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: April 28, 2005
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
April 28, 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-
borrowed(3)
required excess
NSA(4)
Monetary
base(5)
total primary secondary seasonal
Month(6)                            
 2004-Mar.               44742        44690        42937        1805        727276           51          23             0          28  
                                                                                                                                       
      Apr.               45691        45605        43884        1807        730895           86          29             0          57  
      May                45389        45277        43745        1644        734654          112           9             0         103  
      June               46083        45903        44196        1887        739553          180          40             0         140  
                                                                                                                                       
      July               46374        46129        44672        1702        746138          245          42             0         203  
      Aug.               45130        44878        43593        1537        747448          251          18             0         233  
      Sep.               46331        45996        44752        1579        751650          335          97             0         238  
                                                                                                                                       
      Oct.               46105        45926        44386        1719        754133          179          15             0         164  
      Nov.               46018        45835        44247        1771        758182          183         105             0          78  
      Dec.               46639        46576        44727        1911        758261           63          11             0          52  
                                                                                                                                       
 2005-Jan.               47664        47602        45922        1742        760900           62          39             0          23  
      Feb.               45730        45688        44201        1529        764492           42          26             0          16  
      Mar.               46598        46549        44792        1806        766256           49          13             0          37  
          
2 weeks ending(7)          
 2005-Mar.  2            47598        47547        46008        1590        765846           51          35             0          17  
           16            45245        45207        43411        1834        764398           39           7             0          32  
           30            47916        47865        46106        1810        768189           51           9             0          42  
                                                                                                                                       
      Apr. 13            45084        44909        43290        1794        766029          175         112             0          63  
           27p           47361        47267        45731        1630        778714           94           6             0          88  
                                                                                                                                       
 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)                                                                                                    
 2004-Mar.                 44176         44124         42371        736439        12047         44450         32129         12321   
                                                                                                                                    
      Apr.                 46064         45978         44257        740315        14093         42849         31971         10877   
      May                  46334         46223         44691        743750        14082         43023         32253         10770   
      June                 45711         45531         43824        749469        13194         43592         32517         11075   
                                                                                                                                    
      July                 46835         46591         45133        757062        13374         44458         33461         10997   
      Aug.                 45872         45620         44334        757175        12418         45042         33454         11588   
      Sep.                 46532         46197         44953        760994        13044         44840         33489         11352   
                                                                                                                                    
      Oct.                 45747         45568         44028        763663        12010         46659         33736         12923   
      Nov.                 45652         45469         43881        768803        12116         45570         33536         12035   
      Dec.                 46812         46750         44901        774745        12017         47259         34795         12463   
                                                                                                                                    
 2005-Jan.                 50397         50335         48656        773204        14032         47668         36365         11303   
      Feb.                 46703         46661         45174        772467        12255         47640         34447         13193   
      Mar.                 46033         45983         44227        773858        12043         46726         33989         12736   
          
2 weeks ending(10)         
 2005-Mar.  2              49036         48985         47446        774379        13888         46780         35148         11632           168 
           16              43217         43178         41383        772372        11080         45868         32137         13731           -80 
           30              48620         48569         46810        775190        12814         47672         35807         11866           116 
                                                                                                                                                
      Apr. 13              43228         43053         41434        774975        11061         45381         32167         13214           298 
           27p             50289         50195         48658        785678        15090         45232         35199         10034           310 
                                                                                                                                                
 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)                  
 2004-Mar.                44069         44018         42264          725637 
                                                                            
      Apr.                45897         45811         44089          729928 
      May                 46108         45997         44465          733470 
      June                45444         45264         43556          738930 
                                                                            
      July                46501         46256         44799          746540 
      Aug.                45479         45228         43942          746633 
      Sep.                46098         45763         44518          750525 
                                                                            
      Oct.                45268         45089         43549          752781 
      Nov.                45108         44925         43337          758300 
      Dec.                46371         46309         44460          764581 
                                                                            
 2005-Jan.                50311         50249         48569          763728 
      Feb.                46636         46595         45107          763193 
      Mar.                45927         45878         44121          764678 
         
2 weeks ending(6)         
 2005-Mar.  2             48955         48904         47365          765668 
           16             43124         43086         41290          762770 
           30             48499         48448         46690          766394 
                                                                            
      Apr. 13             43097         42922         41303          765392 
           27p            50087         49994         48457          777108 
                                                                            
 
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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