Federal Reserve Statistical Release, H.3, Aggregate Reserves of Depository Institutions and the Monetary Base; title with eagle logo links to Statistical Release home page
Release Date: January 03, 2008
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
January 3, 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 of depository institutions
from the Federal Reserve, NSA
Date total(2) non-
borrowed(3)
required excess
NSA(4)
Monetary
base(5)
Term
auction
credit,
NSA
total primary secondary seasonal
Month(6)                              
 2006-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      40935       1698     827927                   366        315          0         50 
      Dec. p           42580      27149      40826       1754     824380      11613       3818       3787          1         30 
                     
2 weeks ending(7)                     
 2007-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 
           19          40831      36998      39658       1174     823434                  3833       3798          2         34 
                                                                                                                                
 2008-Jan.  2p         44033       8725      41640       2392     824575      30000       5308       5286          0         21 
 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.
p preliminary
 
 


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)  
Date total(2) nonborrowed required Monetary
base(3)
Reserve
balances
with F.R.
Banks(4)
total used to
satisfy
required
reserves(6)
surplus(7) Net carryover
of reserve
balances(8)
Month(9)                                                                                                    
 2006-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   
      Dec. p               42711         27280         40956        836239         8194         52153         34517         17637   
          
2 weeks ending(10)         
 2007-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 
           19              38674         34841         37500        831794         6613         52080         32061         20019           358 
                                                                                                                                                
 2008-Jan.  2p             46735         11428         44343        841823         9503         53820         37232         16588            39 
 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
 


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-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 
      Dec. p              42789         27359         41035          829696 
         
2 weeks ending(6)         
 2007-Nov.  7             41412         41148         39546          822490 
           21             40669         40145         39151          827370 
                                                                            
      Dec.  5             44513         44314         42664          828878 
           19             38815         34982         37641          825287 
                                                                            
 2008-Jan.  2p            46708         11401         44316          835181 
 
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.
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.

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