves of depository institutions
                    ---------------------------------------
      Date              total2   nonborrowed    required3    Monetary base4
 ----------------------------------------------------------------------------------
  2000-Nov.                38844        38561        37536         582363
       Dec.                38528        38319        37101         590056
                                                                         
  2001-Jan.                39715        39642        38331         591452
       Feb.                39336        39285        37829         588967
       Mar.                37771        37713        36372         591365
                                                                         
       Apr.                38653        38602        37376         594921
       May                 39455        39242        38435         598565
       June                38313        38083        36953         601673
                                                                         
       July                39402        39119        38022         608216
       Aug.                39734        39551        38528         614514
       Sep.                57662        54277        38649         637937
                                                                         
       Oct.                44787        44660        43773         627864
       Nov. p              40342        40258        38877         629904
 Two weeks ending
  2001-Oct. 17             46217        46136        45378         630382
            31             43783        43714        42941         626462
                                                                         
       Nov. 14             39459        39340        38019         627388
            28             41348        41295        39841         631947
                                                                         
       Dec. 12p            39482        39422        38136         633214
  
 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.
 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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