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: June 12, 2008
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
June 12, 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
Date Total
(2)
Non-
borrowed
(3)
Required Excess,
NSA
(4)
Monetary
base
(5)
Term
auction
credit,
NSA
Primary Secondary Seasonal Primary
dealer
credit
facility
Other
credit
extensions
Month(6)                                
 2007-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.              44033     -50490      41043       2990      827183      75484       1617          0          6      16168      1249 
                                                                                                                                            
      Apr.              43474     -91936      41546       1928      824761     100000       9624          0         21      25764         0 
      May  p            44034    -111746      41934       2100      826677     127419      14076          0         47      14238         0 
                       
2 weeks ending(7)                      
 2008-Apr.  9           45033     -98917      42820       2213      826876     100000       8598          0         12      35340         0 
           23           42117     -90910      40400       1716      823795     100000       9286          0         22      23719         0 
                                                                                                                                            
      May   7           44183     -85013      42199       1984      823973     100000      11622          0         31      17544         0 
           21           42563    -111855      40573       1990      825249     125000      13976          1         42      15401         0 
                                                                                                                                            
      June  4p          45989    -130307      43652       2337      830568     150000      15936          1         66      10295         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
 
 


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)
Non-
borrowed
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)                                                                                                    
 2007-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.                42675        -51848          39685        832364         9760         50447         32915          17532              
                                                                                                                                                
      Apr.                43478        -91932          41550        830498         9257         49315         34220          15095              
      May  p              45129       -110651          43029        833971         9682         48579         35447          13132              
          
2 weeks ending(10)         
 2008-Apr.  9             42625       -101326          40412        832337         9590         49527         33035          16492           413
           23             43261        -89767          41544        829656         8859         49367         34402          14965          -184
                                                                                                                                                
      May   7             45010        -84186          43026        829816         9629         48941         35381          13560           -42
           21             43853       -110565          41863        832348         8990         48925         34863          14062           -35
                                                                                                                                                
      June  4p            47000       -129296          44663        839151        10689         47842         36311          11531           -20
 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) Non-
borrowed
Required
(3)
Monetary
base(4)
Month(5)                  
 2007-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.                42714        -51809         39724           825587
                                                                            
      Apr.                43529        -91881         41601           823419
      May  p              45197       -110583         43097           826936
         
2 weeks ending(6)         
 2008-Apr.  9             42673       -101277         40460           825319
           23             43311        -89716         41594           822530
                                                                            
      May   7             45065        -84130         43082           822754
           21             43919       -110499         41929           825339
                                                                            
      June  4p            47080       -129216         44743           832098
 
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.

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