Federal Reserve Statistical Release, H.3, Aggregate Reserves of Depository Institutions and the Monetary Base; title with eagle logo links to Statistical Release home page
Release Date: March 10, 2005
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
March 10, 2005
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
  Reserves of depository institutions   Borrowings of depository institutions from
the Federal Reserve, NSA
Date total(2) non-
borrowed(3)
required excess
NSA(4)
Monetary
base(5)
total primary secondary seasonal
Month(6)                            
 2004-Feb.               42999        42957        41805        1194        724921           42          28             0          14  
      Mar.               44739        44688        42933        1806        727274           51          23             0          28  
                                                                                                                                       
      Apr.               45688        45602        43881        1807        730894           86          29             0          57  
      May                45390        45279        43747        1643        734655          112           9             0         103  
      June               45935        45755        44047        1888        739415          180          40             0         140  
                                                                                                                                       
      July               45733        45488        44022        1711        745562          245          42             0         203  
      Aug.               44754        44502        43203        1551        747145          251          18             0         233  
      Sep.               46252        45917        44686        1566        751644          335          97             0         238  
                                                                                                                                       
      Oct.               46035        45856        44318        1717        754141          179          15             0         164  
      Nov.               45946        45763        44174        1772        758179          183         105             0          78  
      Dec.               46596        46533        44681        1915        758273           63          11             0          52  
                                                                                                                                       
 2005-Jan.               47664        47602        45922        1742        760916           62          39             0          23  
      Feb. p             45728        45686        44196        1532        764447           42          26             0          16  
          
2 weeks ending(7)          
 2005-Jan.  5            48328        48274        46219        2108        757608           54          14             0          40  
           19            45826        45767        44040        1786        757804           59          40             0          20  
                                                                                                                                       
      Feb.  2            49531        49462        47993        1538        765926           69          49             0          21  
           16            43586        43556        42111        1475        763087           30          16             0          15  
                                                                                                                                       
      Mar.  2p           47593        47542        45996        1597        765789           51          35             0          17  
 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. Prorated averages of biweekly averages.
7. Averages of daily figures.
p preliminary
 
 


H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements(1)
Not seasonally adjusted
Millions of dollars
  Reserves of depository institutions    Vault cash(5)  
Date total(2) nonborrowed
base(3)
required Monetary
base(3)
Reserve
balances
with F.R.
Banks(4)
total used to
satisfy
required
reserves(6
surplus(7) Net carryover
of reserve
balances(8)
Month(9)                                                                                                    
 2004-Feb.                 43863         43821         42670        734913        10896         46439         32967         13473   
      Mar.                 44173         44122         42368        736436        12044         44424         32129         12295   
                                                                                                                                    
      Apr.                 46060         45974         44253        740311        14090         42852         31971         10881   
      May                  46336         46224         44693        743748        14080         43053         32255         10797   
      June                 45566         45386         43678        749333        13058         43619         32507         11112   
                                                                                                                                    
      July                 46192         45947         44481        756482        12793         44483         33399         11084   
      Aug.                 45497         45246         43946        756869        12111         45056         33386         11670   
      Sep.                 46453         46118         44887        760992        13037         44840         33416         11424   
                                                                                                                                    
      Oct.                 45678         45499         43961        763673        12019         46654         33660         12994   
      Nov.                 45581         45398         43808        768802        12113         45564         33467         12096   
      Dec.                 46770         46707         44855        774748        12018         47253         34752         12501   
                                                                                                                                    
 2005-Jan.                 50398         50336         48655        773204        14033         47663         36365         11298   
      Feb. p               46701         46659         45169        772437        12253         47640         34447         13192   
          
2 weeks ending(10)         
 2005-Jan.  5              49177         49123         47068        778416        12375         48851         36802         12050            60 
           19              46732         46673         44945        771399        12279         46765         34453         12312           101 
                                                                                                                                                
      Feb.  2              55184         55115         53645        773140        16770         48216         38414          9802           172 
           16              43492         43462         42016        770716        10212         48295         33280         15015           261 
                                                                                                                                                
      Mar.  2p             49031         48980         47434        774329        13883         46780         35148         11632           168 
 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.
9. Prorated averages of biweekly averages.
10. Averages of daily figures.
p preliminary
 


H.3 (502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Not seasonally adjusted
Millions of dollars
  Reserves of depository institutions  
Date total(2) nonborrowed required(3) Monetary base(4)
Month(5)                  
 2004-Feb.                43798         43756         42605          723947 
      Mar.                44067         44015         42261          725635 
                                                                            
      Apr.                45893         45807         44086          729925 
      May                 46110         45998         44466          733468 
      June                45298         45118         43411          738794 
                                                                            
      July                45858         45614         44148          745959 
      Aug.                45105         44854         43554          746326 
      Sep.                46018         45683         44453          750522 
                                                                            
      Oct.                45200         45021         43483          752790 
      Nov.                45037         44854         43265          758299 
      Dec.                46329         46266         44414          764583 
                                                                            
 2005-Jan.                50311         50249         48569          763729 
      Feb. p              46634         46592         45102          763162 
         
2 weeks ending(6)         
 2005-Jan.  5             49079         49026         46971          768353 
           19             46615         46556         44828          761699 
                                                                            
      Feb.  2             55137         55068         53599          764170 
           16             43435         43405         41959          760915 
                                                                            
      Mar.  2p            48950         48899         47353          765617 
 
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.
5. Prorated averages of biweekly averages.
6. Averages of daily figures.
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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