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Release Date: July 19, 2007
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
July 19, 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-June 45172 44920 43477 1696 804374 253 16 0 237
July 44122 43771 42682 1440 803996 350 39 0 312
Aug. 42832 42463 41447 1385 804592 369 26 0 343
Sep. 43088 42685 41460 1628 805323 403 66 0 338
Oct. 42891 42662 41268 1623 806897 229 24 0 205
Nov. 43185 43025 41493 1691 810082 160 48 0 112
Dec. 43314 43123 41510 1804 812574 191 111 0 80
2007-Jan. 42180 41969 40670 1510 813387 211 187 0 24
Feb. 42437 42407 40934 1502 812166 30 8 0 22
Mar. 42337 42283 40697 1640 813792 54 21 5 28
Apr. 42715 42636 41187 1528 816072 79 32 0 48
May 43155 43052 41715 1440 817888 103 14 0 90
June 43570 43383 41893 1677 819265 187 43 0 145
2 weeks ending(7)
2007-May 23 41917 41804 40621 1295 816994 113 22 0 92
June 6 43867 43744 42209 1658 818650 124 10 0 114
20 42580 42366 41075 1506 818670 215 79 0 136
July 4 44778 44590 42850 1928 820468 188 12 0 176
18p 41001 40702 39322 1679 819789 299 94 0 206
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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-June 45047 44795 43352 812208 9906 48984 35142 13842
July 44853 44503 43413 811734 9602 49619 35251 14367
Aug. 42676 42307 41291 809728 8786 50244 33890 16354
Sep. 42585 42182 40957 809961 9082 49402 33503 15899
Oct. 41752 41523 40129 809227 8247 50093 33505 16588
Nov. 42234 42074 40542 815378 8451 48958 33782 15176
Dec. 43282 43091 41478 825284 8474 50901 34807 16094
2007-Jan. 44641 44430 43131 823694 8777 52165 35864 16301
Feb. 42666 42637 41164 819692 7718 53733 34948 18785
Mar. 40769 40715 39129 820790 7515 49729 33254 16475
Apr. 42542 42463 41014 822625 8554 48805 33988 14817
May 44023 43920 42583 825066 9201 48651 34823 13828
June 43616 43429 41939 826468 8701 49422 34915 14507
2 weeks ending(10)
2007-May 23 43720 43607 42425 824197 8664 49392 35057 14335 -4
June 6 44086 43963 42428 827627 9345 48003 34741 13262 -117
20 41824 41610 40318 825674 8199 48697 33626 15072 15
July 4 45844 45657 43916 826883 9019 51289 36825 14464 -52
18p 39513 39214 37834 829162 7431 49976 32082 17894 -37
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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-June 45143 44890 43447 804934
July 44963 44613 43523 804665
Aug. 42793 42424 41408 802718
Sep. 42711 42308 41083 803140
Oct. 41879 41650 40256 802349
Nov. 42370 42211 40679 808594
Dec. 43361 43170 41557 818395
2007-Jan. 44629 44418 43119 816800
Feb. 42693 42663 41190 812908
Mar. 40810 40756 39170 813937
Apr. 42598 42518 41070 815950
May 44092 43989 42652 818594
June 43700 43513 42023 819993
2 weeks ending(6)
2007-May 23 43789 43676 42494 817764
June 6 44163 44039 42505 821087
20 41902 41688 40396 819132
July 4 45939 45752 44011 820541
18p 39603 39304 37924 822777
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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