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: May 25, 2006
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
May 25, 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-Apr.               46393        46261        44719        1673        766866          132          52             0          80  
      May                45949        45810        44416        1534        768389          139           6             0         133  
      June               46425        46176        44649        1776        771184          249          85             0         164  
                                                                                                                                       
      July               45792        45368        44057        1736        772686          425         176            12         237  
      Aug.               44683        44321        43060        1623        774833          362          63             3         297  
      Sep.               45697        45365        43653        2044        778203          332          12             5         315  
                                                                                                                                       
      Oct.               44943        44660        43046        1897        780199          284          35            29         220  
      Nov.               44775        44649        42980        1796        783505          126          20             0         106  
      Dec.               44809        44641        42861        1949        786588          169          97             0          72  
                                                                                                                                       
 2006-Jan.               44129        44019        42689        1440        792075          110          78             0          32  
      Feb.               44193        44141        42639        1555        796597           53          21             2          30  
      Mar.               43700        43531        42202        1498        799039          169         119             0          50  
                                                                                                                                       
      Apr.               44575        44328        42761        1814        801955          248         164             0          84  
          
2 weeks ending(7)          
 2006-Mar. 29            43526        43279        42352        1174        799159          247         193             0          54  
                                                                                                                                       
      Apr. 12            44316        43869        42206        2110        800658          447         381             0          67  
           26            44150        44047        42684        1466        801745          103          16             0          87  
                                                                                                                                       
      May  10            46843        46687        44698        2145        806584          156          33             0         124  
           24p           43974        43803        42557        1416        805645          171          21             0         151  
 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-Apr.                 46654         46523         44981        775283        12939         45342         33715         11627   
      May                  46474         46335         44941        775653        12015         45628         34460         11169   
      June                 46096         45847         44320        779530        11220         46280         34876         11404   
                                                                                                                                    
      July                 46468         46043         44733        782494        10851         47278         35617         11662   
      Aug.                 44862         44499         43238        782660        10346         48159         34516         13643   
      Sep.                 45612         45280         43568        785659        11140         47282         34472         12809   
                                                                                                                                    
      Oct.                 44113         43830         42216        786531         9630         49515         34483         15032   
      Nov.                 43997         43871         42201        792310         9500         49202         34497         14705   
      Dec.                 44909         44740         42960        801800         9541         51302         35368         15934   
                                                                                                                                    
 2006-Jan.                 47287         47177         45846        804402        10382         52040         36904         15136   
      Feb.                 44693         44641         43139        804464         9450         53260         35243         18017   
      Mar.                 42751         42582         41253        806149         9113         49587         33638         15949   
                                                                                                                                    
      Apr.                 44701         44454         42887        808393        10252         48360         34449         13912   
          
2 weeks ending(10)         
 2006-Mar. 29              45188         44941         44014        806719         9137         50783         36051         14733           271 
                                                                                                                                                
      Apr. 12              41169         40722         39059        806977         9246         48675         31924         16752            30 
           26              47466         47363         46000        809174        10948         48259         36518         11741           252 
                                                                                                                                                
      May  10              45624         45468         43479        809913        10841         47772         34784         12989            66 
           24p             45775         45604         44358        811404        10638         48876         35137         13740           268 
 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-Apr.                46575         46444         44902          766275 
      May                 46360         46221         44826          766893 
      June                45968         45720         44192          770864 
                                                                            
      July                46310         45885         44574          773642 
      Aug.                44661         44298         43038          773624 
      Sep.                45398         45066         43354          776936 
                                                                            
      Oct.                43870         43586         41973          777640 
      Nov.                43711         43585         41915          783314 
      Dec.                44666         44497         42717          792872 
                                                                            
 2006-Jan.                47215         47105         45774          795325 
      Feb.                44707         44654         43152          796205 
      Mar.                42772         42603         41274          798123 
                                                                            
      Apr.                44726         44478         42912          800870 
         
2 weeks ending(6)         
 2006-Mar. 29             45211         44964         44037          798754 
                                                                            
      Apr. 12             41195         40748         39085          799262 
           26             47490         47387         46024          801575 
                                                                            
      May  10             45645         45489         43500          803223 
           24p            45799         45628         44383          804047 
 
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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