1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time March 10, 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- required excess Monetary total primary secondary seasonal borrowed(3) NSA(4) base(5) -------------------------------------------------------------------------------------------------------------------------------------------- Month(6) 2004-Feb. 42999 42957 41805 1194 724921 42 28 0 14 Mar. 44739 44688 42933 1806 727274 51 23 0 28 Apr. 45688 45602 43881 1807 730894 86 29 0 57 May 45390 45279 43747 1643 734655 112 9 0 103 June 45935 45755 44047 1888 739415 180 40 0 140 July 45733 45488 44022 1711 745562 245 42 0 203 Aug. 44754 44502 43203 1551 747145 251 18 0 233 Sep. 46252 45917 44686 1566 751644 335 97 0 238 Oct. 46035 45856 44318 1717 754141 179 15 0 164 Nov. 45946 45763 44174 1772 758179 183 105 0 78 Dec. 46596 46533 44681 1915 758273 63 11 0 52 2005-Jan. 47664 47602 45922 1742 760916 62 39 0 23 Feb. p 45728 45686 44196 1532 764447 42 26 0 16 2 weeks ending(7) 2005-Jan. 5 48328 48274 46219 2108 757608 54 14 0 40 19 45826 45767 44040 1786 757804 59 40 0 20 Feb. 2 49531 49462 47993 1538 765926 69 49 0 21 16 43586 43556 42111 1475 763087 30 16 0 15 Mar. 2p 47593 47542 45996 1597 765789 51 35 0 17 --------------------------------------------------------------------------------------------------------------------------------------------- 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) 2004-Feb. 43863 43821 42670 734913 10896 46439 32967 13473 Mar. 44173 44122 42368 736436 12044 44424 32129 12295 Apr. 46060 45974 44253 740311 14090 42852 31971 10881 May 46336 46224 44693 743748 14080 43053 32255 10797 June 45566 45386 43678 749333 13058 43619 32507 11112 July 46192 45947 44481 756482 12793 44483 33399 11084 Aug. 45497 45246 43946 756869 12111 45056 33386 11670 Sep. 46453 46118 44887 760992 13037 44840 33416 11424 Oct. 45678 45499 43961 763673 12019 46654 33660 12994 Nov. 45581 45398 43808 768802 12113 45564 33467 12096 Dec. 46770 46707 44855 774748 12018 47253 34752 12501 2005-Jan. 50398 50336 48655 773204 14033 47663 36365 11298 Feb. p 46701 46659 45169 772437 12253 47640 34447 13192 2 weeks ending(10) 2005-Jan. 5 49177 49123 47068 778416 12375 48851 36802 12050 60 19 46732 46673 44945 771399 12279 46765 34453 12312 101 Feb. 2 55184 55115 53645 773140 16770 48216 38414 9802 172 16 43492 43462 42016 770716 10212 48295 33280 15015 261 Mar. 2p 49031 48980 47434 774329 13883 46780 35148 11632 168 -------------------------------------------------------------------------------------------------------------------------------------------- 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) 2004-Feb. 43798 43756 42605 723947 Mar. 44067 44015 42261 725635 Apr. 45893 45807 44086 729925 May 46110 45998 44466 733468 June 45298 45118 43411 738794 July 45858 45614 44148 745959 Aug. 45105 44854 43554 746326 Sep. 46018 45683 44453 750522 Oct. 45200 45021 43483 752790 Nov. 45037 44854 43265 758299 Dec. 46329 46266 44414 764583 2005-Jan. 50311 50249 48569 763729 Feb. p 46634 46592 45102 763162 2 weeks ending(6) 2005-Jan. 5 49079 49026 46971 768353 19 46615 46556 44828 761699 Feb. 2 55137 55068 53599 764170 16 43435 43405 41959 760915 Mar. 2p 48950 48899 47353 765617 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.