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Release Date: June 12, 2008
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
June 12, 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
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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
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Month(6)
2007-May 43114 43010 41661 1453 818712 14 0 90
June 43607 43420 41856 1751 820080 43 0 145
July 41783 41521 40145 1637 821336 45 0 217
Aug. 44870 43895 40042 4828 824451 701 19 255
Sep. 42698 41132 40972 1726 821885 1345 0 221
Oct. 42537 42283 41102 1435 824742 126 13 115
Nov. 42679 42313 40982 1696 825673 315 0 50
Dec. 42599 27169 40848 1752 823387 11613 3787 1 30
2008-Jan. 41786 -3874 40153 1633 821160 44516 1137 0 6
Feb. 42579 -17578 40869 1709 822450 60000 155 0 3
Mar. 44033 -50490 41043 2990 827183 75484 1617 0 6 16168 1249
Apr. 43474 -91936 41546 1928 824761 100000 9624 0 21 25764 0
May p 44034 -111746 41934 2100 826677 127419 14076 0 47 14238 0
2 weeks ending(7)
2008-Apr. 9 45033 -98917 42820 2213 826876 100000 8598 0 12 35340 0
23 42117 -90910 40400 1716 823795 100000 9286 0 22 23719 0
May 7 44183 -85013 42199 1984 823973 100000 11622 0 31 17544 0
21 42563 -111855 40573 1990 825249 125000 13976 1 42 15401 0
June 4p 45989 -130307 43652 2337 830568 150000 15936 1 66 10295 0
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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, 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.
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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
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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)
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Month(9)
2007-May 43982 43878 42529 824982 9117 48659 34864 13794
June 43653 43466 41902 826502 8734 49432 34919 14513
July 42594 42332 40957 828306 8276 50207 34319 15889
Aug. 44567 43592 39739 829677 10922 51043 33645 17398
Sep. 42236 40669 40510 826566 8757 49633 33479 16154
Oct. 41505 41251 40070 828380 8293 49755 33212 16543
Nov. 41895 41530 40199 833101 8553 48995 33342 15653
Dec. 42730 27300 40978 836350 8203 52162 34527 17635
2008-Jan. 44064 -1596 42430 831106 8738 53162 35325 17837
Feb. 42829 -17328 41120 828657 8172 53650 34657 18993
Mar. 42675 -51848 39685 832364 9760 50447 32915 17532
Apr. 43478 -91932 41550 830498 9257 49315 34220 15095
May p 45129 -110651 43029 833971 9682 48579 35447 13132
2 weeks ending(10)
2008-Apr. 9 42625 -101326 40412 832337 9590 49527 33035 16492 413
23 43261 -89767 41544 829656 8859 49367 34402 14965 -184
May 7 45010 -84186 43026 829816 9629 48941 35381 13560 -42
21 43853 -110565 41863 832348 8990 48925 34863 14062 -35
June 4p 47000 -129296 44663 839151 10689 47842 36311 11531 -20
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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) Non- Required Monetary
borrowed (3) base(4)
-------------------------------------------------------------------------
Month(5)
2007-May 44051 43948 42598 818511
June 43737 43549 41986 820028
July 42692 42430 41055 821918
Aug. 44674 43699 39846 823039
Sep. 42359 40792 40633 820020
Oct. 41640 41386 40206 821908
Nov. 42039 41673 40343 826710
Dec. 42809 27379 41057 829808
2008-Jan. 44061 -1599 42427 824436
Feb. 42854 -17303 41145 821894
Mar. 42714 -51809 39724 825587
Apr. 43529 -91881 41601 823419
May p 45197 -110583 43097 826936
2 weeks ending(6)
2008-Apr. 9 42673 -101277 40460 825319
23 43311 -89716 41594 822530
May 7 45065 -84130 43082 822754
21 43919 -110499 41929 825339
June 4p 47080 -129216 44743 832098
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.
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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 |
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