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Statistical Supplement | September 2006

Statistical Supplement to the Federal Reserve Bulletin, September 2006
1.20  Aggregate Reserves of Depository Institutions and Monetary Base1
Billions of dollars, averages of daily figures
Item 2002
Dec		 2003
Dec		 2004
Dec		 2005
Dec		 2005 2006
Nov Dec Jan Feb Mar Apr May June
  Seasonally adjusted
Adjusted for Changes in Reserve Requirements2  
1 Total reserves3 40.36 42.70 46.63 45.31 45.42 45.31 44.04 44.15 43.70 44.59 44.99 45.40
2 Nonborrowed reserves4 40.28 42.65 46.56 45.14 45.29 45.14 43.93 44.10 43.53 44.35 44.82 45.15
3 Required reserves 38.35 41.66 44.72 43.40 43.63 43.40 42.46 42.61 42.19 42.76 43.19 43.62
4 Monetary base5 681.46 720.13 758.99 787.09 784.15 787.09 791.98 796.55 799.05 801.97 806.48 805.53
  Not seasonally adjusted
5 Total reserves6 40.13 42.45 46.52 45.16 44.34 45.16 47.11 44.66 42.77 44.75 45.42 45.09
6 Nonborrowed reserves 40.05 42.41 46.46 44.99 44.21 44.99 47.00 44.61 42.60 44.50 45.25 44.83
7 Required reserves7 38.12 41.41 44.61 43.25 42.55 43.25 45.52 43.12 41.27 42.92 43.62 43.30
8 Monetary base8 686.23 725.21 764.66 793.38 783.95 793.38 795.22 796.16 798.14 800.90 804.71r 804.91
 
Not Adjusted for Changes in Reserve Requirements9  
9 Total reserves10 40.27 42.95 46.85 45.40 44.62 45.40 47.18 44.65 42.75 44.72 45.40 45.05
10 Nonborrowed reserves 40.19 42.90 46.79 45.23 44.50 45.23 47.07 44.60 42.58 44.47 45.22 44.80
11 Required reserves 38.26 41.91 44.94 43.49 42.83 43.49 45.59 43.11 41.25 42.89 43.60 43.27
12 Monetary base11 697.15 737.62 774.77 802.30 792.94 802.30 804.29 804.42 806.16 808.42 811.90 812.23
13 Excess reserves12 2.01 1.04 1.91 1.91 1.79 1.91 1.59 1.54 1.50 1.83 1.80 1.78
14 Borrowings from the Federal Reserve .08 .05 .06 .17 .13 .17 .11 .05 .17 .25 .18 .25

1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Monetary and Reserve Analysis Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551.   Return to table

2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.10.)   Return to table

3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves (line 3) plus excess reserves (line 13).   Return to table

4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 14).   Return to table

5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), 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.   Return to table

6. Break-adjusted total reserves equal break-adjusted required reserves (line 7) plus excess reserves (line 13).   Return to table

7. To adjust required reserves for discontinuities that are due to regulatory changes 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 include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities).   Return to table

8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 5), 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.   Return to table

9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements.   Return to table

10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements.   Return to table

11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 9), 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. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays.   Return to table

12. Unadjusted total reserves (line 9) less unadjusted required reserves (line 11).   Return to table

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Last update: September 29, 2006