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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                         March 17, 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-Feb.                     43002        42960        41809         1192       724925           42           28            0           14
       Mar.                     44742        44690        42937         1805       727276           51           23            0           28
                                                                                                                                             
       Apr.                     45691        45605        43884         1807       730895           86           29            0           57
       May                      45389        45277        43745         1644       734654          112            9            0          103
       June                     46083        45903        44196         1887       739553          180           40            0          140
                                                                                                                                             
       July                     46374        46129        44672         1702       746138          245           42            0          203
       Aug.                     45130        44878        43593         1537       747448          251           18            0          233
       Sep.                     46331        45996        44752         1579       751650          335           97            0          238
                                                                                                                                             
       Oct.                     46105        45926        44386         1719       754133          179           15            0          164
       Nov.                     46018        45835        44247         1771       758182          183          105            0           78
       Dec.                     46639        46576        44727         1911       758262           63           11            0           52
                                                                                                                                             
  2005-Jan.                     47664        47602        45922         1742       760901           62           39            0           23
       Feb.                     45728        45687        44195         1533       764456           42           26            0           16
 2 weeks ending(7)
  2005-Jan. 19                  45825        45766        44039         1786       757768           59           40            0           20
                                                                                                                                             
       Feb.  2                  49535        49466        47996         1539       765940           69           49            0           21
            16                  43586        43556        42110         1476       763098           30           16            0           15
                                                                                                                                             
       Mar.  2                  47594        47543        45994         1600       765794           51           35            0           17
            16p                 45203        45164        43417         1786       756606           39            7            1           32
---------------------------------------------------------------------------------------------------------------------------------------------  
 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-Feb.                43866        43824        42674       734915        10899        46471        32967        13504
       Mar.                44176        44124        42371       736439        12047        44450        32129        12321
                                                                                                                           
       Apr.                46064        45978        44257       740315        14093        42849        31971        10877
       May                 46334        46223        44691       743750        14082        43023        32253        10770
       June                45711        45531        43824       749469        13194        43592        32517        11075
                                                                                                                           
       July                46835        46591        45133       757062        13374        44458        33461        10997
       Aug.                45872        45620        44334       757175        12418        45042        33454        11588
       Sep.                46532        46197        44953       760994        13044        44840        33489        11352
                                                                                                                           
       Oct.                45747        45568        44028       763663        12010        46659        33736        12923
       Nov.                45652        45469        43881       768803        12116        45570        33536        12035
       Dec.                46812        46750        44901       774745        12017        47259        34795        12463
                                                                                                                           
  2005-Jan.                50397        50335        48656       773204        14032        47668        36365        11303
       Feb.                46701        46659        45168       772438        12254        47640        34447        13193
 2 weeks ending(10)
  2005-Jan. 19             46730        46671        44944       771398        12278        46771        34453        12319           98
                                                                                                                                        
       Feb.  2             55188        55119        53649       773141        16771        48220        38417         9804          172
            16             43491        43461        42015       770716        10212        48295        33280        15015          263
                                                                                                                                        
       Mar.  2             49032        48981        47432       774331        13884        46780        35148        11632          168
            16p            43174        43136        41388       764526        11034        45868        32140        13728          -78
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Feb.                43801        43759        42609         723950
       Mar.                44069        44018        42264         725637
                                                                         
       Apr.                45897        45811        44089         729928
       May                 46108        45997        44465         733470
       June                45444        45264        43556         738930
                                                                         
       July                46501        46256        44799         746540
       Aug.                45479        45228        43942         746633
       Sep.                46098        45763        44518         750525
                                                                         
       Oct.                45268        45089        43549         752781
       Nov.                45108        44925        43337         758300
       Dec.                46371        46309        44460         764581
                                                                         
  2005-Jan.                50311        50249        48569         763728
       Feb.                46635        46593        45101         763163
 2 weeks ending(6)
  2005-Jan. 19             46613        46554        44827         761698
                                                                         
       Feb.  2             55141        55072        53602         764172
            16             43434        43404        41958         760915
                                                                         
       Mar.  2             48951        48900        47351         765619
            16p            43082        43043        41295         754935
  
 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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