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 04, 2006
Release dates | Historical data | About
Current release  Other formats: Screen reader | ASCII | PDF (23 KB)


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. 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-
borrowed(3)
required excess
NSA(4)
Monetary
base(5)
total primary secondary seasonal
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
 
 


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)                                                                                                    
 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
 


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.

Release dates | Historical data | About
Current release  Other formats: Screen reader | ASCII | PDF (23 KB)

Statistical releases