1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time April 3, 2008 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 Other borrowings from the Federal Reserve, NSA ------------------------------------------ Term ------------------------------------------------------ Date Total Non- Required Excess, Monetary auction Primary Secondary Seasonal Primary Other (2) borrowed NSA base credit, dealer credit (3) (4) (5) NSA credit extensions facility ---------------------------------------------------------------------------------------------------------------------------------------------- Month(6) 2007-Feb. 42454 42424 40956 1498 813448 8 0 22 Mar. 42321 42267 40686 1635 814991 21 5 28 Apr. 42715 42635 41189 1525 817205 32 0 48 May 43197 43093 41760 1436 818799 14 0 90 June 43606 43419 41904 1702 820085 43 0 145 July 41915 41653 40251 1664 821476 45 0 217 Aug. 44922 43948 40100 4822 824512 701 19 255 Sep. 42540 40973 40798 1742 821732 1345 0 221 Oct. 42507 42252 41056 1450 824713 126 13 115 Nov. 42646 42281 40970 1676 825653 315 0 50 Dec. 42585 27154 40839 1746 823385 11613 3787 1 30 2008-Jan. 41780 -3879 40146 1634 821174 44516 1137 0 6 Feb. 42567 -17590 40861 1706 822442 60000 155 0 3 2 weeks ending(7) 2008-Jan. 30 41630 -8760 40186 1444 821076 50000 385 0 5 Feb. 13 42092 -18010 40433 1658 822289 60000 101 0 1 27 42937 -17261 41139 1798 822393 60000 195 0 4 Mar. 12 43071 -17159 41701 1370 823778 60000 227 0 3 26p 44478 -61787 39856 4622 830198 80000 316 1 7 23178 2765 ----------------------------------------------------------------------------------------------------------------------------------------------- 1. Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (For more information, refer to table 3.) 2. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, refer to footnote 2 in table 2 and footnote 2 in table 3.) 3. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings from the Federal Reserve. 4. Excess reserves NSA equals unadjusted total reserves (table 2, column 1) less unadjusted 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, refer to footnote 3 in table 2 and footnote 4 in 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 Date Total Non- Required Monetary balances Total satisfy Surplus carryover (2) borrowed base with F.R. required (7) of reserve (3) Banks reserves balances (4) (6) (8) ------------------------------------------------------------------------------------------------------------------------------------------- Month(9) 2007-Feb. 42685 42656 41187 819693 7720 53728 34966 18762 Mar. 40753 40699 39118 820793 7518 49732 33236 16496 Apr. 42541 42462 41016 822629 8560 48809 33981 14828 May 44066 43963 42630 825071 9205 48659 34861 13798 June 43652 43465 41951 826508 8739 49432 34913 14519 July 42731 42469 41067 828452 8420 50206 34311 15896 Aug. 44621 43646 39799 829739 10983 51040 33637 17402 Sep. 42079 40513 40338 826415 8606 49628 33473 16155 Oct. 41476 41222 40026 828353 8264 49747 33212 16535 Nov. 41863 41497 40187 833075 8526 48985 33337 15649 Dec. 42715 27285 40970 836339 8193 52153 34523 17630 2008-Jan. 44058 -1602 42423 831105 8737 53158 35321 17837 Feb. 42818 -17339 41112 828655 8169 53647 34648 18999 2 weeks ending(10) 2008-Jan. 30 47957 -2433 46513 827095 9506 54540 38451 16089 -91 Feb. 13 40943 -19159 39285 826880 7341 56549 33602 22947 37 27 44890 -15308 43092 830213 8902 51578 35988 15590 88 Mar. 12 40501 -19729 39131 829290 8428 49273 32074 17199 101 26p 44534 -61731 39912 835013 10928 51783 33607 18176 -177 -------------------------------------------------------------------------------------------------------------------------------------------- 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) Non- Required Monetary borrowed (3) base(4) ------------------------------------------------------------------------- Month(5) 2007-Feb. 42711 42682 41214 812909 Mar. 40794 40740 39159 813940 Apr. 42597 42518 41072 815954 May 44135 44032 42699 818599 June 43736 43549 42034 820033 July 42828 42566 41164 822062 Aug. 44728 43753 39906 823101 Sep. 42202 40635 40460 819869 Oct. 41612 41357 40161 821880 Nov. 42007 41641 40331 826683 Dec. 42794 27364 41048 829796 2008-Jan. 44055 -1605 42420 824435 Feb. 42843 -17314 41137 821892 2 weeks ending(6) 2008-Jan. 30 47973 -2417 46529 820430 Feb. 13 40963 -19139 39304 820080 27 44918 -15280 43120 823480 Mar. 12 40534 -19696 39164 822559 26p 44574 -61691 39952 828281 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 4). 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.