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: March 22, 2007
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 FEDERAL RESERVE STATISTICAL RELEASE

H.3 (502)
Table 1      For Release at 4:30 p.m. Eastern Time
March 22, 2007
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   Borrowings of depository institutions from
the Federal Reserve, NSA
Date total(2) non-
borrowed(3)
required excess
NSA(4)
Monetary
base(5)
total primary secondary seasonal
Month(6)                            
 2006-Feb.               44127        44074        42576        1551        795673           53          21             2          30  
      Mar.               43678        43509        42166        1512        797953          169         119             0          50  
                                                                                                                                       
      Apr.               44594        44347        42766        1828        800572          248         164             0          84  
      May                45023        44848        43220        1803        804737          175          24             0         151  
      June               45381        45129        43591        1790        804580          253          16             0         237  
                                                                                                                                       
      July               44180        43830        42633        1547        804071          350          39             0         312  
      Aug.               42876        42507        41343        1533        804687          369          26             0         343  
      Sep.               42880        42477        41118        1762        805199          403          66             0         338  
                                                                                                                                       
      Oct.               42782        42553        41102        1680        806636          229          24             0         205  
      Nov.               43198        43038        41495        1703        809747          160          48             0         112  
      Dec.               43288        43097        41475        1813        812367          191         111             0          80  
                                                                                                                                       
 2007-Jan.               41483        41272        39968        1515        813297          211         187             0          24  
      Feb.               42063        42034        40558        1505        811961           30           8             0          22  
          
2 weeks ending(7)          
 2007-Jan. 17            40950        40788        39324        1625        813197          162         144             0          18  
           31            41385        41120        40108        1277        813236          265         244             0          22  
                                                                                                                                       
      Feb. 14            42123        42094        40886        1237        811036           30           8             0          22  
           28            42003        41974        40229        1774        812887           30           8             0          21  
                                                                                                                                       
      Mar. 14p           43078        43035        41492        1585        814057           43           7            11          26  
 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
base(3)
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-Feb.                 44622         44569         43071        804422         9408         53305         35213         18092   
      Mar.                 42732         42563         41220        806238         9132         49630         33601         16029   
                                                                                                                                    
      Apr.                 44723         44475         42895        808419        10280         48394         34443         13951   
      May                  45427         45252         43624        811877        10627         48306         34800         13506   
      June                 45037         44784         43247        812202         9894         48996         35143         13852   
                                                                                                                                    
      July                 44841         44491         43294        811727         9589         49628         35252         14376   
      Aug.                 42664         42295         41131        809723         8780         50247         33884         16363   
      Sep.                 42594         42191         40832        809976         9101         49409         33493         15915   
                                                                                                                                    
      Oct.                 41740         41512         40061        809237         8254         50102         33486         16616   
      Nov.                 42221         42061         40517        815385         8457         48969         33763         15206   
      Dec.                 43274         43083         41461        825289         8479         50905         34795         16110   
                                                                                                                                    
 2007-Jan.                 44638         44427         43123        823712         8794         52170         35843         16327   
      Feb.                 42665         42635         41159        819698         7723         53742         34942         18800   
          
2 weeks ending(10)         
 2007-Jan. 17              39952         39790         38326        825227         7666         50330         32286         18044            14 
           31              48836         48571         47559        820230         9763         53835         39073         14762            31 
                                                                                                                                                
      Feb. 14              40298         40269         39061        817477         6721         56049         33578         22471           -62 
           28              45032         45002         43258        821920         8725         51436         36307         15129          -135 
                                                                                                                                                
      Mar. 14p             39719         39676         38133        820883         7623         48658         32096         16562            67 
 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-Feb.                44635         44582         43084          796162 
      Mar.                42754         42585         41242          798211 
                                                                            
      Apr.                44748         44500         42920          800896 
      May                 45451         45276         43648          804687 
      June                45069         44816         43278          804881 
                                                                            
      July                44876         44525         43328          804604 
      Aug.                42695         42326         41162          802651 
      Sep.                42627         42224         40865          803089 
                                                                            
      Oct.                41768         41539         40088          802290 
      Nov.                42246         42086         40543          808524 
      Dec.                43274         43083         41461          818343 
                                                                            
 2007-Jan.                44613         44402         43098          816807 
      Feb.                42676         42647         41171          812905 
         
2 weeks ending(6)         
 2007-Jan. 17             39900         39739         38275          818248 
           31             48843         48578         47566          813397 
                                                                            
      Feb. 14             40307         40278         39070          810621 
           28             45045         45016         43272          815189 
                                                                            
      Mar. 14p            39734         39692         38149          814203 
 
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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