1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time May 8, 2008 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 Other borrowings from the Federal Reserve, NSA ------------------------------------------ Term ------------------------------------------------------ Date Total Non- Required Excess, Monetary auction Primary Secondary Seasonal Primary Other (2) borrowed NSA base credit, dealer credit (3) (4) (5) NSA credit extensions facility ---------------------------------------------------------------------------------------------------------------------------------------------- Month(6) 2007-Apr. 42659 42580 41072 1587 817149 32 0 48 May 43114 43010 41661 1453 818712 14 0 90 June 43607 43420 41856 1751 820080 43 0 145 July 41783 41521 40145 1637 821336 45 0 217 Aug. 44870 43895 40042 4828 824451 701 19 255 Sep. 42698 41132 40972 1726 821885 1345 0 221 Oct. 42537 42283 41102 1435 824742 126 13 115 Nov. 42679 42313 40982 1696 825673 315 0 50 Dec. 42599 27169 40848 1752 823387 11613 3787 1 30 2008-Jan. 41786 -3874 40153 1633 821160 44516 1137 0 6 Feb. 42579 -17578 40869 1709 822450 60000 155 0 3 Mar. 44034 -50490 41043 2991 827208 75484 1617 0 6 16168 1249 Apr. p 43473 -91937 41544 1928 824707 100000 9624 0 21 25764 0 2 weeks ending(7) 2008-Mar. 12 43111 -17119 41702 1409 823809 60000 227 0 3 26 44467 -61798 39844 4623 830221 80000 316 1 7 23178 2765 Apr. 9 45035 -98915 42820 2215 826931 100000 8598 0 12 35340 0 23 42116 -90911 40398 1718 823853 100000 9286 0 22 23719 0 May 7p 44177 -85018 42197 1980 823554 100000 11622 0 31 17544 0 ----------------------------------------------------------------------------------------------------------------------------------------------- 1. Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (For more information, refer to table 3.) 2. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, refer to footnote 2 in table 2 and footnote 2 in table 3.) 3. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings from the Federal Reserve. 4. Excess reserves NSA equals unadjusted total reserves (table 2, column 1) less unadjusted 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, refer to footnote 3 in table 2 and footnote 4 in 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 Date Total Non- Required Monetary balances Total satisfy Surplus carryover (2) borrowed base with F.R. required (7) of reserve (3) Banks reserves balances (4) (6) (8) ------------------------------------------------------------------------------------------------------------------------------------------- Month(9) 2007-Apr. 42485 42406 40898 822572 8504 48809 33981 14827 May 43982 43878 42529 824982 9117 48659 34864 13794 June 43653 43466 41902 826502 8734 49432 34919 14513 July 42594 42332 40957 828306 8276 50207 34319 15889 Aug. 44567 43592 39739 829677 10922 51043 33645 17398 Sep. 42236 40669 40510 826566 8757 49633 33479 16154 Oct. 41505 41251 40070 828380 8293 49755 33212 16543 Nov. 41895 41530 40199 833101 8553 48995 33342 15653 Dec. 42730 27300 40978 836350 8203 52162 34527 17635 2008-Jan. 44064 -1596 42430 831106 8738 53162 35325 17837 Feb. 42829 -17328 41120 828657 8172 53650 34657 18993 Mar. 42676 -51848 39685 832389 9760 50447 32916 17531 Apr. p 43477 -91933 41548 830461 9258 49315 34219 15096 2 weeks ending(10) 2008-Mar. 12 40541 -19690 39132 829329 8468 49273 32074 17200 103 26 44523 -61742 39900 835012 10929 51783 33595 18188 -171 Apr. 9 42627 -101323 40412 832392 9590 49527 33037 16490 413 23 43260 -89767 41541 829715 8860 49367 34400 14966 -184 May 7p 45004 -84191 43024 829471 9628 48941 35377 13564 -41 -------------------------------------------------------------------------------------------------------------------------------------------- 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) Non- Required Monetary borrowed (3) base(4) ------------------------------------------------------------------------- Month(5) 2007-Apr. 42541 42462 40954 815897 May 44051 43948 42598 818511 June 43737 43549 41986 820028 July 42692 42430 41055 821918 Aug. 44674 43699 39846 823039 Sep. 42359 40792 40633 820020 Oct. 41640 41386 40206 821908 Nov. 42039 41673 40343 826710 Dec. 42809 27379 41057 829808 2008-Jan. 44061 -1599 42427 824436 Feb. 42854 -17303 41145 821894 Mar. 42715 -51809 39724 825612 Apr. p 43528 -91882 41599 823382 2 weeks ending(6) 2008-Mar. 12 40574 -19656 39165 822598 26 44563 -61702 39940 828281 Apr. 9 42675 -101275 40460 825374 23 43310 -89717 41592 822589 May 7p 45060 -84136 43080 822408 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 4). 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.