1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time July 13, 2006 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) 2005-June 46425 46176 44649 1776 771184 249 85 0 164 July 45792 45368 44057 1736 772686 425 176 12 237 Aug. 44683 44321 43060 1623 774833 362 63 3 297 Sep. 45697 45365 43653 2044 778203 332 12 5 315 Oct. 44943 44660 43046 1897 780199 284 35 29 220 Nov. 44775 44649 42980 1796 783505 126 20 0 106 Dec. 44809 44641 42861 1949 786588 169 97 0 72 2006-Jan. 44129 44019 42689 1440 792075 110 78 0 32 Feb. 44193 44141 42639 1555 796597 53 21 2 30 Mar. 43700 43531 42202 1498 799039 169 119 0 50 Apr. 44582 44334 42766 1816 801960 248 164 0 84 May 45000 44825 43205 1794 806505 175 24 0 151 June p 45395 45142 43615 1780 805576 253 16 0 237 2 weeks ending(7) 2006-May 10 46890 46734 44731 2158 806619 156 33 0 124 24 43952 43781 42521 1431 806251 171 21 0 151 June 7 44394 44185 42395 1999 806851 209 19 0 191 21 45768 45519 44137 1631 805405 250 15 0 235 July 5p 45593 45301 43750 1842 804850 292 16 0 277 --------------------------------------------------------------------------------------------------------------------------------------------- 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) 2005-June 46096 45847 44320 779530 11220 46280 34876 11404 July 46468 46043 44733 782494 10851 47278 35617 11662 Aug. 44862 44499 43238 782660 10346 48159 34516 13643 Sep. 45612 45280 43568 785659 11140 47282 34472 12809 Oct. 44113 43830 42216 786531 9630 49515 34483 15032 Nov. 43997 43871 42201 792310 9500 49202 34497 14705 Dec. 44909 44740 42960 801800 9541 51302 35368 15934 2006-Jan. 47287 47177 45846 804402 10382 52040 36904 15136 Feb. 44693 44641 43139 804464 9450 53260 35243 18017 Mar. 42751 42582 41253 806149 9113 49587 33638 15949 Apr. 44708 44460 42892 808398 10258 48360 34450 13910 May 45403 45228 43609 811913 10658 48283 34745 13538 June p 45050 44798 43270 812271 9920 48977 35130 13847 2 weeks ending(10) 2006-May 10 45670 45514 43512 809948 10883 47772 34788 12985 66 24 45752 45581 44320 811959 10629 48877 35123 13754 269 June 7 44325 44116 42326 814630 10397 47826 33928 13898 160 21 44446 44197 42815 811109 9630 48535 34816 13719 181 July 5p 46555 46263 44712 812243 10002 50561 36553 14008 119 -------------------------------------------------------------------------------------------------------------------------------------------- 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) 2005-June 45968 45720 44192 770864 July 46310 45885 44574 773642 Aug. 44661 44298 43038 773624 Sep. 45398 45066 43354 776936 Oct. 43870 43586 41973 777640 Nov. 43711 43585 41915 783314 Dec. 44666 44497 42717 792872 2006-Jan. 47215 47105 45774 795325 Feb. 44707 44654 43152 796205 Mar. 42772 42603 41274 798123 Apr. 44733 44485 42917 800874 May 45427 45252 43633 804724 June p 45082 44829 43302 804950 2 weeks ending(6) 2006-May 10 45691 45535 43533 803258 24 45776 45605 44344 804602 June 7 44353 44144 42353 807061 21 44476 44226 42845 803803 July 5p 46592 46300 44749 805094 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.