1 FEDERAL RESERVE STATISTICAL RELEASE H.3 (502) Table 1 For Release at 4:30 p.m. Eastern Time September 13, 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-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 41920 41658 40235 1685 821321 262 45 0 217 Aug. p 44922 43947 40089 4833 824838 975 701 19 255 2 weeks ending(7) 2007-July 18 41007 40708 39319 1688 819884 299 94 0 206 Aug. 1 41992 41747 40416 1576 823100 245 3 0 243 15 49417 49156 40088 9329 829403 261 6 0 255 29 41110 39551 40049 1060 820971 1559 1258 43 259 Sep. 12p 41608 39358 40215 1393 820828 2250 2018 0 232 --------------------------------------------------------------------------------------------------------------------------------------------- 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-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 42735 42473 41050 828451 8419 50196 34316 15881 Aug. p 44621 43646 39788 829712 10980 51033 33640 17393 2 weeks ending(10) 2007-July 18 39519 39220 37831 829312 7432 49976 32087 17889 -37 Aug. 1 45210 44965 43633 827975 9268 50098 35942 14156 77 15 46783 46522 37453 834536 14653 52407 32130 20278 144 29 43310 41751 42249 825443 7949 50014 35361 14653 721 Sep. 12p 38369 36120 36976 826694 7347 49026 31022 18004 161 -------------------------------------------------------------------------------------------------------------------------------------------- 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-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 42832 42570 41147 822061 Aug. p 44727 43752 39895 823074 2 weeks ending(6) 2007-July 18 39609 39310 37921 822928 Aug. 1 45315 45070 43738 821564 15 46879 46618 37549 828024 29 43427 41868 42367 818650 Sep. 12p 38478 36228 37085 820138 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.