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Federal Reserve Bulletin, June, 2003
1.10 RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted (1)
2002
Monetary or credit aggregate Q2 Q3 Q4
Reserves of depository
institutions (2)
1 Total -13.5 -2.0 .3
2 Required -12.4 -4.8 -2.1
3 Nonborrowed -14.0 -3.5 1.2
4 Monetary base (3) 7.5 6.9 5.0
Concepts of money (4)
5 M1 -.6 3.1 4.5
6 M2 4.1 9.1 7.1
7 M3 4.1 7.7 7.6 (r)
Nontransaction components
8 In M2 (5) 5.4 10.8 7.8
9 In M3 only (6) 4.3 (r) 4.5 8.6 (r)
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 15.1 20.1 16.9
11 Small time (7) -6.3 -6.3 -9.1
12 Large time (8),(9) 12.4 3.7 -4.0
Thrift institutions
13 Savings, including MMDAs 24.0 20.5 20.5
14 Small time (7) -16.6 -12.3 -6.4 (r)
15 Large time (8) -8.1 -3.2 11.1
Money market mutual funds
16 Retail -9.2 4.7 -4.4
17 Institution-only 3.9 -.8 1.9
Repurchase agreements and
eurodollars
18 Repurchase agreements (10) -.7 27.5 45.0
19 Eurodollars (10) -4.4 (r) -.3 (r) 19.3 (r)
2003 2002
Monetary or credit aggregate Q1 Nov. Dec.
Reserves of depository
institutions (2)
1 Total 11.2 15.4 13.0
2 Required 11.6 13.9 1.6
3 Nonborrowed 12.6 11.5 19.0
4 Monetary base (3) 7.6 5.7 7.5
Concepts of money (4)
5 M1 7.1 -.9 7.8
6 M2 6.7 8.1 3.2
7 M3 5.4 17.3 (r) 7.8 (r)
Nontransaction components
8 In M2 (5) 6.6 10.5 2.0 (r)
9 In M3 only (6) 2.6 37.4 (r) 17.9 (r)
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 13.5 20.9 3.6
11 Small time (7) -7.5 -7.3 -9.0
12 Large time (8),(9) -1.7 -13.5 (r) -32.5 (r)
Thrift institutions
13 Savings, including MMDAs 22.2 13.9 21.7
14 Small time (7) -4.3 -4.4 -2.4 (r)
15 Large time (8) 9.3 16.9 15.6
Money market mutual funds
16 Retail -7.8 1.9 -8.0
17 Institution-only -5.1 68.7 25.0
Repurchase agreements and
eurodollars
18 Repurchase agreements (10) 27.3 55.3 77.7
19 Eurodollars (10) 5.4 14.7 (r) 20.6 (r)
2003
Monetary or credit aggregate Jan. (r) Feb. (r) Mar.
Reserves of depository
institutions (2)
1 Total 14.7 4.4 5.5
2 Required 26.0 -3.1 14.9
3 Nonborrowed 16.3 4.4 5.6
4 Monetary base (3) 6.7 10.0 6.6
Concepts of money (4)
5 M1 2.1 19.8 3.5
6 M2 6.4 11.6 3.2
7 M3 -.4 7.6 1.6
Nontransaction components
8 In M2 (5) 7.5 9.4 3.1
9 In M3 only (6) -14.6 -1.1 -1.7
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 18.7 16.0 4.5
11 Small time (7) -7.0 -7.2 -7.1
12 Large time (8),(9) 14.8 14.4 -8.2
Thrift institutions
13 Savings, including MMDAs 21.6 27.4 19.1
14 Small time (7) -4.8 -6.4 -2.0
15 Large time (8) 13.4 1.0 -7.1
Money market mutual funds
16 Retail -14.6 -3.7 -5.2
17 Institution-only -35.3 -20.1 -12.7
Repurchase agreements and
eurodollars
18 Repurchase agreements (10) -23.8 34.0 41.2
19 Eurodollars (10) 15.3 -20.5 -11.5
(1.) Unless otherwise noted, rates of change are calculated from
average amounts outstanding during preceding month or quarter.
(2.) Figures incorporate adjustments for discontinuities, or "breaks,"
associated with regulatory changes in reserve requirements (See also
table 1.20.)
(3.) The seasonally adjusted, break-adjusted monetary base consists
of (1) seasonally adjusted, break-adjusted total reserves (line 1),
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
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.
(4.) Composition of the money stock measures is as follows:
M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks,
and the vaults of depository institutions, (2) travelers checks of
nonbank issuers, (3) demand deposits at all commercial banks other
than those owed to depository institutions, the U.S. government, and
foreign banks and official institutions, less cash items in the process
of collection and Federal Reserve float, and (4) other checkable
deposits (OCDs), consisting of negotiable order of withdrawal (NOW)
and automatic transfer service (ATS) accounts at depository
institutions, credit union share draft accounts, and demand deposits
at thrift institutions. Seasonally adjusted M1 is computed by summing
currency, travelers checks, demand deposits, and OCDs, each seasonally
adjusted separately.
M2: M1 plus (1) savings (including MMDAs), (2)
small-denomination time deposits (time deposits--including retail
RPs--in amounts of less than $100,000), and (3) balances in retail
money market mutual funds. Excludes individual retirement accounts
(IRAs) and Keogh balances at depository institutions and money market
funds.
Seasonally adjusted M2 is calculated by summing savings
deposits, small-denomination time deposits, and retail money fund
balances, each seasonally adjusted separately, and adding this result
to seasonally adjusted M1.
M3: M2 plus (1) large-denomination time
deposits (in amounts of $100,000 or more), (2) balances in
institutional money funds, (3) RP liabilities (overnight and term)
issued by all depository institutions, and (4) eurodollars (overnight
and term) held by U.S. residents at foreign branches of U.S. banks
worldwide and at all banking offices in the United Kingdom and Canada.
Excludes amounts held by depository institutions, the U.S. government,
money market funds, and foreign banks and official institutions.
Seasonally adjusted M3 is calculated by summing large time deposits,
institutional money fund balances, RP liabilities, and
eurodollars, each seasonally adjusted separately, and adding this
result to seasonally adjusted M2.
(5.) Sum of (1) savings deposits (including MMDAs), (2) small time
deposits, and (3) retail money fund balances, each seasonally adjusted
separately.
(6.) Sum of (1) large time deposits, (2) institutional money fund
balances, (3) RP liabilities (overnight and term) issued by depository
institutions, and (4) eurodollars (overnight and term) of U.S.
addressees, each seasonally adjusted separately.
(7.) Small time deposits--including retail RPs--are those issued in
amounts of less than $100,000. All IRA and Keogh account balances at
commercial banks and thrift institutions are subtracted from small time
deposits.
(8.) Large time deposits are those issued in amounts of $100,000 or
more, excluding those booked at international banking facilities.
(9.) Large time deposits at commercial banks less those held by money
market funds, depository institutions, the U.S. government, and foreign
banks and official institutions.
(10.) Includes both overnight and term.
1.11 RESERVE BALANCES OF DEPOSITORY INSTITUTIONS (1)
Millions of dollars
Average of daily figures
2003
Factor Jan. Feb. Mar.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 694,979 696,613 701,365
2 Securities held outright 629,416 631,830 639,323
3 U.S. Treasury (2) 629,406 631,820 639,313
4 Bills (3) 226,682 228,026 231,580
5 Notes and bonds,
nominal (3) 389,219 390,305 394,110
6 Notes and bonds,
inflation-
indexed (3) 12,242 12,242 12,353
7 Inflation compen-
sation (4) 1,263 1,247 1,270
8 Federal agency (3) 10 10 10
9 Repurchase agreements (5) 25,395 24,558 23,356
10 Loans to depository
institutions 28 19 24
11 Primary credit (6) 15 15 17
12 Secondary credit (6) 0 0 0
13 Seasonal credit 11 4 7
14 Adjustment credit (6) 2 0 0
15 Float 565 977 595
16 Other Federal Reserve
assets 39,575 39,229 38,066
17 Gold stock 11,043 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200 2,200
19 Treasury currency
outstanding 34,597 34,650 34,738
ABSORBING RESERVE FUNDS
20 Currency in circulation 677,745 680,336 683,783
21 Reverse repurchase
agreements (7) 18,534 18,222 18,755
21 Foreign official and
international accounts 18,534 17,954 18,715
23 Dealers 0 268 40
24 Treasury cash holdings 366 354 369
25 Deposits with Federal
Reserve Banks, other
than reserve balances 17,053 16,236 16,842
26 U.S. Treasury, general
account 5,773 5,053 5,339
27 Foreign official 126 125 163
28 Service-related 10,907 10,819 11,118
29 Required clearing
balances 10,484 10,330 10,601
30 Adjustments to
compensate for float 423 489 517
31 Other 247 239 221
32 Other liabilities and
capital 19,651 19,664 19,732
33 Reserve balances with
Federal Reserve Banks (8) 9,469 9,693 9,865
End-of-month figures
Factor Jan. Feb. Mar.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 697,826 701,055 710,555
2 Securities held outright 629,416 636,921 641,474
3 U.S. Treasury (2) 629,406 636,911 641,464
4 Bills (3) 226,682 230,843 232,706
5 Notes and bonds,
nominal (3) 389,219 392,593 394,621
6 Notes and bonds,
inflation-
indexed (3) 12,242 12,242 12,814
7 Inflation compen-
sation (4) 1,263 1,233 1,322
8 Federal agency (3) 10 10 10
9 Repurchase agreements (5) 24,750 26,900 31,750
10 Loans to depository
institutions 7 5 30
11 Primary credit (6) 1 1 25
12 Secondary credit (6) 0 0 0
13 Seasonal credit 6 4 4
14 Adjustment credit (6) 0 0 0
15 Float 3,768 4 -1,197
16 Other Federal Reserve
assets 39,884 37,225 38,499
17 Gold stock 11,043 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200 2,200
19 Treasury currency
outstanding 34,597 34,710 34,766
ABSORBING RESERVE FUNDS
20 Currency in circulation 674,736 681,634 685,759
21 Reverse repurchase
agreements (7) 18,370 18,018 19,418
21 Foreign official and
international accounts 18,370 18,018 19,418
23 Dealers 0 0 0
24 Treasury cash holdings 361 343 373
25 Deposits with Federal
Reserve Banks, other
than reserve balances 16,558 15,406 18,474
26 U.S. Treasury, general
account 5,509 4,268 6,746
27 Foreign official 102 224 254
28 Service-related 10,724 10,721 11,263
29 Required clearing
balances 10,356 10,336 10,978
30 Adjustments to
compensate for float 368 385 285
31 Other 223 193 211
32 Other liabilities and
capital 19,478 19,739 20,230
33 Reserve balances with
Federal Reserve Banks (8) 16,163 13,868 14,312
Average of daily figures for
week ending on date indicated
2003
Factor Feb. 12 Feb. 19 Feb. 26 Mar. 5
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 691,400 701,766 696,923 701,969
2 Securities held outright 629,951 631,009 634,932 636,873
3 U.S. Treasury (2) 629,941 630,999 634,922 636,863
4 Bills (3) 226,941 227,294 230,030 230,889
5 Notes and bonds,
nominal (3) 389,504 390,217 391,412 392,496
6 Notes and bonds,
inflation-
indexed (3) 12,242 12,242 12,242 12,242
Inflation compen-
7 sation (4) 1,253 1,245 1,238 1,236
8 Federal agency (3) 10 10 10 10
9 Repurchase agreements (5) 19,285 30,067 23,321 27,136
10 Loans to depository
institutions 31 19 13 29
11 Primary credit (6) 28 14 10 24
12 Secondary credit (6) 0 0 0 0
13 Seasonal credit 3 5 4 6
14 Adjustment credit (6) 0 0 0 0
15 Float 1,698 831 1,322 484
16 Other Federal Reserve
assets 40,436 39,840 37,335 37,447
17 Gold stock 11,043 11,043 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200 2,200 2,200
19 Treasury currency
outstanding 34,630 34,657 34,684 34,710
ABSORBING RESERVE FUNDS
20 Currency in circulation 678,459 682,830 682,262 682,387
21 Reverse repurchase
agreements (7) 18,949 17,925 17,738 18,078
21 Foreign official and
international accounts 17,878 17,925 17,738 18,078
23 Dealers 1,071 0 0 0
24 Treasury cash holdings 356 358 347 345
25 Deposits with Federal
Reserve Banks, other
than reserve balances 15,954 16,157 16,510 16,028
26 U.S. Treasury, general
account 4,681 5,048 5,249 4,909
27 Foreign official 115 132 111 186
28 Service-related 10,918 10,730 10,904 10,721
29 Required clearing
balances 10,317 10,315 10,337 10,336
30 Adjustments to
compensate for float 601 415 567 385
31 Other 239 247 245 212
32 Other liabilities and
capital 19,450 19,659 19,964 19,805
33 Reserve balances with
Federal Reserve Banks (8) 6,104 12,738 8,029 13,279
Wednesday figures
Factor Feb. 12 Feb. 19 Feb. 26 Mar. 5
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 691,731 706,863 700,685 700,069
2 Securities held outright 630,957 631,273 636,006 637,149
3 U.S. Treasury (2) 630,947 631,263 635,996 637,139
4 Bills (3) 227,238 227,561 230,606 231,061
5 Notes and bonds,
nominal (3) 390,217 390,217 391,913 392,593
6 Notes and bonds,
inflation-
indexed (3) 12,242 12,242 12,242 12,242
Inflation compen-
7 sation (4) 1,250 1,242 1,235 1,242
8 Federal agency (3) 10 10 10 10
9 Repurchase agreements (5) 20,746 34,496 25,750 23,250
10 Loans to depository
institutions 4 17 6 11
11 Primary credit (6) 0 13 1 1
12 Secondary credit (6) 0 0 0 0
13 Seasonal credit 4 4 5 10
14 Adjustment credit (6) 0 0 0 0
15 Float -516 3,838 1,307 1,884
16 Other Federal Reserve
assets 40,541 37,239 37,616 37,775
17 Gold stock 11,043 11,043 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200 2,200 2,200
19 Treasury currency
outstanding 34,630 34,657 34,684 34,710
ABSORBING RESERVE FUNDS
20 Currency in circulation 681,216 684,226 682,915 683,678
21 Reverse repurchase
agreements (7) 17,604 17,850 17,421 17,959
21 Foreign official and
international accounts 17,604 17,850 17,421 17,959
23 Dealers 0 0 0 0
24 Treasury cash holdings 360 348 343 354
25 Deposits with Federal
Reserve Banks, other
than reserve balances 14,777 15,553 16,246 16,565
26 U.S. Treasury, general
account 3,527 4,407 4,950 5,501
27 Foreign official 103 134 154 105
28 Service-related 10,918 10,730 10,904 10,721
29 Required clearing
balances 10,317 10,315 10,337 10,336
30 Adjustments to
compensate for float 601 415 567 385
31 Other 228 281 238 238
32 Other liabilities and
capital 19,265 19,665 19,699 19,693
33 Reserve balances with
Federal Reserve Banks (8) 6,383 17,121 11,988 9,772
Average of daily figures for
week ending on date indicated
2003
Factor Mar. 12 Mar. 19 Mar. 26
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 696,336 704,865 698,981
2 Securities held outright 638,586 639,517 640,129
3 U.S. Treasury (2) 638,576 639,507 640,119
4 Bills (3) 231,172 231,481 231,892
5 Notes and bonds,
nominal (3) 393,911 394,519 394,621
6 Notes and bonds,
inflation-
indexed (3) 12,242 12,242 12,324
Inflation compen-
7 sation (4) 1,251 1,264 1,282
8 Federal agency (3) 10 10 10
9 Repurchase agreements (5) 19,214 26,500 19,286
10 Loans to depository
institutions 45 18 10
11 Primary credit (6) 36 9 2
12 Secondary credit (6) 0 0 0
13 Seasonal credit 9 8 8
14 Adjustment credit (6) 0 0 0
15 Float 472 805 1,409
16 Other Federal Reserve
assets 38,019 38,025 38,147
17 Gold stock 11,043 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200 2,200
19 Treasury currency
outstanding 34,724 34,738 34,752
ABSORBING RESERVE FUNDS
20 Currency in circulation 683,021 683,701 684,495
21 Reverse repurchase
agreements (7) 18,332 19,802 18,320
21 Foreign official and
international accounts 18,332 19,623 18,320
23 Dealers 0 179 0
24 Treasury cash holdings 356 372 394
25 Deposits with Federal
Reserve Banks, other
than reserve balances 16,897 16,130 17,783
26 U.S. Treasury, general
account 5,196 4,979 5,916
27 Foreign official 105 159 240
28 Service-related 11,363 10,760 11,412
29 Required clearing
balances 10,372 10,373 10,977
30 Adjustments to
compensate for float 991 387 435
31 Other 233 231 215
32 Other liabilities and
capital 20,015 19,538 19,412
33 Reserve balances with
Federal Reserve Banks (8) 5,682 13,304 6,571
Wednesday figures
Factor Mar. 12 Mar. 19 Mar. 26
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 695,705 708,944 704,126
2 Securities held outright 638,724 639,899 640,901
3 U.S. Treasury (2) 638,714 639,889 640,891
4 Bills (3) 231,305 231,756 232,143
5 Notes and bonds,
nominal (3) 393,911 394,621 394,621
6 Notes and bonds,
inflation-
indexed (3) 12,242 12,242 12,814
Inflation compen-
7 sation (4) 1,256 1,269 1,312
8 Federal agency (3) 10 10 10
9 Repurchase agreements (5) 18,750 27,000 25,500
10 Loans to depository
institutions 9 17 7
11 Primary credit (6) 1 11 1
12 Secondary credit (6) 0 0 0
13 Seasonal credit 8 6 6
14 Adjustment credit (6) 0 0 0
15 Float 84 4,065 -732
16 Other Federal Reserve
assets 38,139 37,964 38,450
17 Gold stock 11,043 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200 2,200
19 Treasury currency
outstanding 34,724 34,738 34,752
ABSORBING RESERVE FUNDS
20 Currency in circulation 684,415 685,222 686,233
21 Reverse repurchase
agreements (7) 17,912 18,430 18,231
21 Foreign official and
international accounts 17,912 17,180 18,231
23 Dealers 0 1,250 0
24 Treasury cash holdings 367 398 373
25 Deposits with Federal
Reserve Banks, other
than reserve balances 16,487 14,778 17,676
26 U.S. Treasury, general
account 4,775 3,607 5,927
27 Foreign official 116 150 162
28 Service-related 11,363 10,760 11,412
29 Required clearing
balances 10,372 10,373 10,977
30 Adjustments to
compensate for float 991 387 435
31 Other 233 261 175
32 Other liabilities and
capital 19,725 19,147 19,601
33 Reserve balances with
Federal Reserve Banks (8) 4,766 18,951 10,008
(1.) Amounts of vault cash held as reserves are shown in
table 1.12, line 2.
(2.) Includes securities lent to dealers, which are fully
collateralized by other U.S. Treasury securities.
(3.) Face value of the securities.
(4.) Compensation that adjusts for the effect of inflation on
the original face value of inflation-indexed securities.
(5.) Cash value of agreements, which are fully collateralized
by U.S. Treasury and federal agency securities.
(6.) The Federal Reserve Banks began offering primary credit
and secondary credit on January 9, 2003. The adjustment credit
program was discontinued.
(7.) Cash value of agreements, which are fully collateralized
by U.S. Treasury securities.
(8.) Excludes required clearing balances and adjustments to
compensate for float.
1.12 RESERVES AND BORROWINGS Depository Institutions (1)
Millions of dollars
Prorated monthly averages of
biweekly averages
2000 2001 2002 2002
Reserve classification Dec. Dec. Dec. Sept.
1 Reserve balances with
Reserve Banks (2) 7,022 9,053 9,873 8,731
2 Total vault cash (3) 45,245 43,919 43,334 42,231
3 Applied vault cash (4) 31,451 32,024 30,300 30,176
4 Surplus vault cash (5) 13,794 11,895 13,033 12,055
5 Total reserves (6) 38,473 41,077 40,173 38,907
6 Required reserves 37,046 39,428 38,176 37,431
7 Excess reserve balances
at Reserve Banks (7) 1,427 1,649 1,997 1,476
8 Total borrowing at Reserve
Banks 210 67 80 229
9 Primary ... ... ... ...
10 Secondary ... ... ... ...
11 Seasonal 111 33 45 169
12 Adjustment 99 34 35 60
Biweekly averages of daily
figures for two-week periods
ending on dates indicated
2002 2003
Nov. 27 Dec. 11 Dec. 25 Jan. 8
1 Reserve balances with
Reserve Banks (2) 10,497 9,559 10,408 9,200
2 Total vault cash (3) 42,605 41,827 43,740 45,148
3 Applied vault cash (4) 30,514 29,419 30,292 31,935
4 Surplus vault cash (5) 12,092 12,408 13,448 13,213
5 Total reserves (6) 41,010 38,978 40,700 41,135
6 Required reserves 39,441 37,394 38,225 39,495
7 Excess reserve balances
at Reserve Banks (7) 1,569 1,583 2,475 1,640
8 Total borrowing at Reserve
Banks 214 133 57 36
9 Primary ... ... ... ...
10 Secondary ... ... ... ...
11 Seasonal 57 50 48 29
12 Adjustment 157 83 10 8
Prorated monthly averages
of biweekly averages
2002
Reserve classification Oct. Nov. Dec.
1 Reserve balances with
Reserve Banks (2) 8,836 9,695 9,873
2 Total vault cash (3) 42,933 42,144 43,334
3 Applied vault cash (4) 29,849 29,446 30,300
4 Surplus vault cash (5) 13,084 12,698 13,033
5 Total reserves (6) 38,685 39,141 40,173
6 Required reserves 37,134 37,525 38,176
7 Excess reserve balances
at Reserve Banks (7) 1,550 1,616 1,997
8 Total borrowing at Reserve
Banks 143 272 80
9 Primary ... ... ...
10 Secondary ... ... ...
11 Seasonal 120 60 45
12 Adjustment 23 211 35
Biweekly averages of daily
figures for two-week periods
ending on dates indicated
2003
Jan. 22 Feb. 5 Feb. 19
1 Reserve balances with
Reserve Banks (2) 10,894 9,336 9,431
2 Total vault cash (3) 44,363 50,026 46,005
3 Applied vault cash (4) 31,500 35,378 30,911
4 Surplus vault cash (5) 12,863 14,648 15,095
5 Total reserves (6) 42,394 44,714 40,342
6 Required reserves 40,631 43,196 38,009
7 Excess reserve balances
at Reserve Banks (7) 1,763 1,518 2,332
8 Total borrowing at Reserve
Banks 18 34 25
9 Primary 9 28 21
10 Secondary 0 0 0
11 Seasonal 9 6 4
12 Adjustment ... ... ...
Prorated monthly averages of
biweekly averages
2003
Reserve classification Jan. Feb. Mar.
1 Reserve balances with
Reserve Banks (2) 10,004 9,807 9,820
2 Total vault cash (3) 46,210 45,939 43,086
3 Applied vault cash (4) 32,738 32,067 (r) 30,747
4 Surplus vault cash (5) 13,471 13,872 (r) 12,339
5 Total reserves (6) 42,743 41,874 (r) 40,566
6 Required reserves 41,082 39,966 38,954
7 Excess reserve balances
at Reserve Banks (7) 1,660 1,908 1,612
8 Total borrowing at Reserve
Banks 27 25 22
9 Primary 12 21 14
10 Secondary 0 0 0
11 Seasonal 13 5 8
12 Adjustment 2 ... ...
Biweekly averages of daily figures
for two-week periods ending on
dates indicated
2003
Mar. 5 Mar. 19 Apr. 2
1 Reserve balances with
Reserve Banks (2) 10,654 9,500 9,846
2 Total vault cash (3) 43,567 42,203 43,916
3 Applied vault cash (4) 32,027 (r) 29,372 31,818
4 Surplus vault cash (5) 11,540 (r) 12,831 12,099
5 Total reserves (6) 42,681 (r) 38,872 41,663
6 Required reserves 41,217 (r) 37,211 40,046
7 Excess reserve balances
at Reserve Banks (7) 1,464 (r) 1,660 1,617
8 Total borrowing at Reserve
Banks 21 32 11
9 Primary 17 23 3
10 Secondary 0 0 0
11 Seasonal 5 9 8
12 Adjustment ... ... ...
(1.) Data in this table also appear in the Board's H.3 (502) weekly
statistical release. For ordering address, see inside front cover.
Data are not break-adjusted or seasonally adjusted.
(2.) Excludes required clearing balances and adjustments to compensate
for float and includes other off-balance-sheet "as-of" adjustments.
(3.) Vault cash eligible to satisfy reserve requirements. It includes
only vault cash held by those banks and thrift institutions 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.
(4.) All vault cash held during the lagged computation period by
"bound" institutions (that is, those whose required reserves exceed
their vault cash) plus the amount of vault cash applied during the
maintenance period by "nonbound" institutions (that is, those whose
vault cash exceeds their required reserves) to satisfy current
reserve requirements.
(5.) Total vault cash (line 2) less applied vault cash (line 3).
(6.) Reserve balances with Federal Reserve Banks (line 1) plus
applied vault cash (line 3).
(7.) Total reserves (line 5) less required reserves (line 6).
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