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<FONT SIZE=+1><I>Release Date: January 24, 2002</I></FONT><BR>

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<PRE>
 FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                       January 24, 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  
 -------------------------------------------------------------------------------------------------------------------------------------------
  2000-Dec.                38440        38230           37012         1427       583816          210           99          111            0
                                                                                                                                           
  2001-Jan.                38771        38698           37387         1384       589340           73           39           34            0
       Feb.                38827        38775           37319         1507       591048           51           30           21            0
       Mar.                38267        38209           36867         1399       592420           58           38           20            0
                                                                                                                                           
       Apr.                38786        38735           37509         1277       595932           51           15           35            0
       May                 38881        38667           37861         1019       599084          213          134           79            0
       June                38758        38528           37396         1362       601869          229          110          120            0
                                                                                                                                           
       July                39642        39359           38234         1408       607700          283          109          174            0
       Aug.                39940        39757           38731         1209       615519          183           19          164            0
       Sep.                57887        54502           38868        19019       639777         3385         3292           93            0
                                                                                                                                           
       Oct.                45463        45336           44142         1321       629998          127           60           67            0
       Nov.                40534        40450           39048         1487       629058           84           51           33            0
       Dec.                41028        40962           39390         1639       634378           67           34           33            0
 Two weeks ending
  2001-Nov. 28             41116        41063           39669         1447       630249           53           22           32            0
                                                                                                                                           
       Dec. 12             39938        39878           38562         1375       629681           60           26           34            0
            26             41549        41490           39688         1861       636375           60           24           36            0
                                                                                                                                           
  2002-Jan.  9             42188        42084           40540         1648       640060          105           83           22            0
            23p            42026        41998           40756         1270       645049           28           15           14            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-Dec.                38473        38263        37046       596976         7022        45245        31451        13794
                                                                                                                           
  2001-Jan.                39731        39658        38347       598331         7046        47697        32685        15012
       Feb.                39307        39256        37800       595517         6542        48530        32765        15765
       Mar.                37723        37666        36324       598195         6733        44127        30991        13136
                                                                                                                           
       Apr.                38589        38538        37312       601841         6860        43672        31729        11943
       May                 39374        39161        38355       605475         7604        43267        31771        11497
       June                38217        37988        36855       608812         7043        43139        31174        11966
                                                                                                                           
       July                39337        39054        37929       615577         7693        43910        31644        12266
       Aug.                39668        39484        38459       622038         7578        44007        32090        11917
       Sep.                57567        54182        38549       645753        25633        43436        31934        11502
                                                                                                                           
       Oct.                45061        44934        43739       636449        12552        45021        32509        12512
       Nov.                40158        40074        38672       637865         8944        43065        31214        11851
       Dec.                40955        40888        39316       648890         9058        43918        31896        12022
 Two weeks ending
  2001-Nov. 28             41154        41101        39707       640081         9626        42766        31528        11238           82
                                                                                                                                        
       Dec. 12             39314        39254        37938       641819         8587        42081        30727        11355          116
            26             41880        41820        40018       651903         9220        45197        32660        12537           40
                                                                                                                                        
  2002-Jan.  9             42303        42199        40655       657426         9736        44748        32567        12180           44
            23p            43251        43223        41981       654363        10677        43723        32574        11149           41
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Dec.                38528        38319        37101         590056
                                                                         
  2001-Jan.                39715        39642        38331         591452
       Feb.                39336        39285        37829         588967
       Mar.                37771        37713        36372         591365
                                                                         
       Apr.                38653        38602        37376         594921
       May                 39455        39242        38435         598565
       June                38315        38085        36953         601675
                                                                         
       July                39454        39172        38046         608244
       Aug.                39798        39615        38589         614557
       Sep.                57725        54340        38706         638006
                                                                         
       Oct.                45244        45117        43923         628354
       Nov.                40339        40255        38852         629903
       Dec.                41118        41051        39479         640061
 Two weeks ending
  2001-Nov. 28             41343        41290        39896         631944
                                                                         
       Dec. 12             39509        39449        38133         633245
            26             42091        42031        40229         642923
                                                                         
  2002-Jan.  9             42258        42154        40610         648403
            23p            43239        43211        41969         645295
  
 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. 
</PRE>
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