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Release Date: April 26, 2007
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
April 26, 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. 43680 43511 42168 1512 797962 169 119 0 50
Apr. 44605 44357 42777 1828 800589 248 164 0 84
May 45036 44861 43232 1804 804760 175 24 0 151
June 45392 45140 43608 1784 804591 253 16 0 237
July 44203 43852 42657 1546 804087 350 39 0 312
Aug. 42895 42526 41361 1534 804700 369 26 0 343
Sep. 42898 42495 41138 1761 805214 403 66 0 338
Oct. 42797 42568 41123 1674 806633 229 24 0 205
Nov. 43211 43052 41506 1706 809735 160 48 0 112
Dec. 43296 43105 41479 1817 812354 191 111 0 80
2007-Jan. 41507 41296 39967 1540 813301 211 187 0 24
Feb. 42063 42034 40558 1506 811965 30 8 0 22
Mar. 41811 41757 40164 1647 813548 54 21 5 28
2 weeks ending(7)
2007-Feb. 28 42002 41973 40228 1774 812901 30 8 0 21
Mar. 14 43056 43013 41494 1561 814017 43 7 11 26
28 40333 40273 38636 1698 812792 60 31 0 29
Apr. 11 42893 42813 41086 1807 814885 80 44 0 36
25p 40949 40867 39602 1347 814986 83 32 0 52
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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)
-------------------------------------------------------------------------------------------------------------------------------------------
Month(9)
2006-Mar. 42734 42565 41222 806247 9141 49617 33592 16024
Apr. 44733 44486 42906 808436 10296 48381 34437 13944
May 45440 45265 43636 811900 10650 48294 34789 13504
June 45048 44795 43264 812213 9911 48982 35137 13845
July 44864 44513 43318 811744 9611 49617 35253 14365
Aug. 42683 42314 41149 809737 8794 50243 33888 16355
Sep. 42612 42208 40851 809990 9111 49402 33501 15901
Oct. 41755 41526 40081 809234 8254 50093 33502 16591
Nov. 42234 42074 40528 815381 8455 48961 33779 15181
Dec. 43282 43091 41465 825289 8479 50901 34803 16098
2007-Jan. 44658 44447 43118 823718 8801 52165 35857 16309
Feb. 42665 42635 41159 819695 7722 53737 34943 18795
Mar. 40775 40721 39128 820800 7523 49731 33252 16479
2 weeks ending(10)
2007-Feb. 28 45031 45001 43257 821915 8724 51431 36307 15124 -135
Mar. 14 39697 39654 38135 820854 7600 48653 32097 16556 67
28 42041 41981 40343 820572 7392 50966 34649 16317 160
Apr. 11 39902 39822 38094 821612 7778 49002 32124 16878 162
25p 43956 43873 42608 822276 8703 48912 35253 13659 157
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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)
2006-Mar. 42755 42586 41244 798221
Apr. 44758 44511 42930 800912
May 45464 45289 43660 804710
June 45079 44827 43295 804893
July 44898 44548 43352 804620
Aug. 42714 42345 41180 802664
Sep. 42645 42242 40884 803104
Oct. 41783 41554 40109 802286
Nov. 42259 42100 40553 808519
Dec. 43282 43091 41465 818343
2007-Jan. 44633 44422 43093 816812
Feb. 42676 42647 41171 812902
Mar. 40793 40739 39146 813932
2 weeks ending(6)
2007-Feb. 28 45044 45015 43270 815184
Mar. 14 39712 39670 38151 814173
28 42061 42001 40363 813541
Apr. 11 39924 39844 38116 814635
25p 43974 43892 42627 815728
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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