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Release Date: May 11, 2006
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
May 11, 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-Apr. 46393 46261 44719 1673 766866 132 52 0 80
May 45949 45810 44416 1534 768389 139 6 0 133
June 46425 46176 44649 1776 771184 249 85 0 164
July 45792 45368 44057 1736 772686 425 176 12 237
Aug. 44683 44321 43060 1623 774833 362 63 3 297
Sep. 45697 45365 43653 2044 778203 332 12 5 315
Oct. 44943 44660 43046 1897 780199 284 35 29 220
Nov. 44775 44649 42980 1796 783505 126 20 0 106
Dec. 44809 44641 42861 1949 786588 169 97 0 72
2006-Jan. 44129 44019 42689 1440 792075 110 78 0 32
Feb. 44193 44141 42639 1555 796597 53 21 2 30
Mar. 43700 43531 42202 1497 799039 169 119 0 50
Apr. p 44574 44326 42764 1810 801869 248 164 0 84
2 weeks ending(7)
2006-Mar. 15 43752 43691 42026 1726 798790 61 15 0 46
29 43526 43279 42352 1174 799159 247 193 0 54
Apr. 12 44311 43864 42208 2104 800653 447 381 0 67
26 44147 44044 42687 1461 801741 103 16 0 87
May 10p 46855 46699 44702 2153 805961 156 33 0 124
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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-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 43139 804464 9450 53260 35243 18017
Mar. 42751 42582 41253 806148 9112 49587 33638 15949
Apr. p 44700 44452 42890 808310 10250 48361 34450 13910
2 weeks ending(10)
2006-Mar. 15 40230 40170 38504 805417 8987 48410 31244 17167 100
29 45188 44941 44014 806719 9137 50783 36051 14733 271
Apr. 12 41164 40717 39060 806972 9241 48675 31924 16752 30
26 47464 47361 46003 809171 10945 48259 36519 11740 251
May 10p 45636 45480 43483 809314 10847 47773 34790 12983 67
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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-Apr. 46575 46444 44902 766275
May 46360 46221 44826 766893
June 45968 45720 44192 770864
July 46310 45885 44574 773642
Aug. 44661 44298 43038 773624
Sep. 45398 45066 43354 776936
Oct. 43870 43586 41973 777640
Nov. 43711 43585 41915 783314
Dec. 44666 44497 42717 792872
2006-Jan. 47215 47105 45774 795325
Feb. 44707 44654 43152 796205
Mar. 42772 42603 41275 798122
Apr. p 44725 44477 42914 800786
2 weeks ending(6)
2006-Mar. 15 40248 40188 38522 797284
29 45211 44964 44037 798754
Apr. 12 41190 40743 39086 799257
26 47488 47385 46027 801572
May 10p 45657 45501 43504 802624
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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