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: October 26, 2006
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
October 26, 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-Sep.               46194        45862        44159        2035        778753          332          12             5         315  
                                                                                                                                       
      Oct.               45488        45205        43592        1897        780785          284          35            29         220  
      Nov.               45423        45297        43635        1788        784153          126          20             0         106  
      Dec.               45312        45143        43403        1909        787091          169          97             0          72  
                                                                                                                                       
 2006-Jan.               44045        43935        42459        1586        791978          110          78             0          32  
      Feb.               44166        44113        42616        1550        796564           53          21             2          30  
      Mar.               43702        43533        42198        1504        799139          169         119             0          50  
                                                                                                                                       
      Apr.               44609        44361        42783        1826        801975          248         164             0          84  
      May                45041        44866        43243        1797        806473          175          24             0         151  
      June               45412        45159        43627        1785        805529          253          16             0         237  
                                                                                                                                       
      July               44201        43851        42650        1551        803677          350          39             0         312  
      Aug.               42803        42435        41257        1547        804059          369          26             0         343  
      Sep.               42867        42464        41120        1748        803735          403          66             0         338  
          
2 weeks ending(7)          
 2006-Aug. 30            43126        42746        41654        1471        805052          380          30             0         351  
                                                                                                                                       
      Sep. 13            42424        41959        40363        2060        803701          465         124             0         341  
           27            43013        42643        41604        1409        803550          370          21             0         349  
                                                                                                                                       
      Oct. 11            44113        43819        42141        1972        804749          295          23             0         273  
           25p           41425        41223        40021        1403        804408          202          22             0         181  
 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-Sep.                 46102         45770         44067        786209        11684         47293         34418         12874   
                                                                                                                                    
      Oct.                 44644         44360         42747        787104        10194         49521         34450         15071   
      Nov.                 44628         44502         42840        792945        10137         49206         34490         14715   
      Dec.                 45406         45237         43497        802305        10047         51318         35359         15959   
                                                                                                                                    
 2006-Jan.                 47183         47073         45597        804295        10277         52084         36906         15178   
      Feb.                 44661         44608         43110        804429         9415         53311         35246         18065   
      Mar.                 42755         42586         41251        806247         9133         49627         33622         16005   
                                                                                                                                    
      Apr.                 44737         44490         42911        808428        10287         48389         34450         13939   
      May                  45445         45270         43648        811899        10649         48301         34796         13505   
      June                 45067         44814         43282        812229         9920         48992         35147         13845   
                                                                                                                                    
      July                 44862         44512         43311        811769         9631         49621         35232         14389   
      Aug.                 42597         42228         41050        809821         8877         50245         33720         16525   
      Sep.                 42581         42178         40833        809988         9115         49420         33466         15954   
          
2 weeks ending(10)         
 2006-Aug. 30              45415         45035         43944        809956         9836         49427         35580         13848            89 
                                                                                                                                                
      Sep. 13              39308         38844         37248        811500         8304         48750         31005         17746           -31 
           27              45923         45553         44514        808849        10070         49541         35853         13688            47 
                                                                                                                                                
      Oct. 11              41168         40874         39196        808754         8174         51763         32994         18769           -23 
           25p             42067         41865         40664        809186         8174         49538         33893         15645            68 
 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-Sep.                45888         45556         43853          777487 
                                                                            
      Oct.                44401         44118         42505          778213 
      Nov.                44342         44216         42555          783948 
      Dec.                45163         44994         43254          793377 
                                                                            
 2006-Jan.                47111         47001         45525          795218 
      Feb.                44674         44622         43124          796168 
      Mar.                42777         42608         41272          798221 
                                                                            
      Apr.                44762         44514         42936          800904 
      May                 45469         45294         43672          804710 
      June                45098         44846         43313          804909 
                                                                            
      July                44896         44546         43345          804646 
      Aug.                42628         42259         41081          802749 
      Sep.                42614         42211         40866          803101 
         
2 weeks ending(6)         
 2006-Aug. 30             45451         45071         43980          802984 
                                                                            
      Sep. 13             39339         38875         37279          804715 
           27             45958         45588         44549          801888 
                                                                            
      Oct. 11             41200         40905         39228          801764 
           25p            42093         41891         40690          802264 
 
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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