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Release Date: November 9, 2006
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
November 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-Oct. 45488 45205 43592 1897 780785 284 35 29 220
Nov. 45423 45297 43635 1788 784153 126 20 0 106
Dec. 45312 45143 43403 1909 787091 169 97 0 72
2006-Jan. 44045 43935 42459 1586 791978 110 78 0 32
Feb. 44166 44113 42616 1550 796564 53 21 2 30
Mar. 43702 43533 42198 1504 799139 169 119 0 50
Apr. 44609 44361 42783 1826 801975 248 164 0 84
May 45041 44866 43243 1797 806474 175 24 0 151
June 45412 45159 43627 1785 805529 253 16 0 237
July 44201 43851 42650 1551 803677 350 39 0 312
Aug. 42803 42435 41257 1547 804059 369 26 0 343
Sep. 42883 42480 41119 1764 803751 403 66 0 338
Oct. p 42797 42569 41099 1698 804892 229 24 0 205
2 weeks ending(7)
2006-Sep. 13 42424 41959 40363 2060 803701 465 124 0 341
27 43012 42642 41607 1405 803551 370 21 0 349
Oct. 11 44277 43982 42124 2153 804899 295 23 0 273
25 41417 41215 40023 1393 804148 202 22 0 181
Nov. 8p 43306 43136 41730 1577 806615 171 33 0 138
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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-Oct. 44644 44360 42747 787104 10194 49521 34450 15071
Nov. 44628 44502 42840 792945 10137 49206 34490 14715
Dec. 45406 45237 43497 802305 10047 51318 35359 15959
2006-Jan. 47183 47073 45597 804295 10277 52084 36906 15178
Feb. 44661 44608 43110 804429 9415 53311 35246 18065
Mar. 42755 42586 41251 806247 9133 49627 33622 16005
Apr. 44737 44490 42911 808428 10287 48389 34450 13939
May 45445 45270 43648 811899 10649 48301 34796 13505
June 45067 44814 43282 812229 9920 48992 35147 13845
July 44862 44512 43311 811769 9631 49621 35232 14389
Aug. 42597 42228 41050 809821 8877 50245 33720 16525
Sep. 42597 42194 40833 810003 9129 49420 33468 15953
Oct. p 41756 41528 40058 809184 8273 50121 33484 16637
2 weeks ending(10)
2006-Sep. 13 39308 38844 37248 811500 8304 48750 31005 17746 -31
27 45922 45552 44517 808850 10070 49541 35852 13689 47
Oct. 11 41333 41039 39180 808899 8319 51763 33014 18749 -26
25 42059 41857 40666 808931 8164 49538 33895 15643 84
Nov. 8p 41826 41656 40249 810299 8441 48470 33385 15085 -31
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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-Oct. 44401 44118 42505 778213
Nov. 44342 44216 42555 783948
Dec. 45163 44994 43254 793377
2006-Jan. 47111 47001 45525 795218
Feb. 44674 44622 43124 796168
Mar. 42777 42608 41272 798221
Apr. 44762 44514 42936 800904
May 45469 45294 43672 804710
June 45098 44846 43313 804909
July 44896 44546 43345 804646
Aug. 42628 42259 41081 802749
Sep. 42630 42227 40866 803116
Oct. p 41784 41555 40085 802236
2 weeks ending(6)
2006-Sep. 13 39339 38875 37279 804715
27 45957 45587 44552 801889
Oct. 11 41365 41070 39212 801915
25 42085 41883 40692 802009
Nov. 8p 41848 41678 40271 803356
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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