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Release Date: March 9, 2006
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
March 9, 2006
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)
2005-Feb. 45969 45927 44472 1497 763479 42 26 0 16
Mar. 46804 46755 45021 1783 765712 49 13 0 37
Apr. 46559 46428 44884 1675 766942 132 52 0 80
May 45873 45734 44336 1537 768134 139 6 0 133
June 46670 46421 44887 1782 771123 249 85 0 164
July 46085 45660 44343 1741 772865 425 176 12 237
Aug. 44540 44178 42918 1622 774705 362 63 3 297
Sep. 45720 45388 43673 2047 777801 332 12 5 315
Oct. 44784 44500 42883 1900 780069 284 35 29 220
Nov. 44705 44579 42909 1797 783667 126 20 0 106
Dec. 44803 44634 42853 1950 786350 169 97 0 72
2006-Jan. 44224 44114 42787 1437 791907 110 78 0 32
Feb. p 43780 43728 42215 1565 795975 53 21 2 30
2 weeks ending(7)
2006-Jan. 4 46421 46327 43985 2436 790334 95 29 0 66
18 42472 42292 41225 1246 789942 180 154 0 26
Feb. 1 45435 45396 44100 1335 794508 40 11 0 29
15 42604 42539 41084 1520 795249 66 36 0 30
Mar. 1p 44919 44879 43288 1631 796869 40 6 4 30
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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)
2005-Feb. 46723 46681 45226 772479 12268 47663 34455 13208
Mar. 46026 45977 44243 773839 12054 46747 33972 12775
Apr. 46649 46518 44975 775290 12938 45339 33711 11628
May 46464 46325 44927 775660 12022 45616 34442 11175
June 46088 45839 44306 779543 11233 46268 34855 11413
July 46457 46033 44716 782506 10863 47264 35594 11670
Aug. 44860 44498 43238 782660 10354 48149 34506 13642
Sep. 45616 45284 43569 785669 11150 47280 34467 12813
Oct. 44113 43830 42213 786538 9637 49516 34477 15039
Nov. 43990 43864 42193 792305 9495 49208 34495 14713
Dec. 44912 44743 42962 801800 9541 51301 35371 15930
2006-Jan. 47279 47169 45842 804393 10373 52046 36906 15140
Feb. p 44692 44640 43127 803868 9451 53260 35241 18018
2 weeks ending(10)
2006-Jan. 4 47899 47805 45463 810584 10572 52663 37328 15336 145
18 42828 42648 41582 804565 9089 50155 33740 16415 474
Feb. 1 51882 51842 50546 802303 11695 53893 40187 13707 107
15 41952 41887 40432 802117 8526 55184 33427 21758 81
Mar. 1p 47091 47051 45460 805875 10276 51139 36815 14324 114
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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)
2005-Feb. 46698 46656 45201 763226
Mar. 45987 45938 44204 764693
Apr. 46580 46449 44906 766290
May 46369 46229 44832 766917
June 45979 45730 44196 770892
July 46325 45900 44583 773676
Aug. 44699 44336 43077 773659
Sep. 45439 45107 43392 776978
Oct. 43915 43631 42014 777685
Nov. 43762 43636 41966 783360
Dec. 44729 44560 42779 792929
2006-Jan. 47231 47121 45793 795347
Feb. p 44668 44616 43103 795589
2 weeks ending(6)
2006-Jan. 4 47833 47738 45396 801864
18 42755 42575 41509 795121
Feb. 1 51865 51825 50530 793584
15 41931 41866 40411 793636
Mar. 1p 47062 47022 45431 797846
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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