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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 2004, and revisions to 
  break-adjusted data do not exceed $200 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 $1.1 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.

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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 2005, the low-reserve tranche 
  is $47.6 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 2005, the reserve exemption level 
  is $7.0 million. Return to text

`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                           June 9, 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-May                      45638        45526        43994         1644       734416          112            9            0          103
       June                     46276        46096        44389         1887       739315          180           40            0          140
                                                                                                                                             
       July                     46460        46216        44758         1702       745842          245           42            0          203
       Aug.                     45510        45258        43973         1537       747491          251           18            0          233
       Sep.                     46520        46185        44941         1579       751539          335           97            0          238
                                                                                                                                             
       Oct.                     46427        46248        44709         1719       754174          179           15            0          164
       Nov.                     46393        46210        44623         1771       758500          183          105            0           78
       Dec.                     46761        46698        44849         1911       758601           63           11            0           52
                                                                                                                                             
  2005-Jan.                     47436        47374        45694         1742       761135           62           39            0           23
       Feb.                     45949        45907        44420         1529       764284           42           26            0           16
       Mar.                     46810        46761        45003         1807       766490           49           13            0           37
                                                                                                                                             
       Apr.                     46613        46482        44935         1678       767395          132           52            0           80
       May  p                   45914        45774        44393         1520       768339          139            6            0          133
 2 weeks ending(7)
  2005-Apr. 13                  45781        45607        43980         1801       766207          175          112            0           63
            27                  47485        47391        45857         1627       768359           94            6            0           88
                                                                                                                                             
       May  11                  46152        46029        44771         1380       768044          123            7            0          117
            25                  45273        45127        43776         1497       767348          146            5            0          141
                                                                                                                                             
       June  8p                 46972        46818        45141         1831       771193          154            7            0          148
---------------------------------------------------------------------------------------------------------------------------------------------  
 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-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.                46703        46661        45174       772467        12255        47640        34447        13193
       Mar.                46033        45983        44226       773828        12043        46726        33989        12736
                                                                                                                           
       Apr.                46704        46572        45026       775315        12962        45319        33742        11577
       May  p              46505        46366        44985       775646        12039        45575        34466        11109
 2 weeks ending(10)
  2005-Apr. 13             43233        43058        41432       774909        11065        45381        32168        13213          298
            27             50287        50193        48659       775934        15087        45232        35200        10033          310
                                                                                                                                        
       May  11             45027        44904        43646       774191        11268        45456        33759        11697          307
            25             47901        47755        46404       775308        12709        45867        35192        10676          -53
                                                                                                                                        
       June  8p            45959        45805        44128       779103        11888        45112        34072        11041          -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-May                 46174        46062        44530         733500
       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.                46635        46503        44957         766315
       May  p              46410        46270        44890         766906
 2 weeks ending(6)
  2005-Apr. 13             43184        43009        41383         765368
            27             50202        50109        48575         767452
                                                                         
       May  11             44939        44816        43558         765108
            25             47803        47657        46306         766904
                                                                         
       June  8p            45855        45701        44024         770207
  
 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.`

Statistical releases

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