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Release Date: September 14, 2006
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
September 14, 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-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 1784 805532 253 16 0 237
July 44202 43852 42657 1545 803678 350 39 0 312
Aug. p 42803 42434 41271 1531 804086 369 26 0 343
2 weeks ending(7)
2006-July 19 43090 42776 41627 1463 802682 314 14 0 301
Aug. 2 44919 44501 43406 1513 804379 418 78 0 340
16 42211 41867 40632 1579 803065 344 9 0 335
30 43123 42743 41670 1453 805087 380 30 0 351
Sep. 13p 42367 41903 40370 1997 803786 465 124 0 341
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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-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 44863 44512 43317 811769 9631 49609 35232 14377
Aug. p 42596 42227 41065 809849 8873 50243 33723 16520
2 weeks ending(10)
2006-July 19 41368 41054 39905 812296 8414 49178 32954 16224 140
Aug. 2 48234 47816 46721 810981 10894 49716 37340 12376 5
16 39212 38868 37633 809419 7672 51242 31541 19702 49
30 45414 45034 43961 809998 9830 49425 35584 13842 89
Sep. 13p 39251 38787 37254 811517 8257 48752 30995 17757 -33
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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-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 44897 44547 43352 804646
Aug. p 42627 42258 41095 802776
2 weeks ending(6)
2006-July 19 41403 41089 39940 805094
Aug. 2 48266 47848 46753 803960
16 39237 38893 37658 802218
30 45450 45070 43997 803025
Sep. 13p 39282 38818 37285 804732
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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