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Release Date: March 24, 2005
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
March 24, 2005
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)
2004-Feb. 43002 42960 41809 1192 724925 42 28 0 14
Mar. 44742 44690 42937 1805 727276 51 23 0 28
Apr. 45691 45605 43884 1807 730895 86 29 0 57
May 45389 45277 43745 1644 734654 112 9 0 103
June 46083 45903 44196 1887 739553 180 40 0 140
July 46374 46129 44672 1702 746138 245 42 0 203
Aug. 45130 44878 43593 1537 747448 251 18 0 233
Sep. 46331 45996 44752 1579 751650 335 97 0 238
Oct. 46105 45926 44386 1719 754133 179 15 0 164
Nov. 46018 45835 44247 1771 758182 183 105 0 78
Dec. 46639 46576 44727 1911 758262 63 11 0 52
2005-Jan. 47664 47602 45922 1742 760901 62 39 0 23
Feb. 45731 45690 44197 1535 764460 42 26 0 16
2 weeks ending(7)
2005-Jan. 19 45825 45766 44039 1786 757768 59 40 0 20
Feb. 2 49535 49466 47996 1539 765940 69 49 0 21
16 43586 43556 42111 1475 763098 30 16 0 15
Mar. 2 47601 47550 45997 1604 765801 51 35 0 17
16p 45190 45151 43406 1783 764295 39 7 0 32
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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)
2004-Feb. 43866 43824 42674 734915 10899 46471 32967 13504
Mar. 44176 44124 42371 736439 12047 44450 32129 12321
Apr. 46064 45978 44257 740315 14093 42849 31971 10877
May 46334 46223 44691 743750 14082 43023 32253 10770
June 45711 45531 43824 749469 13194 43592 32517 11075
July 46835 46591 45133 757062 13374 44458 33461 10997
Aug. 45872 45620 44334 757175 12418 45042 33454 11588
Sep. 46532 46197 44953 760994 13044 44840 33489 11352
Oct. 45747 45568 44028 763663 12010 46659 33736 12923
Nov. 45652 45469 43881 768803 12116 45570 33536 12035
Dec. 46812 46750 44901 774745 12017 47259 34795 12463
2005-Jan. 50397 50335 48656 773204 14032 47668 36365 11303
Feb. 46704 46662 45169 772441 12257 47640 34447 13193
2 weeks ending(10)
2005-Jan. 19 46730 46671 44944 771398 12278 46771 34453 12319 98
Feb. 2 55188 55119 53649 773141 16771 48220 38417 9804 172
16 43491 43461 42016 770716 10212 48295 33280 15015 263
Mar. 2 49039 48988 47435 774337 13891 46780 35148 11632 168
16p 43161 43123 41378 772268 11031 45868 32130 13738 -80
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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)
2004-Feb. 43801 43759 42609 723950
Mar. 44069 44018 42264 725637
Apr. 45897 45811 44089 729928
May 46108 45997 44465 733470
June 45444 45264 43556 738930
July 46501 46256 44799 746540
Aug. 45479 45228 43942 746633
Sep. 46098 45763 44518 750525
Oct. 45268 45089 43549 752781
Nov. 45108 44925 43337 758300
Dec. 46371 46309 44460 764581
2005-Jan. 50311 50249 48569 763728
Feb. 46638 46596 45103 763167
2 weeks ending(6)
2005-Jan. 19 46613 46554 44827 761698
Feb. 2 55141 55072 53602 764172
16 43434 43404 41959 760915
Mar. 2 48958 48907 47354 765627
16p 43069 43030 41285 762666
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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