1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time July 27, 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-June 46424 46175 44651 1773 771186 249 85 0 164 July 46318 45893 44577 1741 773216 425 176 12 237 Aug. 45332 44970 43715 1616 775492 362 63 3 297 Sep. 46290 45958 44256 2035 778807 332 12 5 315 Oct. 45571 45287 43675 1896 780834 284 35 29 220 Nov. 45417 45291 43629 1788 784151 126 20 0 106 Dec. 45307 45138 43398 1909 787090 169 97 0 72 2006-Jan. 44042 43932 42455 1587 791977 110 78 0 32 Feb. 44154 44102 42611 1543 796554 53 21 2 30 Mar. 43697 43528 42193 1504 799047 169 119 0 50 Apr. 44593 44345 42764 1828 801971 248 164 0 84 May 44993 44818 43193 1800 806488 175 24 0 151 June 45400 45147 43619 1782 805572 253 16 0 237 2 weeks ending(7) 2006-May 24 43945 43774 42516 1429 806227 171 21 0 151 June 7 44394 44185 42395 1999 806851 209 19 0 191 21 45773 45524 44144 1630 805401 250 15 0 235 July 5 45603 45311 43754 1848 804842 292 16 0 277 19p 43083 42769 41632 1451 802763 314 14 0 301 --------------------------------------------------------------------------------------------------------------------------------------------- 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-June 46096 45847 44323 779531 11222 46286 34874 11412 July 47001 46576 45260 783031 11388 47287 35612 11674 Aug. 45508 45145 43891 783315 11002 48168 34506 13662 Sep. 46198 45865 44163 786255 11735 47286 34462 12823 Oct. 44725 44442 42830 787150 10250 49514 34475 15039 Nov. 44622 44496 42834 792942 10131 49198 34491 14707 Dec. 45401 45233 43492 802303 10045 51306 35356 15950 2006-Jan. 47181 47071 45594 804293 10277 52068 36904 15164 Feb. 44649 44597 43107 804419 9405 53287 35244 18043 Mar. 42750 42581 41246 806164 9125 49603 33625 15978 Apr. 44721 44473 42893 808424 10283 48370 34438 13932 May 45396 45222 43596 811910 10655 48287 34742 13546 June 45056 44803 43274 812271 9922 48979 35133 13845 2 weeks ending(10) 2006-May 24 45745 45574 44315 811954 10624 48881 35121 13760 269 June 7 44325 44116 42326 814630 10397 47829 33928 13901 160 21 44451 44202 42821 811108 9630 48536 34821 13715 181 July 5 46565 46273 44716 812247 10008 50561 36557 14004 118 19p 41361 41047 39910 812377 8402 49178 32959 16219 138 -------------------------------------------------------------------------------------------------------------------------------------------- 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-June 45968 45719 44195 770865 July 46842 46418 45101 774179 Aug. 45307 44944 43690 774279 Sep. 45983 45651 43948 777532 Oct. 44482 44199 42586 778259 Nov. 44337 44211 42549 783946 Dec. 45158 44989 43249 793375 2006-Jan. 47109 46999 45522 795216 Feb. 44662 44610 43120 796158 Mar. 42772 42603 41268 798138 Apr. 44746 44498 42918 800900 May 45420 45246 43620 804720 June 45087 44834 43306 804951 2 weeks ending(6) 2006-May 24 45769 45598 44339 804597 June 7 44353 44144 42353 807061 21 44481 44231 42851 803802 July 5 46601 46309 44753 805098 19p 41396 41082 39945 805174 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.