1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time February 2, 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) 2005-Jan. 47475 47413 45734 1741 760531 62 39 0 23 Feb. 45969 45927 44472 1497 763479 42 26 0 16 Mar. 46804 46755 45021 1783 765712 49 13 0 37 Apr. 46559 46428 44884 1675 766942 132 52 0 80 May 45873 45734 44336 1537 768134 139 6 0 133 June 46670 46421 44887 1782 771123 249 85 0 164 July 46085 45660 44343 1741 772865 425 176 12 237 Aug. 44540 44178 42918 1622 774705 362 63 3 297 Sep. 45720 45388 43673 2047 777801 332 12 5 315 Oct. 44784 44500 42883 1900 780069 284 35 29 220 Nov. 44705 44579 42909 1797 783668 126 20 0 106 Dec. 44798 44630 42849 1949 786383 169 97 0 72 2006-Jan. p 44226 44116 42807 1419 791990 110 78 0 32 2 weeks ending(7) 2005-Dec. 7 44897 44803 43257 1640 785192 95 12 0 83 21 43599 43340 41843 1756 784118 259 188 0 71 2006-Jan. 4 46408 46313 43972 2436 790388 95 29 0 66 18 42468 42288 41260 1207 790028 180 154 0 26 Feb. 1p 45448 45409 44115 1334 794596 40 11 0 29 --------------------------------------------------------------------------------------------------------------------------------------------- 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) 2005-Jan. 50438 50376 48697 773244 14074 47679 36364 11316 Feb. 46723 46681 45226 772479 12268 47663 34455 13208 Mar. 46026 45977 44243 773839 12054 46747 33972 12775 Apr. 46649 46518 44975 775290 12938 45339 33711 11628 May 46464 46325 44927 775660 12022 45616 34442 11175 June 46088 45839 44306 779543 11233 46268 34855 11413 July 46457 46033 44716 782506 10863 47264 35594 11670 Aug. 44860 44498 43238 782660 10354 48149 34506 13642 Sep. 45616 45284 43569 785669 11150 47280 34467 12813 Oct. 44113 43830 42213 786538 9637 49516 34477 15039 Nov. 43990 43864 42193 792306 9495 49208 34495 14713 Dec. 44907 44739 42958 801835 9541 51301 35366 15934 2006-Jan. p 47282 47172 45863 804430 10381 52067 36900 15167 2 weeks ending(10) 2005-Dec. 7 44474 44379 42834 796783 9762 48783 34712 14071 285 21 42998 42739 41241 798069 8695 51587 34303 17284 180 2006-Jan. 4 47885 47791 45449 810644 10572 52663 37314 15350 145 18 42824 42644 41617 804650 9087 50155 33738 16417 474 Feb. 1p 51897 51858 50563 802282 11718 53944 40180 13764 90 -------------------------------------------------------------------------------------------------------------------------------------------- 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) 2005-Jan. 50368 50306 48627 763776 Feb. 46698 46656 45201 763226 Mar. 45987 45938 44204 764693 Apr. 46580 46449 44906 766290 May 46369 46229 44832 766917 June 45979 45730 44196 770892 July 46325 45900 44583 773676 Aug. 44699 44336 43077 773659 Sep. 45439 45107 43392 776978 Oct. 43915 43631 42014 777685 Nov. 43762 43636 41966 783361 Dec. 44724 44556 42775 792963 2006-Jan. p 47233 47123 45815 795390 2 weeks ending(6) 2005-Dec. 7 44234 44140 42594 787884 21 42759 42500 41003 789102 2006-Jan. 4 47819 47724 45383 801924 18 42751 42571 41544 795206 Feb. 1p 51880 51841 50547 793577 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.