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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                           May 19, 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-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       760900           62           39            0           23
       Feb.                     45730        45688        44201         1529       764492           42           26            0           16
       Mar.                     46598        46549        44791         1807       766226           49           13            0           37
                                                                                                                                             
       Apr. p                   46226        46095        44547         1679       767030          132           52            0           80
 2 weeks ending(7)
  2005-Mar. 16                  45245        45207        43411         1834       764381           39            7            0           32
            30                  47916        47865        46105         1811       768144           51            9            0           42
                                                                                                                                             
       Apr. 13                  45089        44914        43288         1801       765968          175          112            0           63
            27                  47363        47270        45732         1631       767860           94            6            0           88
                                                                                                                                             
       May  11p                 45852        45729        44476         1376       767757          123            7            0          117
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 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-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.                46703        46661        45174       772467        12255        47640        34447        13193
       Mar.                46033        45983        44226       773828        12043        46726        33989        12736
                                                                                                                           
       Apr. p              46707        46575        45028       775322        12964        45319        33743        11576
 2 weeks ending(10)
  2005-Mar. 16             43217        43178        41383       772355        11080        45868        32137        13731          -80
            30             48620        48569        46809       775145        12814        47672        35807        11866          116
                                                                                                                                        
       Apr. 13             43233        43058        41432       774914        11065        45381        32168        13213          298
            27             50291        50198        48660       775932        15092        45232        35200        10033          310
                                                                                                                                        
       May  11p            45038        44915        43661       774248        11267        45456        33771        11685          307
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 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-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.                46636        46595        45107         763193
       Mar.                45927        45878        44120         764648
                                                                         
       Apr. p              46535        46404        44856         766266
 2 weeks ending(6)
  2005-Mar. 16             43124        43086        41290         762753
            30             48499        48448        46688         766349
                                                                         
       Apr. 13             43102        42927        41301         765331
            27             50090        49996        48459         767385
                                                                         
       May  11p            44827        44704        43450         765093
  
 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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