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Release Date: July 7, 2005
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
July 7, 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-June 46276 46096 44389 1887 739317 180 40 0 140
July 46460 46216 44758 1702 745848 245 42 0 203
Aug. 45510 45258 43973 1537 747506 251 18 0 233
Sep. 46520 46185 44941 1579 751528 335 97 0 238
Oct. 46427 46248 44709 1719 754172 179 15 0 164
Nov. 46393 46210 44623 1771 758483 183 105 0 78
Dec. 46761 46698 44849 1911 758574 63 11 0 52
2005-Jan. 47436 47374 45694 1742 761120 62 39 0 23
Feb. 45949 45907 44420 1529 764292 42 26 0 16
Mar. 46810 46761 45003 1807 766493 49 13 0 37
Apr. 46613 46481 44935 1678 767410 132 52 0 80
May 45917 45778 44390 1527 768415 139 6 0 133
June p 46708 46459 44931 1777 771644 249 85 0 164
2 weeks ending(7)
2005-May 11 46148 46026 44768 1380 768058 123 7 0 117
25 45290 45144 43771 1518 767392 146 5 0 141
June 8 46958 46804 45144 1814 771458 154 7 0 148
22 45812 45641 44181 1631 770922 171 18 0 153
July 6p 48027 47547 46032 1994 773092 480 279 0 201
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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-June 45711 45531 43824 749469 13194 43591 32517 11074
July 46835 46591 45133 757062 13374 44457 33461 10996
Aug. 45872 45620 44334 757175 12418 45041 33454 11587
Sep. 46532 46197 44953 760994 13044 44839 33489 11351
Oct. 45747 45568 44028 763663 12010 46658 33736 12922
Nov. 45652 45469 43881 768803 12116 45569 33536 12034
Dec. 46812 46750 44901 774746 12017 47258 34795 12462
2005-Jan. 50397 50335 48656 773204 14032 47667 36365 11302
Feb. 46703 46661 45174 772467 12255 47639 34447 13192
Mar. 46033 45983 44226 773828 12043 46725 33989 12735
Apr. 46703 46572 45025 775315 12962 45318 33741 11576
May 46509 46369 44982 775710 12046 45574 34463 11111
June p 46126 45877 44349 779522 11245 46229 34881 11349
2 weeks ending(10)
2005-May 11 45024 44901 43643 774190 11268 45455 33756 11699 307
25 47917 47771 46399 775327 12731 45866 35187 10680 -53
June 8 45945 45791 44130 779390 11873 45111 34072 11040 -22
22 45462 45291 43830 778421 10896 45800 34566 11235 39
July 6p 47470 46990 45475 781580 11229 48099 36241 11858 110
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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
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Reserves of depository institutions
---------------------------------------
Date total(2) nonborrowed required(3) Monetary base(4)
----------------------------------------------------------------------------------
Month(5)
2004-June 45523 45343 43636 738967
July 46596 46352 44894 746584
Aug. 45589 45338 44052 746684
Sep. 46221 45886 44642 750580
Oct. 45402 45223 43684 752840
Nov. 45256 45073 43485 758364
Dec. 46486 46423 44574 764630
2005-Jan. 50328 50266 48586 763736
Feb. 46678 46636 45149 763214
Mar. 45993 45944 44187 764682
Apr. 46634 46503 44956 766315
May 46413 46274 44886 766966
June p 46016 45767 44239 770870
2 weeks ending(6)
2005-May 11 44936 44813 43555 765108
25 47820 47674 46301 766924
June 8 45841 45687 44026 770473
22 45354 45183 43723 769748
July 6p 47351 46871 45357 773229
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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