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Release Date: August 10, 2006
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
August 10, 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)
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Month(6)
2005-July 46318 45893 44577 1741 773216 425 176 12 237
Aug. 45332 44970 43715 1616 775492 362 63 3 297
Sep. 46290 45958 44256 2035 778807 332 12 5 315
Oct. 45571 45287 43675 1896 780834 284 35 29 220
Nov. 45417 45291 43629 1788 784151 126 20 0 106
Dec. 45307 45138 43398 1909 787090 169 97 0 72
2006-Jan. 44042 43932 42455 1587 791977 110 78 0 32
Feb. 44154 44102 42611 1543 796554 53 21 2 30
Mar. 43697 43528 42193 1504 799047 169 119 0 50
Apr. 44593 44345 42764 1828 801971 248 164 0 84
May 44993 44818 43193 1800 806481 175 24 0 151
June 45399 45146 43615 1783 805532 253 16 0 237
July p 44203 43852 42657 1546 803688 350 39 0 312
2 weeks ending(7)
2006-June 7 44394 44185 42395 1999 806835 209 19 0 191
21 45773 45524 44143 1630 805362 250 15 0 235
July 5 45597 45305 43743 1854 804782 292 16 0 277
19 43090 42776 41627 1463 802687 314 14 0 301
Aug. 2p 44920 44502 43406 1514 804401 418 78 0 340
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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-July 47001 46576 45260 783031 11388 47287 35612 11674
Aug. 45508 45145 43891 783315 11002 48168 34506 13662
Sep. 46198 45865 44163 786255 11735 47286 34462 12823
Oct. 44725 44442 42830 787150 10250 49514 34475 15039
Nov. 44622 44496 42834 792942 10131 49198 34491 14707
Dec. 45401 45233 43492 802303 10045 51306 35356 15950
2006-Jan. 47181 47071 45594 804293 10277 52068 36904 15164
Feb. 44649 44597 43107 804419 9405 53287 35244 18043
Mar. 42750 42581 41246 806164 9125 49603 33625 15978
Apr. 44721 44473 42893 808424 10283 48370 34438 13932
May 45396 45222 43596 811903 10655 48287 34742 13546
June 45054 44801 43270 812231 9923 48979 35131 13847
July p 44863 44513 43318 811779 9633 49609 35230 14379
2 weeks ending(10)
2006-June 7 44325 44116 42326 814615 10397 47829 33928 13901 160
21 44451 44202 42821 811070 9630 48536 34821 13715 181
July 5 46559 46267 44704 812185 10009 50561 36550 14011 118
19 41368 41054 39905 812301 8413 49178 32955 16223 140
Aug. 2p 48235 47817 46721 811001 10900 49716 37335 12381 5
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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)
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Month(5)
2005-July 46842 46418 45101 774179
Aug. 45307 44944 43690 774279
Sep. 45983 45651 43948 777532
Oct. 44482 44199 42586 778259
Nov. 44337 44211 42549 783946
Dec. 45158 44989 43249 793375
2006-Jan. 47109 46999 45522 795216
Feb. 44662 44610 43120 796158
Mar. 42772 42603 41268 798138
Apr. 44746 44498 42918 800900
May 45420 45246 43620 804714
June 45085 44832 43302 804911
July p 44897 44547 43352 804656
2 weeks ending(6)
2006-June 7 44353 44144 42353 807045
21 44481 44231 42851 803763
July 5 46595 46303 44741 805037
19 41403 41089 39940 805098
Aug. 2p 48267 47849 46753 803981
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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