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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                          July 21, 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-June                     46276        46096        44389         1887       739317          180           40            0          140
                                                                                                                                             
       July                     46460        46216        44758         1702       745848          245           42            0          203
       Aug.                     45510        45258        43973         1537       747506          251           18            0          233
       Sep.                     46520        46185        44941         1579       751528          335           97            0          238
                                                                                                                                             
       Oct.                     46427        46248        44709         1719       754172          179           15            0          164
       Nov.                     46393        46210        44623         1771       758483          183          105            0           78
       Dec.                     46761        46698        44849         1911       758574           63           11            0           52
                                                                                                                                             
  2005-Jan.                     47436        47374        45694         1742       761120           62           39            0           23
       Feb.                     45949        45907        44420         1529       764292           42           26            0           16
       Mar.                     46810        46761        45003         1807       766493           49           13            0           37
                                                                                                                                             
       Apr.                     46613        46481        44935         1678       767409          132           52            0           80
       May                      45918        45779        44390         1528       768390          139            6            0          133
       June                     46699        46450        44923         1777       771678          249           85            0          164
 2 weeks ending(7)
  2005-May  25                  45290        45144        43771         1518       767361          146            5            0          141
                                                                                                                                             
       June  8                  46961        46807        45142         1818       771407          154            7            0          148
            22                  45813        45642        44180         1633       770867          171           18            0          153
                                                                                                                                             
       July  6                  47988        47508        46003         1985       773371          480          279            0          201
            20p                 43869        43548        42531         1338       769936          321           90            0          232
---------------------------------------------------------------------------------------------------------------------------------------------  
 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-June                45711        45531        43824       749469        13194        43591        32517        11074
                                                                                                                           
       July                46835        46591        45133       757062        13374        44457        33461        10996
       Aug.                45872        45620        44334       757175        12418        45041        33454        11587
       Sep.                46532        46197        44953       760994        13044        44839        33489        11351
                                                                                                                           
       Oct.                45747        45568        44028       763663        12010        46658        33736        12922
       Nov.                45652        45469        43881       768803        12116        45569        33536        12034
       Dec.                46812        46750        44901       774746        12017        47258        34795        12462
                                                                                                                           
  2005-Jan.                50397        50335        48656       773204        14032        47667        36365        11302
       Feb.                46703        46661        45174       772467        12255        47639        34447        13192
       Mar.                46033        45983        44226       773828        12043        46725        33989        12735
                                                                                                                           
       Apr.                46703        46572        45025       775314        12962        45318        33741        11576
       May                 46509        46370        44981       775684        12046        45574        34463        11111
       June                46117        45868        44340       779556        11246        46229        34870        11359
 2 weeks ending(10)
  2005-May  25             47917        47771        46399       775296        12731        45866        35187        10680          -53
                                                                                                                                        
       June  8             45948        45794        44129       779338        11876        45111        34072        11040          -22
            22             45463        45292        43829       778365        10897        45800        34566        11235           40
                                                                                                                                        
       July  6             47432        46952        45446       781858        11229        48099        36203        11896          111
            20p            43674        43353        42336       782191         9362        46925        34313        12613           22
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-June                45523        45343        43636         738967
                                                                         
       July                46596        46352        44894         746584
       Aug.                45589        45338        44052         746684
       Sep.                46221        45886        44642         750580
                                                                         
       Oct.                45402        45223        43684         752840
       Nov.                45256        45073        43485         758364
       Dec.                46486        46423        44574         764630
                                                                         
  2005-Jan.                50328        50266        48586         763736
       Feb.                46678        46636        45149         763214
       Mar.                45993        45944        44187         764682
                                                                         
       Apr.                46634        46503        44956         766314
       May                 46414        46275        44886         766941
       June                46007        45759        44231         770904
 2 weeks ending(6)
  2005-May  25             47820        47674        46301         766893
                                                                         
       June  8             45844        45690        44025         770422
            22             45355        45184        43722         769693
                                                                         
       July  6             47313        46833        45327         773506
            20p            43555        43234        42216         773114
  
 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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