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: December 06, 2007
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
December 6, 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-Nov.               43180        43020        41489        1691        810080          160          48             0         112  
      Dec.               43313        43122        41508        1805        812576          191         111             0          80  
                                                                                                                                       
 2007-Jan.               42171        41960        40667        1504        813385          211         187             0          24  
      Feb.               42422        42392        40925        1497        812166           30           8             0          22  
      Mar.               42320        42266        40685        1635        813793           54          21             5          28  
                                                                                                                                       
      Apr.               42711        42632        41183        1528        816077           79          32             0          48  
      May                43153        43050        41715        1439        817891          103          14             0          90  
      June               43602        43415        41897        1705        819299          187          43             0         145  
                                                                                                                                       
      July               41915        41653        40241        1674        821320          262          45             0         217  
      Aug.               44921        43946        40098        4823        824863          975         701            19         255  
      Sep.               42538        40972        40792        1747        822426         1567        1345             0         221  
                                                                                                                                       
      Oct.               42494        42240        41041        1453        826816          254         126            13         115  
      Nov. p             42647        42281        40965        1682        827811          366         315             0          50  
          
2 weeks ending(7)          
 2007-Oct. 10            46400        46170        44315        2085        827364          230          70             0         160  
           24            39700        39433        38905         794        825751          267         134            29         105  
                                                                                                                                       
      Nov.  7            42503        42239        40637        1866        828160          264         191             0          74  
           21            41852        41328        40355        1497        828695          524         479             0          45  
                                                                                                                                       
      Dec.  5p           43996        43797        42170        1826        826162          199         158             0          41  
 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-Nov.                 42229         42069         40538        815377         8450         48957         33779         15179   
      Dec.                 43280         43089         41475        825286         8477         50897         34804         16093   
                                                                                                                                    
 2007-Jan.                 44631         44420         43127        823691         8773         52160         35858         16303   
      Feb.                 42652         42622         41154        819691         7718         53728         34934         18794   
      Mar.                 40752         40698         39117        820791         7516         49732         33236         16495   
                                                                                                                                    
      Apr.                 42538         42459         41010        822628         8558         48808         33980         14828   
      May                  44021         43918         42582        825068         9203         48655         34818         13837   
      June                 43648         43461         41944        826503         8735         49428         34914         14514   
                                                                                                                                    
      July                 42730         42469         41057        828449         8417         50197         34314         15883   
      Aug.                 44619         43644         39796        829735        10980         51033         33639         17394   
      Sep.                 42078         40511         40331        826414         8606         49622         33472         16150   
                                                                                                                                    
      Oct.                 41464         41210         40011        828350         8261         49745         33203         16542   
      Nov. p               41864         41498         40182        832942         8529         48985         33335         15650   
          
2 weeks ending(10)         
 2007-Oct. 10              43814         43584         41729        828787         9711         51361         34103         17259            60 
           24              39879         39612         39084        827710         6990         49294         32889         16405           324 
                                                                                                                                                
      Nov.  7              41279         41015         39413        829006         8733         48339         32547         15793          -125 
           21              40551         40027         39054        833694         7815         49711         32736         16975            73 
                                                                                                                                                
      Dec.  5p             44361         44163         42535        834836         9481         48359         34881         13478            44 
 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-Nov.                42365         42206         40674          808592 
      Dec.                43360         43169         41555          818397 
                                                                            
 2007-Jan.                44619         44408         43115          816797 
      Feb.                42678         42648         41181          812907 
      Mar.                40793         40739         39158          813938 
                                                                            
      Apr.                42593         42514         41066          815953 
      May                 44090         43987         42652          818596 
      June                43732         43545         42027          820028 
                                                                            
      July                42828         42566         41154          822059 
      Aug.                44726         43751         39903          823097 
      Sep.                42200         40634         40454          819867 
                                                                            
      Oct.                41599         41345         40147          821877 
      Nov. p              42008         41642         40326          826550 
         
2 weeks ending(6)         
 2007-Oct. 10             43953         43724         41868          822393 
           24             40010         39743         39216          821201 
                                                                            
      Nov.  7             41415         41151         39549          822492 
           21             40690         40166         39192          827373 
                                                                            
      Dec.  5p            44520         44321         42694          828428 
 
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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