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: August 16, 2007
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
August 16, 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 NSA(4)
excess
base(5)
Monetary
total primary secondary seasonal
Month(6)                            
 2006-July               44122        43771        42682        1440        803996          350          39             0         312  
      Aug.               42832        42463        41447        1385        804592          369          26             0         343  
      Sep.               43088        42685        41460        1628        805323          403          66             0         338  
                                                                                                                                       
      Oct.               42891        42662        41268        1623        806897          229          24             0         205  
      Nov.               43185        43025        41493        1691        810082          160          48             0         112  
      Dec.               43314        43123        41510        1804        812574          191         111             0          80  
                                                                                                                                       
 2007-Jan.               42180        41969        40670        1510        813387          211         187             0          24  
      Feb.               42437        42407        40934        1502        812166           30           8             0          22  
      Mar.               42337        42283        40697        1640        813792           54          21             5          28  
                                                                                                                                       
      Apr.               42715        42636        41187        1528        816071           79          32             0          48  
      May                43155        43052        41715        1440        817886          103          14             0          90  
      June               43606        43418        41896        1710        819298          187          43             0         145  
                                                                                                                                       
      July               41915        41653        40237        1678        821332          262          45             0         217  
          
2 weeks ending(7)          
 2007-June 20            42583        42369        41076        1507        818670          215          79             0         136  
                                                                                                                                       
      July  4            44880        44692        42855        2024        820566          188          12             0         176  
           18            40992        40693        39317        1676        819883          299          94             0         206  
                                                                                                                                       
      Aug.  1            41996        41751        40422        1574        823129          245           3             0         243  
           15p           49448        49187        40102        9346        829096          261           6             0         255  
 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-July                 44853         44503         43413        811734         9602         49619         35251         14367   
      Aug.                 42676         42307         41291        809728         8786         50244         33890         16354   
      Sep.                 42585         42182         40957        809961         9082         49402         33503         15899   
                                                                                                                                    
      Oct.                 41752         41523         40129        809227         8247         50093         33505         16588   
      Nov.                 42234         42074         40542        815378         8451         48958         33782         15176   
      Dec.                 43282         43091         41478        825284         8474         50901         34807         16094   
                                                                                                                                    
 2007-Jan.                 44641         44430         43131        823694         8777         52165         35864         16301   
      Feb.                 42666         42637         41164        819692         7718         53733         34948         18785   
      Mar.                 40769         40715         39129        820790         7515         49729         33254         16475   
                                                                                                                                    
      Apr.                 42542         42463         41014        822625         8554         48805         33988         14817   
      May                  44023         43920         42583        825066         9201         48651         34823         13828   
      June                 43652         43464         41942        826502         8734         49422         34918         14504   
                                                                                                                                    
      July                 42730         42468         41052        828462         8415         50196         34315         15881   
          
2 weeks ending(10)         
 2007-June 20              41827         41613         40320        825675         8199         48697         33629         15069            15 
                                                                                                                                                
      July  4              45946         45759         43922        826987         9116         51289         36830         14459           -52 
           18              39505         39206         37829        829312         7421         49976         32084         17892           -37 
                                                                                                                                                
      Aug.  1              45214         44969         43639        828002         9270         50098         35944         14154            78 
           15p             46813         46552         37466        834216        14676         52408         32137         20271           142 
 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-July                44963         44613         43523          804665 
      Aug.                42793         42424         41408          802718 
      Sep.                42711         42308         41083          803140 
                                                                            
      Oct.                41879         41650         40256          802349 
      Nov.                42370         42211         40679          808594 
      Dec.                43361         43170         41557          818395 
                                                                            
 2007-Jan.                44629         44418         43119          816800 
      Feb.                42693         42663         41190          812908 
      Mar.                40810         40756         39170          813937 
                                                                            
      Apr.                42598         42518         41070          815950 
      May                 44092         43989         42652          818594 
      June                43735         43548         42026          820027 
                                                                            
      July                42827         42565         41149          822074 
         
2 weeks ending(6)         
 2007-June 20             41905         41691         40398          819133 
                                                                            
      July  4             46041         45854         44017          820643 
           18             39595         39296         37919          822928 
                                                                            
      Aug.  1             45319         45074         43745          821594 
           15p            46909         46648         37562          827703 
 
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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