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: September 29, 2005
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
September 29, 2005
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)                            
 2004-Aug.               45480        45229        43898        1582        747476          251          18             0         233  
      Sep.               46488        46153        44833        1655        751494          335          97             0         238  
                                                                                                                                       
      Oct.               46344        46165        44587        1757        754085          179          15             0         164  
      Nov.               46368        46185        44585        1784        758452          183         105             0          78  
      Dec.               46798        46735        44889        1909        758601           63          11             0          52  
                                                                                                                                       
 2005-Jan.               47477        47415        45736        1741        761158           62          39             0          23  
      Feb.               45962        45920        44467        1495        764307           42          26             0          16  
      Mar.               46811        46762        45029        1782        766512           49          13             0          37  
                                                                                                                                       
      Apr.               46585        46453        44916        1669        767418          132          52             0          80  
      May                45886        45747        44364        1522        768399          139           6             0         133  
      June               46682        46433        44907        1774        771684          249          85             0         164  
                                                                                                                                       
      July               46102        45677        44370        1732        772243          425         176            12         237  
      Aug.               44543        44181        42921        1623        774588          362          63             3         297  
          
2 weeks ending(7)          
 2005-Aug.  3            47954        47428        45838        2116        774142          527         230            34         264  
           17            42656        42299        41333        1323        772462          357          79             0         279  
           31            45700        45367        43883        1817        776808          333          11             0         322  
                                                                                                                                       
      Sep. 14            44220        43904        42452        1768        776165          317          12             0         305  
           28p           47406        47070        45130        2276        779367          336           7             0         330  
                                                                                                                                       
 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)                                                                                                    
 2004-Aug.                 45841         45590         44259        757143        12386         45050         33455         11595   
      Sep.                 46500         46165         44846        760962        13012         44849         33489         11360   
                                                                                                                                    
      Oct.                 45665         45486         43908        763578        11926         46667         33739         12928   
      Nov.                 45629         45446         43845        768774        12088         45578         33541         12037   
      Dec.                 46850         46787         44940        774773        12047         47261         34803         12458   
                                                                                                                                    
 2005-Jan.                 50440         50378         48699        773245        14075         47677         36365         11311   
      Feb.                 46716         46675         45221        772482        12272         47657         34445         13213   
      Mar.                 46033         45984         44251        773845        12060         46740         33973         12767   
                                                                                                                                    
      Apr.                 46675         46544         45006        775318        12965         45330         33710         11620   
      May                  46477         46338         44955        775685        12046         45590         34431         11159   
      June                 46100         45851         44325        779560        11249         46238         34850         11387   
                                                                                                                                    
      July                 46475         46050         44743        782531        10882         47235         35593         11642   
      Aug.                 44864         44502         43241        782677        10368         48119         34496         13623   
          
2 weeks ending(10)         
 2005-Aug.  3              49558         49031         47442        782875        12628         47160         36930         10231          -132 
           17              41441         41084         40118        782237         8579         49267         32862         16405           231 
           31              47281         46949         45464        783075        11674         47177         35608         11569             6 
                                                                                                                                                
      Sep. 14              42032         41716         40264        785822         9587         46804         32446         14359           134 
           28p             49708         49372         47432        786612        12987         47196         36721         10475            87 
                                                                                                                                                
 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)                  
 2004-Aug.                45559         45307         43977          746652 
      Sep.                46190         45855         44535          750547 
                                                                            
      Oct.                45321         45142         43564          752756 
      Nov.                45233         45050         43450          758335 
      Dec.                46523         46460         44613          764658 
                                                                            
 2005-Jan.                50370         50308         48629          763777 
      Feb.                46691         46650         45196          763228 
      Mar.                45994         45945         44212          764699 
                                                                            
      Apr.                46606         46474         44937          766317 
      May                 46382         46243         44860          766942 
      June                45990         45741         44216          770909 
                                                                            
      July                46342         45917         44610          773701 
      Aug.                44703         44340         43080          773676 
         
2 weeks ending(6)         
 2005-Aug.  3             49400         48873         47284          774097 
           17             41290         40933         39967          773019 
           31             47109         46777         45292          774243 
                                                                            
      Sep. 14             41865         41548         40097          776829 
           28p            49520         49184         47245          778259 
                                                                            
 
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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