1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time January 11, 2007 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-Dec. 45312 45143 43403 1909 787091 169 97 0 72 2006-Jan. 44045 43935 42459 1586 791978 110 78 0 32 Feb. 44166 44113 42616 1550 796564 53 21 2 30 Mar. 43702 43533 42198 1504 799139 169 119 0 50 Apr. 44609 44361 42783 1826 801975 248 164 0 84 May 45041 44866 43243 1797 806474 175 24 0 151 June 45412 45159 43627 1785 805529 253 16 0 237 July 44201 43851 42650 1551 803676 350 39 0 312 Aug. 42803 42435 41257 1547 804057 369 26 0 343 Sep. 42882 42479 41119 1762 803750 403 66 0 338 Oct. 42782 42553 41101 1681 804946 229 24 0 205 Nov. 43199 43039 41495 1704 808246 160 48 0 112 Dec. p 43282 43091 41470 1812 811225 191 111 0 80 2 weeks ending(7) 2006-Nov. 8 43328 43157 41747 1580 806995 171 33 0 138 22 42703 42542 41181 1521 807501 161 52 0 109 Dec. 6 43938 43791 41791 2147 810802 147 56 0 92 20 42108 41898 40663 1445 809637 210 127 0 83 2007-Jan. 3p 44418 44227 42323 2095 813476 191 122 0 70 --------------------------------------------------------------------------------------------------------------------------------------------- 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-Dec. 45406 45237 43497 802305 10047 51318 35359 15959 2006-Jan. 47183 47073 45597 804295 10277 52084 36906 15178 Feb. 44661 44608 43110 804429 9415 53311 35246 18065 Mar. 42755 42586 41251 806247 9133 49627 33622 16005 Apr. 44737 44490 42911 808428 10287 48389 34450 13939 May 45445 45270 43648 811899 10649 48301 34796 13505 June 45067 44814 43282 812229 9920 48992 35147 13845 July 44862 44512 43311 811769 9631 49621 35232 14389 Aug. 42597 42228 41050 809821 8877 50245 33720 16525 Sep. 42595 42192 40833 810001 9128 49420 33468 15953 Oct. 41741 41512 40060 809239 8255 50121 33486 16635 Nov. 42222 42062 40517 815385 8457 48975 33764 15210 Dec. p 43269 43078 41458 825308 8482 50905 34787 16118 2 weeks ending(10) 2006-Nov. 8 41847 41676 40266 810686 8445 48470 33402 15068 -33 22 41437 41277 39916 814533 7844 49587 33593 15994 76 Dec. 6 43970 43823 41822 821577 9543 48409 34427 13982 84 20 40111 39901 38666 820916 7199 50332 32912 17420 306 2007-Jan. 3p 46907 46716 44812 832933 9536 52996 37371 15626 -14 -------------------------------------------------------------------------------------------------------------------------------------------- 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-Dec. 45163 44994 43254 793377 2006-Jan. 47111 47001 45525 795218 Feb. 44674 44622 43124 796168 Mar. 42777 42608 41272 798221 Apr. 44762 44514 42936 800904 May 45469 45294 43672 804710 June 45098 44846 43313 804909 July 44896 44546 43345 804646 Aug. 42628 42259 41081 802749 Sep. 42628 42225 40866 803115 Oct. 41768 41539 40087 802291 Nov. 42247 42087 40543 808523 Dec. p 43269 43078 41458 818362 2 weeks ending(6) 2006-Nov. 8 41869 41698 40288 803742 22 41460 41300 39939 807704 Dec. 6 44001 43854 41854 814739 20 40140 39930 38695 813889 2007-Jan. 3p 46852 46661 44757 826032 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.