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Statistical Supplement | October 2007

Statistical Supplement to the Federal Reserve Bulletin, October 2007
1.20  Aggregate Reserves of Depository Institutions and Monetary Base1
Billions of dollars, averages of daily figures
Item 2003
Dec		 2004
Dec		 2005
Decr		 2006
Dec		 2006 2007
Dec Janr Febr Marr Apr May June July
  Seasonally adjusted
Adjusted for Changes in Reserve Requirements2  
1 Total reserves3 42.67 46.60 45.14 43.31 43.31 42.17 42.42 42.32 42.71r 43.15r 43.60r 41.92
2 Nonborrowed reserves4 42.63 46.54 44.98 43.12 43.12 41.96 42.39 42.27 42.63r 43.05 43.42 41.65
3 Required reserves 41.63 44.69 43.24 41.51 41.51 40.67 40.93 40.69 41.18r 41.72 41.90 40.24
4 Monetary base5 720.52 759.63 787.91 812.58r 812.58r 813.39 812.17 813.79 816.08r 817.89 819.30 821.32
  Not seasonally adjusted
5 Total reserves6 42.46 46.52 45.14 43.36 43.36 44.62 42.68 40.79 42.59r 44.09 43.73r 42.83
6 Nonborrowed reserves 42.41 46.46 44.97 43.17 43.17 44.41 42.65 40.74 42.51r 43.99 43.55 42.57
7 Required reserves7 41.41 44.61 43.24 41.56 41.56 43.12 41.18 39.16 41.07 42.65 42.03 41.15
8 Monetary base8 725.21 764.66 793.38 818.40 818.40 816.80 812.91 813.94 815.95 818.60r 820.03 822.06
 
Not Adjusted for Changes in Reserve Requirements9  
9 Total reserves10 42.95 46.85 45.38 43.28 43.28 44.63 42.65 40.75 42.54 44.02 43.65 42.73
10 Nonborrowed reserves 42.91 46.79 45.22 43.09 43.09 44.42 42.62 40.70 42.46 43.92 43.46 42.47
11 Required reserves 41.91 44.94 43.48 41.48 41.48 43.13 41.15 39.12 41.01 42.58 41.94 41.06
12 Monetary base11 737.62 774.77 802.30 825.29r 825.29r 823.69 819.69 820.79 822.63 825.07 826.50 828.45
13 Excess reserves12 1.05 1.91 1.90 1.81r 1.81r 1.50 1.50 1.64 1.53 1.44 1.71 1.67
14 Borrowings from the Federal Reserve .05 .06 .17 .19 .19 .21 .03 .05 .08 .10 .19 .26

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

Statistical Supplement | October 2007 | Tips for printing wide tables | Symbols and Abbreviations

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Last update: November 1, 2007