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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                       January 30, 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  
 -------------------------------------------------------------------------------------------------------------------------------------------
  2001-Dec.               41220       41154       39572        1649      635781          67                                  33           34
                                                                                                                                            
  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      677622         272                                  60          211
       Dec.               40072       39992       38084        1988      681947          80                                  45           35
 Two weeks ending
  2002-Nov. 27            40293       40079       38724        1569      677951         214                                  57           157
                                                                                                                                             
       Dec. 11            40091       39958       38507        1583      681076         133                                  50            83
            25            39746       39689       37271        2475      682182          57                                  48            10
                                                                                                                                             
  2003-Jan.  8            40796       40760       39202        1594      682995          36                                  29             8
            22p           40797       40780       38982        1815      685629          18           9           0           9              
---------------------------------------------------------------------------------------------------------------------------------------------  
 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-Dec.                41077        41010        39428       648737         9053        43919        32024        11895
                                                                                                                           
  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       687213         9695        42144        29446        12698
       Dec.                40177        40098        38189       697024         9871        43334        30306        13027
 Two weeks ending
  2002-Nov. 27             41010        40796        39441       688749        10497        42605        30514        12092          222
                                                                                                                                        
       Dec. 11             38978        38845        37394       692824         9559        41827        29419        12408          139
            25             40700        40643        38225       697860        10408        43740        30292        13448          -61
                                                                                                                                        
  2003-Jan.  8             41158        41122        39564       702773         9192        45148        31966        13182          320
            22p            42447        42430        40632       698091        10924        44363        31523        12840          -21
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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
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-Dec.                41195        41128        39546         639906
                                                                         
  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         676649
       Dec.                40033        39953        38045         686107
 Two weeks ending
  2002-Nov. 27             40846        40632        39277         678119
                                                                         
       Dec. 11             38808        38675        37224         682115
            25             40523        40466        38048         686725
                                                                         
  2003-Jan.  8             41136        41100        39542         691986
            22p            42430        42412        40614         686930
  
 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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