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: July 10, 2008
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
July 10, 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 from the Federal Reserve, NSA(6)
Date Total
(2)
Non-
borrowed
(3)
Required Excess,
NSA
(4)
Monetary
base
(5)
Term
auction
credit,
NSA
Primary Secondary Seasonal Primary
dealer
credit
facility
Other
credit
extensions
Month(7)                                
 2007-June               43373      43186      41624       1749      819829                    43          0        145                      
                                                                                                                                             
      July               41820      41558      40183       1637      821128                    45          0        217                      
      Aug.               45021      44046      40193       4828      824439                   701         19        255                      
      Sep.               42668      41102      40934       1734      821968                  1345          0        221                      
                                                                                                                                             
      Oct.               42438      42184      40977       1462      824649                   126         13        115                      
      Nov.               42658      42293      40954       1704      825457                   315          0         50                      
      Dec.               42693      27263      40918       1775      823369      11613       3787          1         30                      
                                                                                                                                             
 2008-Jan.               42139      -3520      40496       1643      821418      44516       1137          0          6                      
      Feb.               42782     -17375      41054       1728      822509      60000        155          0          3                      
      Mar.               44262     -50261      41269       2993      826997      75484       1617          0          6      16168      1249 
                                                                                                                                             
      Apr.               43534     -91876      41607       1927      824412     100000       9624          0         21      25764         0 
      May                44157    -111623      42050       2107      826463     127419      14076          0         47      14238         0 
      June p             43406    -127872      41025       2381      832586     150000      14225         70         75       6908         0 
                       
Two weeks ending(8)                      
 2008-May   7            43829     -85366      41848       1981      823647     100000      11622          0         31      17544         0 
           21            43404    -111014      41411       1993      825175     125000      13976          1         42      15401         0 
                                                                                                                                             
      June  4            45439    -130857      43086       2354      830239     150000      15936          1         66      10295         0 
           18            41807    -130138      40029       1777      830800     150000      13260        112         69       8505         0 
                                                                                                                                             
      July  2p           44594    -124233      41501       3094      835453     150000      14782         43         86       3917         0 
 1. Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve 
requirements. (For more information, refer to table 3.)
2. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess
reserves. (Also, refer to footnote 2 in table 2 and footnote 2 in table 3.)
3. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total
borrowings from the Federal Reserve.
4. Excess reserves NSA equals unadjusted total reserves (table 2, column 1) less unadjusted 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, refer to footnote 3 in table 2 and footnote 4 in table 3.)
6. On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC, as discussed in the notes to the Board's
H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks."
Consistent with generally accepted accounting principles, the assets and liabilities of the LLC have been consolidated with the assets and
liabilities of the FRBNY because the FRBNY is the primary beneficiary of Maiden Lane LLC. As a consequence of this consolidation, the
extension of credit from the FRBNY to the LLC is eliminated from the Federal Reserve's balance sheet, and, thus, the loan is not included in
borrowed reserves.
7. Prorated averages of biweekly averages.
8. 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)
Non-
borrowed
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)                                                                                                      
 2007-June                  43658         43470          41908        826507         8738         49432         34919          14513              
                                                                                                                                                  
      July                  42598         42336          40962        828306         8276         50207         34323          15885              
      Aug.                  44570         43595          39742        829676        10922         51043         33649          17395              
      Sep.                  42237         40670          40503        826562         8754         49633         33483          16150              
                                                                                                                                                  
      Oct.                  41501         41247          40040        828375         8288         49755         33213          16542              
      Nov.                  41882         41517          40178        833087         8539         48996         33343          15652              
      Dec.                  42721         27290          40946        836453         8200         52161         34521          17640              
                                                                                                                                                  
 2008-Jan.                  44053         -1607          42410        831111         8724         53162         35329          17833              
      Feb.                  42756        -17401          41027        828643         8159         53650         34597          19053              
      Mar.                  42678        -51845          39685        832363         9759         50445         32919          17526              
                                                                                                                                                  
      Apr.                  43477        -91933          41550        830497         9257         49314         34220          15094              
      May                   45133       -110647          43027        833974         9688         48579         35446          13133              
      June p                43965       -127313          41585        839146         9175         49339         34791          14548              
                   
Two weeks ending(10)                  
 2008-May   7               45009        -84187          43028        829815         9629         48940         35380          13560           -42
           21               43852       -110567          41859        832348         8990         48926         34862          14064           -36
                                                                                                                                                  
      June  4               47016       -129280          44662        839163        10707         47842         36309          11533           -17
           18               40633       -131312          38855        837272         7997         48535         32636          15899           101
                                                                                                                                                  
      July  2p              46837       -121990          43743        841328        10038         50776         36799          13976            34
 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) Non-
borrowed
Required
(3)
Monetary
base(4)
Month(5)                   
 2007-June                 43697         43510         41948           820003
                                                                             
      July                 42642         42380         41006           821881
      Aug.                 44614         43639         39786           822994
      Sep.                 42289         40723         40556           819968
                                                                             
      Oct.                 41556         41302         40094           821846
      Nov.                 41936         41570         40232           826633
      Dec.                 42735         27305         40960           829864
                                                                             
 2008-Jan.                 44026         -1633         42383           824422
      Feb.                 42753        -17404         41024           821866
      Mar.                 42674        -51849         39681           825564
                                                                             
      Apr.                 43460        -91949         41533           823381
      May                  45102       -110678         42996           826882
      June p               43932       -127345         41552           832037
         
Two weeks ending(6)        
 2008-May   7              44979        -84217         42998           822702
           21              43821       -110597         41828           825281
                                                                             
      June  4              46983       -129313         44629           832049
           18              40601       -131344         38823           830135
                                                                             
      July  2p             46803       -122024         43709           834252
 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 4).
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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