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: February 02, 2006
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
February 2, 2006
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)                            
 2005-Jan.               47475        47413        45734        1741        760531           62          39             0          23  
      Feb.               45969        45927        44472        1497        763479           42          26             0          16  
      Mar.               46804        46755        45021        1783        765712           49          13             0          37  
                                                                                                                                       
      Apr.               46559        46428        44884        1675        766942          132          52             0          80  
      May                45873        45734        44336        1537        768134          139           6             0         133  
      June               46670        46421        44887        1782        771123          249          85             0         164  
                                                                                                                                       
      July               46085        45660        44343        1741        772865          425         176            12         237  
      Aug.               44540        44178        42918        1622        774705          362          63             3         297  
      Sep.               45720        45388        43673        2047        777801          332          12             5         315  
                                                                                                                                       
      Oct.               44784        44500        42883        1900        780069          284          35            29         220  
      Nov.               44705        44579        42909        1797        783668          126          20             0         106  
      Dec.               44798        44630        42849        1949        786383          169          97             0          72  
                                                                                                                                       
 2006-Jan. p             44226        44116        42807        1419        791990          110          78             0          32  
          
2 weeks ending(7)          
 2005-Dec.  7            44897        44803        43257        1640        785192           95          12             0          83  
           21            43599        43340        41843        1756        784118          259         188             0          71  
                                                                                                                                       
 2006-Jan.  4            46408        46313        43972        2436        790388           95          29             0          66  
           18            42468        42288        41260        1207        790028          180         154             0          26  
                                                                                                                                       
      Feb.  1p           45448        45409        44115        1334        794596           40          11             0          29  
 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)                                                                                                    
 2005-Jan.                 50438         50376         48697        773244        14074         47679         36364         11316   
      Feb.                 46723         46681         45226        772479        12268         47663         34455         13208   
      Mar.                 46026         45977         44243        773839        12054         46747         33972         12775   
                                                                                                                                    
      Apr.                 46649         46518         44975        775290        12938         45339         33711         11628   
      May                  46464         46325         44927        775660        12022         45616         34442         11175   
      June                 46088         45839         44306        779543        11233         46268         34855         11413   
                                                                                                                                    
      July                 46457         46033         44716        782506        10863         47264         35594         11670   
      Aug.                 44860         44498         43238        782660        10354         48149         34506         13642   
      Sep.                 45616         45284         43569        785669        11150         47280         34467         12813   
                                                                                                                                    
      Oct.                 44113         43830         42213        786538         9637         49516         34477         15039   
      Nov.                 43990         43864         42193        792306         9495         49208         34495         14713   
      Dec.                 44907         44739         42958        801835         9541         51301         35366         15934   
                                                                                                                                    
 2006-Jan. p               47282         47172         45863        804430        10381         52067         36900         15167   
          
2 weeks ending(10)         
 2005-Dec.  7              44474         44379         42834        796783         9762         48783         34712         14071           285 
           21              42998         42739         41241        798069         8695         51587         34303         17284           180 
                                                                                                                                                
 2006-Jan.  4              47885         47791         45449        810644        10572         52663         37314         15350           145 
           18              42824         42644         41617        804650         9087         50155         33738         16417           474 
                                                                                                                                                
      Feb.  1p             51897         51858         50563        802282        11718         53944         40180         13764            90 
 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)                  
 2005-Jan.                50368         50306         48627          763776 
      Feb.                46698         46656         45201          763226 
      Mar.                45987         45938         44204          764693 
                                                                            
      Apr.                46580         46449         44906          766290 
      May                 46369         46229         44832          766917 
      June                45979         45730         44196          770892 
                                                                            
      July                46325         45900         44583          773676 
      Aug.                44699         44336         43077          773659 
      Sep.                45439         45107         43392          776978 
                                                                            
      Oct.                43915         43631         42014          777685 
      Nov.                43762         43636         41966          783361 
      Dec.                44724         44556         42775          792963 
                                                                            
 2006-Jan. p              47233         47123         45815          795390 
         
2 weeks ending(6)         
 2005-Dec.  7             44234         44140         42594          787884 
           21             42759         42500         41003          789102 
                                                                            
 2006-Jan.  4             47819         47724         45383          801924 
           18             42751         42571         41544          795206 
                                                                            
      Feb.  1p            51880         51841         50547          793577 
 
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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