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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                        January 9, 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 NSA4     Monetary      total      adjustment    seasonal    extended
                                                                                base5                                              credit  
 -------------------------------------------------------------------------------------------------------------------------------------------
  2001-Dec.                41220        41154           39572         1649       634414           67           34           33            0
                                                                                                                                           
  2002-Jan.                41735        41685           40340         1395       640845           50           33           17            0
       Feb.                41450        41420           40080         1371       646153           30           12           17            0
       Mar.                41050        40971           39629         1421       649629           79           59           20            0
                                                                                                                                           
       Apr.                40806        40735           39594         1211       653921           71           21           50            0
       May                 39164        39052           37902         1261       657887          112            7          105            0
       June                39313        39171           38075         1238       664105          142            6          136            0
                                                                                                                                           
       July                39679        39488           38305         1374       668755          191           16          176            0
       Aug.                40054        39721           38417         1637       671143          333          148          185            0
       Sep.                39275        39045           37799         1476       671568          229           60          169            0
                                                                                                                                           
       Oct.                38918        38776           37368         1550       673626          143           23          120            0
       Nov.                39562        39290           37946         1616       676238          272          211           60            0
       Dec. p              40084        40005           38100         1984       680179           80           35           45            0
 Two weeks ending
  2002-Nov. 13             38651        38286           36977         1674       675317          366          299           67            0
            27             40293        40079           38724         1569       676240          214          157           57            0
                                                                                                                                           
       Dec. 11             40095        39963           38512         1583       680219          133           83           50            0
            25             39768        39711           37273         2495       680230           57           10           48            0
                                                                                                                                           
  2003-Jan.  8p            40803        40767           39276         1527       679987           36            8           29            0
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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.)
 p  preliminary
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 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. p              40190        40110        38206       696785         9885        43334        30304        13029
 Two weeks ending
  2002-Nov. 13             37166        36801        35492       684265         8864        41720        28302        13418          185
            27             41010        40796        39441       688749        10497        42605        30514        12092          222
                                                                                                                                        
       Dec. 11             38982        38849        37398       692824         9559        41827        29423        12404          139
            25             40722        40665        38226       697885        10433        43740        30289        13451          -61
                                                                                                                                        
  2003-Jan.  8p            41165        41129        39638       701480         9209        45148        31956        13192          329
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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.                38982        38710        37366         676649
       Dec. p              40045        39966        38061         685868
 Two weeks ending
  2002-Nov. 13             37014        36649        35340         673804
            27             40846        40632        39277         678119
                                                                         
       Dec. 11             38811        38679        37228         682115
            25             40544        40487        38049         686750
                                                                         
  2003-Jan.  8p            41143        41107        39616         690691
  
 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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