1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time June 23, 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- required excess Monetary total primary secondary seasonal borrowed(3) NSA(4) base(5) -------------------------------------------------------------------------------------------------------------------------------------------- Month(6) 2004-May 45638 45526 43994 1644 734436 112 9 0 103 June 46276 46096 44389 1887 739317 180 40 0 140 July 46460 46216 44758 1702 745848 245 42 0 203 Aug. 45510 45258 43973 1537 747506 251 18 0 233 Sep. 46520 46185 44941 1579 751528 335 97 0 238 Oct. 46427 46248 44709 1719 754172 179 15 0 164 Nov. 46393 46210 44623 1771 758483 183 105 0 78 Dec. 46761 46698 44849 1911 758574 63 11 0 52 2005-Jan. 47436 47374 45694 1742 761120 62 39 0 23 Feb. 45949 45907 44420 1529 764292 42 26 0 16 Mar. 46810 46761 45003 1807 766493 49 13 0 37 Apr. 46613 46481 44935 1678 767410 132 52 0 80 May 45920 45780 44390 1529 768417 139 6 0 133 2 weeks ending(7) 2005-Apr. 27 47485 47391 45857 1627 768395 94 6 0 88 May 11 46148 46026 44768 1380 768058 123 7 0 117 25 45291 45145 43772 1518 767392 146 5 0 141 June 8 46968 46814 45141 1828 771468 154 7 0 148 22p 45799 45628 44161 1638 770345 171 18 0 153 --------------------------------------------------------------------------------------------------------------------------------------------- 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) 2004-May 46334 46223 44691 743749 14082 43022 32253 10769 June 45711 45531 43824 749469 13194 43591 32517 11074 July 46835 46591 45133 757062 13374 44457 33461 10996 Aug. 45872 45620 44334 757175 12418 45041 33454 11587 Sep. 46532 46197 44953 760994 13044 44839 33489 11351 Oct. 45747 45568 44028 763663 12010 46658 33736 12922 Nov. 45652 45469 43881 768803 12116 45569 33536 12034 Dec. 46812 46750 44901 774746 12017 47258 34795 12462 2005-Jan. 50397 50335 48656 773204 14032 47667 36365 11302 Feb. 46703 46661 45174 772467 12255 47639 34447 13192 Mar. 46033 45983 44226 773828 12043 46725 33989 12735 Apr. 46703 46572 45025 775315 12962 45318 33741 11576 May 46511 46372 44982 775708 12047 45574 34464 11110 2 weeks ending(10) 2005-Apr. 27 50287 50193 48659 775934 15087 45231 35200 10032 310 May 11 45024 44901 43643 774190 11268 45455 33756 11699 307 25 47918 47772 46400 775327 12731 45866 35188 10679 -53 June 8 45955 45801 44127 779379 11883 45111 34073 11039 -22 22p 45449 45278 43810 777847 10902 45800 34547 11253 42 -------------------------------------------------------------------------------------------------------------------------------------------- 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) 2004-May 46174 46062 44530 733500 June 45523 45343 43636 738967 July 46596 46352 44894 746584 Aug. 45589 45338 44052 746684 Sep. 46221 45886 44642 750580 Oct. 45402 45223 43684 752840 Nov. 45256 45073 43485 758364 Dec. 46486 46423 44574 764630 2005-Jan. 50328 50266 48586 763736 Feb. 46678 46636 45149 763214 Mar. 45993 45944 44187 764682 Apr. 46634 46503 44956 766315 May 46416 46277 44886 766968 2 weeks ending(6) 2005-Apr. 27 50202 50109 48575 767452 May 11 44936 44813 43555 765108 25 47821 47675 46302 766924 June 8 45851 45697 44023 770483 22p 45341 45170 43703 769175 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.