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: July 14, 2005
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
July 14, 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-June               46276        46096        44389        1887        739317          180          40             0         140  
                                                                                                                                       
      July               46460        46216        44758        1702        745848          245          42             0         203  
      Aug.               45510        45258        43973        1537        747506          251          18             0         233  
      Sep.               46520        46185        44941        1579        751528          335          97             0         238  
                                                                                                                                       
      Oct.               46427        46248        44709        1719        754172          179          15             0         164  
      Nov.               46393        46210        44623        1771        758483          183         105             0          78  
      Dec.               46761        46698        44849        1911        758574           63          11             0          52  
                                                                                                                                       
 2005-Jan.               47436        47374        45694        1742        761120           62          39             0          23  
      Feb.               45949        45907        44420        1529        764292           42          26             0          16  
      Mar.               46810        46761        45003        1807        766493           49          13             0          37  
                                                                                                                                       
      Apr.               46613        46481        44935        1678        767409          132          52             0          80  
      May                45918        45779        44390        1528        768389          139           6             0         133  
      June p             46700        46451        44923        1777        771679          249          85             0         164  
          
2 weeks ending(7)          
 2005-May  11            46148        46026        44768        1380        768053          123           7             0         117  
           25            45290        45144        43771        1518        767361          146           5             0         141  
                                                                                                                                       
      June  8            46961        46807        45143        1818        771407          154           7             0         148  
           22            45813        45642        44180        1634        770866          171          18             0         153  
                                                                                                                                       
      July  6p           47989        47509        46003        1986        773373          480         279             0         201  
 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-June                 45711         45531         43824        749469        13194         43591         32517         11074   
                                                                                                                                    
      July                 46835         46591         45133        757062        13374         44457         33461         10996   
      Aug.                 45872         45620         44334        757175        12418         45041         33454         11587   
      Sep.                 46532         46197         44953        760994        13044         44839         33489         11351   
                                                                                                                                    
      Oct.                 45747         45568         44028        763663        12010         46658         33736         12922   
      Nov.                 45652         45469         43881        768803        12116         45569         33536         12034   
      Dec.                 46812         46750         44901        774746        12017         47258         34795         12462   
                                                                                                                                    
 2005-Jan.                 50397         50335         48656        773204        14032         47667         36365         11302   
      Feb.                 46703         46661         45174        772467        12255         47639         34447         13192   
      Mar.                 46033         45983         44226        773828        12043         46725         33989         12735   
                                                                                                                                    
      Apr.                 46703         46572         45025        775314        12962         45318         33741         11576   
      May                  46509         46370         44982        775684        12046         45574         34463         11111   
      June p               46117         45869         44340        779556        11247         46229         34871         11358   
          
2 weeks ending(10)         
 2005-May  11              45024         44901         43643        774185        11268         45455         33756         11699           307 
           25              47917         47771         46399        775296        12731         45866         35187         10680           -53 
                                                                                                                                                
      June  8              45948         45794         44129        779338        11876         45111         34072         11040           -22 
           22              45463         45292         43829        778364        10897         45800         34567         11234            40 
                                                                                                                                                
      July  6p             47433         46953         45446        781860        11230         48099         36203         11896           110 
 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-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.                46634         46503         44956          766314 
      May                 46414         46275         44886          766941 
      June p              46008         45759         44231          770904 
         
2 weeks ending(6)         
 2005-May  11             44936         44813         43555          765103 
           25             47820         47674         46301          766893 
                                                                            
      June  8             45844         45690         44025          770422 
           22             45356         45185         43722          769692 
                                                                            
      July  6p            47314         46834         45327          773509 
 
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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