---

`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                          July 26, 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
 -------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                               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  
 -------------------------------------------------------------------------------------------------------------------------------------------
  2000-June                39882        39403           38766         1117       575307          479           90          389            0
                                                                                                                                           
       July                40124        39555           38981         1144       576957          570           60          510            0
       Aug.                39643        39064           38639         1004       577531          579           25          554            0
       Sep.                39386        38908           38267         1119       578335          477           50          427            0
                                                                                                                                           
       Oct.                39021        38602           37874         1147       579696          418          119          299            0
       Nov.                39023        38739           37821         1201       581395          283          124          159            0
       Dec.                38507        38297           37182         1325       583958          210           99          111            0
                                                                                                                                           
  2001-Jan.                38827        38754           37574         1253       589387           73           39           34            0
       Feb.                38867        38815           37434         1432       591117           51           30           21            0
       Mar.                38258        38200           36873         1385       592419           58           38           20            0
                                                                                                                                           
       Apr.                38788        38737           37511         1277       595915           51           15           35            0
       May                 38888        38675           37869         1019       599061          213          134           79            0
       June                38758        38528           37417         1341       601836          229          110          120            0
 Two weeks ending
  2001-May  30             39759        39662           38652         1107       601104           97           13           85            0
                                                                                                                                           
       June 13             37910        37615           36662         1248       600689          295          195          101            0
            27             39453        39287           38028         1424       602501          166           36          130            0
                                                                                                                                           
       July 11             39188        38945           37835         1354       603704          244           89          155            0
            25p            39690        39347           38311         1380       611535          344          159          185            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
 -------------------------------------------------------------------------------------------------------------------------------------------
                                                                                
  2000-June                39363        38884        38247       581687         6610        44562        32753        11809
                                                                                                                           
       July                39884        39315        38741       584283         6802        45476        33082        12394
       Aug.                39464        38885        38460       583401         6933        45330        32531        12799
       Sep.                39168        38691        38050       583519         6852        44830        32316        12514
                                                                                                                           
       Oct.                38776        38358        37629       585014         6778        45234        31998        13236
       Nov.                38786        38502        37584       589120         7156        44636        31629        13007
       Dec.                38540        38331        37216       597120         7159        45229        31381        13848
                                                                                                                           
  2001-Jan.                39791        39718        38538       598377         7190        47683        32601        15083
       Feb.                39349        39298        37917       595586         6615        48517        32734        15783
       Mar.                37715        37657        36329       598195         6737        44104        30978        13127
                                                                                                                           
       Apr.                38591        38540        37314       601835         6863        43656        31728        11929
       May                 39382        39169        38363       605481         7610        43263        31772        11491
       June                38217        37987        36876       608786         7041        43133        31176        11957
 Two weeks ending
  2001-May  30             40689        40592        39582       607390         8159        43900        32530        11370           -2
                                                                                                                                        
       June 13             37024        36729        35775       607843         6756        42155        30268        11888           -4
            27             39243        39078        37819       608691         7278        43811        31965        11845           83
                                                                                                                                        
       July 11             38599        38355        37245       613317         7166        44209        31433        12775          102
            25p            39410        39067        38031       618517         7931        43325        31480        11845          -90
--------------------------------------------------------------------------------------------------------------------------------------------   
 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
 ----------------------------------------------------------------------------------
  2000-June                39404        38925        38287         574811
                                                                         
       July                39930        39360        38786         577493
       Aug.                39509        38930        38505         576664
       Sep.                39224        38746        38105         576836
                                                                         
       Oct.                38837        38419        37690         578291
       Nov.                38846        38563        37645         582356
       Dec.                38596        38386        37271         590200
                                                                         
  2001-Jan.                39775        39702        38522         591498
       Feb.                39378        39327        37946         589036
       Mar.                37762        37705        36377         591364
                                                                         
       Apr.                38655        38605        37379         594915
       May                 39462        39249        38443         598571
       June                38315        38085        36973         601649
 Two weeks ending
  2001-May  30             40777        40680        39670         600439
                                                                         
       June 13             37113        36818        35864         600847
            27             39345        39180        37921         601476
                                                                         
       July 11             38713        38470        37360         605933
            25p            39527        39184        38148         611274
  
 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.`

---