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Release Date: October 4, 2007
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
October 4, 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-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 816071 79 32 0 48
May 43155 43052 41715 1440 817886 103 14 0 90
June 43606 43418 41896 1710 819298 187 43 0 145
July 41920 41658 40235 1685 821321 262 45 0 217
Aug. 44919 43944 40098 4821 824858 975 701 19 255
2 weeks ending(7)
2007-Aug. 1 41992 41747 40416 1576 823100 245 3 0 243
15 49418 49157 40105 9313 829400 261 6 0 255
29 41106 39547 40052 1053 820958 1559 1258 43 259
Sep. 12 41587 39338 40215 1373 821251 2250 2018 0 232
26p 42243 40880 40280 1963 822028 1364 1134 0 230
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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-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 43652 43464 41942 826502 8734 49422 34918 14504
July 42735 42473 41050 828451 8419 50196 34316 15881
Aug. 44617 43642 39796 829733 10978 51033 33640 17394
2 weeks ending(10)
2007-Aug. 1 45210 44965 43633 827975 9268 50098 35942 14156 77
15 46783 46522 37469 834532 14653 52407 32130 20278 144
29 43306 41747 42252 825430 7946 50014 35360 14654 719
Sep. 12 38349 36099 36976 827154 7328 49025 31021 18004 158
26p 44772 43408 42809 825107 9381 49637 35391 14246 -244
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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-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 43735 43548 42026 820027
July 42832 42570 41147 822061
Aug. 44724 43749 39903 823095
2 weeks ending(6)
2007-Aug. 1 45315 45070 43738 821564
15 46879 46618 37565 828020
29 43423 41864 42370 818637
Sep. 12 38457 36208 37085 820599
26p 44901 43537 42938 818522
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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