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 16, 2006
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
March 16, 2006
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)                            
 2005-Feb.               45972        45930        44477        1495        763482           42          26             0          16  
      Mar.               46807        46758        45025        1782        765714           49          13             0          37  
                                                                                                                                       
      Apr.               46564        46433        44891        1673        766935          132          52             0          80  
      May                45883        45744        44350        1534        768125          139           6             0         133  
      June               46678        46429        44902        1776        771110          249          85             0         164  
                                                                                                                                       
      July               46095        45670        44360        1736        772853          425         176            12         237  
      Aug.               44541        44179        42918        1623        774705          362          63             3         297  
      Sep.               45716        45384        43672        2044        777791          332          12             5         315  
                                                                                                                                       
      Oct.               44783        44500        42886        1897        780063          284          35            29         220  
      Nov.               44712        44586        42917        1796        783672          126          20             0         106  
      Dec.               44800        44631        42851        1949        786350          169          97             0          72  
                                                                                                                                       
 2006-Jan.               44231        44121        42791        1440        791916          110          78             0          32  
      Feb.               43778        43726        42216        1562        795927           53          21             2          30  
          
2 weeks ending(7)          
 2006-Jan. 18            42471        42291        41225        1246        789943          180         154             0          26  
                                                                                                                                       
      Feb.  1            45455        45415        44112        1342        794529           40          11             0          29  
           15            42600        42535        41085        1515        795245           66          36             0          30  
                                                                                                                                       
      Mar.  1            44917        44878        43288        1629        796769           40           6             4          30  
           15p           42517        42456        40810        1707        797023           61          15             0          46  
 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)                                                                                                    
 2005-Feb.                 46726         46684         45231        772482        12271         47665         34455         13210   
      Mar.                 46029         45980         44247        773840        12057         46749         33972         12777   
                                                                                                                                    
      Apr.                 46654         46523         44981        775283        12939         45342         33715         11627   
      May                  46474         46335         44941        775653        12015         45628         34460         11169   
      June                 46096         45847         44320        779530        11220         46280         34876         11404   
                                                                                                                                    
      July                 46468         46043         44733        782494        10851         47278         35617         11662   
      Aug.                 44862         44499         43238        782660        10346         48159         34516         13643   
      Sep.                 45612         45280         43568        785659        11140         47282         34472         12809   
                                                                                                                                    
      Oct.                 44113         43830         42216        786531         9630         49515         34483         15032   
      Nov.                 43997         43871         42201        792310         9500         49202         34497         14705   
      Dec.                 44909         44740         42960        801800         9541         51302         35368         15934   
                                                                                                                                    
 2006-Jan.                 47287         47177         45846        804402        10382         52040         36904         15136   
      Feb.                 44690         44638         43129        803823         9450         53260         35241         18019   
          
2 weeks ending(10)         
 2006-Jan. 18              42827         42647         41581        804565         9089         50156         33738         16418           476 
                                                                                                                                                
      Feb.  1              51903         51864         50561        802326        11718         53877         40185         13692           107 
           15              41948         41883         40433        802113         8522         55184         33426         21758            79 
                                                                                                                                                
      Mar.  1              47089         47050         45460        805780        10275         51140         36815         14326           114 
           15p             40221         40160         38513        804398         8981         48409         31240         17169           104 
 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)                  
 2005-Feb.                46701         46659         45206          763228 
      Mar.                45990         45940         44208          764695 
                                                                            
      Apr.                46585         46454         44912          766283 
      May                 46379         46240         44845          766909 
      June                45987         45738         44211          770879 
                                                                            
      July                46335         45911         44600          773664 
      Aug.                44700         44338         43077          773659 
      Sep.                45435         45103         43391          776968 
                                                                            
      Oct.                43914         43631         42017          777679 
      Nov.                43769         43643         41973          783365 
      Dec.                44726         44557         42777          792928 
                                                                            
 2006-Jan.                47238         47128         45798          795356 
      Feb.                44666         44614         43104          795544 
         
2 weeks ending(6)         
 2006-Jan. 18             42754         42574         41508          795122 
                                                                            
      Feb.  1             51886         51847         50544          793607 
           15             41927         41862         40412          793633 
                                                                            
      Mar.  1             47060         47021         45431          797751 
           15p            40187         40127         38480          796237 
 
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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