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Release Date: March 27, 2008
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For Release at
4:30 P.M. Eastern time
March 27, 2008
The Board�s H.3 statistical release, �Aggregate Reserves of Depository Institutions and the Monetary Base,�
has been modified to include data on the Primary Dealer Credit Facility, which was approved by the Board of
Governors on March 16, 2008, and began operations on March 17, 2008. The release also includes data on
�other credit extensions.� This category includes credit extensions such as the arrangements involving
JPMorgan Chase & Co. and The Bear Stearns Companies Inc. that were approved by the Board of Governors on
March 14, 2008, and March 16, 2008.
1
FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
March 27, 2008
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
----------------------------------------------------------------------------------------------------------------------------------------------
Reserves of depository institutions Other borrowings from the Federal Reserve, NSA
------------------------------------------ Term ------------------------------------------------------
Date Total Non- Required Excess, Monetary auction Primary Secondary Seasonal Primary Other
(2) borrowed NSA base credit, dealer credit
(3) (4) (5) NSA credit extensions
facility
----------------------------------------------------------------------------------------------------------------------------------------------
Month(6)
2007-Feb. 42454 42424 40956 1498 813448 8 0 22
Mar. 42321 42267 40686 1635 814991 21 5 28
Apr. 42715 42635 41189 1525 817205 32 0 48
May 43197 43093 41760 1436 818799 14 0 90
June 43606 43419 41904 1702 820085 43 0 145
July 41915 41653 40251 1664 821476 45 0 217
Aug. 44922 43948 40100 4822 824512 701 19 255
Sep. 42540 40973 40798 1742 821732 1345 0 221
Oct. 42507 42252 41056 1450 824713 126 13 115
Nov. 42646 42281 40970 1676 825653 315 0 50
Dec. 42585 27154 40839 1746 823386 11613 3787 1 30
2008-Jan. 41780 -3879 40146 1634 821174 44516 1137 0 6
Feb. 42566 -17591 40857 1709 822461 60000 155 0 3
2 weeks ending(7)
2008-Jan. 30 41630 -8760 40186 1444 821076 50000 385 0 5
Feb. 13 42092 -18010 40433 1658 822294 60000 101 0 1
27 42936 -17262 41137 1799 822423 60000 195 0 4
Mar. 12 43057 -17174 41654 1403 823819 60000 227 0 3
26p 44477 -61788 39856 4621 829648 80000 316 1 7 23178 2765
-----------------------------------------------------------------------------------------------------------------------------------------------
1. Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve
requirements. (For more information, refer to table 3.)
2. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess
reserves. (Also, refer to footnote 2 in table 2 and footnote 2 in table 3.)
3. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total
borrowings from the Federal Reserve.
4. Excess reserves NSA equals unadjusted total reserves (table 2, column 1) less unadjusted 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, refer to footnote 3 in table 2 and footnote 4 in table 3.)
6. Prorated averages of biweekly averages.
7. Averages of daily figures.
p preliminary
1
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
-------------------------------------------------------------------------------------------------------------------------------------------
Reserves of depository institutions Vault cash(5)
-------------------------------------- ------------------------------------
Reserve Used to Net
Date Total Non- Required Monetary balances Total satisfy Surplus carryover
(2) borrowed base with F.R. required (7) of reserve
(3) Banks reserves balances
(4) (6) (8)
-------------------------------------------------------------------------------------------------------------------------------------------
Month(9)
2007-Feb. 42685 42656 41187 819693 7720 53728 34966 18762
Mar. 40753 40699 39118 820793 7518 49732 33236 16496
Apr. 42541 42462 41016 822629 8560 48809 33981 14828
May 44066 43963 42630 825071 9205 48659 34861 13798
June 43652 43465 41951 826508 8739 49432 34913 14519
July 42731 42469 41067 828452 8420 50206 34311 15896
Aug. 44621 43646 39799 829739 10983 51040 33637 17402
Sep. 42079 40513 40338 826415 8606 49628 33473 16155
Oct. 41476 41222 40026 828353 8264 49747 33212 16535
Nov. 41863 41497 40187 833075 8526 48985 33337 15649
Dec. 42715 27285 40970 836339 8193 52153 34523 17630
2008-Jan. 44058 -1602 42423 831105 8737 53158 35321 17837
Feb. 42816 -17341 41108 828675 8168 53647 34648 18999
2 weeks ending(10)
2008-Jan. 30 47957 -2433 46513 827095 9506 54540 38451 16089 -91
Feb. 13 40943 -19159 39285 826885 7341 56549 33602 22947 37
27 44889 -15309 43090 830243 8901 51578 35988 15590 88
Mar. 12 40490 -19741 39087 829334 8416 49273 32074 17199 103
26p 44534 -61731 39913 834482 10928 51783 33606 18176 -170
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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.
p preliminary
1
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) Non- Required Monetary
borrowed (3) base(4)
-------------------------------------------------------------------------
Month(5)
2007-Feb. 42711 42682 41214 812909
Mar. 40794 40740 39159 813940
Apr. 42597 42518 41072 815954
May 44135 44032 42699 818599
June 43736 43549 42034 820033
July 42828 42566 41164 822062
Aug. 44728 43753 39906 823101
Sep. 42202 40635 40460 819869
Oct. 41612 41357 40161 821880
Nov. 42007 41641 40331 826683
Dec. 42794 27364 41048 829796
2008-Jan. 44055 -1605 42420 824435
Feb. 42842 -17315 41133 821912
2 weeks ending(6)
2008-Jan. 30 47973 -2417 46529 820430
Feb. 13 40963 -19139 39304 820085
27 44917 -15281 43118 823510
Mar. 12 40523 -19708 39120 822602
26p 44574 -61691 39953 827750
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 4).
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.
p preliminary
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 |
Data Download Program (DDP) |
About |
Announcements
Current release Other formats:
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ASCII |
PDF (17 KB)
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