1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time October 18, 2007 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- required excess Monetary total primary secondary seasonal borrowed(3) NSA(4) base(5) -------------------------------------------------------------------------------------------------------------------------------------------- Month(6) 2006-Sep. 43154 42751 41423 1732 805415 403 66 0 338 Oct. 42914 42685 41249 1665 806940 229 24 0 205 Nov. 43180 43020 41489 1691 810080 160 48 0 112 Dec. 43313 43122 41508 1805 812576 191 111 0 80 2007-Jan. 42171 41960 40667 1504 813385 211 187 0 24 Feb. 42422 42392 40925 1497 812166 30 8 0 22 Mar. 42320 42266 40685 1635 813793 54 21 5 28 Apr. 42711 42632 41183 1528 816077 79 32 0 48 May 43153 43050 41715 1439 817891 103 14 0 90 June 43602 43415 41897 1705 819299 187 43 0 145 July 41915 41653 40241 1674 821320 262 45 0 217 Aug. 44921 43946 40098 4823 824863 975 701 19 255 Sep. p 42540 40973 40795 1745 822431 1567 1345 0 221 2 weeks ending(7) 2007-Aug. 15 49422 49161 40104 9318 829403 261 6 0 255 29 41106 39547 40052 1053 820966 1559 1258 43 259 Sep. 12 41588 39338 40216 1372 821239 2250 2018 0 232 26 42254 40890 40283 1970 822040 1364 1134 0 230 Oct. 10p 46395 46166 44322 2074 827374 230 70 0 160 --------------------------------------------------------------------------------------------------------------------------------------------- 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 1 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) -------------------------------------- -------------------------------------- Reserve used to Net carryover Date total(2) nonborrowed required Monetary balances total satisfy surplus(7) of reserve base(3) with F.R. required balances(8) Banks(4) reserves(6) ------------------------------------------------------------------------------------------------------------------------------------------- Month(9) 2006-Sep. 42652 42249 40921 810057 9177 49405 33476 15929 Oct. 41775 41546 40110 809270 8286 50096 33489 16607 Nov. 42229 42069 40538 815377 8450 48957 33779 15179 Dec. 43280 43089 41475 825286 8477 50897 34804 16093 2007-Jan. 44631 44420 43127 823691 8773 52160 35858 16303 Feb. 42652 42622 41154 819691 7718 53728 34934 18794 Mar. 40752 40698 39117 820791 7516 49732 33236 16495 Apr. 42538 42459 41010 822628 8558 48808 33980 14828 May 44021 43918 42582 825068 9203 48655 34818 13837 June 43648 43461 41944 826503 8735 49428 34914 14514 July 42730 42469 41057 828449 8417 50197 34314 15883 Aug. 44619 43644 39796 829736 10980 51033 33639 17394 Sep. p 42079 40513 40334 826419 8606 49622 33474 16148 2 weeks ending(10) 2007-Aug. 15 46787 46526 37468 834537 14658 52407 32129 20279 142 29 43306 41747 42252 825430 7946 50014 35360 14654 720 Sep. 12 38349 36100 36977 827153 7327 49025 31022 18003 158 26 44783 43419 42812 825111 9387 49637 35396 14241 -243 Oct. 10p 43809 43579 41735 828795 9708 51361 34101 17261 61 -------------------------------------------------------------------------------------------------------------------------------------------- 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 1 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) 2006-Sep. 42779 42376 41047 803236 Oct. 41902 41673 40237 802392 Nov. 42365 42206 40674 808592 Dec. 43360 43169 41555 818397 2007-Jan. 44619 44408 43115 816797 Feb. 42678 42648 41181 812907 Mar. 40793 40739 39158 813938 Apr. 42593 42514 41066 815953 May 44090 43987 42652 818596 June 43732 43545 42027 820028 July 42828 42566 41154 822059 Aug. 44726 43751 39903 823097 Sep. p 42202 40635 40457 819872 2 weeks ending(6) 2007-Aug. 15 46883 46622 37564 828025 29 43423 41864 42369 818637 Sep. 12 38458 36208 37086 820598 26 44912 43548 42941 818527 Oct. 10p 43948 43719 41875 822403 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.