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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                       January 11, 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                   total(2)     non-         required       excess     Monetary        total      primary    secondary     seasonal
                                       borrowed(3)                    NSA(4)      base(5)  
 --------------------------------------------------------------------------------------------------------------------------------------------
 Month(6)
  2005-Dec.                     45312        45143        43403         1909       787091          169           97            0           72
                                                                                                                                             
  2006-Jan.                     44045        43935        42459         1586       791978          110           78            0           32
       Feb.                     44166        44113        42616         1550       796564           53           21            2           30
       Mar.                     43702        43533        42198         1504       799139          169          119            0           50
                                                                                                                                             
       Apr.                     44609        44361        42783         1826       801975          248          164            0           84
       May                      45041        44866        43243         1797       806474          175           24            0          151
       June                     45412        45159        43627         1785       805529          253           16            0          237
                                                                                                                                             
       July                     44201        43851        42650         1551       803676          350           39            0          312
       Aug.                     42803        42435        41257         1547       804057          369           26            0          343
       Sep.                     42882        42479        41119         1762       803750          403           66            0          338
                                                                                                                                             
       Oct.                     42782        42553        41101         1681       804946          229           24            0          205
       Nov.                     43199        43039        41495         1704       808246          160           48            0          112
       Dec. p                   43282        43091        41470         1812       811225          191          111            0           80
 2 weeks ending(7)
  2006-Nov.  8                  43328        43157        41747         1580       806995          171           33            0          138
            22                  42703        42542        41181         1521       807501          161           52            0          109
                                                                                                                                             
       Dec.  6                  43938        43791        41791         2147       810802          147           56            0           92
            20                  42108        41898        40663         1445       809637          210          127            0           83
                                                                                                                                             
  2007-Jan.  3p                 44418        44227        42323         2095       813476          191          122            0           70
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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)                                                                                
  2005-Dec.                45406        45237        43497       802305        10047        51318        35359        15959
                                                                                                                           
  2006-Jan.                47183        47073        45597       804295        10277        52084        36906        15178
       Feb.                44661        44608        43110       804429         9415        53311        35246        18065
       Mar.                42755        42586        41251       806247         9133        49627        33622        16005
                                                                                                                           
       Apr.                44737        44490        42911       808428        10287        48389        34450        13939
       May                 45445        45270        43648       811899        10649        48301        34796        13505
       June                45067        44814        43282       812229         9920        48992        35147        13845
                                                                                                                           
       July                44862        44512        43311       811769         9631        49621        35232        14389
       Aug.                42597        42228        41050       809821         8877        50245        33720        16525
       Sep.                42595        42192        40833       810001         9128        49420        33468        15953
                                                                                                                           
       Oct.                41741        41512        40060       809239         8255        50121        33486        16635
       Nov.                42222        42062        40517       815385         8457        48975        33764        15210
       Dec. p              43269        43078        41458       825308         8482        50905        34787        16118
 2 weeks ending(10)
  2006-Nov.  8             41847        41676        40266       810686         8445        48470        33402        15068          -33
            22             41437        41277        39916       814533         7844        49587        33593        15994           76
                                                                                                                                        
       Dec.  6             43970        43823        41822       821577         9543        48409        34427        13982           84
            20             40111        39901        38666       820916         7199        50332        32912        17420          306
                                                                                                                                        
  2007-Jan.  3p            46907        46716        44812       832933         9536        52996        37371        15626          -14
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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)
  2005-Dec.                45163        44994        43254         793377
                                                                         
  2006-Jan.                47111        47001        45525         795218
       Feb.                44674        44622        43124         796168
       Mar.                42777        42608        41272         798221
                                                                         
       Apr.                44762        44514        42936         800904
       May                 45469        45294        43672         804710
       June                45098        44846        43313         804909
                                                                         
       July                44896        44546        43345         804646
       Aug.                42628        42259        41081         802749
       Sep.                42628        42225        40866         803115
                                                                         
       Oct.                41768        41539        40087         802291
       Nov.                42247        42087        40543         808523
       Dec. p              43269        43078        41458         818362
 2 weeks ending(6)
  2006-Nov.  8             41869        41698        40288         803742
            22             41460        41300        39939         807704
                                                                         
       Dec.  6             44001        43854        41854         814739
            20             40140        39930        38695         813889
                                                                         
  2007-Jan.  3p            46852        46661        44757         826032
  
 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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