1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time October 13, 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- required excess Monetary total primary secondary seasonal borrowed(3) NSA(4) base(5) -------------------------------------------------------------------------------------------------------------------------------------------- Month(6) 2004-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 772244 425 176 12 237 Aug. 44542 44180 42919 1623 774591 362 63 3 297 Sep. p 45720 45388 43679 2040 777390 332 12 5 315 2 weeks ending(7) 2005-Aug. 17 42656 42299 41333 1323 772463 357 79 0 279 31 45697 45364 43880 1817 776814 333 11 0 322 Sep. 14 44217 43900 42446 1771 776151 317 12 0 305 28 47399 47063 45121 2278 778325 336 7 0 330 Oct. 12p 44487 44073 42223 2264 779518 415 59 76 280 --------------------------------------------------------------------------------------------------------------------------------------------- 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) 2004-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. 44863 44500 43240 782676 10368 48119 34495 13624 Sep. p 45616 45284 43575 785791 11157 47193 34459 12734 2 weeks ending(10) 2005-Aug. 17 41441 41084 40118 782237 8579 49267 32862 16405 231 31 47278 46946 45461 783073 11673 47177 35606 11571 6 Sep. 14 42029 41713 40258 785820 9583 46804 32447 14358 135 28 49700 49364 47422 785611 12984 47196 36716 10480 87 Oct. 12p 42139 41724 39874 786855 9387 49902 32752 17150 284 -------------------------------------------------------------------------------------------------------------------------------------------- 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) 2004-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. 44701 44339 43078 773675 Sep. p 45439 45106 43398 777100 2 weeks ending(6) 2005-Aug. 17 41290 40933 39967 773019 31 47106 46774 45289 774241 Sep. 14 41862 41546 40091 776828 28 49513 49177 47235 777260 Oct. 12p 41956 41542 39692 777873 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.