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: June 14, 2007
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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 January 1999, and they are the major source of revisions to the data. Revisions to break factors begin in January 2006, and revisions to break-adjusted data do not exceed $120 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 $1.3 billion; most revisions were less than $600 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 2007, the low-reserve tranche is $45.8 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 2007, the reserve exemption level is $8.5 million.
FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
June 14, 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-
borrowed(3)
required excess
NSA(4)
Monetary
base(5)
total primary secondary seasonal
Month(6)                            
 2006-May                44653        44478        42849        1804        804413          175          24             0         151  
      June               45173        44920        43388        1784        804378          253          16             0         237  
                                                                                                                                       
      July               44135        43784        42589        1546        804007          350          39             0         312  
      Aug.               42838        42469        41304        1534        804600          369          26             0         343  
      Sep.               43113        42710        41352        1761        805350          403          66             0         338  
                                                                                                                                       
      Oct.               42891        42663        41218        1674        806900          229          24             0         205  
      Nov.               43185        43025        41479        1706        810085          160          48             0         112  
      Dec.               43315        43124        41498        1817        812579          191         111             0          80  
                                                                                                                                       
 2007-Jan.               42199        41988        40658        1540        813411          211         187             0          24  
      Feb.               42435        42405        40929        1506        812172           30           8             0          22  
      Mar.               42340        42286        40696        1644        813799           54          21             5          28  
                                                                                                                                       
      Apr.               42722        42643        41189        1533        816098           79          32             0          48  
      May  p             43160        43057        41716        1444        817933          103          14             0          90  
          
2 weeks ending(7)          
 2007-Apr. 11            42760        42680        40949        1810        815014           80          44             0          36  
           25            42072        41990        40739        1333        816039           83          32             0          52  
                                                                                                                                       
      May   9            44462        44391        42977        1485        818651           71           6             0          65  
           23            41918        41805        40623        1296        817043          113          22             0          92  
                                                                                                                                       
      June  6p           43868        43745        42210        1659        818683          124          10             0         114  
 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)                                                                                                    
 2006-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.                 42550         42470         41016        822638         8561         48805         33989         14816   
      May  p               44028         43924         42583        825093         9205         48651         34823         13828   
          
2 weeks ending(10)         
 2007-Apr. 11              39906         39826         38095        821613         7781         49002         32125         16877           163 
           25              43948         43866         42615        822897         8689         48912         35259         13653           157 
                                                                                                                                                
      May   9              44451         44381         42966        824168         9920         48075         34531         13544            62 
           23              43722         43609         42426        824221         8664         49392         35058         14334            -4 
                                                                                                                                                
      June  6p             44087         43964         42428        827661         9346         48003         34741         13262          -117 
 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)                  
 2006-May                 45518         45344         43715          804750 
      June                45143         44890         43359          804938 
                                                                            
      July                44974         44623         43428          804674 
      Aug.                42799         42430         41265          802726 
      Sep.                42737         42334         40977          803169 
                                                                            
      Oct.                41882         41653         40208          802355 
      Nov.                42370         42211         40665          808597 
      Dec.                43362         43171         41545          818400 
                                                                            
 2007-Jan.                44646         44435         43106          816823 
      Feb.                42691         42662         41185          812911 
      Mar.                40813         40759         39169          813942 
                                                                            
      Apr.                42605         42526         41072          815963 
      May  p              44097         43993         42652          818621 
         
2 weeks ending(6)         
 2007-Apr. 11             39955         39876         38145          814652 
           25             44006         43923         42673          816373 
                                                                            
      May   9             44514         44443         43029          817694 
           23             43791         43678         42495          817788 
                                                                            
      June  6p            44164         44040         42505          821121 
 
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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