---

`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                          March 2, 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-Feb.                     45969        45927        44472         1497       763479           42           26            0           16
       Mar.                     46804        46755        45021         1783       765712           49           13            0           37
                                                                                                                                             
       Apr.                     46559        46428        44884         1675       766942          132           52            0           80
       May                      45873        45734        44336         1537       768134          139            6            0          133
       June                     46670        46421        44887         1782       771123          249           85            0          164
                                                                                                                                             
       July                     46085        45660        44343         1741       772865          425          176           12          237
       Aug.                     44540        44178        42918         1622       774705          362           63            3          297
       Sep.                     45720        45388        43673         2047       777801          332           12            5          315
                                                                                                                                             
       Oct.                     44784        44500        42883         1900       780069          284           35           29          220
       Nov.                     44705        44579        42909         1797       783666          126           20            0          106
       Dec.                     44803        44634        42853         1950       786350          169           97            0           72
                                                                                                                                             
  2006-Jan.                     44232        44122        42793         1439       791942          110           78            0           32
       Feb. p                   43778        43726        42215         1564       795798           53           21            2           30
 2 weeks ending(7)
  2006-Jan.  4                  46421        46327        43985         2436       790334           95           29            0           66
            18                  42472        42292        41225         1246       789959          180          154            0           26
                                                                                                                                             
       Feb.  1                  45454        45415        44114         1340       794573           40           11            0           29
            15                  42599        42534        41083         1516       795300           66           36            0           30
                                                                                                                                             
       Mar.  1p                 44919        44880        43287         1632       796428           40            6            4           30
---------------------------------------------------------------------------------------------------------------------------------------------  
 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-Feb.                46723        46681        45226       772479        12268        47663        34455        13208
       Mar.                46026        45977        44243       773839        12054        46747        33972        12775
                                                                                                                           
       Apr.                46649        46518        44975       775290        12938        45339        33711        11628
       May                 46464        46325        44927       775660        12022        45616        34442        11175
       June                46088        45839        44306       779543        11233        46268        34855        11413
                                                                                                                           
       July                46457        46033        44716       782506        10863        47264        35594        11670
       Aug.                44860        44498        43238       782660        10354        48149        34506        13642
       Sep.                45616        45284        43569       785669        11150        47280        34467        12813
                                                                                                                           
       Oct.                44113        43830        42213       786538         9637        49516        34477        15039
       Nov.                43990        43864        42193       792305         9495        49208        34495        14713
       Dec.                44912        44743        42962       801800         9541        51301        35371        15930
                                                                                                                           
  2006-Jan.                47288        47178        45848       804429        10382        52046        36906        15140
       Feb. p              44691        44638        43127       803695         9450        53260        35241        18018
 2 weeks ending(10)
  2006-Jan.  4             47899        47805        45463       810584        10572        52663        37328        15336          145
            18             42828        42648        41582       804582         9089        50155        33740        16415          474
                                                                                                                                        
       Feb.  1             51903        51863        50562       802370        11716        53893        40187        13707          107
            15             41947        41882        40431       802170         8521        55184        33427        21758           78
                                                                                                                                        
       Mar.  1p            47091        47052        45459       805440        10276        51139        36815        14324          113
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Feb.                46698        46656        45201         763226
       Mar.                45987        45938        44204         764693
                                                                         
       Apr.                46580        46449        44906         766290
       May                 46369        46229        44832         766917
       June                45979        45730        44196         770892
                                                                         
       July                46325        45900        44583         773676
       Aug.                44699        44336        43077         773659
       Sep.                45439        45107        43392         776978
                                                                         
       Oct.                43915        43631        42014         777685
       Nov.                43762        43636        41966         783360
       Dec.                44729        44560        42779         792929
                                                                         
  2006-Jan.                47239        47129        45800         795383
       Feb. p              44666        44614        43103         795415
 2 weeks ending(6)
  2006-Jan.  4             47833        47738        45396         801864
            18             42755        42575        41509         795138
                                                                         
       Feb.  1             51886        51846        50546         793651
            15             41926        41861        40410         793688
                                                                         
       Mar.  1p            47062        47022        45430         797411
  
 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

---

Home Economic research and data  Accessibility Contact Us  Last update: March 2, 2006