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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                       January 25, 2007
 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-Dec.                     45299        45130        43396         1903       788135          169           97            0           72
                                                                                                                                             
  2006-Jan.                     44016        43906        42432         1584       791816          110           78            0           32
       Feb.                     44127        44074        42576         1551       795673           53           21            2           30
       Mar.                     43678        43509        42166         1512       797953          169          119            0           50
                                                                                                                                             
       Apr.                     44594        44347        42766         1828       800572          248          164            0           84
       May                      45023        44848        43220         1803       804737          175           24            0          151
       June                     45381        45129        43591         1790       804580          253           16            0          237
                                                                                                                                             
       July                     44180        43830        42633         1547       804071          350           39            0          312
       Aug.                     42876        42507        41343         1533       804687          369           26            0          343
       Sep.                     42880        42477        41118         1762       805199          403           66            0          338
                                                                                                                                             
       Oct.                     42782        42553        41102         1680       806636          229           24            0          205
       Nov.                     43198        43038        41495         1703       809747          160           48            0          112
       Dec.                     43291        43100        41476         1815       812381          191          111            0           80
 2 weeks ending(7)
  2006-Nov. 22                  42701        42540        41179         1521       809077          161           52            0          109
                                                                                                                                             
       Dec.  6                  43938        43791        41791         2147       812081          147           56            0           92
            20                  42114        41904        40677         1437       811174          210          127            0           83
                                                                                                                                             
  2007-Jan.  3                  44436        44245        42322         2113       814079          191          122            0           70
            17p                 40962        40801        39354         1608       813221          162          144            0           18
---------------------------------------------------------------------------------------------------------------------------------------------  
 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-Dec.                45394        45225        43490       802304        10048        51315        35346        15969
                                                                                                                           
  2006-Jan.                47152        47042        45568       804303        10284        52082        36868        15214
       Feb.                44622        44569        43071       804422         9408        53305        35213        18092
       Mar.                42732        42563        41220       806238         9132        49630        33601        16029
                                                                                                                           
       Apr.                44723        44475        42895       808419        10280        48394        34443        13951
       May                 45427        45252        43624       811877        10627        48306        34800        13506
       June                45037        44784        43247       812202         9894        48996        35143        13852
                                                                                                                           
       July                44841        44491        43294       811727         9589        49628        35252        14376
       Aug.                42664        42295        41131       809723         8780        50247        33884        16363
       Sep.                42594        42191        40832       809976         9101        49409        33493        15915
                                                                                                                           
       Oct.                41740        41512        40061       809237         8254        50102        33486        16616
       Nov.                42221        42061        40517       815385         8457        48969        33763        15206
       Dec.                43278        43087        41463       825302         8481        50905        34797        16108
 2 weeks ending(10)
  2006-Nov. 22             41435        41275        39914       814534         7845        49583        33590        15993           76
                                                                                                                                        
       Dec.  6             43970        43823        41822       821577         9543        48410        34427        13983           84
            20             40116        39906        38679       820909         7190        50332        32926        17406          306
                                                                                                                                        
  2007-Jan.  3             46924        46733        44811       832926         9545        52996        37380        15617          -15
            17p            39963        39802        38355       825246         7654        50330        32309        18021           15
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Dec.                45151        44982        43247         793376
                                                                         
  2006-Jan.                47080        46970        45496         795226
       Feb.                44635        44582        43084         796162
       Mar.                42754        42585        41242         798211
                                                                         
       Apr.                44748        44500        42920         800896
       May                 45451        45276        43648         804687
       June                45069        44816        43278         804881
                                                                         
       July                44876        44525        43328         804604
       Aug.                42695        42326        41162         802651
       Sep.                42627        42224        40865         803089
                                                                         
       Oct.                41768        41539        40088         802290
       Nov.                42246        42086        40543         808524
       Dec.                43278        43087        41463         818356
 2 weeks ending(6)
  2006-Nov. 22             41458        41298        39937         807705
                                                                         
       Dec.  6             44001        43854        41854         814739
            20             40145        39935        38708         813882
                                                                         
  2007-Jan.  3             46870        46679        44756         826025
            17p            39912        39751        38304         818267
  
 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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