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Release Date: December 23, 2004
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
December 23, 2004
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
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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)
2003-Nov. 43034 42966 41545 1489 718968 68 25 0 43
Dec. 42843 42797 41804 1039 720978 46 17 0 29
2004-Jan. 43204 43098 42314 891 722605 106 93 0 13
Feb. 42999 42957 41805 1194 724173 42 28 0 14
Mar. 44739 44688 42933 1806 725786 51 23 0 28
Apr. 45688 45602 43881 1807 728836 86 29 0 57
May 45390 45279 43747 1643 732306 112 9 0 103
June 45935 45755 44047 1888 737809 180 40 0 140
July 45733 45488 44022 1711 745607 245 42 0 203
Aug. 44754 44502 43203 1551 748196 251 18 0 233
Sep. 46252 45917 44686 1566 753381 335 97 0 238
Oct. 46035 45856 44318 1717 755881 179 15 0 164
Nov. 45944 45761 44173 1771 760580 183 105 0 78
2 weeks ending(7)
2004-Oct. 27 46518 46332 44802 1715 755945 186 28 0 158
Nov. 10 47428 47328 45522 1906 759719 100 7 0 93
24 44959 44665 43288 1670 760374 294 218 0 76
Dec. 8 45770 45706 43987 1783 762496 64 5 0 59
22p 45951 45883 44086 1865 757722 68 12 0 56
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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.
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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
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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)
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Month(9)
2003-Nov. 42651 42583 41162 729473 11525 42590 31126 11464
Dec. 42941 42895 41902 737614 10858 44069 32083 11986
2004-Jan. 45461 45355 44570 736279 11581 46578 33880 12698
Feb. 43863 43821 42670 734913 10896 46439 32967 13473
Mar. 44173 44122 42368 736436 12044 44424 32129 12295
Apr. 46060 45974 44253 740311 14090 42852 31971 10881
May 46336 46224 44693 743748 14080 43053 32255 10797
June 45566 45386 43678 749333 13058 43619 32507 11112
July 46192 45947 44481 756482 12793 44483 33399 11084
Aug. 45497 45246 43946 756869 12111 45056 33386 11670
Sep. 46453 46118 44887 760992 13037 44840 33416 11424
Oct. 45678 45499 43961 763672 12019 46654 33660 12994
Nov. 45579 45396 43807 768796 12113 45564 33466 12098
2 weeks ending(10)
2004-Oct. 27 48343 48158 46628 764721 12953 46364 35391 10974 104
Nov. 10 44974 44874 43068 765911 12265 45217 32709 12508 75
24 46053 45760 44383 768882 11975 46093 34078 12015 213
Dec. 8 45481 45417 43698 773405 12182 44909 33299 11610 152
22p 45956 45888 44091 771598 11695 47564 34261 13303 124
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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.
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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)
2003-Nov. 42083 42015 40594 717147
Dec. 42447 42401 41408 725201
2004-Jan. 45396 45290 44505 725152
Feb. 43798 43756 42605 723947
Mar. 44067 44015 42261 725635
Apr. 45893 45807 44086 729925
May 46110 45998 44466 733468
June 45298 45118 43411 738794
July 45858 45614 44148 745959
Aug. 45105 44854 43554 746326
Sep. 46018 45683 44453 750522
Oct. 45200 45021 43483 752790
Nov. 45035 44852 43264 758293
2 weeks ending(6)
2004-Oct. 27 47844 47658 46128 753939
Nov. 10 44449 44349 42543 755014
24 45509 45216 43839 758603
Dec. 8 44905 44841 43122 763034
22p 45371 45303 43506 761494
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.
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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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