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: October 04, 2007
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
October 4, 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-Aug.               42832        42463        41447        1385        804592          369          26             0         343  
      Sep.               43088        42685        41460        1628        805323          403          66             0         338  
                                                                                                                                       
      Oct.               42891        42662        41268        1623        806897          229          24             0         205  
      Nov.               43185        43025        41493        1691        810082          160          48             0         112  
      Dec.               43314        43123        41510        1804        812574          191         111             0          80  
                                                                                                                                       
 2007-Jan.               42180        41969        40670        1510        813387          211         187             0          24  
      Feb.               42437        42407        40934        1502        812166           30           8             0          22  
      Mar.               42337        42283        40697        1640        813792           54          21             5          28  
                                                                                                                                       
      Apr.               42715        42636        41187        1528        816071           79          32             0          48  
      May                43155        43052        41715        1440        817886          103          14             0          90  
      June               43606        43418        41896        1710        819298          187          43             0         145  
                                                                                                                                       
      July               41920        41658        40235        1685        821321          262          45             0         217  
      Aug.               44919        43944        40098        4821        824858          975         701            19         255  
          
2 weeks ending(7)          
 2007-Aug.  1            41992        41747        40416        1576        823100          245           3             0         243  
           15            49418        49157        40105        9313        829400          261           6             0         255  
           29            41106        39547        40052        1053        820958         1559        1258            43         259  
                                                                                                                                       
      Sep. 12            41587        39338        40215        1373        821251         2250        2018             0         232  
           26p           42243        40880        40280        1963        822028         1364        1134             0         230  
                                                                                                                                       
 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 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-Aug.                 42676         42307         41291        809728         8786         50244         33890         16354   
      Sep.                 42585         42182         40957        809961         9082         49402         33503         15899   
                                                                                                                                    
      Oct.                 41752         41523         40129        809227         8247         50093         33505         16588   
      Nov.                 42234         42074         40542        815378         8451         48958         33782         15176   
      Dec.                 43282         43091         41478        825284         8474         50901         34807         16094   
                                                                                                                                    
 2007-Jan.                 44641         44430         43131        823694         8777         52165         35864         16301   
      Feb.                 42666         42637         41164        819692         7718         53733         34948         18785   
      Mar.                 40769         40715         39129        820790         7515         49729         33254         16475   
                                                                                                                                    
      Apr.                 42542         42463         41014        822625         8554         48805         33988         14817   
      May                  44023         43920         42583        825066         9201         48651         34823         13828   
      June                 43652         43464         41942        826502         8734         49422         34918         14504   
                                                                                                                                    
      July                 42735         42473         41050        828451         8419         50196         34316         15881   
      Aug.                 44617         43642         39796        829733        10978         51033         33640         17394   
          
2 weeks ending(10)         
 2007-Aug.  1              45210         44965         43633        827975         9268         50098         35942         14156            77 
           15              46783         46522         37469        834532        14653         52407         32130         20278           144 
           29              43306         41747         42252        825430         7946         50014         35360         14654           719 
                                                                                                                                                
      Sep. 12              38349         36099         36976        827154         7328         49025         31021         18004           158 
           26p             44772         43408         42809        825107         9381         49637         35391         14246          -244 
                                                                                                                                                
 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-Aug.                42793         42424         41408          802718 
      Sep.                42711         42308         41083          803140 
                                                                            
      Oct.                41879         41650         40256          802349 
      Nov.                42370         42211         40679          808594 
      Dec.                43361         43170         41557          818395 
                                                                            
 2007-Jan.                44629         44418         43119          816800 
      Feb.                42693         42663         41190          812908 
      Mar.                40810         40756         39170          813937 
                                                                            
      Apr.                42598         42518         41070          815950 
      May                 44092         43989         42652          818594 
      June                43735         43548         42026          820027 
                                                                            
      July                42832         42570         41147          822061 
      Aug.                44724         43749         39903          823095 
         
2 weeks ending(6)         
 2007-Aug.  1             45315         45070         43738          821564 
           15             46879         46618         37565          828020 
           29             43423         41864         42370          818637 
                                                                            
      Sep. 12             38457         36208         37085          820599 
           26p            44901         43537         42938          818522 
                                                                            
 
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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