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: March 27, 2008
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The Board’s H.3 statistical release, “Aggregate Reserves of Depository Institutions and the Monetary Base,”
has been modified to include data on the Primary Dealer Credit Facility, which was approved by the Board of
Governors on March 16, 2008, and began operations on March 17, 2008.  The release also includes data on
“other credit extensions.”  This category includes credit extensions such as the arrangements involving
JPMorgan Chase & Co. and The Bear Stearns Companies Inc. that were approved by the Board of Governors on
March 14, 2008, and March 16, 2008.

 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
March 27, 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 from the Federal Reserve, NSA
Date Total
(2)
Non-
borrowed
(3)
Required Excess,
NSA
(4)
Monetary
base
(5)
Term
auction
credit,
NSA
Primary Secondary Seasonal Primary
dealer
credit
facility
Other
credit
extensions
Month(6)                                
 2007-Feb.              42454      42424      40956       1498      813448                     8          0         22                      
      Mar.              42321      42267      40686       1635      814991                    21          5         28                      
                                                                                                                                            
      Apr.              42715      42635      41189       1525      817205                    32          0         48                      
      May               43197      43093      41760       1436      818799                    14          0         90                      
      June              43606      43419      41904       1702      820085                    43          0        145                      
                                                                                                                                            
      July              41915      41653      40251       1664      821476                    45          0        217                      
      Aug.              44922      43948      40100       4822      824512                   701         19        255                      
      Sep.              42540      40973      40798       1742      821732                  1345          0        221                      
                                                                                                                                            
      Oct.              42507      42252      41056       1450      824713                   126         13        115                      
      Nov.              42646      42281      40970       1676      825653                   315          0         50                      
      Dec.              42585      27154      40839       1746      823386      11613       3787          1         30                      
                                                                                                                                            
 2008-Jan.              41780      -3879      40146       1634      821174      44516       1137          0          6                      
      Feb.              42566     -17591      40857       1709      822461      60000        155          0          3                      
                       
2 weeks ending(7)                      
 2008-Jan. 30           41630      -8760      40186       1444      821076      50000        385          0          5                      
                                                                                                                                            
      Feb. 13           42092     -18010      40433       1658      822294      60000        101          0          1                      
           27           42936     -17262      41137       1799      822423      60000        195          0          4                      
                                                                                                                                            
      Mar. 12           43057     -17174      41654       1403      823819      60000        227          0          3                      
           26p          44477     -61788      39856       4621      829648      80000        316          1          7      23178      2765 
 1. Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve 
requirements. (For more information, refer to table 3.)
2. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess
reserves. (Also, refer to footnote 2 in table 2 and footnote 2 in table 3.)
3. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total
borrowings from the Federal Reserve.
4. Excess reserves NSA equals unadjusted total reserves (table 2, column 1) less unadjusted 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, refer to footnote 3 in table 2 and footnote 4 in 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)
Non-
borrowed
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-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.                44058         -1602          42423        831105         8737         53158         35321          17837              
      Feb.                42816        -17341          41108        828675         8168         53647         34648          18999              
          
2 weeks ending(10)         
 2008-Jan. 30             47957         -2433          46513        827095         9506         54540         38451          16089           -91
                                                                                                                                                
      Feb. 13             40943        -19159          39285        826885         7341         56549         33602          22947            37
           27             44889        -15309          43090        830243         8901         51578         35988          15590            88
                                                                                                                                                
      Mar. 12             40490        -19741          39087        829334         8416         49273         32074          17199           103
           26p            44534        -61731          39913        834482        10928         51783         33606          18176          -170
 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) Non-
borrowed
Required
(3)
Monetary
base(4)
Month(5)                  
 2007-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.                44055         -1605         42420           824435
      Feb.                42842        -17315         41133           821912
         
2 weeks ending(6)         
 2008-Jan. 30             47973         -2417         46529           820430
                                                                            
      Feb. 13             40963        -19139         39304           820085
           27             44917        -15281         43118           823510
                                                                            
      Mar. 12             40523        -19708         39120           822602
           26p            44574        -61691         39953           827750
 
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 4).
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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