1

FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1
For Release at 4:30 p.m. Eastern Time
March 17, 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
------------------------------------------------------------------------------------------------------------------------------------------Reserves of depository institutions
Borrowings of depository institutions from
the Federal Reserve, NSA
--------------------------------------------------------------------------------------------------Date
Monetary

total

total(2)
nonprimary
secondary
borrowed(3)

required
seasonal

excess

NSA(4)
base(5)
------------------------------------------------------------------------------------------------------------------------------------------Month(6)
2004-Feb.
43002
42960
41809
1192
724925
42
28
0
14
Mar.
44742
44690
42937
1805
727276
51
23
0
28
Apr.
730895
734654

May
June

739553

86
112
180

July
746138
747448
751650

Aug.
Sep.

245
251
335

45691
29
45389
9
46083
40
46374
42
45130
18
46331
97

45605
0

45277

0

45903

0
46129
0

44878

0

45996

0

43884
57

1807

43745
103
44196
140

1644

44672
203
43593
233
44752
238

1702

1887

1537
1579

Oct.
754133
758182

179

Nov.

183

Dec.

758262

63

46105
15
46018
105
46639
11

2005-Jan.
760901
62
Feb.
764456
42
2 weeks ending(7)
2005-Jan. 19
757768
59

47664
39
45728
26

Feb.

49535
49
43586
16

765940

2
16

763098

H.3 (502)
Table 2

2

30

45835

0

46576

0

44386
164
44247
78
44727
52

1719

45922

1742

47602
0

23

0

16

45687
45766

0

49466

0

43556

0

44195

1771
1911

1533

44039

1786

47996

1539

42110

1476

20

21
15

47594
47543
45994
1600
35
0
17
16p
45203
45164
43417
1786
756606
39
7
1
32
-------------------------------------------------------------------------------------------------------------------------------------------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
1
765794

Mar.

69

45825
40

45926
0

51

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)

--------------------------------------------------------------------------e
Date
balances
F.R.

used to
Net carryover
total(2) nonborrowed
required
Monetary
total
satisfy
surplus(7) of reserve
base(3)
required
balances(8)

Reserv

with

Banks(
4)
reserves(6)
-----------------------------------------------------------------------------------------------------------------------------------------Month(9)
2004-Feb.
10899
Mar.
12047

14093
14082
13194

13374
12418
13044

12010
12116
12017

Apr.
May
June

July
Aug.
Sep.

Oct.
Nov.
Dec.

46471
44450

42849
43023
43592

44458
45042
44840

46659
45570
47259

2005-Jan.
14032
47668
Feb.
12254
47640
2 weeks ending(10)

43866
32967
44176
32129

43824
13504
44124
12321

42674

734915

42371

736439

46064
31971
46334
32253
45711
32517

45978
10877
46223
10770
45531
11075

44257

740315

44691

743750

43824

749469

46835
33461
45872
33454
46532
33489

46591
10997
45620
11588
46197
11352

45133

757062

44334

757175

44953

760994

45747
33736
45652
33536
46812
34795

45568
12923
45469
12035
46750
12463

44028

763663

43881

768803

44901

774745

50397
36365
46701
34447

50335
11303
46659
13193

48656

773204

45168

772438

2005-Jan. 19
12278
46771

46730
34453

46671
12319

44944
98

771398

Feb.

55188
38417
43491
33280

55119
9804
43461
15015

53649
172
42015
263

773141

16771
10212
Mar.

2
48220
16
48295

770716

2
49032
48981
47432
774331
46780
35148
11632
168
16p
43174
43136
41388
764526
11034
45868
32140
13728
-78
------------------------------------------------------------------------------------------------------------------------------------------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
1
13884

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)
2004-Feb.
Mar.

43801
44069

43759
44018

42609
42264

723950
725637

Apr.
May
June

45897
46108
45444

45811
45997
45264

44089
44465
43556

729928
733470
738930

July
Aug.
Sep.

46501
45479
46098

46256
45228
45763

44799
43942
44518

746540
746633
750525

Oct.
Nov.
Dec.

45268
45108
46371

45089
44925
46309

43549
43337
44460

752781
758300
764581

2005-Jan.
Feb.
2 weeks ending(6)
2005-Jan. 19

50311
46635

50249
46593

48569
45101

763728
763163

46613

46554

44827

761698

Feb.

2
16

55141
43434

55072
43404

53602
41958

764172
760915

Mar.

2
16p

48951
43082

48900
43043

47351
41295

765619
754935

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.