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Release Date: March 23, 2006
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
March 23, 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. 45972 45930 44477 1495 763482 42 26 0 16
Mar. 46807 46758 45025 1782 765714 49 13 0 37
Apr. 46564 46433 44891 1673 766935 132 52 0 80
May 45883 45744 44350 1534 768125 139 6 0 133
June 46678 46429 44902 1776 771110 249 85 0 164
July 46095 45670 44360 1736 772853 425 176 12 237
Aug. 44541 44179 42918 1623 774704 362 63 3 297
Sep. 45716 45384 43672 2044 777792 332 12 5 315
Oct. 44783 44500 42886 1897 780063 284 35 29 220
Nov. 44712 44586 42917 1796 783665 126 20 0 106
Dec. 44800 44631 42851 1949 786331 169 97 0 72
2006-Jan. 44231 44121 42791 1440 791903 110 78 0 32
Feb. 43781 43728 42216 1565 795943 53 21 2 30
2 weeks ending(7)
2006-Jan. 18 42471 42291 41225 1246 789881 180 154 0 26
Feb. 1 45455 45415 44112 1342 794569 40 11 0 29
15 42601 42536 41084 1517 795255 66 36 0 30
Mar. 1 44922 44883 43288 1634 796789 40 6 4 30
15p 42518 42457 40810 1708 796828 61 15 0 46
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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. 46726 46684 45231 772482 12271 47665 34455 13210
Mar. 46029 45980 44247 773840 12057 46749 33972 12777
Apr. 46654 46523 44981 775283 12939 45342 33715 11627
May 46474 46335 44941 775653 12015 45628 34460 11169
June 46096 45847 44320 779530 11220 46280 34876 11404
July 46468 46043 44733 782494 10851 47278 35617 11662
Aug. 44862 44499 43238 782660 10346 48159 34516 13643
Sep. 45612 45280 43568 785659 11140 47282 34472 12809
Oct. 44113 43830 42216 786531 9630 49515 34483 15032
Nov. 43997 43871 42201 792310 9500 49202 34497 14705
Dec. 44909 44740 42960 801800 9541 51302 35368 15934
2006-Jan. 47287 47177 45846 804402 10382 52040 36904 15136
Feb. 44693 44641 43128 803827 9451 53260 35242 18017
2 weeks ending(10)
2006-Jan. 18 42827 42647 41581 804565 9089 50156 33738 16418 476
Feb. 1 51903 51864 50561 802326 11718 53877 40185 13692 107
15 41949 41884 40432 802113 8522 55184 33427 21757 79
Mar. 1 47094 47055 45460 805788 10278 51140 36817 14324 114
15p 40222 40161 38513 804196 8981 48410 31241 17170 105
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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. 46701 46659 45206 763228
Mar. 45990 45940 44208 764695
Apr. 46585 46454 44912 766283
May 46379 46240 44845 766909
June 45987 45738 44211 770879
July 46335 45911 44600 773664
Aug. 44700 44338 43077 773659
Sep. 45435 45103 43391 776968
Oct. 43914 43631 42017 777679
Nov. 43769 43643 41973 783365
Dec. 44726 44557 42777 792928
2006-Jan. 47238 47128 45798 795356
Feb. 44669 44616 43104 795548
2 weeks ending(6)
2006-Jan. 18 42754 42574 41508 795122
Feb. 1 51886 51847 50544 793607
15 41928 41863 40411 793633
Mar. 1 47065 47026 45431 797759
15p 40189 40128 38480 796034
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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