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<FONT SIZE=+1><I>Release Date: February 21, 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
                                                                                                                      February 21, 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  
 -------------------------------------------------------------------------------------------------------------------------------------------
  2001-Jan.                38771        38698           37387         1384       588566           73           39           34            0
       Feb.                38827        38775           37319         1507       590049           51           30           21            0
       Mar.                38267        38209           36867         1399       592032           58           38           20            0
                                                                                                                                           
       Apr.                38786        38735           37509         1277       595998           51           15           35            0
       May                 38881        38667           37861         1019       599622          213          134           79            0
       June                38758        38528           37396         1362       602736          229          110          120            0
                                                                                                                                           
       July                39642        39359           38234         1408       608186          283          109          174            0
       Aug.                39940        39757           38731         1209       615585          183           19          164            0
       Sep.                57887        54502           38868        19019       639530         3385         3292           93            0
                                                                                                                                           
       Oct.                45463        45336           44142         1321       630064          127           60           67            0
       Nov.                40534        40450           39048         1487       629343           84           51           33            0
       Dec.                41029        40962           39388         1641       634534           67           34           33            0
                                                                                                                                           
  2002-Jan.                42415        42365           41010         1405       641853           50           33           17            0
 Two weeks ending
  2001-Dec. 26             41547        41487           39687         1860       636527           60           24           36            0
                                                                                                                                           
  2002-Jan.  9             42198        42093           40536         1662       638031          105           83           22            0
            23             41993        41965           40747         1246       641746           28           15           14            0
                                                                                                                                           
       Feb.  6             43397        43372           42004         1393       646340           26            8           18            0
            20p            40759        40723           39316         1443       647092           37           17           20            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
 -------------------------------------------------------------------------------------------------------------------------------------------
                                                                                
  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        39315       648889         9059        43918        31896        12023
                                                                                                                           
  2002-Jan.                43475        43425        42070       653311        10009        45731        33465        12266
 Two weeks ending
  2001-Dec. 26             41878        41818        40018       651902         9219        45197        32659        12539           40
                                                                                                                                        
  2002-Jan.  9             42313        42208        40651       657421         9747        44748        32566        12182           44
            23             43218        43190        41972       651695        10648        43724        32570        11153           40
                                                                                                                                        
       Feb.  6             45233        45207        43839       651516         9189        50352        36044        14308           62
            20p            41276        41240        39833       656974         9018        45422        32259        13163           91
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-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.                41119        41052        39478         640061
                                                                         
  2002-Jan.                43462        43412        42057         644287
 Two weeks ending
  2001-Dec. 26             42088        42029        40228         642922
                                                                         
  2002-Jan.  9             42268        42163        40606         648412
            23             43206        43178        41960         642628
                                                                         
       Feb.  6             45254        45229        43861         642551
            20p            41306        41270        39863         647577
  
 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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