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<FONT SIZE=+1><I>Release Date: March 23, 2006</I></FONT><BR>

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<BR><PRE>FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                         March 23, 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.                     45972        45930        44477         1495       763482           42           26            0           16
       Mar.                     46807        46758        45025         1782       765714           49           13            0           37
                                                                                                                                             
       Apr.                     46564        46433        44891         1673       766935          132           52            0           80
       May                      45883        45744        44350         1534       768125          139            6            0          133
       June                     46678        46429        44902         1776       771110          249           85            0          164
                                                                                                                                             
       July                     46095        45670        44360         1736       772853          425          176           12          237
       Aug.                     44541        44179        42918         1623       774704          362           63            3          297
       Sep.                     45716        45384        43672         2044       777792          332           12            5          315
                                                                                                                                             
       Oct.                     44783        44500        42886         1897       780063          284           35           29          220
       Nov.                     44712        44586        42917         1796       783665          126           20            0          106
       Dec.                     44800        44631        42851         1949       786331          169           97            0           72
                                                                                                                                             
  2006-Jan.                     44231        44121        42791         1440       791903          110           78            0           32
       Feb.                     43781        43728        42216         1565       795943           53           21            2           30
 2 weeks ending(7)
  2006-Jan. 18                  42471        42291        41225         1246       789881          180          154            0           26
                                                                                                                                             
       Feb.  1                  45455        45415        44112         1342       794569           40           11            0           29
            15                  42601        42536        41084         1517       795255           66           36            0           30
                                                                                                                                             
       Mar.  1                  44922        44883        43288         1634       796789           40            6            4           30
            15p                 42518        42457        40810         1708       796828           61           15            0           46
---------------------------------------------------------------------------------------------------------------------------------------------  
 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.                46726        46684        45231       772482        12271        47665        34455        13210
       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        43128       803827         9451        53260        35242        18017
 2 weeks ending(10)
  2006-Jan. 18             42827        42647        41581       804565         9089        50156        33738        16418          476
                                                                                                                                        
       Feb.  1             51903        51864        50561       802326        11718        53877        40185        13692          107
            15             41949        41884        40432       802113         8522        55184        33427        21757           79
                                                                                                                                        
       Mar.  1             47094        47055        45460       805788        10278        51140        36817        14324          114
            15p            40222        40161        38513       804196         8981        48410        31241        17170          105
--------------------------------------------------------------------------------------------------------------------------------------------   
 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.                46701        46659        45206         763228
       Mar.                45990        45940        44208         764695
                                                                         
       Apr.                46585        46454        44912         766283
       May                 46379        46240        44845         766909
       June                45987        45738        44211         770879
                                                                         
       July                46335        45911        44600         773664
       Aug.                44700        44338        43077         773659
       Sep.                45435        45103        43391         776968
                                                                         
       Oct.                43914        43631        42017         777679
       Nov.                43769        43643        41973         783365
       Dec.                44726        44557        42777         792928
                                                                         
  2006-Jan.                47238        47128        45798         795356
       Feb.                44669        44616        43104         795548
 2 weeks ending(6)
  2006-Jan. 18             42754        42574        41508         795122
                                                                         
       Feb.  1             51886        51847        50544         793607
            15             41928        41863        40411         793633
                                                                         
       Mar.  1             47065        47026        45431         797759
            15p            40189        40128        38480         796034
  
 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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