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Release Date: September 1, 2005
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
September 1, 2005
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
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Reserves of depository institutions Borrowings of depository institutions from
the Federal Reserve, NSA
-------------------------------------------------- --------------------------------------------------
Date total(2) non- required excess Monetary total primary secondary seasonal
borrowed(3) NSA(4) base(5)
--------------------------------------------------------------------------------------------------------------------------------------------
Month(6)
2004-Aug. 45480 45229 43898 1582 747476 251 18 0 233
Sep. 46488 46153 44833 1655 751494 335 97 0 238
Oct. 46344 46165 44587 1757 754085 179 15 0 164
Nov. 46368 46185 44585 1784 758452 183 105 0 78
Dec. 46798 46735 44889 1909 758601 63 11 0 52
2005-Jan. 47477 47415 45736 1741 761158 62 39 0 23
Feb. 45962 45920 44467 1495 764307 42 26 0 16
Mar. 46811 46762 45029 1782 766512 49 13 0 37
Apr. 46585 46453 44916 1669 767418 132 52 0 80
May 45886 45747 44364 1522 768399 139 6 0 133
June 46682 46433 44907 1774 771684 249 85 0 164
July 46102 45677 44370 1732 772345 425 176 12 237
Aug. p 44556 44193 42918 1637 774624 362 63 3 297
2 weeks ending(7)
2005-July 6 47997 47517 46018 1979 773375 480 279 0 201
20 43834 43513 42510 1324 770339 321 90 0 232
Aug. 3 47954 47428 45839 2116 774336 527 230 34 264
17 42665 42308 41340 1325 772721 357 79 0 279
31p 45718 45386 43870 1848 776589 333 11 0 322
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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
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Reserves of depository institutions Vault cash(5)
-------------------------------------- --------------------------------------
Reserve used to Net carryover
Date total(2) nonborrowed required Monetary balances total satisfy surplus(7) of reserve
base(3) with F.R. required balances(8)
Banks(4) reserves(6)
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Month(9)
2004-Aug. 45841 45590 44259 757143 12386 45050 33455 11595
Sep. 46500 46165 44846 760962 13012 44849 33489 11360
Oct. 45665 45486 43908 763578 11926 46667 33739 12928
Nov. 45629 45446 43845 768774 12088 45578 33541 12037
Dec. 46850 46787 44940 774773 12047 47261 34803 12458
2005-Jan. 50440 50378 48699 773245 14075 47677 36365 11311
Feb. 46716 46675 45221 772482 12272 47657 34445 13213
Mar. 46033 45984 44251 773845 12060 46740 33973 12767
Apr. 46675 46544 45006 775318 12965 45330 33710 11620
May 46477 46338 44955 775685 12046 45590 34431 11159
June 46100 45851 44325 779560 11249 46238 34850 11387
July 46475 46050 44743 782633 10882 47235 35593 11642
Aug. p 44876 44513 43238 782729 10381 48119 34494 13625
2 weeks ending(10)
2005-July 6 47441 46961 45461 781861 11230 48100 36211 11889 112
20 43639 43318 42315 782623 9361 46924 34279 12645 23
Aug. 3 49558 49031 47442 783069 12628 47160 36930 10231 -132
17 41449 41092 40124 782498 8581 49267 32868 16399 231
31p 47299 46967 45451 782887 11701 47177 35599 11578 9
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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
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Reserves of depository institutions
---------------------------------------
Date total(2) nonborrowed required(3) Monetary base(4)
----------------------------------------------------------------------------------
Month(5)
2004-Aug. 45559 45307 43977 746652
Sep. 46190 45855 44535 750547
Oct. 45321 45142 43564 752756
Nov. 45233 45050 43450 758335
Dec. 46523 46460 44613 764658
2005-Jan. 50370 50308 48629 763777
Feb. 46691 46650 45196 763228
Mar. 45994 45945 44212 764699
Apr. 46606 46474 44937 766317
May 46382 46243 44860 766942
June 45990 45741 44216 770909
July 46342 45917 44610 773803
Aug. p 44714 44352 43077 773728
2 weeks ending(6)
2005-July 6 47322 46842 45342 773509
20 43520 43199 42195 773547
Aug. 3 49400 48873 47284 774291
17 41297 40940 39973 773278
31p 47127 46795 45280 774057
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.
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