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: October 05, 2006
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
October 5, 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-
borrowed(3)
required excess
NSA(4)
Monetary
base(5)
total primary secondary seasonal
Month(6)                            
 2005-Aug.               45332        44970        43715        1616        775492          362          63             3         297  
      Sep.               46290        45958        44256        2035        778807          332          12             5         315  
                                                                                                                                       
      Oct.               45571        45287        43675        1896        780834          284          35            29         220  
      Nov.               45417        45291        43629        1788        784151          126          20             0         106  
      Dec.               45307        45138        43398        1909        787090          169          97             0          72  
                                                                                                                                       
 2006-Jan.               44042        43932        42455        1587        791977          110          78             0          32  
      Feb.               44154        44102        42611        1543        796554           53          21             2          30  
      Mar.               43697        43528        42193        1504        799047          169         119             0          50  
                                                                                                                                       
      Apr.               44593        44345        42764        1828        801971          248         164             0          84  
      May                44993        44818        43193        1800        806482          175          24             0         151  
      June               45399        45146        43615        1784        805532          253          16             0         237  
                                                                                                                                       
      July               44202        43852        42657        1545        803678          350          39             0         312  
      Aug.               42808        42439        41266        1542        804088          369          26             0         343  
          
2 weeks ending(7)          
 2006-Aug.  2            44919        44501        43406        1513        804379          418          78             0         340  
           16            42211        41867        40632        1579        803065          344           9             0         335  
           30            43131        42751        41660        1471        805092          380          30             0         351  
                                                                                                                                       
      Sep. 13            42426        41961        40363        2062        803778          465         124             0         341  
           27p           42992        42623        41603        1389        803587          370          21             0         349  
                                                                                                                                       
 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)                                                                                                    
 2005-Aug.                 45508         45145         43891        783315        11002         48168         34506         13662   
      Sep.                 46198         45865         44163        786255        11735         47286         34462         12823   
                                                                                                                                    
      Oct.                 44725         44442         42830        787150        10250         49514         34475         15039   
      Nov.                 44622         44496         42834        792942        10131         49198         34491         14707   
      Dec.                 45401         45233         43492        802303        10045         51306         35356         15950   
                                                                                                                                    
 2006-Jan.                 47181         47071         45594        804293        10277         52068         36904         15164   
      Feb.                 44649         44597         43107        804419         9405         53287         35244         18043   
      Mar.                 42750         42581         41246        806164         9125         49603         33625         15978   
                                                                                                                                    
      Apr.                 44721         44473         42893        808424        10283         48370         34438         13932   
      May                  45396         45222         43596        811903        10655         48287         34742         13546   
      June                 45054         44801         43270        812231         9923         48979         35131         13847   
                                                                                                                                    
      July                 44863         44512         43317        811769         9631         49609         35232         14377   
      Aug.                 42601         42232         41059        809852         8877         50243         33724         16518   
          
2 weeks ending(10)         
 2006-Aug.  2              48234         47816         46721        810981        10894         49716         37340         12376             5 
           16              39212         38868         37633        809419         7672         51242         31541         19702            49 
           30              45421         45041         43950        810001         9836         49425         35586         13840            89 
                                                                                                                                                
      Sep. 13              39310         38846         37248        811570         8306         48751         31005         17746           -31 
           27p             45902         45533         44513        808903        10050         49541         35852         13689            50 
                                                                                                                                                
 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)                  
 2005-Aug.                45307         44944         43690          774279 
      Sep.                45983         45651         43948          777532 
                                                                            
      Oct.                44482         44199         42586          778259 
      Nov.                44337         44211         42549          783946 
      Dec.                45158         44989         43249          793375 
                                                                            
 2006-Jan.                47109         46999         45522          795216 
      Feb.                44662         44610         43120          796158 
      Mar.                42772         42603         41268          798138 
                                                                            
      Apr.                44746         44498         42918          800900 
      May                 45420         45246         43620          804714 
      June                45085         44832         43302          804911 
                                                                            
      July                44897         44547         43352          804646 
      Aug.                42632         42263         41090          802780 
         
2 weeks ending(6)         
 2006-Aug.  2             48266         47848         46753          803960 
           16             39237         38893         37658          802218 
           30             45457         45077         43986          803029 
                                                                            
      Sep. 13             39341         38877         37279          804785 
           27p            45937         45568         44548          801939 
                                                                            
 
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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