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Release Date: May 24, 2007
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
May 24, 2007
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)                            
 2006-Apr.               44605        44357        42777        1828        800589          248         164             0          84  
      May                45036        44861        43232        1804        804760          175          24             0         151  
      June               45392        45140        43608        1784        804591          253          16             0         237  
                                                                                                                                       
      July               44203        43852        42657        1546        804087          350          39             0         312  
      Aug.               42895        42526        41361        1534        804700          369          26             0         343  
      Sep.               42898        42495        41138        1761        805214          403          66             0         338  
                                                                                                                                       
      Oct.               42797        42568        41123        1674        806633          229          24             0         205  
      Nov.               43211        43052        41506        1706        809735          160          48             0         112  
      Dec.               43296        43105        41479        1817        812354          191         111             0          80  
                                                                                                                                       
 2007-Jan.               41507        41296        39967        1540        813301          211         187             0          24  
      Feb.               42063        42034        40558        1506        811965           30           8             0          22  
      Mar.               41807        41753        40163        1644        813543           54          21             5          28  
                                                                                                                                       
      Apr.               42393        42313        40861        1532        815968           79          32             0          48  
          
2 weeks ending(7)          
 2007-Mar. 28            40325        40265        38634        1691        812782           60          31             0          29  
                                                                                                                                       
      Apr. 11            42897        42817        41086        1810        814885           80          44             0          36  
           25            40939        40856        39604        1335        815628           83          32             0          52  
                                                                                                                                       
      May   9            45354        45284        43885        1470        819301           71           6             0          65  
           23p           42159        42046        40861        1297        816829          113          22             0          92  
 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)                                                                                                    
 2006-Apr.                 44733         44486         42906        808436        10296         48381         34437         13944   
      May                  45440         45265         43636        811900        10650         48294         34789         13504   
      June                 45048         44795         43264        812213         9911         48982         35137         13845   
                                                                                                                                    
      July                 44864         44513         43318        811744         9611         49617         35253         14365   
      Aug.                 42683         42314         41149        809737         8794         50243         33888         16355   
      Sep.                 42612         42208         40851        809990         9111         49402         33501         15901   
                                                                                                                                    
      Oct.                 41755         41526         40081        809234         8254         50093         33502         16591   
      Nov.                 42234         42074         40528        815381         8455         48961         33779         15181   
      Dec.                 43282         43091         41465        825289         8479         50901         34803         16098   
                                                                                                                                    
 2007-Jan.                 44658         44447         43118        823718         8801         52165         35857         16309   
      Feb.                 42665         42635         41159        819695         7722         53737         34943         18795   
      Mar.                 40772         40718         39128        820795         7519         49731         33253         16478   
                                                                                                                                    
      Apr.                 42544         42465         41013        822635         8559         48805         33986         14819   
          
2 weeks ending(10)         
 2007-Mar. 28              42033         41973         40342        820561         7383         50966         34650         16316           160 
                                                                                                                                                
      Apr. 11              39906         39826         38095        821613         7781         49002         32125         16877           163 
           25              43945         43863         42610        822897         8689         48912         35256         13656           157 
                                                                                                                                                
      May   9              44428         44358         42958        824153         9905         48075         34523         13552            62 
           23p             43721         43608         42424        823758         8666         49392         35056         14336            -3 
 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)                  
 2006-Apr.                44758         44511         42930          800912 
      May                 45464         45289         43660          804710 
      June                45079         44827         43295          804893 
                                                                            
      July                44898         44548         43352          804620 
      Aug.                42714         42345         41180          802664 
      Sep.                42645         42242         40884          803104 
                                                                            
      Oct.                41783         41554         40109          802286 
      Nov.                42259         42100         40553          808519 
      Dec.                43282         43091         41465          818343 
                                                                            
 2007-Jan.                44633         44422         43093          816812 
      Feb.                42676         42647         41171          812902 
      Mar.                40790         40736         39146          813927 
                                                                            
      Apr.                42563         42484         41032          815935 
         
2 weeks ending(6)         
 2007-Mar. 28             42053         41993         40362          813531 
                                                                            
      Apr. 11             39928         39848         38117          814635 
           25             43964         43881         42629          816347 
                                                                            
      May   9             44442         44371         42972          817643 
           23p            43737         43624         42440          817289 
 
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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