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: March 31, 2005
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
March 31, 2005
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)                            
 2004-Feb.               43002        42960        41809        1192        724925           42          28             0          14  
      Mar.               44742        44690        42937        1805        727276           51          23             0          28  
                                                                                                                                       
      Apr.               45691        45605        43884        1807        730895           86          29             0          57  
      May                45389        45277        43745        1644        734654          112           9             0         103  
      June               46083        45903        44196        1887        739553          180          40             0         140  
                                                                                                                                       
      July               46374        46129        44672        1702        746138          245          42             0         203  
      Aug.               45130        44878        43593        1537        747448          251          18             0         233  
      Sep.               46331        45996        44752        1579        751650          335          97             0         238  
                                                                                                                                       
      Oct.               46105        45926        44386        1719        754133          179          15             0         164  
      Nov.               46018        45835        44247        1771        758182          183         105             0          78  
      Dec.               46639        46576        44727        1911        758262           63          11             0          52  
                                                                                                                                       
 2005-Jan.               47664        47602        45922        1742        760902           62          39             0          23  
      Feb.               45731        45689        44201        1530        764459           42          26             0          16  
          
2 weeks ending(7)          
 2005-Feb.  2            49535        49466        47996        1539        765940           69          49             0          21  
           16            43586        43556        42111        1475        763098           30          16             0          15  
                                                                                                                                       
      Mar.  2            47600        47549        46008        1592        765800           51          35             0          17  
           16            45196        45157        43427        1769        764291           39           7             0          32  
           30p           47985        47934        46138        1847        775855           51           9             0          42  
                                                                                                                                       
 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)                                                                                                    
 2004-Feb.                 43866         43824         42674        734915        10899         46471         32967         13504   
      Mar.                 44176         44124         42371        736439        12047         44450         32129         12321   
                                                                                                                                    
      Apr.                 46064         45978         44257        740315        14093         42849         31971         10877   
      May                  46334         46223         44691        743750        14082         43023         32253         10770   
      June                 45711         45531         43824        749469        13194         43592         32517         11075   
                                                                                                                                    
      July                 46835         46591         45133        757062        13374         44458         33461         10997   
      Aug.                 45872         45620         44334        757175        12418         45042         33454         11588   
      Sep.                 46532         46197         44953        760994        13044         44840         33489         11352   
                                                                                                                                    
      Oct.                 45747         45568         44028        763663        12010         46659         33736         12923   
      Nov.                 45652         45469         43881        768803        12116         45570         33536         12035   
      Dec.                 46812         46750         44901        774745        12017         47259         34795         12463   
                                                                                                                                    
 2005-Jan.                 50397         50335         48656        773204        14032         47668         36365         11303   
      Feb.                 46704         46662         45174        772440        12256         47640         34447         13193   
          
2 weeks ending(10)         
 2005-Feb.  2              55188         55119         53649        773141        16771         48220         38417          9804           172 
           16              43491         43461         42016        770716        10212         48295         33280         15015           263 
                                                                                                                                                
      Mar.  2              49038         48987         47446        774336        13890         46780         35148         11632           168 
           16              43167         43128         41398        772263        11027         45868         32140         13728           -79 
           30p             48690         48639         46842        782781        12882         47672         35808         11865           116 
                                                                                                                                                
 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)                  
 2004-Feb.                43801         43759         42609          723950 
      Mar.                44069         44018         42264          725637 
                                                                            
      Apr.                45897         45811         44089          729928 
      May                 46108         45997         44465          733470 
      June                45444         45264         43556          738930 
                                                                            
      July                46501         46256         44799          746540 
      Aug.                45479         45228         43942          746633 
      Sep.                46098         45763         44518          750525 
                                                                            
      Oct.                45268         45089         43549          752781 
      Nov.                45108         44925         43337          758300 
      Dec.                46371         46309         44460          764581 
                                                                            
 2005-Jan.                50311         50249         48569          763728 
      Feb.                46637         46595         45108          763166 
         
2 weeks ending(6)         
 2005-Feb.  2             55141         55072         53602          764172 
           16             43434         43404         41959          760915 
                                                                            
      Mar.  2             48957         48906         47365          765625 
           16             43074         43035         41305          762661 
           30p            48569         48518         46722          773972 
                                                                            
 
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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