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: December 15, 2005
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
December 15, 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-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.               45726        45394        43672        2055        777284          332          12             5         315  
                                                                                                                                       
      Oct.               44783        44500        42883        1900        779261          284          35            29         220  
      Nov. p             44701        44575        42910        1791        782495          126          20             0         106  
          
2 weeks ending(7)          
 2005-Oct. 12            44495        44080        42194        2300        778394          415          59            76         280  
           26            44572        44348        42856        1716        779662          224          25             0         199  
                                                                                                                                       
      Nov.  9            46066        45930        44612        1454        780218          137           4             0         132  
           23            43724        43589        41638        2086        783108          135          35             0         100  
                                                                                                                                       
      Dec.  7p           44898        44804        43265        1634        784199           95          12             0          83  
 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-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.                 45622         45290         43568        785680        11156         47194         34466         12727   
                                                                                                                                    
      Oct.                 44113         43830         42213        786537         9637         49509         34476         15033   
      Nov. p               43985         43859         42194        792274         9491         49209         34494         14714   
          
2 weeks ending(10)         
 2005-Oct. 12              42148         41733         39847        785660         9385         49903         32763         17140           291 
           26              45896         45672         44180        787074         9940         49435         35956         13479           234 
                                                                                                                                                
      Nov.  9              43839         43703         42385        787141         9394         48774         34445         14329            65 
           23              43835         43700         41749        793347         9418         49702         34418         15284           -78 
                                                                                                                                                
      Dec.  7p             44475         44380         42841        796730         9763         48783         34712         14071           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
 


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-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.                45445         45113         43391          776989 
                                                                            
      Oct.                43914         43631         42014          777684 
      Nov. p              43758         43632         41966          783329 
         
2 weeks ending(6)         
 2005-Oct. 12             41966         41551         39665          776681 
           26             45692         45468         43975          778355 
                                                                            
      Nov.  9             43615         43479         42161          778210 
           23             43610         43475         41524          784369 
                                                                            
      Dec.  7p            44235         44141         42601          787831 
 
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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