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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                      February 20, 2003
 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
 -------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                           Reserves of depository institutions                            Borrowings of depository institutions from
                                                                                                   the Federal Reserve, NSA
                      ---------------------------------------------               ----------------------------------------------------------
                                                                                                                                          
      Date              total2  nonborrowed3  required      excess    Monetary       total     primary   secondary    seasonal   adjustment
                                                             NSA4       base5  
 -------------------------------------------------------------------------------------------------------------------------------------------
  2002-Jan.               41735       41685       40340        1395      641839          50                                  17           33
       Feb.               41450       41420       40080        1371      646592          30                                  17           12
       Mar.               41050       40971       39629        1421      650155          79                                  20           59
                                                                                                                                            
       Apr.               40806       40735       39594        1211      654332          71                                  50           21
       May                39164       39052       37902        1261      657636         112                                 105            7
       June               39313       39171       38075        1238      662015         142                                 136            6
                                                                                                                                            
       July               39679       39488       38305        1374      666912         191                                 176           16
       Aug.               40054       39721       38417        1637      669661         333                                 185          148
       Sep.               39275       39045       37799        1476      671350         229                                 169           60
                                                                                                                                            
       Oct.               38918       38776       37368        1550      674279         143                                 120           23
       Nov.               39561       39290       37945        1616      677634         272                                  60          211
       Dec.               40068       39988       38070        1997      682010          80                                  45           35
                                                                                                                                            
  2003-Jan.               40756       40729       39093        1663      685871          27          12           0          13            2
 Two weeks ending
  2002-Dec. 25            39746       39689       37271        2475      682252          57                                  48            10
                                                                                                                                             
  2003-Jan.  8            40774       40738       39134        1640      683096          36                                  29             8
            22            40745       40728       38982        1764      685681          18           9           0           9              
                                                                                                                                             
       Feb.  5            40757       40723       39230        1527      688632          34          28           0           6              
            19p           39788       39763       37468        2320      687603          25          21           0           4              
---------------------------------------------------------------------------------------------------------------------------------------------  
 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
1        
   
   
   
 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
 -------------------------------------------------------------------------------------------------------------------------------------------
  
                    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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  2002-Jan.                43712        43662        42317       653269         9981        45711        33731        11980
       Feb.                42491        42461        41120       654906         9252        45685        33239        12446
       Mar.                40333        40254        38912       658753         9124        42636        31209        11427
                                                                                                                           
       Apr.                40941        40871        39730       663354         9719        42016        31222        10794
       May                 40292        40180        39030       668123         9188        41819        31104        10716
       June                38617        38474        37378       673012         7923        41655        30694        10961
                                                                                                                           
       July                39412        39220        38038       678976         8099        42718        31313        11406
       Aug.                39854        39521        38217       679548         8520        42892        31335        11557
       Sep.                38907        38678        37431       679956         8731        42231        30176        12055
                                                                                                                           
       Oct.                38685        38542        37134       681833         8836        42933        29849        13084
       Nov.                39141        38870        37525       687226         9695        42144        29446        12698
       Dec.                40173        40093        38176       697089         9873        43334        30300        13033
                                                                                                                           
  2003-Jan.                42729        42702        41066       699212        10008        46210        32721        13488
 Two weeks ending
  2002-Dec. 25             40700        40643        38225       697930        10408        43740        30292        13448          -61
                                                                                                                                        
  2003-Jan.  8             41135        41099        39495       702883         9200        45148        31935        13213          320
            22             42395        42378        40632       698147        10894        44363        31501        12862           -6
                                                                                                                                        
       Feb.  5             44665        44632        43138       697608         9347        50026        35318        14708          277
            19p            40293        40268        37972       697850         9418        46005        30875        15130           58
--------------------------------------------------------------------------------------------------------------------------------------------   
 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
1
  
  
  
 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
 ----------------------------------------------------------------------------------
  2002-Jan.                43698        43649        42303         644254
       Feb.                42472        42442        41101         645682
       Mar.                40302        40223        38881         649205
                                                                         
       Apr.                40893        40822        39682         653269
       May                 40225        40113        38964         657982
       June                38540        38397        37301         662868
                                                                         
       July                39317        39125        37943         668756
       Aug.                39741        39408        38104         669316
       Sep.                38781        38552        37305         669718
                                                                         
       Oct.                38542        38400        36992         671489
       Nov.                38981        38710        37365         676662
       Dec.                40028        39949        38031         686173
                                                                         
  2003-Jan.                42711        42684        41048         688299
 Two weeks ending
  2002-Dec. 25             40523        40466        38048         686795
                                                                         
  2003-Jan.  8             41113        41077        39473         692095
            22             42378        42360        40614         686985
                                                                         
       Feb.  5             44651        44617        43124         686969
            19p            40274        40249        37953         687017
  
 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.`

Statistical releases

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