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.
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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.
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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) | 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.
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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.