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: December 16, 2004
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
December 16, 2004
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)                            
 2003-Nov.               43034        42966        41545        1489        718968           68          25             0          43  
      Dec.               42843        42797        41804        1039        720978           46          17             0          29  
                                                                                                                                       
 2004-Jan.               43204        43098        42314         891        722605          106          93             0          13  
      Feb.               42999        42957        41805        1194        724173           42          28             0          14  
      Mar.               44739        44688        42933        1806        725786           51          23             0          28  
                                                                                                                                       
      Apr.               45688        45602        43881        1807        728836           86          29             0          57  
      May                45390        45279        43747        1643        732306          112           9             0         103  
      June               45935        45755        44047        1888        737809          180          40             0         140  
                                                                                                                                       
      July               45733        45488        44022        1711        745607          245          42             0         203  
      Aug.               44754        44502        43203        1551        748196          251          18             0         233  
      Sep.               46252        45917        44686        1566        753381          335          97             0         238  
                                                                                                                                       
      Oct.               46035        45856        44318        1717        755881          179          15             0         164  
      Nov. p             45945        45762        44173        1772        760581          183         105             0          78  
          
2 weeks ending(7)          
 2004-Oct. 13            45087        44890        43425        1661        754630          197           4             0         194  
           27            46518        46332        44802        1715        755945          186          28             0         158  
                                                                                                                                       
      Nov. 10            47428        47328        45522        1906        759719          100           7             0          93  
           24            44960        44666        43288        1671        760375          294         218             0          76  
                                                                                                                                       
      Dec.  8p           45772        45708        43987        1786        762498           64           5             0          59  
 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)                                                                                                    
 2003-Nov.                 42651         42583         41162        729473        11525         42590         31126         11464   
      Dec.                 42941         42895         41902        737614        10858         44069         32083         11986   
                                                                                                                                    
 2004-Jan.                 45461         45355         44570        736279        11581         46578         33880         12698   
      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         32508         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        763672        12019         46654         33660         12994   
      Nov. p               45580         45397         43807        768797        12114         45564         33466         12098   
          
2 weeks ending(10)         
 2004-Oct. 13              43026         42829         41364        761855        10937         47408         32089         15320            66 
           27              48343         48158         46628        764721        12953         46364         35391         10974           104 
                                                                                                                                                
      Nov. 10              44974         44874         43068        765911        12265         45217         32709         12508            75 
           24              46054         45761         44383        768883        11976         46093         34078         12015           213 
                                                                                                                                                
      Dec.  8p             45484         45420         43698        773408        12185         44909         33299         11610           152 
 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)                  
 2003-Nov.                42083         42015         40594          717147 
      Dec.                42447         42401         41408          725201 
                                                                            
 2004-Jan.                45396         45290         44505          725152 
      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. p              45036         44853         43264          758294 
         
2 weeks ending(6)         
 2004-Oct. 13             42584         42387         40922          750868 
           27             47844         47658         46128          753939 
                                                                            
      Nov. 10             44449         44349         42543          755014 
           24             45510         45217         43839          758604 
                                                                            
      Dec.  8p            44908         44844         43122          763037 
 
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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