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Release Date: December 27, 2007
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
December 27, 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-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 40972 40792 1747 822426 1567 1345 0 221
Oct. 42493 42239 41041 1453 826815 254 126 13 115
Nov. 42634 42268 40936 1698 827927 366 315 0 50
2 weeks ending(7)
2007-Oct. 24 39700 39433 38905 794 825751 267 134 29 105
Nov. 7 42500 42236 40634 1866 828158 264 191 0 74
21 41830 41306 40312 1518 828690 524 479 0 45
Dec. 5 43989 43790 42141 1848 826561 199 158 0 41
19p 40830 36997 39656 1173 823434 3833 3798 2 34
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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-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 829735 10980 51033 33639 17394
Sep. 42078 40511 40331 826414 8606 49622 33472 16150
Oct. 41463 41209 40011 828349 8261 49745 33202 16542
Nov. 41852 41486 40153 833075 8527 48985 33324 15661
2 weeks ending(10)
2007-Oct. 24 39879 39612 39084 827710 6990 49294 32889 16405 324
Nov. 7 41276 41012 39410 829004 8733 48339 32544 15796 -125
21 40531 40007 39013 833691 7814 49711 32717 16994 73
Dec. 5 44355 44156 42506 835285 9478 48359 34877 13482 43
19p 38673 34840 37499 831794 6613 52080 32060 20020 358
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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-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 40634 40454 819867
Oct. 41599 41344 40146 821877
Nov. 41995 41630 40297 826683
2 weeks ending(6)
2007-Oct. 24 40010 39743 39216 821201
Nov. 7 41412 41148 39546 822490
21 40669 40145 39151 827370
Dec. 5 44513 44314 42664 828878
19p 38813 34980 37640 825286
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 |
Historical data |
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