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: July 07, 2008
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
July 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(6)
Date Total
(2)
Non-
borrowed
(3)
Required Excess,
NSA
(4)
Monetary
base
(5)
Term
auction
credit,
NSA
Primary Secondary Seasonal Primary
dealer
credit
facility
Other
credit
extensions
Month(7)                                
 2007-June               43369      43182      41618       1751      819825                    43          0        145                      
                                                                                                                                             
      July               41816      41554      40179       1637      821128                    45          0        217                      
      Aug.               45018      44043      40189       4828      824439                   701         19        255                      
      Sep.               42668      41101      40942       1726      821972                  1345          0        221                      
                                                                                                                                             
      Oct.               42443      42188      41008       1435      824655                   126         13        115                      
      Nov.               42672      42306      40976       1696      825471                   315          0         50                      
      Dec.               42704      27273      40952       1752      823268      11613       3787          1         30                      
                                                                                                                                             
 2008-Jan.               42152      -3507      40519       1633      821416      44516       1137          0          6                      
      Feb.               42856     -17301      41146       1709      822524      60000        155          0          3                      
      Mar.               44259     -50264      41269       2990      826999      75484       1617          0          6      16168      1249 
                                                                                                                                             
      Apr.               43535     -91875      41607       1928      824420     100000       9624          0         21      25764         0 
      May                44156    -111624      42049       2107      826473     127419      14076          0         47      14238         0 
      June p             43405    -127873      41025       2380      832285     150000      14225         70         75       6908         0 
                       
Two weeks ending(8)                      
 2008-May   7            43828     -85367      41845       1983      823664     100000      11622          0         31      17544         0 
           21            43404    -111014      41411       1993      825185     125000      13976          1         42      15401         0 
                                                                                                                                             
      June  4            45438    -130858      43086       2353      830243     150000      15936          1         66      10295         0 
           18            41805    -130140      40029       1776      830797     150000      13260        112         69       8505         0 
                                                                                                                                             
      July  2p           44593    -124234      41500       3093      834703     150000      14782         43         86       3917         0 
 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. On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC, as discussed in the notes to the Board's
H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks."
Consistent with generally accepted accounting principles, the assets and liabilities of the LLC have been consolidated with the assets and
liabilities of the FRBNY because the FRBNY is the primary beneficiary of Maiden Lane LLC. As a consequence of this consolidation, the
extension of credit from the FRBNY to the LLC is eliminated from the Federal Reserve's balance sheet, and, thus, the loan is not included in
borrowed reserves.
7. Prorated averages of biweekly averages.
8. 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)
Non-
borrowed
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)                                                                                                      
 2007-June                  43653         43466          41902        826502         8734         49432         34919          14513              
                                                                                                                                                  
      July                  42594         42332          40957        828306         8276         50207         34319          15889              
      Aug.                  44567         43592          39739        829677        10922         51043         33645          17398              
      Sep.                  42236         40669          40510        826566         8757         49633         33479          16154              
                                                                                                                                                  
      Oct.                  41505         41251          40070        828380         8293         49755         33212          16543              
      Nov.                  41895         41530          40199        833101         8553         48995         33342          15653              
      Dec.                  42730         27300          40978        836350         8203         52162         34527          17635              
                                                                                                                                                  
 2008-Jan.                  44064         -1596          42430        831106         8738         53162         35325          17837              
      Feb.                  42829        -17328          41120        828657         8172         53650         34657          18993              
      Mar.                  42675        -51848          39685        832364         9760         50447         32915          17532              
                                                                                                                                                  
      Apr.                  43477        -91933          41550        830497         9257         49315         34220          15096              
      May                   45133       -110647          43026        833974         9688         48579         35445          13134              
      June p                43964       -127314          41584        838856         9174         49339         34790          14548              
                   
Two weeks ending(10)                  
 2008-May   7               45008        -84188          43025        829815         9629         48941         35379          13562           -42
           21               43852       -110567          41859        832348         8990         48925         34862          14063           -35
                                                                                                                                                  
      June  4               47015       -129281          44662        839163        10707         47842         36308          11534           -17
           18               40631       -131314          38855        837270         7996         48535         32636          15899           102
                                                                                                                                                  
      July  2p              46836       -121991          43743        840605        10037         50776         36799          13977            35
 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) Non-
borrowed
Required
(3)
Monetary
base(4)
Month(5)                   
 2007-June                 43693         43506         41942           819999
                                                                             
      July                 42638         42376         41001           821881
      Aug.                 44611         43636         39783           822994
      Sep.                 42289         40722         40563           819971
                                                                             
      Oct.                 41560         41306         40125           821851
      Nov.                 41949         41584         40253           826646
      Dec.                 42745         27314         40993           829761
                                                                             
 2008-Jan.                 44037         -1623         42404           824418
      Feb.                 42826        -17331         41117           821880
      Mar.                 42671        -51852         39681           825566
                                                                             
      Apr.                 43461        -91949         41533           823382
      May                  45102       -110678         42995           826882
      June p               43931       -127347         41552           831747
         
Two weeks ending(6)        
 2008-May   7              44978        -84218         42995           822702
           21              43821       -110597         41828           825281
                                                                             
      June  4              46982       -129314         44629           832049
           18              40599       -131346         38823           830133
                                                                             
      July  2p             46801       -122026         43708           833528
 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.

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