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<FONT SIZE=+1><I>Release Date: May 4, 2006</I></FONT><BR>

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<div align="center">SPECIAL NOTICE</div>

  Data on reserves and the monetary base have been revised to reflect the
  results of annual reviews of break factors and seasonal factors.  Revisions
  to seasonal factors start in August 1998, and they are the major source of
  revisions to the data.  Revisions to break factors begin in January 2005,
  and revisions to break-adjusted data do not exceed $100 million in any
  maintenance period.  The maximum revision to total reserves, nonborrowed
  reserves, required reserves, and the monetary base (Table 1) in any
  maintenance period was $1.6 billion; most revisions were less than $500
  million.  
  Break factors remove discontinuities (or �breaks�) associated with
  regulatory changes in reserve requirements, such as the annual indexations
  of the low-reserve tranche and the reserve requirement exemption levels.(1)
  Seasonal factors for required reserves and the surplus vault cash component
  of the monetary base have been reestimated with the revised break-adjusted
  data.
  A more detailed description of the methods for constructing break factors
  and seasonal factors is available under �Annual Review of Break and
  Seasonal Factors� on the Federal Reserve�s web site
  (http://www.federalreserve.gov/releases/h3/hist/).  Historical data, updated
  each week, are available there as well.  For paid electronic access to
  current and historical data, call STAT-USA at 1-800-782-8872 or
  202-482-1986.

1. The Monetary Control Act of 1980 established a reserve ratio of 3 percent
   against the first $25 million in net transaction deposits (low-reserve
   tranche) at each depository institution.  Since 1982, the low-reserve
   tranche has been indexed each January by 80 percent of the previous year�s
   (June 30 to June 30) growth rate of net transaction deposits at all
   depository institutions.  For all reserve maintenance periods ending in
   2006, the low-reserve tranche is $48.3 million. 
   Under the Garn-St Germain Depository Institutions Act of 1982, the first $2
   million of reservable liabilities of each depository institution was
   exempted from reserve requirements.  Since 1983, this exemption amount has
   been indexed each year by 80 percent of the rate of increase of the
   reservable liabilities at all depository institutions over the preceding
   year (June 30 to June 30).  For all reserve maintenance periods ending in
   2006, the reserve exemption level is $7.8 million.

1
   
  
  
  
 FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                            May 4, 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)
  2005-Mar.                     46728        46678        44946         1782       765844           49           13            0           37
                                                                                                                                             
       Apr.                     46393        46261        44719         1673       766866          132           52            0           80
       May                      45949        45810        44416         1534       768389          139            6            0          133
       June                     46425        46176        44649         1776       771184          249           85            0          164
                                                                                                                                             
       July                     45792        45368        44057         1736       772686          425          176           12          237
       Aug.                     44683        44321        43060         1623       774833          362           63            3          297
       Sep.                     45697        45365        43653         2044       778203          332           12            5          315
                                                                                                                                             
       Oct.                     44943        44660        43046         1897       780199          284           35           29          220
       Nov.                     44775        44649        42980         1796       783505          126           20            0          106
       Dec.                     44809        44641        42861         1949       786588          169           97            0           72
                                                                                                                                             
  2006-Jan.                     44129        44019        42689         1440       792075          110           78            0           32
       Feb.                     44193        44141        42639         1555       796597           53           21            2           30
       Mar.                     43701        43532        42202         1498       799043          169          119            0           50
 2 weeks ending(7)
  2006-Mar.  1                  44180        44141        42569         1611       797615           40            6            4           30
            15                  43752        43691        42026         1726       798791           61           15            0           46
            29                  43526        43279        42352         1174       799162          247          193            0           54
                                                                                                                                             
       Apr. 12                  44330        43883        42208         2122       800677          447          381            0           67
            26p                 44151        44048        42686         1465       801750          103           16            0           87
                                                                                                                                             
---------------------------------------------------------------------------------------------------------------------------------------------  
 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-Mar.                46029        45980        44247       773840        12057        46749        33972        12777
                                                                                                                           
       Apr.                46654        46523        44981       775283        12939        45342        33715        11627
       May                 46474        46335        44941       775653        12015        45628        34460        11169
       June                46096        45847        44320       779530        11220        46280        34876        11404
                                                                                                                           
       July                46468        46043        44733       782494        10851        47278        35617        11662
       Aug.                44862        44499        43238       782660        10346        48159        34516        13643
       Sep.                45612        45280        43568       785659        11140        47282        34472        12809
                                                                                                                           
       Oct.                44113        43830        42216       786531         9630        49515        34483        15032
       Nov.                43997        43871        42201       792310         9500        49202        34497        14705
       Dec.                44909        44740        42960       801800         9541        51302        35368        15934
                                                                                                                           
  2006-Jan.                47287        47177        45846       804402        10382        52040        36904        15136
       Feb.                44693        44641        43139       804464         9450        53260        35243        18017
       Mar.                42752        42583        41253       806152         9114        49587        33638        15949
 2 weeks ending(10)
  2006-Mar.  1             47094        47055        45483       806762        10276        51140        36819        14322          114
            15             40230        40170        38504       805418         8987        48410        31244        17167          100
            29             45188        44941        44014       806722         9137        50783        36051        14733          271
                                                                                                                                        
       Apr. 12             41183        40736        39060       806995         9259        48675        31924        16752           30
            26p            47467        47364        46002       809180        10949        48259        36518        11741          251
                                                                                                                                        
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Mar.                45992        45943        44210         764699
                                                                         
       Apr.                46575        46444        44902         766275
       May                 46360        46221        44826         766893
       June                45968        45720        44192         770864
                                                                         
       July                46310        45885        44574         773642
       Aug.                44661        44298        43038         773624
       Sep.                45398        45066        43354         776936
                                                                         
       Oct.                43870        43586        41973         777640
       Nov.                43711        43585        41915         783314
       Dec.                44666        44497        42717         792872
                                                                         
  2006-Jan.                47215        47105        45774         795325
       Feb.                44707        44654        43152         796205
       Mar.                42773        42604        41275         798126
 2 weeks ending(6)
  2006-Mar.  1             47110        47071        45499         798756
            15             40248        40188        38522         797285
            29             45211        44964        44038         798757
                                                                         
       Apr. 12             41209        40762        39086         799280
            26p            47491        47388        46026         801581
                                                                         
  
 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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