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Release Date: June 21, 2007
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
June 21, 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-May 44653 44478 42849 1804 804413 175 24 0 151
June 45173 44920 43388 1784 804378 253 16 0 237
July 44135 43784 42589 1546 804007 350 39 0 312
Aug. 42838 42469 41304 1534 804600 369 26 0 343
Sep. 43113 42710 41352 1761 805350 403 66 0 338
Oct. 42891 42663 41218 1674 806900 229 24 0 205
Nov. 43185 43025 41479 1706 810085 160 48 0 112
Dec. 43315 43124 41498 1817 812579 191 111 0 80
2007-Jan. 42199 41988 40658 1540 813411 211 187 0 24
Feb. 42435 42405 40929 1506 812172 30 8 0 22
Mar. 42340 42286 40696 1644 813799 54 21 5 28
Apr. 42722 42643 41189 1533 816098 79 32 0 48
May 43160 43057 41715 1445 817933 103 14 0 90
2 weeks ending(7)
2007-Apr. 25 42072 41990 40739 1333 816039 83 32 0 52
May 9 44462 44391 42977 1485 818651 71 6 0 65
23 41920 41807 40622 1298 817044 113 22 0 92
June 6 43868 43744 42210 1658 818682 124 10 0 114
20p 42564 42349 41071 1492 818141 215 79 0 136
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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-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. 40772 40718 39128 820795 7519 49731 33253 16478
Apr. 42550 42470 41016 822638 8561 48805 33989 14816
May 44028 43925 42583 825094 9205 48651 34823 13828
2 weeks ending(10)
2007-Apr. 25 43948 43866 42615 822897 8689 48912 35259 13653 157
May 9 44451 44381 42966 824168 9920 48075 34531 13544 62
23 43723 43610 42425 824222 8666 49392 35058 14334 -4
June 6 44087 43963 42428 827660 9346 48003 34741 13262 -117
20p 41808 41593 40315 825164 8185 48697 33623 15075 14
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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-May 45518 45344 43715 804750
June 45143 44890 43359 804938
July 44974 44623 43428 804674
Aug. 42799 42430 41265 802726
Sep. 42737 42334 40977 803169
Oct. 41882 41653 40208 802355
Nov. 42370 42211 40665 808597
Dec. 43362 43171 41545 818400
2007-Jan. 44646 44435 43106 816823
Feb. 42691 42662 41185 812911
Mar. 40813 40759 39169 813942
Apr. 42605 42526 41072 815963
May 44097 43994 42652 818622
2 weeks ending(6)
2007-Apr. 25 44006 43923 42673 816373
May 9 44514 44443 43029 817694
23 43792 43679 42494 817789
June 6 44163 44040 42505 821121
20p 41886 41671 40393 818621
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.
Release dates |
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Data Download Program (DDP) |
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