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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                          July 18, 2002
 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 NSA4     Monetary      total      adjustment    seasonal    extended
                                                                                base5                                              credit  
 -------------------------------------------------------------------------------------------------------------------------------------------
  2001-June                39066        38836           37704         1362       602835          229          110          120            0
                                                                                                                                           
       July                39785        39502           38377         1408       608105          283          109          174            0
       Aug.                40079        39896           38871         1208       616024          183           19          164            0
       Sep.                58217        54832           39200        19017       639690         3385         3292           93            0
                                                                                                                                           
       Oct.                45224        45097           43899         1326       629954          127           60           67            0
       Nov.                40867        40783           39415         1452       629373           84           51           33            0
       Dec.                41221        41154           39576         1645       634413           67           34           33            0
                                                                                                                                           
  2002-Jan.                41747        41698           40360         1387       640857           50           33           17            0
       Feb.                41451        41421           40083         1367       646175           30           12           17            0
       Mar.                41013        40935           39599         1414       649651           79           59           20            0
                                                                                                                                           
       Apr.                40760        40690           39552         1208       653937           71           21           50            0
       May                 39116        39004           37843         1273       657889          112            7          105            0
       June p              39251        39108           38003         1248       664048          142            6          136            0
 Two weeks ending
  2002-May  15             38812        38712           37621         1191       656166          100            6           95            0
            29             39332        39206           37954         1378       659235          127           10          117            0
                                                                                                                                           
       June 12             38955        38840           37810         1146       661989          116            3          113            0
            26             39182        39031           37930         1252       664704          151            4          147            0
                                                                                                                                           
       July 10p            40378        40184           38839         1539       667929          194           27          168            0
---------------------------------------------------------------------------------------------------------------------------------------------  
 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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  2001-June                38217        37988        36855       608812         7043        43169        31174        11996
                                                                                                                           
       July                39337        39054        37929       615576         7692        43948        31644        12304
       Aug.                39668        39484        38460       622037         7576        44030        32091        11938
       Sep.                57570        54185        38553       645727        25632        43466        31938        11528
                                                                                                                           
       Oct.                44632        44505        43306       635896        12073        45057        32559        12499
       Nov.                40124        40040        38672       637643         8833        43104        31291        11813
       Dec.                41077        41011        39433       648738         9054        43935        32024        11911
                                                                                                                           
  2002-Jan.                43725        43676        42339       653284         9995        45730        33730        11999
       Feb.                42491        42461        41124       654928         9273        45696        33218        12478
       Mar.                40297        40218        38883       658775         9146        42633        31151        11482
                                                                                                                           
       Apr.                40896        40825        39688       663373         9740        42016        31156        10860
       May                 40242        40130        38969       668139         9209        41824        31033        10791
       June p              38555        38413        37308       672957         7933        41667        30622        11045
 Two weeks ending
  2002-May  15             38890        38790        37699       665669         8524        41833        30366        11467           19
            29             41869        41742        40491       670486        10011        41959        31858        10101           76
                                                                                                                                        
       June 12             37321        37205        36175       671072         7878        40687        29443        11244          180
            26             39393        39242        38141       672927         7983        42135        31410        10725           85
                                                                                                                                        
       July 10p            39331        39137        37791       678719         7927        42973        31404        11569           57
--------------------------------------------------------------------------------------------------------------------------------------------   
 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
 ----------------------------------------------------------------------------------
  2001-June                38283        38054        36921         601667
                                                                         
       July                39417        39134        38009         608235
       Aug.                39759        39576        38551         614550
       Sep.                57678        54293        38662         637969
                                                                         
       Oct.                44759        44632        43434         627786
       Nov.                40253        40169        38801         629675
       Dec.                41196        41129        39551         639907
                                                                         
  2002-Jan.                43712        43662        42325         644269
       Feb.                42473        42443        41106         645705
       Mar.                40266        40188        38852         649226
                                                                         
       Apr.                40847        40777        39640         653287
       May                 40176        40064        38903         657998
       June p              38479        38336        37231         662813
 Two weeks ending
  2002-May  15             38828        38728        37637         655550
            29             41799        41672        40421         660290
                                                                         
       June 12             37249        37134        36103         661134
            26             39314        39163        38062         662613
                                                                         
       July 10p            39245        39051        37705         668548
  
 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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