1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time October 12, 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- required excess Monetary total primary secondary seasonal borrowed(3) NSA(4) base(5) -------------------------------------------------------------------------------------------------------------------------------------------- Month(6) 2005-Sep. 46194 45862 44159 2035 778753 332 12 5 315 Oct. 45488 45205 43592 1897 780785 284 35 29 220 Nov. 45423 45297 43635 1788 784153 126 20 0 106 Dec. 45312 45143 43403 1909 787091 169 97 0 72 2006-Jan. 44045 43935 42459 1586 791978 110 78 0 32 Feb. 44166 44113 42616 1550 796564 53 21 2 30 Mar. 43702 43533 42198 1504 799139 169 119 0 50 Apr. 44609 44361 42783 1826 801975 248 164 0 84 May 45041 44866 43243 1797 806474 175 24 0 151 June 45412 45159 43627 1785 805529 253 16 0 237 July 44201 43851 42650 1551 803677 350 39 0 312 Aug. 42803 42435 41257 1547 804089 369 26 0 343 Sep. p 42854 42451 41117 1738 803775 403 66 0 338 2 weeks ending(7) 2006-Aug. 16 42206 41862 40617 1589 803063 344 9 0 335 30 43126 42746 41654 1471 805098 380 30 0 351 Sep. 13 42424 41959 40363 2060 803768 465 124 0 341 27 42993 42623 41604 1389 803601 370 21 0 349 Oct. 11p 44076 43782 42109 1968 804621 295 23 0 273 --------------------------------------------------------------------------------------------------------------------------------------------- 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) 2005-Sep. 46102 45770 44067 786209 11684 47293 34418 12874 Oct. 44644 44360 42747 787104 10194 49521 34450 15071 Nov. 44628 44502 42840 792945 10137 49206 34490 14715 Dec. 45406 45237 43497 802305 10047 51318 35359 15959 2006-Jan. 47183 47073 45597 804295 10277 52084 36906 15178 Feb. 44661 44608 43110 804429 9415 53311 35246 18065 Mar. 42755 42586 41251 806247 9133 49627 33622 16005 Apr. 44737 44490 42911 808428 10287 48389 34450 13939 May 45445 45270 43648 811899 10649 48301 34796 13505 June 45067 44814 43282 812229 9920 48992 35147 13845 July 44862 44512 43311 811769 9631 49621 35232 14389 Aug. 42597 42228 41050 809852 8877 50245 33720 16525 Sep. p 42568 42165 40830 810029 9105 49420 33463 15957 2 weeks ending(10) 2006-Aug. 16 39208 38864 37619 809419 7672 51244 31537 19708 46 30 45415 45035 43944 810001 9836 49427 35580 13848 89 Sep. 13 39308 38844 37248 811568 8304 48750 31005 17746 -31 27 45903 45533 44514 808903 10050 49541 35853 13688 47 Oct. 11p 41134 40839 39166 808617 8170 51763 32964 18799 -21 -------------------------------------------------------------------------------------------------------------------------------------------- 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) 2005-Sep. 45888 45556 43853 777487 Oct. 44401 44118 42505 778213 Nov. 44342 44216 42555 783948 Dec. 45163 44994 43254 793377 2006-Jan. 47111 47001 45525 795218 Feb. 44674 44622 43124 796168 Mar. 42777 42608 41272 798221 Apr. 44762 44514 42936 800904 May 45469 45294 43672 804710 June 45098 44846 43313 804909 July 44896 44546 43345 804646 Aug. 42628 42259 41081 802779 Sep. p 42601 42198 40864 803140 2 weeks ending(6) 2006-Aug. 16 39233 38889 37644 802218 30 45451 45071 43980 803029 Sep. 13 39339 38875 37279 804783 27 45938 45568 44549 801938 Oct. 11p 41165 40871 39198 801627 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.