1

FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1
For Release at 4:30 p.m. Eastern Time
December 27, 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
Monetary

total

total(2)
nonprimary
secondary
borrowed(3)

required
seasonal

excess

NSA(4)
base(5)
------------------------------------------------------------------------------------------------------------------------------------------Month(6)
2006-Nov.
43180
43020
41489
1691
810080
160
48
0
112
Dec.
43313
43122
41508
1805
812576
191
111
0
80
2007-Jan.
813385
Feb.
812166
Mar.
813793

211
30
54

Apr.
816077
817891
819299

May
June

79
103
187

42171
187
42422
8
42320
21
42711
32
43153
14
43602
43

41960

40667

0

24

0

22

5

28

42392
42266

40925
40685

42632

41183

0

48

0

90

43050
43415

0

41715

41897
145

1504
1497
1635

1528
1439
1705

July
821320
824863

262

Aug.

975

Sep.

822426

1567
Oct.

826815

254

Nov.
827927
366
2 weeks ending(7)
2007-Oct. 24
825751
267

828158

Nov.

7
21

828690

H.3 (502)
Table 2

5

524

1674

43946
19
40972
0

40241
217
40098
255
40792
221

42493
126
42634
315

42239
13
42268
0

41041
115
40936
50

1453

39700
134

39433
29

38905
105

794

40634

1866

40312

1518

42500
191
41830
479

41653
0

42236

0

41306

0

74
45

4823
1747

1698

43989
43790
42141
1848
158
0
41
19p
40830
36997
39656
1173
823434
3833
3798
2
34
-------------------------------------------------------------------------------------------------------------------------------------------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
826561

Dec.

264

41915
45
44921
701
42538
1345

199

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)
2006-Nov.
8450
48957
Dec.
8477
50897

42229
33779
43280
34804

42069
15179
43089
16093

40538

815377

41475

825286

2007-Jan.
8773
52160
Feb.
7718
53728
Mar.
7516
49732

44631
35858
42652
34934
40752
33236

44420
16303
42622
18794
40698
16495

43127

823691

41154

819691

39117

820791

42538
33980
44021
34818
43648
34914

42459
14828
43918
13837
43461
14514

41010

822628

42582

825068

41944

826503

42730
34314
44619
33639
42078
33472

42469
15883
43644
17394
40511
16150

41057

828449

39796

829735

40331

826414

41463
33202
41852
33324

41209
16542
41486
15661

40011

828349

40153

833075

8558
9203
8735

8417
10980
8606

8261

Apr.
May
June

July
Aug.
Sep.

Oct.

48808
48655
49428

50197
51033
49622

49745

Nov.
8527
48985
2 weeks ending(10)

2007-Oct. 24
6990
49294
Nov.
8733
7814
Dec.

7
48339
21
49711

39879
32889

39612
16405

39084
324

827710

41276
32544
40531
32717

41012
15796
40007
16994

39410
-125
39013
73

829004
833691

5
44355
44156
42506
835285
48359
34877
13482
43
19p
38673
34840
37499
831794
6613
52080
32060
20020
358
------------------------------------------------------------------------------------------------------------------------------------------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
9478

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-Nov.
Dec.

42365
43360

42206
43169

40674
41555

808592
818397

2007-Jan.
Feb.
Mar.

44619
42678
40793

44408
42648
40739

43115
41181
39158

816797
812907
813938

Apr.
May
June

42593
44090
43732

42514
43987
43545

41066
42652
42027

815953
818596
820028

July
Aug.
Sep.

42828
44726
42200

42566
43751
40634

41154
39903
40454

822059
823097
819867

Oct.
Nov.
2 weeks ending(6)
2007-Oct. 24

41599
41995

41344
41630

40146
40297

821877
826683

40010

39743

39216

821201

Nov.

7
21

41412
40669

41148
40145

39546
39151

822490
827370

Dec.

5
19p

44513
38813

44314
34980

42664
37640

828878
825286

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.