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 09, 2005
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For release at 4:30 PM EST
June 9, 2005
H.3 (502)
SPECIAL NOTICE

Data on reserves and the monetary base have been revised to reflect the results of annual reviews of break factors and seasonal factors. Revisions to seasonal factors start in August 1998, and they are the major source of revisions to the data. Revisions to break factors begin in January 2004, and revisions to break-adjusted data do not exceed $200 million in any maintenance period. The maximum revision to total reserves, nonborrowed reserves, required reserves, and the monetary base (Table 1) in any maintenance period was $1.1 billion; most revisions were less than $500 million.

Break factors remove discontinuities (or “breaks”) associated with regulatory changes in reserve requirements, such as the annual indexations of the low-reserve tranche and the reserve requirement exemption levels. 1 Seasonal factors for required reserves and the surplus vault cash component of the monetary base have been reestimated with the revised break-adjusted data.

A more detailed description of the methods for constructing break factors and seasonal factors is available under “Annual Review of Break and Seasonal Factors” on the Federal Reserve’s web site (http://www.federalreserve.gov/releases/h3/hist/). Historical data, updated each week, are available there as well. For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.


1. The Monetary Control Act of 1980 established a reserve ratio of 3 percent against the first $25 million in net transaction deposits (low-reserve tranche) at each depository institution. Since 1982, the low-reserve tranche has been indexed each January by 80 percent of the previous year’s (June 30 to June 30) growth rate of net transaction deposits at all depository institutions. For all reserve maintenance periods ending in 2005, the low-reserve tranche is $47.6 million.

Under the Garn-St Germain Depository Institutions Act of 1982, the first $2 million of reservable liabilities of each depository institution was exempted from reserve requirements. Since 1983, this exemption amount has been indexed each year by 80 percent of the rate of increase of the reservable liabilities at all depository institutions over the preceding year (June 30 to June 30). For all reserve maintenance periods ending in 2005, the reserve exemption level is $7.0 million. Return to text


 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
June 9, 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-
borrowed(3)
required excess
NSA(4)
Monetary
base(5)
total primary secondary seasonal
Month(6)                            
 2004-May                45638        45526        43994        1644        734416          112           9             0         103  
      June               46276        46096        44389        1887        739315          180          40             0         140  
                                                                                                                                       
      July               46460        46216        44758        1702        745842          245          42             0         203  
      Aug.               45510        45258        43973        1537        747491          251          18             0         233  
      Sep.               46520        46185        44941        1579        751539          335          97             0         238  
                                                                                                                                       
      Oct.               46427        46248        44709        1719        754174          179          15             0         164  
      Nov.               46393        46210        44623        1771        758500          183         105             0          78  
      Dec.               46761        46698        44849        1911        758601           63          11             0          52  
                                                                                                                                       
 2005-Jan.               47436        47374        45694        1742        761135           62          39             0          23  
      Feb.               45949        45907        44420        1529        764284           42          26             0          16  
      Mar.               46810        46761        45003        1807        766490           49          13             0          37  
                                                                                                                                       
      Apr.               46613        46482        44935        1678        767395          132          52             0          80  
      May  p             45914        45774        44393        1520        768339          139           6             0         133  
          
2 weeks ending(7)          
 2005-Apr. 13            45781        45607        43980        1801        766207          175         112             0          63  
           27            47485        47391        45857        1627        768359           94           6             0          88  
                                                                                                                                       
      May  11            46152        46029        44771        1380        768044          123           7             0         117  
           25            45273        45127        43776        1497        767348          146           5             0         141  
                                                                                                                                       
      June  8p           46972        46818        45141        1831        771193          154           7             0         148  
 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
base(3)
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)                                                                                                    
 2004-May                  46334         46223         44691        743750        14082         43023         32253         10770   
      June                 45711         45531         43824        749469        13194         43592         32517         11075   
                                                                                                                                    
      July                 46835         46591         45133        757062        13374         44458         33461         10997   
      Aug.                 45872         45620         44334        757175        12418         45042         33454         11588   
      Sep.                 46532         46197         44953        760994        13044         44840         33489         11352   
                                                                                                                                    
      Oct.                 45747         45568         44028        763663        12010         46659         33736         12923   
      Nov.                 45652         45469         43881        768803        12116         45570         33536         12035   
      Dec.                 46812         46750         44901        774745        12017         47259         34795         12463   
                                                                                                                                    
 2005-Jan.                 50397         50335         48656        773204        14032         47668         36365         11303   
      Feb.                 46703         46661         45174        772467        12255         47640         34447         13193   
      Mar.                 46033         45983         44226        773828        12043         46726         33989         12736   
                                                                                                                                    
      Apr.                 46704         46572         45026        775315        12962         45319         33742         11577   
      May  p               46505         46366         44985        775646        12039         45575         34466         11109   
          
2 weeks ending(10)         
 2005-Apr. 13              43233         43058         41432        774909        11065         45381         32168         13213           298 
           27              50287         50193         48659        775934        15087         45232         35200         10033           310 
                                                                                                                                                
      May  11              45027         44904         43646        774191        11268         45456         33759         11697           307 
           25              47901         47755         46404        775308        12709         45867         35192         10676           -53 
                                                                                                                                                
      June  8p             45959         45805         44128        779103        11888         45112         34072         11041           -22 
 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)                  
 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.                46635         46503         44957          766315 
      May  p              46410         46270         44890          766906 
         
2 weeks ending(6)         
 2005-Apr. 13             43184         43009         41383          765368 
           27             50202         50109         48575          767452 
                                                                            
      May  11             44939         44816         43558          765108 
           25             47803         47657         46306          766904 
                                                                            
      June  8p            45855         45701         44024          770207 
 
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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