1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time May 24, 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) 2006-Apr. 44605 44357 42777 1828 800589 248 164 0 84 May 45036 44861 43232 1804 804760 175 24 0 151 June 45392 45140 43608 1784 804591 253 16 0 237 July 44203 43852 42657 1546 804087 350 39 0 312 Aug. 42895 42526 41361 1534 804700 369 26 0 343 Sep. 42898 42495 41138 1761 805214 403 66 0 338 Oct. 42797 42568 41123 1674 806633 229 24 0 205 Nov. 43211 43052 41506 1706 809735 160 48 0 112 Dec. 43296 43105 41479 1817 812354 191 111 0 80 2007-Jan. 41507 41296 39967 1540 813301 211 187 0 24 Feb. 42063 42034 40558 1506 811965 30 8 0 22 Mar. 41807 41753 40163 1644 813543 54 21 5 28 Apr. 42393 42313 40861 1532 815968 79 32 0 48 2 weeks ending(7) 2007-Mar. 28 40325 40265 38634 1691 812782 60 31 0 29 Apr. 11 42897 42817 41086 1810 814885 80 44 0 36 25 40939 40856 39604 1335 815628 83 32 0 52 May 9 45354 45284 43885 1470 819301 71 6 0 65 23p 42159 42046 40861 1297 816829 113 22 0 92 --------------------------------------------------------------------------------------------------------------------------------------------- 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) 2006-Apr. 44733 44486 42906 808436 10296 48381 34437 13944 May 45440 45265 43636 811900 10650 48294 34789 13504 June 45048 44795 43264 812213 9911 48982 35137 13845 July 44864 44513 43318 811744 9611 49617 35253 14365 Aug. 42683 42314 41149 809737 8794 50243 33888 16355 Sep. 42612 42208 40851 809990 9111 49402 33501 15901 Oct. 41755 41526 40081 809234 8254 50093 33502 16591 Nov. 42234 42074 40528 815381 8455 48961 33779 15181 Dec. 43282 43091 41465 825289 8479 50901 34803 16098 2007-Jan. 44658 44447 43118 823718 8801 52165 35857 16309 Feb. 42665 42635 41159 819695 7722 53737 34943 18795 Mar. 40772 40718 39128 820795 7519 49731 33253 16478 Apr. 42544 42465 41013 822635 8559 48805 33986 14819 2 weeks ending(10) 2007-Mar. 28 42033 41973 40342 820561 7383 50966 34650 16316 160 Apr. 11 39906 39826 38095 821613 7781 49002 32125 16877 163 25 43945 43863 42610 822897 8689 48912 35256 13656 157 May 9 44428 44358 42958 824153 9905 48075 34523 13552 62 23p 43721 43608 42424 823758 8666 49392 35056 14336 -3 -------------------------------------------------------------------------------------------------------------------------------------------- 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) 2006-Apr. 44758 44511 42930 800912 May 45464 45289 43660 804710 June 45079 44827 43295 804893 July 44898 44548 43352 804620 Aug. 42714 42345 41180 802664 Sep. 42645 42242 40884 803104 Oct. 41783 41554 40109 802286 Nov. 42259 42100 40553 808519 Dec. 43282 43091 41465 818343 2007-Jan. 44633 44422 43093 816812 Feb. 42676 42647 41171 812902 Mar. 40790 40736 39146 813927 Apr. 42563 42484 41032 815935 2 weeks ending(6) 2007-Mar. 28 42053 41993 40362 813531 Apr. 11 39928 39848 38117 814635 25 43964 43881 42629 816347 May 9 44442 44371 42972 817643 23p 43737 43624 42440 817289 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.