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<FONT SIZE=+1><I>Release Date: January 26, 2006</I></FONT><BR>

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<BR><PRE>FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                       January 26, 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                   total(2)     non-         required       excess     Monetary        total      primary    secondary     seasonal
                                       borrowed(3)                    NSA(4)      base(5)  
 --------------------------------------------------------------------------------------------------------------------------------------------
 Month(6)
  2004-Dec.                     46795        46733        44886         1909       758973           63           11            0           52
                                                                                                                                             
  2005-Jan.                     47475        47413        45734         1741       760531           62           39            0           23
       Feb.                     45969        45927        44472         1497       763479           42           26            0           16
       Mar.                     46804        46755        45021         1783       765712           49           13            0           37
                                                                                                                                             
       Apr.                     46559        46428        44884         1675       766942          132           52            0           80
       May                      45873        45734        44336         1537       768134          139            6            0          133
       June                     46670        46421        44887         1782       771123          249           85            0          164
                                                                                                                                             
       July                     46085        45660        44343         1741       772865          425          176           12          237
       Aug.                     44540        44178        42918         1622       774705          362           63            3          297
       Sep.                     45720        45388        43673         2047       777801          332           12            5          315
                                                                                                                                             
       Oct.                     44784        44500        42883         1900       780069          284           35           29          220
       Nov.                     44705        44579        42909         1797       783668          126           20            0          106
       Dec.                     44798        44630        42847         1951       786383          169           97            0           72
 2 weeks ending(7)
  2005-Nov. 23                  43735        43600        41641         2094       784422          135           35            0          100
                                                                                                                                             
       Dec.  7                  44897        44803        43257         1640       785192           95           12            0           83
            21                  43599        43340        41843         1756       784118          259          188            0           71
                                                                                                                                             
  2006-Jan.  4                  46408        46314        43967         2441       790388           95           29            0           66
            18p                 42474        42294        41259         1215       790033          180          154            0           26
---------------------------------------------------------------------------------------------------------------------------------------------  
 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-Dec.                46847        46784        44938       774773        12046        47264        34801        12463
                                                                                                                           
  2005-Jan.                50438        50376        48697       773244        14074        47679        36364        11316
       Feb.                46723        46681        45226       772479        12268        47663        34455        13208
       Mar.                46026        45977        44243       773839        12054        46747        33972        12775
                                                                                                                           
       Apr.                46649        46518        44975       775290        12938        45339        33711        11628
       May                 46464        46325        44927       775660        12022        45616        34442        11175
       June                46088        45839        44306       779543        11233        46268        34855        11413
                                                                                                                           
       July                46457        46033        44716       782506        10863        47264        35594        11670
       Aug.                44860        44498        43238       782660        10354        48149        34506        13642
       Sep.                45616        45284        43569       785669        11150        47280        34467        12813
                                                                                                                           
       Oct.                44113        43830        42213       786538         9637        49516        34477        15039
       Nov.                43990        43864        42193       792306         9495        49208        34495        14713
       Dec.                44907        44739        42956       801835         9541        51301        35366        15934
 2 weeks ending(10)
  2005-Nov. 23             43846        43711        41752       793386         9426        49701        34421        15280          -78
                                                                                                                                        
       Dec.  7             44474        44379        42834       796783         9762        48783        34712        14071          285
            21             42998        42739        41241       798069         8695        51587        34303        17284          180
                                                                                                                                        
  2006-Jan.  4             47885        47791        45444       810644        10572        52663        37314        15350          145
            18p            42830        42650        41615       804656         9092        50155        33738        16417          475
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Dec.                46520        46457        44611         764657
                                                                         
  2005-Jan.                50368        50306        48627         763776
       Feb.                46698        46656        45201         763226
       Mar.                45987        45938        44204         764693
                                                                         
       Apr.                46580        46449        44906         766290
       May                 46369        46229        44832         766917
       June                45979        45730        44196         770892
                                                                         
       July                46325        45900        44583         773676
       Aug.                44699        44336        43077         773659
       Sep.                45439        45107        43392         776978
                                                                         
       Oct.                43915        43631        42014         777685
       Nov.                43762        43636        41966         783361
       Dec.                44724        44556        42773         792963
 2 weeks ending(6)
  2005-Nov. 23             43621        43486        41527         784408
                                                                         
       Dec.  7             44234        44140        42594         787884
            21             42759        42500        41003         789102
                                                                         
  2006-Jan.  4             47819        47724        45378         801924
            18p            42757        42577        41542         795212
  
 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.</PRE><BR>
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