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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                           May 31, 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
                      ---------------------------------------------------                 --------------------------------------------------
                                                                                                                                  Special 
      Date             total2    nonborrowed3      required   excess NSA4     Monetary       total6     adjustment    seasonal    Liquidity
                                                                                base5                                             Facility7
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  2000-Apr.                40783        40479           39626         1157       572495          304          184          120            0
       May                 41003        40641           40031          972       574144          362           86          276             
       June                39882        39403           38766         1117       575307          479           90          389             
                                                                                                                                           
       July                40124        39555           38981         1144       576957          570           60          510             
       Aug.                39643        39064           38639         1004       577531          579           25          554             
       Sep.                39386        38908           38267         1119       578336          477           50          427             
                                                                                                                                           
       Oct.                39021        38602           37874         1147       579698          418          119          299             
       Nov.                39023        38739           37821         1201       581398          283          124          159             
       Dec.                38507        38297           37182         1325       583967          210           99          111             
                                                                                                                                           
  2001-Jan.                38827        38754           37574         1253       589402           73           39           34             
       Feb.                38867        38815           37434         1432       591125           51           30           21             
       Mar.                38258        38200           36873         1385       592430           58           38           20             
                                                                                                                                           
       Apr.                38789        38739           37512         1277       595928           51           15           35             
 Two weeks ending
  2001-Apr.  4             39254        39195           37507         1747       595563           60           42           18             
            18             38199        38158           37003         1196       595024           42            4           38             
                                                                                                                                           
       May   2             39323        39264           38107         1215       597103           59           20           39             
            16             38026        37681           37141          885       597153          346          267           79             
            30p            39784        39687           38652         1132       606016           97           13           85             
                                                                                                                                           
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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.)
 6. Total borrowing includes borrowing under the extended credit program.
 7. Borrowing at the discount window under the terms and conditions established for Century Date Change Special Liquidity Facility in effect
    from October 1, 1999 through April 7, 2000.

 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
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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-Apr.                40601        40297        39444       578468         7093        46456        33508        12948
       May                 41585        41224        40614       580222         7692        44643        33894        10749
       June                39363        38884        38247       581687         6610        44560        32753        11807
                                                                                                                           
       July                39884        39315        38741       584283         6802        45473        33082        12391
       Aug.                39464        38885        38460       583401         6933        45319        32531        12788
       Sep.                39168        38691        38050       583519         6852        44807        32316        12491
                                                                                                                           
       Oct.                38776        38358        37629       585014         6778        45178        31998        13180
       Nov.                38786        38502        37584       589120         7156        44546        31629        12917
       Dec.                38540        38331        37216       597120         7159        45120        31381        13739
                                                                                                                           
  2001-Jan.                39791        39718        38538       598377         7190        47506        32601        14905
       Feb.                39349        39298        37917       595586         6615        48397        32734        15663
       Mar.                37715        37657        36329       598195         6737        44020        30978        13043
                                                                                                                           
       Apr.                38592        38542        37315       601791         6864        43646        31729        11917
 Two weeks ending
  2001-Apr.  4             38809        38750        37062       599959         7287        44352        31523        12830           78
            18             37525        37483        36329       601741         6326        43409        31199        12210          113
                                                                                                                                        
       May   2             39766        39707        38551       602460         7351        43688        32415        11272          110
            16             38190        37844        37304       603716         7156        42641        31034        11607          147
            30p            40715        40618        39583       611740         8184        43898        32531        11367           -3
                                                                                                                                        
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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
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                      Reserves of depository institutions
                    ---------------------------------------
      Date              total2   nonborrowed    required3    Monetary base4
 ----------------------------------------------------------------------------------
  2000-Apr.                40631        40327        39474         571657
       May                 41618        41256        40646         573395
       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.                38657        38606        37379         594871
 Two weeks ending
  2001-Apr.  4             38866        38807        37119         593251
            18             37590        37548        36394         594929
                                                                         
       May   2             39831        39773        38616         595344
            16             38264        37919        37379         596880
            30p            40802        40705        39670         604797
                                                                         
  
 p--preliminary		pe--preliminary estimate
 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.
 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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