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 FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                      December 16, 2004
 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)
  2003-Nov.                     43034        42966        41545         1489       718968           68           25            0           43
       Dec.                     42843        42797        41804         1039       720978           46           17            0           29
                                                                                                                                             
  2004-Jan.                     43204        43098        42314          891       722605          106           93            0           13
       Feb.                     42999        42957        41805         1194       724173           42           28            0           14
       Mar.                     44739        44688        42933         1806       725786           51           23            0           28
                                                                                                                                             
       Apr.                     45688        45602        43881         1807       728836           86           29            0           57
       May                      45390        45279        43747         1643       732306          112            9            0          103
       June                     45935        45755        44047         1888       737809          180           40            0          140
                                                                                                                                             
       July                     45733        45488        44022         1711       745607          245           42            0          203
       Aug.                     44754        44502        43203         1551       748196          251           18            0          233
       Sep.                     46252        45917        44686         1566       753381          335           97            0          238
                                                                                                                                             
       Oct.                     46035        45856        44318         1717       755881          179           15            0          164
       Nov. p                   45945        45762        44173         1772       760581          183          105            0           78
 2 weeks ending(7)
  2004-Oct. 13                  45087        44890        43425         1661       754630          197            4            0          194
            27                  46518        46332        44802         1715       755945          186           28            0          158
                                                                                                                                             
       Nov. 10                  47428        47328        45522         1906       759719          100            7            0           93
            24                  44960        44666        43288         1671       760375          294          218            0           76
                                                                                                                                             
       Dec.  8p                 45772        45708        43987         1786       762498           64            5            0           59
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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
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 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)                                                                                
  2003-Nov.                42651        42583        41162       729473        11525        42590        31126        11464
       Dec.                42941        42895        41902       737614        10858        44069        32083        11986
                                                                                                                           
  2004-Jan.                45461        45355        44570       736279        11581        46578        33880        12698
       Feb.                43863        43821        42670       734913        10896        46439        32967        13473
       Mar.                44173        44122        42368       736436        12044        44424        32129        12295
                                                                                                                           
       Apr.                46060        45974        44253       740311        14090        42852        31971        10881
       May                 46336        46224        44693       743748        14080        43053        32255        10797
       June                45566        45386        43678       749333        13058        43619        32508        11112
                                                                                                                           
       July                46192        45947        44481       756482        12793        44483        33399        11084
       Aug.                45497        45246        43946       756869        12111        45056        33386        11670
       Sep.                46453        46118        44887       760992        13037        44840        33416        11424
                                                                                                                           
       Oct.                45678        45499        43961       763672        12019        46654        33660        12994
       Nov. p              45580        45397        43807       768797        12114        45564        33466        12098
 2 weeks ending(10)
  2004-Oct. 13             43026        42829        41364       761855        10937        47408        32089        15320           66
            27             48343        48158        46628       764721        12953        46364        35391        10974          104
                                                                                                                                        
       Nov. 10             44974        44874        43068       765911        12265        45217        32709        12508           75
            24             46054        45761        44383       768883        11976        46093        34078        12015          213
                                                                                                                                        
       Dec.  8p            45484        45420        43698       773408        12185        44909        33299        11610          152
--------------------------------------------------------------------------------------------------------------------------------------------   
 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)
  2003-Nov.                42083        42015        40594         717147
       Dec.                42447        42401        41408         725201
                                                                         
  2004-Jan.                45396        45290        44505         725152
       Feb.                43798        43756        42605         723947
       Mar.                44067        44015        42261         725635
                                                                         
       Apr.                45893        45807        44086         729925
       May                 46110        45998        44466         733468
       June                45298        45118        43411         738794
                                                                         
       July                45858        45614        44148         745959
       Aug.                45105        44854        43554         746326
       Sep.                46018        45683        44453         750522
                                                                         
       Oct.                45200        45021        43483         752790
       Nov. p              45036        44853        43264         758294
 2 weeks ending(6)
  2004-Oct. 13             42584        42387        40922         750868
            27             47844        47658        46128         753939
                                                                         
       Nov. 10             44449        44349        42543         755014
            24             45510        45217        43839         758604
                                                                         
       Dec.  8p            44908        44844        43122         763037
  
 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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