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Release Date: October 25, 2007
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
October 25, 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-Sep. 43154 42751 41423 1732 805415 403 66 0 338
Oct. 42914 42685 41249 1665 806940 229 24 0 205
Nov. 43180 43020 41489 1691 810080 160 48 0 112
Dec. 43313 43122 41508 1805 812576 191 111 0 80
2007-Jan. 42171 41960 40667 1504 813385 211 187 0 24
Feb. 42422 42392 40925 1497 812166 30 8 0 22
Mar. 42320 42266 40685 1635 813793 54 21 5 28
Apr. 42711 42632 41183 1528 816077 79 32 0 48
May 43153 43050 41715 1439 817891 103 14 0 90
June 43602 43415 41897 1705 819299 187 43 0 145
July 41915 41653 40241 1674 821320 262 45 0 217
Aug. 44921 43946 40098 4823 824863 975 701 19 255
Sep. 42538 40971 40792 1746 822432 1567 1345 0 221
2 weeks ending(7)
2007-Aug. 29 41106 39547 40052 1053 820966 1559 1258 43 259
Sep. 12 41588 39338 40215 1372 821239 2250 2018 0 232
26 42249 40885 40280 1969 822041 1364 1134 0 230
Oct. 10 46401 46171 44312 2089 827379 230 70 0 160
24p 39706 39439 38907 798 825126 267 134 29 105
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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-Sep. 42652 42249 40921 810057 9177 49405 33476 15929
Oct. 41775 41546 40110 809270 8286 50096 33489 16607
Nov. 42229 42069 40538 815377 8450 48957 33779 15179
Dec. 43280 43089 41475 825286 8477 50897 34804 16093
2007-Jan. 44631 44420 43127 823691 8773 52160 35858 16303
Feb. 42652 42622 41154 819691 7718 53728 34934 18794
Mar. 40752 40698 39117 820791 7516 49732 33236 16495
Apr. 42538 42459 41010 822628 8558 48808 33980 14828
May 44021 43918 42582 825068 9203 48655 34818 13837
June 43648 43461 41944 826503 8735 49428 34914 14514
July 42730 42469 41057 828449 8417 50197 34314 15883
Aug. 44619 43644 39796 829736 10980 51033 33639 17394
Sep. 42078 40511 40331 826420 8606 49622 33471 16151
2 weeks ending(10)
2007-Aug. 29 43306 41747 42252 825430 7946 50014 35360 14654 720
Sep. 12 38349 36100 36977 827153 7327 49025 31022 18003 158
26 44778 43414 42808 825111 9387 49637 35391 14246 -243
Oct. 10 43815 43585 41726 828801 9714 51361 34101 17261 60
24p 39885 39618 39086 827098 6997 49294 32888 16406 349
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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-Sep. 42779 42376 41047 803236
Oct. 41902 41673 40237 802392
Nov. 42365 42206 40674 808592
Dec. 43360 43169 41555 818397
2007-Jan. 44619 44408 43115 816797
Feb. 42678 42648 41181 812907
Mar. 40793 40739 39158 813938
Apr. 42593 42514 41066 815953
May 44090 43987 42652 818596
June 43732 43545 42027 820028
July 42828 42566 41154 822059
Aug. 44726 43751 39903 823097
Sep. 42200 40633 40454 819873
2 weeks ending(6)
2007-Aug. 29 43423 41864 42369 818637
Sep. 12 38458 36208 37085 820598
26 44907 43543 42937 818527
Oct. 10 43954 43725 41866 822408
24p 40016 39749 39218 820588
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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