1

FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1
For Release at 4:30 p.m. Eastern Time
June 22, 2006
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)
2005-May
45949
45810
44416
1534
768389
139
6
0
133
June
46425
46176
44649
1776
771184
249
85
0
164
July
772686
774833

Aug.
Sep.

778203

425
362
332

Oct.
780199
783505
786588

Nov.
Dec.

284
126
169

45792
176
44683
63
45697
12

45368
12
44321
3
45365
5

44057
237
43060
297
43653
315

1736

44943
35
44775
20
44809
97

44660
29
44649
0
44641
0

43046
220
42980
106
42861
72

1897

1623
2044

1796
1949

2006-Jan.
792075
Feb.
796597
Mar.
799039

110
53
169

Apr.
801960

248

May
806508
175
2 weeks ending(7)
2006-Apr. 26
801744
103

806619

May

10
24

806256

H.3 (502)
Table 2

7

171

44582
164
45004
24
44151
16
46890
33
43958
21

44019

42689

0

32

2

30

0

50

44141
43531

42639
42202

44334
0

44829

0
44048

0

46734

0

43787

0

42766
84

1440
1555
1498

1816

43218
151

1786

42685

1466

44731
124
42537
151

2158

87

1420

44401
44192
42416
1985
19
0
191
21p
45772
45522
44152
1620
804882
250
15
0
235
-------------------------------------------------------------------------------------------------------------------------------------------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
806854

June

156

44129
78
44193
21
43700
119

209

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)
2005-May
12015
June
11220

46474
34460
46096
34876

46335
11169
45847
11404

44941

775653

44320

779530

46468
35617
44862
34516
45612
34472

46043
11662
44499
13643
45280
12809

44733

782494

43238

782660

43568

785659

44113
34483
43997
34497
44909
35368

43830
15032
43871
14705
44740
15934

42216

786531

42201

792310

42960

801800

2006-Jan.
10382
52040
Feb.
9450
53260
Mar.
9113
49587

47287
36904
44693
35243
42751
33638

47177
15136
44641
18017
42582
15949

45846

804402

43139

804464

41253

806149

Apr.

44708
34450
45407
34745

44460
13910
45233
13538

42892

808398

43621

811917

10851
10346
11140

9630
9500
9541

10258

July
Aug.
Sep.

Oct.
Nov.
Dec.

45628
46280

47278
48159
47282

49515
49202
51302

48360

May
10663
48283
2 weeks ending(10)

2006-Apr. 26
10947
48259

47467
36520

47364
11739

46001
252

809173

May

45670
34788
45758
35121

45514
12985
45587
13756

43512
66
44337
269

809948

10883
10637
June

10
47772
24
48877

811965

7
44332
44123
42347
814634
47826
33932
13894
157
21p
44449
44200
42829
810601
9632
48535
34817
13718
178
------------------------------------------------------------------------------------------------------------------------------------------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
10400

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)
2005-May
June

46360
45968

46221
45720

44826
44192

766893
770864

July
Aug.
Sep.

46310
44661
45398

45885
44298
45066

44574
43038
43354

773642
773624
776936

Oct.
Nov.
Dec.

43870
43711
44666

43586
43585
44497

41973
41915
42717

777640
783314
792872

2006-Jan.
Feb.
Mar.

47215
44707
42772

47105
44654
42603

45774
43152
41274

795325
796205
798123

44733
45431

44485
45257

42917
43646

800874
804727

47491

47388

46025

801575

Apr.
May
2 weeks ending(6)
2006-Apr. 26
May

10
24

45691
45782

45535
45611

43533
44362

803258
804608

June

7
21p

44359
44479

44150
44229

42374
42859

807064
803294

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.