1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time January 12, 2006 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- required excess Monetary total primary secondary seasonal borrowed(3) NSA(4) base(5) -------------------------------------------------------------------------------------------------------------------------------------------- Month(6) 2004-Dec. 46798 46735 44889 1909 758601 63 11 0 52 2005-Jan. 47477 47415 45736 1741 761158 62 39 0 23 Feb. 45962 45920 44467 1495 764307 42 26 0 16 Mar. 46811 46762 45029 1782 766514 49 13 0 37 Apr. 46585 46453 44916 1669 767421 132 52 0 80 May 45886 45747 44364 1522 768401 139 6 0 133 June 46682 46433 44907 1774 771684 249 85 0 164 July 46102 45677 44370 1732 772244 425 176 12 237 Aug. 44542 44180 42919 1623 774591 362 63 3 297 Sep. 45726 45394 43672 2055 777284 332 12 5 315 Oct. 44783 44500 42883 1900 779262 284 35 29 220 Nov. 44706 44580 42909 1796 782527 126 20 0 106 Dec. p 44796 44628 42846 1950 785882 169 97 0 72 2 weeks ending(7) 2005-Nov. 9 46066 45930 44612 1454 780223 137 4 0 132 23 43735 43600 41641 2094 783147 135 35 0 100 Dec. 7 44897 44803 43258 1640 784251 95 12 0 83 21 43597 43338 41840 1757 783109 259 188 0 71 2006-Jan. 4p 46405 46310 43967 2438 790905 95 29 0 66 --------------------------------------------------------------------------------------------------------------------------------------------- 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 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 carryover Date total(2) nonborrowed required Monetary balances total satisfy surplus(7) of reserve base(3) with F.R. required balances(8) Banks(4) reserves(6) ------------------------------------------------------------------------------------------------------------------------------------------- Month(9) 2004-Dec. 46850 46787 44940 774773 12047 47261 34803 12458 2005-Jan. 50440 50378 48699 773245 14075 47677 36365 11311 Feb. 46716 46675 45221 772482 12272 47657 34445 13213 Mar. 46033 45984 44251 773845 12060 46740 33973 12767 Apr. 46675 46544 45006 775318 12965 45330 33710 11620 May 46477 46338 44955 775685 12046 45590 34431 11159 June 46100 45851 44325 779560 11249 46238 34850 11387 July 46475 46050 44743 782531 10882 47235 35593 11642 Aug. 44863 44500 43240 782676 10368 48119 34495 13624 Sep. 45622 45290 43568 785680 11156 47194 34466 12727 Oct. 44113 43830 42213 786538 9637 49509 34476 15033 Nov. 43990 43864 42194 792306 9495 49209 34496 14713 Dec. p 44905 44737 42955 801836 9540 51301 35366 15935 2 weeks ending(10) 2005-Nov. 9 43839 43703 42385 787146 9394 48774 34445 14329 65 23 43846 43711 41752 793386 9426 49702 34421 15281 -78 Dec. 7 44474 44379 42834 796783 9762 48783 34712 14071 285 21 42996 42737 41238 798067 8693 51587 34303 17284 180 2006-Jan. 4p 47882 47787 45444 810650 10569 52663 37313 15351 146 -------------------------------------------------------------------------------------------------------------------------------------------- 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) nonborrowed required(3) Monetary base(4) ---------------------------------------------------------------------------------- Month(5) 2004-Dec. 46523 46460 44613 764658 2005-Jan. 50370 50308 48629 763777 Feb. 46691 46650 45196 763228 Mar. 45994 45945 44212 764699 Apr. 46606 46474 44937 766317 May 46382 46243 44860 766942 June 45990 45741 44216 770909 July 46342 45917 44610 773701 Aug. 44701 44339 43078 773675 Sep. 45445 45113 43391 776989 Oct. 43914 43631 42014 777685 Nov. 43762 43636 41966 783361 Dec. p 44722 44554 42772 792962 2 weeks ending(6) 2005-Nov. 9 43615 43479 42161 778215 23 43621 43486 41527 784408 Dec. 7 44234 44140 42594 787884 21 42757 42498 41000 789100 2006-Jan. 4p 47816 47721 45378 801925 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.