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: February 21, 2008
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
February 21, 2008
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   Other borrowings of depository institutions
from the Federal Reserve, NSA
Date total(2) non-
borrowed(3)
required excess
NSA(4)
Monetary
base(5)
Term
auction
credit,
NSA
total primary secondary seasonal
Month(6)                              
 2007-Jan.             42171      41960      40665       1506     813455                   211        187          0         24 
      Feb.             42454      42424      40956       1498     813448                    30          8          0         22 
      Mar.             42321      42267      40686       1635     814991                    54         21          5         28 
                                                                                                                                
      Apr.             42715      42635      41189       1525     817205                    79         32          0         48 
      May              43197      43093      41760       1436     818799                   103         14          0         90 
      June             43606      43419      41904       1702     820085                   187         43          0        145 
                                                                                                                                
      July             41915      41653      40251       1664     821476                   262         45          0        217 
      Aug.             44922      43948      40100       4822     824512                   975        701         19        255 
      Sep.             42540      40973      40798       1742     821732                  1567       1345          0        221 
                                                                                                                                
      Oct.             42507      42252      41056       1450     824713                   254        126         13        115 
      Nov.             42646      42281      40970       1676     825653                   366        315          0         50 
      Dec.             42585      27154      40839       1746     823386      11613       3818       3787          1         30 
                                                                                                                                
 2008-Jan. p           41781      -3878      40146       1636     821206      44516       1143       1137          0          6 
                     
2 weeks ending(7)                     
 2007-Dec. 19          40834      37001      39666       1168     821972                  3833       3798          2         34 
                                                                                                                                
 2008-Jan.  2          44040       8732      41652       2387     824422      30000       5308       5286          0         21 
           16          41587        211      39871       1716     820747      40000       1377       1371          0          6 
           30          41630      -8760      40184       1446     821123      50000        390        385          0          5 
                                                                                                                                
      Feb. 13p         42093     -18008      40433       1661     822366      60000        102        101          0          1 
 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)                                                                                                    
 2007-Jan.                 44631         44420         43125        823693         8775         52160         35857         16304   
      Feb.                 42685         42656         41187        819693         7720         53728         34966         18762   
      Mar.                 40753         40699         39118        820793         7518         49732         33236         16496   
                                                                                                                                    
      Apr.                 42541         42462         41016        822629         8560         48809         33981         14828   
      May                  44066         43963         42630        825071         9205         48659         34861         13798   
      June                 43652         43465         41951        826508         8739         49432         34913         14519   
                                                                                                                                    
      July                 42731         42469         41067        828452         8420         50206         34311         15896   
      Aug.                 44621         43646         39799        829739        10983         51040         33637         17402   
      Sep.                 42079         40513         40338        826415         8606         49628         33473         16155   
                                                                                                                                    
      Oct.                 41476         41222         40026        828353         8264         49747         33212         16535   
      Nov.                 41863         41497         40187        833075         8526         48985         33337         15649   
      Dec.                 42715         27285         40970        836339         8193         52153         34523         17630   
                                                                                                                                    
 2008-Jan. p               44059         -1601         42423        831137         8737         53158         35322         17836   
          
2 weeks ending(10)         
 2007-Dec. 19              38677         34844         37508        831748         6610         52080         32067         20013           357 
                                                                                                                                                
 2008-Jan.  2              46743         11436         44356        842136         9504         53819         37239         16580            39 
           16              40000         -1377         38283        833860         7958         51441         32042         19399            96 
           30              47957         -2433         46511        827142         9506         54540         38451         16088           -91 
                                                                                                                                                
      Feb. 13p             40944        -19157         39284        826958         7342         56549         33602         22947            39 
 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)                  
 2007-Jan.                44619         44408         43113          816799 
      Feb.                42711         42682         41214          812909 
      Mar.                40794         40740         39159          813940 
                                                                            
      Apr.                42597         42518         41072          815954 
      May                 44135         44032         42699          818599 
      June                43736         43549         42034          820033 
                                                                            
      July                42828         42566         41164          822062 
      Aug.                44728         43753         39906          823101 
      Sep.                42202         40635         40460          819869 
                                                                            
      Oct.                41612         41357         40161          821880 
      Nov.                42007         41641         40331          826683 
      Dec.                42794         27364         41048          829796 
                                                                            
 2008-Jan. p              44056         -1604         42420          824467 
         
2 weeks ending(6)         
 2007-Dec. 19             38817         34984         37649          825241 
                                                                            
 2008-Jan.  2             46716         11409         44329          835494 
           16             39980         -1397         38264          827189 
           30             47973         -2417         46527          820477 
                                                                            
      Feb. 13p            40964        -19137         39304          820157 
 
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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