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Release Date: April 12, 2007
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
April 12, 2007
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)
2006-Mar. 43678 43509 42166 1512 797953 169 119 0 50
Apr. 44594 44347 42766 1828 800572 248 164 0 84
May 45023 44848 43220 1803 804737 175 24 0 151
June 45381 45129 43591 1790 804580 253 16 0 237
July 44180 43830 42633 1547 804071 350 39 0 312
Aug. 42876 42507 41343 1533 804687 369 26 0 343
Sep. 42880 42477 41118 1762 805199 403 66 0 338
Oct. 42782 42553 41102 1680 806636 229 24 0 205
Nov. 43198 43038 41495 1703 809747 160 48 0 112
Dec. 43288 43097 41475 1813 812367 191 111 0 80
2007-Jan. 41483 41272 39968 1515 813297 211 187 0 24
Feb. 42063 42034 40558 1506 811958 30 8 0 22
Mar. p 41805 41751 40168 1637 813512 54 21 5 28
2 weeks ending(7)
2007-Feb. 14 42123 42094 40886 1237 811035 30 8 0 22
28 42003 41974 40229 1774 812881 30 8 0 21
Mar. 14 43051 43008 41495 1556 814024 43 7 11 26
28 40328 40268 38643 1684 812763 60 31 0 29
Apr. 11p 42888 42808 41094 1793 814615 80 44 0 36
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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)
2006-Mar. 42732 42563 41220 806238 9132 49630 33601 16029
Apr. 44723 44475 42895 808419 10280 48394 34443 13951
May 45427 45252 43624 811877 10627 48306 34800 13506
June 45037 44784 43247 812202 9894 48996 35143 13852
July 44841 44491 43294 811727 9589 49628 35252 14376
Aug. 42664 42295 41131 809723 8780 50247 33884 16363
Sep. 42594 42191 40832 809976 9101 49409 33493 15915
Oct. 41740 41512 40061 809237 8254 50102 33486 16616
Nov. 42221 42061 40517 815385 8457 48969 33763 15206
Dec. 43274 43083 41461 825289 8479 50905 34795 16110
2007-Jan. 44638 44427 43123 823712 8794 52170 35843 16327
Feb. 42665 42635 41159 819695 7722 53742 34943 18799
Mar. p 40770 40716 39133 820769 7520 49736 33250 16486
2 weeks ending(10)
2007-Feb. 14 40298 40269 39061 817475 6721 56049 33578 22471 -62
28 45032 45002 43258 821914 8723 51436 36309 15127 -135
Mar. 14 39692 39649 38135 820850 7596 48658 32096 16562 67
28 42036 41976 40351 820568 7388 50971 34648 16323 157
Apr. 11p 39896 39816 38102 821327 7782 49008 32114 16894 162
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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)
----------------------------------------------------------------------------------
Month(5)
2006-Mar. 42754 42585 41242 798211
Apr. 44748 44500 42920 800896
May 45451 45276 43648 804687
June 45069 44816 43278 804881
July 44876 44525 43328 804604
Aug. 42695 42326 41162 802651
Sep. 42627 42224 40865 803089
Oct. 41768 41539 40088 802290
Nov. 42246 42086 40543 808524
Dec. 43274 43083 41461 818343
2007-Jan. 44613 44402 43098 816807
Feb. 42676 42647 41171 812901
Mar. p 40788 40734 39151 813902
2 weeks ending(6)
2007-Feb. 14 40307 40278 39070 810619
28 45045 45016 43271 815183
Mar. 14 39707 39665 38151 814169
28 42055 41995 40371 813538
Apr. 11p 39918 39838 38124 814351
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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