---

`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                       January 12, 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)
  2004-Dec.                     46798        46735        44889         1909       758601           63           11            0           52
                                                                                                                                             
  2005-Jan.                     47477        47415        45736         1741       761158           62           39            0           23
       Feb.                     45962        45920        44467         1495       764307           42           26            0           16
       Mar.                     46811        46762        45029         1782       766514           49           13            0           37
                                                                                                                                             
       Apr.                     46585        46453        44916         1669       767421          132           52            0           80
       May                      45886        45747        44364         1522       768401          139            6            0          133
       June                     46682        46433        44907         1774       771684          249           85            0          164
                                                                                                                                             
       July                     46102        45677        44370         1732       772244          425          176           12          237
       Aug.                     44542        44180        42919         1623       774591          362           63            3          297
       Sep.                     45726        45394        43672         2055       777284          332           12            5          315
                                                                                                                                             
       Oct.                     44783        44500        42883         1900       779262          284           35           29          220
       Nov.                     44706        44580        42909         1796       782527          126           20            0          106
       Dec. p                   44796        44628        42846         1950       785882          169           97            0           72
 2 weeks ending(7)
  2005-Nov.  9                  46066        45930        44612         1454       780223          137            4            0          132
            23                  43735        43600        41641         2094       783147          135           35            0          100
                                                                                                                                             
       Dec.  7                  44897        44803        43258         1640       784251           95           12            0           83
            21                  43597        43338        41840         1757       783109          259          188            0           71
                                                                                                                                             
  2006-Jan.  4p                 46405        46310        43967         2438       790905           95           29            0           66
---------------------------------------------------------------------------------------------------------------------------------------------  
 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-Dec.                46850        46787        44940       774773        12047        47261        34803        12458
                                                                                                                           
  2005-Jan.                50440        50378        48699       773245        14075        47677        36365        11311
       Feb.                46716        46675        45221       772482        12272        47657        34445        13213
       Mar.                46033        45984        44251       773845        12060        46740        33973        12767
                                                                                                                           
       Apr.                46675        46544        45006       775318        12965        45330        33710        11620
       May                 46477        46338        44955       775685        12046        45590        34431        11159
       June                46100        45851        44325       779560        11249        46238        34850        11387
                                                                                                                           
       July                46475        46050        44743       782531        10882        47235        35593        11642
       Aug.                44863        44500        43240       782676        10368        48119        34495        13624
       Sep.                45622        45290        43568       785680        11156        47194        34466        12727
                                                                                                                           
       Oct.                44113        43830        42213       786538         9637        49509        34476        15033
       Nov.                43990        43864        42194       792306         9495        49209        34496        14713
       Dec. p              44905        44737        42955       801836         9540        51301        35366        15935
 2 weeks ending(10)
  2005-Nov.  9             43839        43703        42385       787146         9394        48774        34445        14329           65
            23             43846        43711        41752       793386         9426        49702        34421        15281          -78
                                                                                                                                        
       Dec.  7             44474        44379        42834       796783         9762        48783        34712        14071          285
            21             42996        42737        41238       798067         8693        51587        34303        17284          180
                                                                                                                                        
  2006-Jan.  4p            47882        47787        45444       810650        10569        52663        37313        15351          146
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Dec.                46523        46460        44613         764658
                                                                         
  2005-Jan.                50370        50308        48629         763777
       Feb.                46691        46650        45196         763228
       Mar.                45994        45945        44212         764699
                                                                         
       Apr.                46606        46474        44937         766317
       May                 46382        46243        44860         766942
       June                45990        45741        44216         770909
                                                                         
       July                46342        45917        44610         773701
       Aug.                44701        44339        43078         773675
       Sep.                45445        45113        43391         776989
                                                                         
       Oct.                43914        43631        42014         777685
       Nov.                43762        43636        41966         783361
       Dec. p              44722        44554        42772         792962
 2 weeks ending(6)
  2005-Nov.  9             43615        43479        42161         778215
            23             43621        43486        41527         784408
                                                                         
       Dec.  7             44234        44140        42594         787884
            21             42757        42498        41000         789100
                                                                         
  2006-Jan.  4p            47816        47721        45378         801925
  
 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: January 12, 2006