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Release Date: October 27, 2005
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
October 27, 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-Sep. 46488 46153 44833 1655 751494 335 97 0 238
Oct. 46344 46165 44587 1757 754085 179 15 0 164
Nov. 46368 46185 44585 1784 758452 183 105 0 78
Dec. 46798 46735 44889 1909 758601 63 11 0 52
2005-Jan. 47477 47415 45736 1741 761158 62 39 0 23
Feb. 45962 45920 44467 1495 764307 42 26 0 16
Mar. 46811 46762 45029 1782 766512 49 13 0 37
Apr. 46585 46453 44916 1669 767418 132 52 0 80
May 45886 45747 44364 1522 768399 139 6 0 133
June 46682 46433 44907 1774 771684 249 85 0 164
July 46102 45677 44370 1732 772244 425 176 12 237
Aug. 44542 44180 42919 1623 774591 362 63 3 297
Sep. 45723 45391 43669 2054 777319 332 12 5 315
2 weeks ending(7)
2005-Aug. 31 45697 45364 43880 1817 776814 333 11 0 322
Sep. 14 44217 43900 42443 1773 776150 317 12 0 305
28 47405 47069 45104 2301 778328 336 7 0 330
Oct. 12 44495 44080 42203 2292 778441 415 59 76 280
26p 44546 44322 42865 1681 779397 224 25 0 199
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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-Sep. 46500 46165 44846 760962 13012 44849 33489 11360
Oct. 45665 45486 43908 763578 11926 46667 33739 12928
Nov. 45629 45446 43845 768774 12088 45578 33541 12037
Dec. 46850 46787 44940 774773 12047 47261 34803 12458
2005-Jan. 50440 50378 48699 773245 14075 47677 36365 11311
Feb. 46716 46675 45221 772482 12272 47657 34445 13213
Mar. 46033 45984 44251 773845 12060 46740 33973 12767
Apr. 46675 46544 45006 775318 12965 45330 33710 11620
May 46477 46338 44955 775685 12046 45590 34431 11159
June 46100 45851 44325 779560 11249 46238 34850 11387
July 46475 46050 44743 782531 10882 47235 35593 11642
Aug. 44863 44500 43240 782676 10368 48119 34495 13624
Sep. 45619 45287 43565 785715 11158 47194 34461 12732
2 weeks ending(10)
2005-Aug. 31 47278 46946 45461 783073 11673 47177 35606 11571 6
Sep. 14 42029 41713 40256 785820 9583 46804 32447 14358 135
28 49705 49369 47404 785612 12986 47196 36719 10477 88
Oct. 12 42147 41733 39855 785706 9385 49903 32762 17141 292
26p 45870 45646 44189 786831 9915 49435 35955 13480 235
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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-Sep. 46190 45855 44535 750547
Oct. 45321 45142 43564 752756
Nov. 45233 45050 43450 758335
Dec. 46523 46460 44613 764658
2005-Jan. 50370 50308 48629 763777
Feb. 46691 46650 45196 763228
Mar. 45994 45945 44212 764699
Apr. 46606 46474 44937 766317
May 46382 46243 44860 766942
June 45990 45741 44216 770909
July 46342 45917 44610 773701
Aug. 44701 44339 43078 773675
Sep. 45442 45110 43387 777024
2 weeks ending(6)
2005-Aug. 31 47106 46774 45289 774241
Sep. 14 41862 41546 40089 776829
28 49518 49182 47217 777262
Oct. 12 41965 41551 39673 776727
26p 45665 45441 43984 778114
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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