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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                     September 22, 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                   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       772243          425          176           12          237
       Aug.                     44542        44180        42920         1622       774616          362           63            3          297
 2 weeks ending(7)
  2005-July 20                  43834        43513        42510         1324       770266          321           90            0          232
                                                                                                                                             
       Aug.  3                  47954        47428        45838         2116       774142          527          230           34          264
            17                  42656        42299        41334         1323       772479          357           79            0          279
            31                  45697        45364        43882         1815       776854          333           11            0          322
                                                                                                                                             
       Sep. 14p                 44221        43904        42453         1768       776221          317           12            0          305
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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.
 p  preliminary
1        
   
   
   
 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)
                  --------------------------------------                            --------------------------------------
                                                                            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)
 -------------------------------------------------------------------------------------------------------------------------------------------
 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       782531        10882        47235        35593        11642
       Aug.                44863        44500        43241       782705        10368        48119        34494        13625
 2 weeks ending(10)
  2005-July 20             43639        43318        42315       782549         9361        46924        34279        12645           23
                                                                                                                                        
       Aug.  3             49558        49031        47442       782875        12628        47160        36930        10231         -132
            17             41441        41084        40118       782254         8579        49267        32862        16405          231
            31             47278        46946        45463       783120        11674        47177        35605        11572            6
                                                                                                                                        
       Sep. 14p            42033        41716        40265       785877         9587        46804        32446        14359          133
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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.
 p  preliminary
1
  
  
  
 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-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         773701
       Aug.                44701        44339        43080         773704
 2 weeks ending(6)
  2005-July 20             43520        43199        42195         773473
                                                                         
       Aug.  3             49400        48873        47284         774097
            17             41290        40933        39967         773036
            31             47106        46774        45291         774289
                                                                         
       Sep. 14p            41866        41549        40098         776885
  
 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.`

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