1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time March 20, 2008 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 Other borrowings of depository institutions from the Federal Reserve, NSA -------------------------------------------------- Term ----------------------------------------------- auction Date total(2) non- required excess Monetary credit, total primary secondary seasonal borrowed(3) NSA(4) base(5) NSA -------------------------------------------------------------------------------------------------------------------------------------------- Month(6) 2007-Feb. 42454 42424 40956 1498 813448 30 8 0 22 Mar. 42321 42267 40686 1635 814991 54 21 5 28 Apr. 42715 42635 41189 1525 817205 79 32 0 48 May 43197 43093 41760 1436 818799 103 14 0 90 June 43606 43419 41904 1702 820085 187 43 0 145 July 41915 41653 40251 1664 821476 262 45 0 217 Aug. 44922 43948 40100 4822 824512 975 701 19 255 Sep. 42540 40973 40798 1742 821732 1567 1345 0 221 Oct. 42507 42252 41056 1450 824713 254 126 13 115 Nov. 42646 42281 40970 1676 825653 366 315 0 50 Dec. 42585 27154 40839 1746 823386 11613 3818 3787 1 30 2008-Jan. 41780 -3879 40146 1634 821174 44516 1143 1137 0 6 Feb. p 42564 -17593 40855 1709 822462 60000 157 155 0 3 2 weeks ending(7) 2008-Jan. 16 41585 209 39870 1715 820728 40000 1377 1371 0 6 30 41630 -8760 40186 1444 821076 50000 390 385 0 5 Feb. 13 42094 -18008 40435 1659 822295 60000 102 101 0 1 27 42931 -17267 41132 1799 822423 60000 198 195 0 4 Mar. 12p 43055 -17175 41644 1411 823818 60000 231 227 0 3 --------------------------------------------------------------------------------------------------------------------------------------------- 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) 2007-Feb. 42685 42656 41187 819693 7720 53728 34966 18762 Mar. 40753 40699 39118 820793 7518 49732 33236 16496 Apr. 42541 42462 41016 822629 8560 48809 33981 14828 May 44066 43963 42630 825071 9205 48659 34861 13798 June 43652 43465 41951 826508 8739 49432 34913 14519 July 42731 42469 41067 828452 8420 50206 34311 15896 Aug. 44621 43646 39799 829739 10983 51040 33637 17402 Sep. 42079 40513 40338 826415 8606 49628 33473 16155 Oct. 41476 41222 40026 828353 8264 49747 33212 16535 Nov. 41863 41497 40187 833075 8526 48985 33337 15649 Dec. 42715 27285 40970 836339 8193 52153 34523 17630 2008-Jan. 44058 -1602 42423 831105 8737 53158 35321 17837 Feb. p 42815 -17342 41105 828675 8168 53647 34647 19000 2 weeks ending(10) 2008-Jan. 16 39998 -1379 38282 833842 7958 51441 32040 19401 96 30 47957 -2433 46513 827095 9506 54540 38451 16089 -91 Feb. 13 40945 -19156 39286 826886 7341 56549 33604 22945 37 27 44884 -15314 43085 830243 8901 51578 35983 15595 88 Mar. 12p 40489 -19742 39078 829333 8415 49273 32074 17199 103 -------------------------------------------------------------------------------------------------------------------------------------------- 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) 2007-Feb. 42711 42682 41214 812909 Mar. 40794 40740 39159 813940 Apr. 42597 42518 41072 815954 May 44135 44032 42699 818599 June 43736 43549 42034 820033 July 42828 42566 41164 822062 Aug. 44728 43753 39906 823101 Sep. 42202 40635 40460 819869 Oct. 41612 41357 40161 821880 Nov. 42007 41641 40331 826683 Dec. 42794 27364 41048 829796 2008-Jan. 44055 -1605 42421 824435 Feb. p 42840 -17317 41130 821912 2 weeks ending(6) 2008-Jan. 16 39978 -1399 38262 827171 30 47973 -2417 46529 820430 Feb. 13 40965 -19137 39306 820086 27 44912 -15286 43113 823510 Mar. 12p 40522 -19708 39111 822602 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.