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: May 4, 2006
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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 2005, and revisions to break-adjusted data do not exceed $100 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 $1.6 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 2006, the low-reserve tranche is $48.3 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 2006, the reserve exemption level is $7.8 million. 1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time May 4, 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-Mar. 46728 46678 44946 1782 765844 49 13 0 37 Apr. 46393 46261 44719 1673 766866 132 52 0 80 May 45949 45810 44416 1534 768389 139 6 0 133 June 46425 46176 44649 1776 771184 249 85 0 164 July 45792 45368 44057 1736 772686 425 176 12 237 Aug. 44683 44321 43060 1623 774833 362 63 3 297 Sep. 45697 45365 43653 2044 778203 332 12 5 315 Oct. 44943 44660 43046 1897 780199 284 35 29 220 Nov. 44775 44649 42980 1796 783505 126 20 0 106 Dec. 44809 44641 42861 1949 786588 169 97 0 72 2006-Jan. 44129 44019 42689 1440 792075 110 78 0 32 Feb. 44193 44141 42639 1555 796597 53 21 2 30 Mar. 43701 43532 42202 1498 799043 169 119 0 50 2 weeks ending(7) 2006-Mar. 1 44180 44141 42569 1611 797615 40 6 4 30 15 43752 43691 42026 1726 798791 61 15 0 46 29 43526 43279 42352 1174 799162 247 193 0 54 Apr. 12 44330 43883 42208 2122 800677 447 381 0 67 26p 44151 44048 42686 1465 801750 103 16 0 87 --------------------------------------------------------------------------------------------------------------------------------------------- 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-Mar. 46029 45980 44247 773840 12057 46749 33972 12777 Apr. 46654 46523 44981 775283 12939 45342 33715 11627 May 46474 46335 44941 775653 12015 45628 34460 11169 June 46096 45847 44320 779530 11220 46280 34876 11404 July 46468 46043 44733 782494 10851 47278 35617 11662 Aug. 44862 44499 43238 782660 10346 48159 34516 13643 Sep. 45612 45280 43568 785659 11140 47282 34472 12809 Oct. 44113 43830 42216 786531 9630 49515 34483 15032 Nov. 43997 43871 42201 792310 9500 49202 34497 14705 Dec. 44909 44740 42960 801800 9541 51302 35368 15934 2006-Jan. 47287 47177 45846 804402 10382 52040 36904 15136 Feb. 44693 44641 43139 804464 9450 53260 35243 18017 Mar. 42752 42583 41253 806152 9114 49587 33638 15949 2 weeks ending(10) 2006-Mar. 1 47094 47055 45483 806762 10276 51140 36819 14322 114 15 40230 40170 38504 805418 8987 48410 31244 17167 100 29 45188 44941 44014 806722 9137 50783 36051 14733 271 Apr. 12 41183 40736 39060 806995 9259 48675 31924 16752 30 26p 47467 47364 46002 809180 10949 48259 36518 11741 251 -------------------------------------------------------------------------------------------------------------------------------------------- 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-Mar. 45992 45943 44210 764699 Apr. 46575 46444 44902 766275 May 46360 46221 44826 766893 June 45968 45720 44192 770864 July 46310 45885 44574 773642 Aug. 44661 44298 43038 773624 Sep. 45398 45066 43354 776936 Oct. 43870 43586 41973 777640 Nov. 43711 43585 41915 783314 Dec. 44666 44497 42717 792872 2006-Jan. 47215 47105 45774 795325 Feb. 44707 44654 43152 796205 Mar. 42773 42604 41275 798126 2 weeks ending(6) 2006-Mar. 1 47110 47071 45499 798756 15 40248 40188 38522 797285 29 45211 44964 44038 798757 Apr. 12 41209 40762 39086 799280 26p 47491 47388 46026 801581 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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